Reindustrialization Finance Corporation Act

Summary

Reindustrialization Finance Corporation Act - Establishes the Reindustrialization Finance Corporation as an instrumentality of the United States. Sets forth the composition of the Board of Directors and the general powers of the Corporation. Requires the Corporation to submit an annual report to the President, the Secretary of the Treasury, and the Congress. States that the Corporation shall have a capital stock of $5,000,000,000 to be appropriated from the Treasury. Empowers the Corporation to issue obligations in amounts necessary to provide sufficient funds for carrying out its purposes. Prohibits the obligations of the Corporation from being outstanding in an aggregate principal amount exceeding five times the paid-in capital. Grants the Corporation the power to enter into agreements respecting obligations of the bank. Exempts the Corporation, its franchise, capital, reserves, surplus, income, and tangible property from all taxation except real property and employment taxes. Authorizes the Corporation to provide financial assistance (direct loans and loan guarantees) to any business enterprise which satisfies the criteria for eligibility set forth by this Act. Sets forth the terms and conditions for such financial assistance. Prohibits the Federal Financing Bank or any other Federal agency from purchasing such loans or loan guarantees. Limits the aggregate amount of assistance to any one local government unit or business enterprise. Prohibits any fee or commission from being paid by any applicant in connection with any application or any financial assistance. Authorizes the Board, at any time a request for financial assistance is pending or financial assistance is outstanding, to inspect and copy all documents of the applicant relating to its financial affairs and to have access to all facilities and properties of the applicant. Declares that the Corporation shall terminate 30 years after the effective date of this Act. Prohibits any new commitments from being made to any applicant later than six years after the effective date of this Act. Sets forth provisions concerning conflicts of interest and financial disclosure of employees and officials of the Corporation. Authorizes appropriations.

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1 official file

• Introduced in House

  summary · EN · 1 March 1983

  Open at official source

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