Energy Independence Authority Act

Summary

Energy Independence Authority Act - Title I: Findings and Purposes - Sets forth the findings and purposes of Congress with respect to the necessity for energy self-sufficiency in the United States. Title II: Corporate Status, Several Powers, Subsidiaries, And Tax Status - Creates the Energy Independence Authority and grants to it the status and powers of an independent Federal Corporation. Grants to the Authority its franchise, capital, reserves, surplus, and income tax exemption from all Federal or State taxation. Title III: Financial Assistance - Empowers the Authority to provide financial assistance for any project if, in the judgment of the Board of Directors, such project will make a significant contribution to the achievement of energy independence by the United States or the long-term security of energy supplies for the United States and would not receive sufficient financing upon commercially reasonable terms from other sources to make the project commercially feasible. Empowers the Authority to share in profits of entities it has assisted financially on a basis commensurate with the degree of risk assumed by the Authority. States that financial assistance under this Act may be in the form of loans, loan guarantees, or direct assistance, provided that at no time shall its outstanding obligations exceed $100,000,000,000. Permits the Authority to dispose of securities or any other evidences of ownership acquired by the Authority pursuant to this title. Directs the Authority to apply all proceeds from the retirement of financial assistance to its indebtedness. Requires the Authority to prescribe the keeping of records with respect to all financial assistance and to have access to such records at all reasonable times for the purpose of insuring compliance with the terms and conditions upon which financial assistance was provided. Authorizes the President to appoint a panel, of such duration, organization, and membership as he may deem appropriate, to study and report to the President, the Congress, and the Authority concerning the effects of issuance of obligations and provision of financial assistance by the Authority on the functioning of the Nation's capital markets, including effects upon the volume and distribution of capital flows to and within the energy development sector of the economy, and such other related matters as the President may specify. Title IV: Capitalization And Finance - Requires the Authority to have a capital stock of $25,000,000,000 and to pay dividends 180 days after the close of each fiscal year. Authorizes the Authority to issue and to have outstanding at any one time notes, debentures, bonds, or other obligations in the aggregate principal amount of $75,000,000,000. Title V: Management - States that the power of the Authority shall be vested in the Board of Directors, who shall hold office at the pleasure of the President, to be headed by a chairman. Requires the Authority to submit to the Office of Management and Budget a financial and management plan for the succeeding fiscal year, and a quarterly report to Congress and the President. Directs the Authority to develop and publish procedures for recording Communications received from persons outside the Authority with respect to proposals for extensions of financial assistance. Title VI: Federal Agency Proceedings - Authorizes the Federal Energy Administration to (1) suggest procedures to expedite the processing of energy project licenses; and (2) certify that an energy project, whether or not receiving financial assistance from the Authority, is of critical importance to the achievement of the purposes of this Act. Title VII: Unlawful Acts And Penalties - Imposes criminal penalties for any willful false statement, forgery, or misappropriation of funds in connection with moneys authorized to carry out this Act, and makes the defendant liable on conviction for any loss suffered by the Authority as a result of such defendant's unlawful acts. Title VIII: General Provisions - Provides for the coordination of the Authority with other Federal agencies engaged in energy development. Provides for the termination and liquidation of the Authority by June 30, 1986. States that if on the date of termination of the Authority, its Board of Directors shall not have completed the liquidation of its assets and the winding up of its affairs, the duty of completing such liquidation and winding up of its affairs shall be transferred to the Secretary of the Treasury.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 21 October 1975

   Introduced

   Referred to House Committee on Banking, Currency and Housing.

   Source: IntroReferral

2. 21 October 1975

   Introduced

   Introduced in House

   Source: IntroReferral

3. 21 October 1975

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 21 October 1975

  Open at official source

Sponsors

• Rep. Staggers, Harley O. [D-WV-2] · D · Sponsor
• Rep. Devine, Samuel L. [R-OH-12] · R · Cosponsor
• Rep. Dingell, John D. [D-MI-16] · D · Cosponsor
• Rep. McHugh, Matthew F. [D-NY-27] · D · Cosponsor
• · hsif00 · Standing
• · hsba00 · Standing

Related records

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