Reconstruction Finance Corporation Act of 1983

Summary

Reconstruction Finance Corporation Act of 1983 - Establishes the Reconstruction Finance Corporation with a principal office in the District of Columbia. States that the Corporation shall have a capital stock of $5,000,000,000 to be appropriated from the Treasury of the United States. Authorizes the Corporation, in order to aid in financing agriculture, commerce, and industry, to make loans to any business concern to: (1) enable such concern to finance plant construction, conversion, or expansion, or the acquisition of equipment, facilities, or materials; (2) supply it with working capital; or (3) aid it in the payment of current debts or obligations. Prohibits a loan to any business concern unless such concern is otherwise unable to obtain one on reasonable terms. Allows a term for such a loan of up to ten years, extendable to 12 years. States that each such loan shall bear interest at a rate equal to the current average yield on all outstanding obligations of the United States as of the last day of the month immediately preceding the month in which the loan is made. Prohibits the payment of fees or commissions by any applicant for a loan or loan guarantee under this Act. Requires priority in awarding financial assistance to manufacturers or processors of goods or services in short supply. Authorizes the Corporation to guarantee the payment of a loan made by a non-Federal lender under certain circumstances. Limits loan guarantees to a period not exceeding ten years. Limits the aggregate principal amounts of guaranteed loans outstanding at any time to $5,000,000,000. Permits the Corporation to subscribe for common or preferred stock in specified business concerns or to purchase their capital notes or debentures and to sell such stock or notes in the open market. Authorizes the Corporation to have outstanding, at any time, obligations in an aggregate amount not exceeding three times its subscribed capital. Exempts all obligations issued by the Corporation from all taxation (except surtaxes, estate, inheritance, and gift taxes). Exempts the RFC from all taxation except real property taxation. Establishes criminal sanctions for false statements or fraudulent acts in connection with transactions with the Corporation. Authorizes appropriations. Limits payments, loans, and guarantees under this Act to amounts provided in advance by appropriation Acts. Requires quarterly reports to Congress, starting January 1, 1984.

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1 official file

• Introduced in House

  summary · EN · 2 March 1983

  Open at official source

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