Regional Capital Development Banks Act

Summary

Regional Capital Development Banks Act - Establishes ten Regional Capital Development Banks, each to be located and to serve exclusively one of the ten standard Federal administrative regions of the United States. States the general powers of each bank. Provides for the appointment of 15 members for the board of directors for each bank. Authorizes appropriations for the initial formation of the banks in addition to providing for the capitalization of the banks through stock purchase by the Secretary of the Treasury. Creates in each bank special authorities including: (1) the making of direct loans to eligible applicants; (2) the purchase of capital stock of eligible applicants; and (3) the facilitation of exchange of concepts and techniques relating to capital financing of business financing and other economic development. Defines eligible applicants to be a corporation with assets or gross sales not in excess of $10,000,000 or those that control not greater than 25 percent of the market in the line of commerce in which a loan or investment is to be made. Limits any loan or investment to $5,000,000. Requires each bank to develop criteria which will assure that the enterprises invested in shall substantially contribute to the reduction of unemployment and improvement of the quality of life of the region, and that they will comply with Federal policies including environment, nondiscrimination, and regional economic and social objectives. Prohibits discriminatory treatment in hiring on the part of any applicant who receives assistance under this Act. Requires audits of financial transactions of the banks and an annual report of such audit to be made to the President and Congress. Grants Federal tax exemption to specified assets of the banks.

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1 official file

• Introduced in House

  summary · EN · 11 January 1977

  Open at official source

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