If general regulatory reform bills were enacted, debates on statute-specific reauthorizations could shift from regulatory reforms to the substantive regulatory requirements of each Act. In this case, regulatory reform could consist of proposals to modify statutory requirements to reduce costs to the private sector and State and local governments, to increase flexibility, and to reduce or compensate regulatory impacts on the value of private property. At issue would be a series of potential tradeoffs, for example among efficiency of environmental regulations, national consistency versus local flexibility, protection of private property rights, and degrees of health and environmental protection.

Japan's top 21 banks have reported Y13.6 trillion (US$136 billion) in non-performing loans, but experts consider the true figure to be in the range of Y40 to Y60 trillion (US$400 to US$600 billion). If 90, Japan's banks may take five to seven more years to write off their bad loans and restore health to their balance sheets. Current write-offs are being financed primarily by sales of stocks held by banks whose values have appreciated. This problem of bad loans is depressing Japan's economic growth rate and making resolution of trade disputes and further opening of Japan's financial markets more difficult.

On November 16, 1994, the 1982 United Nations Convention on the Law of the Sea (LOS Convention) entered into force, but not for the United States. The LOS Convention was the culmination of more than 10 years of intense negotiation. However, the United States chose not to participate in this Convention in the early 1980s without changes to parts dealing with deep seabed mineral resources beyond national jurisdiction. After a 1994 Agreement amended parts of the LOS Convention dealing with deep seabed mineral resources, the LOS Convention, Annexes, and Agreement package was formally submitted to the U.S. Senate on October 7, 1994, for advice and consent to accession and ratification (Senate Treaty Doe. 103-39) and is awaiting Senate action. This short report describes provisions of the Convention relating to living marine resources and discusses how these provisions comport with current U.S. marine policy.

Wetlands protection efforts have been a major concern for agricultural interests since Congress enacted so-called swampbuster provisions in the 1985 Food Security Act. Under these provisions, all producers who alter wetlands risk losing certain farm program benefits. Determining which sites are wetlands and enforcement of penalties remain contentious issues. Controversy has been heightened by confusion over how this program is related to the principal Federal regulatory program to protect wetlands, section 404 of the Clean Water Act, and how wetland determinations affect land values and private property rights. Because the 103rd Congress did not reauthorize the Clean Water Act, some of the wetland issues raised in that debate might be raised in the farm bill. Another wetland protection program, the Wetland Reserve (WRP), was enacted in the 1990 farm bill. This program, which pays farmers to place wetlands under long-term or permanent easements, has been far less controversial. This paper reviews the swampbuster and WRP, as well as controversies surrounding delineation of wetlands and relationships between private property rights and wetland protection efforts.

Japan's current political instability began in July 1993, when the Liberal Democratic Party (LDP) -- in power since 1955 -- was voted out and replaced by a fragile multiparty coalition government under Prime Minister Morihiro Hosokawa. The new government faced turmoil in April 1994, when Hosokawa suddenly resigned amid a personal financial scandal. Then-deputy prime minister/foreign minister Tsutomu Hata succeeded, but only at the head of a minority government after the Socialist party, a key coalition partner, quit the coalition. Although beset by its own internal squabbles, the LDP remained the single largest party in Japan's bicameral Diet, or parliament. In late June, Hata was forced to resign under threat of an LDP-led no confidence motion.

Flat Panel Display (FPD) technologies likely will help revolutionize the way information is transmitted, received, and used. FPD technologies already are having a significant impact on U.S. military weapon systems, and the growth of the commercial FPD market may be enormous by the end of the decade. A key policy issue facing Federal policymakers is whether there is a Government role, particularly for the Department of Defense, to assist the U.S. FPD industry in light of overwhelming Japanese domination of the global FPD market.

The Conservation Reserve Program (CRP), enacted in 1985, enables producers to bid to retire highly erodible or environmentally sensitive crop land for 10 years (or longer under certain circumstances). Successful bidders receive annual rental payments, and cost-sharing and technical assistance to install approved plantings. The program was to enroll between 40 and 45 million acres before 1996. Program goals are to reduce erosion and excess production, and more recently, to provide other environmental benefits. To date, about 36.5 million acres have been enrolled.

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