Viewing page 101 of 119

This transcription has been completed. Contact us with corrections.

-99-

The new legislation would permit payment at a rate related to the average market yield on outstanding long-term obligations of the United States (currently around 8%), while retaining the 4% rate as a guaranteed minimum.

[[underline]] American Folklife Center [[/underline]]

On January 2 the President approved P.L. 94-201 establishing an American Folklife Center in the Library of Congress.

The Center is to be under the direction of a seventeen-member Board of Trustees.  Four members are to be appointed by the President from among Federal officials concerned with folklife; four each are to be appointed by the Speaker of the House and the President pro tempore of the Senate from among individuals in private life; and there are five statutory members: the Librarian of Congress, the Secretary of the Smithsonian Institution, the Chairman of the National Endowment for the Humanities, the Chairman of the National Endowment for the Arts, and the Director of the Center, who is appointed by the Librarian after consultation with the Board.