Maritime Redevelopment Bank Charter Act of 1985

Summary

Maritime Redevelopment Bank Charter Act of 1985 - Amends the Merchant Marine Act, 1936 to establish the Maritime Redevelopment Bank of the United States as a privately capitalized mixed-ownership private corporation. Declares that the purpose of the Bank is to stimulate private investment in maritime enterprise through the performance of certain supplemental intermediate credit functions in secondary capital markets. Sets forth provisions concerning the general powers, Board of Directors, and officers of the Bank. Transfers certain Federal funds as the equity contribution of the United States to the Bank. Provides for the issuance of capital stock. Specifies the Bank's guarantee, loan, secondary market services, and insurance authority through which it may finance the construction, reconstruction, or modification of eligible projects. Includes as an eligible project: (1) any vessel eligible for documentation under U.S. laws; (2) any vessel or industrial product in a commercial shipyard of the United States; (3) any vessel under a licensing or coproduction agreement or joint venture between a domestic commercial shipyard and a foreign shipyard; or (4) any vessel under a consortium, joint venture, or cooperative agreement between a U.S. citizen and a person or governmental entity for operation in foreign trade. Subjects any such vessel to Government requisition in a national emergency. Authorizes the Bank to finance the construction, reconstruction, or modification of vessels in domestic commercial shipyards: (1) for conveyance to a Federal agency; (2) at the request of an agency for operation in foreign trade in order to encourage establishment of international cooperative agreements in commercial vessel construction and operation; (3) for operation in the coastwise or intercoastal trades on such conditions as will encourage accelerated replacement of obsolete tonnage and revitalize the liquid bulk crude and product carrier, dry cargo, and passenger vessel segments of those trades; or (4) for maintenance in the National Defense Reserve Fleet. Requires the Bank to be audited annually. Directs the Bank to submit the auditor's report and a copy of a review of the audit by the Comptroller General to the President and the Congress after each fiscal year. Establishes the National Shipbuilding Research and Development Corporation as a privately capitalized Government-sponsored private corporation. Declares the purpose of the Corporation to be to stimulate private capital investment in shipbuilding research and development in product and process technology. Sets forth provisions concerning the general powers, Board of Directors, officers, and capital stock of the Corporation. Directs the Corporation to: (1) conduct research and development in process and product technology; (2) conduct product-oriented marketing research in export development of high-value-added vessels and industrial products suitable for construction or fabrication in commercial shipyards and import substitution opportunities applying computer-integrated manufacturing technology; (3) implement worker retraining programs in commercial shipyards; (4) develop, test, and certify design and performance standards for vessels and components; (5) finance its activities through syndication, participation agreements, joint ventures, and limited partnerships; and (6) promote diffusion of developed technology through patents interchange, royalty, and license arrangements. Requires the Corporation to be audited annually. Directs the Corporation to submit the auditor's report to the President and the Congress after each fiscal year. Grants a mortgagee of a vessel financed by the Bank and documented under U.S. laws preferred status as long as the indenture trustee is a U.S. citizen.

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1 official file

• Introduced in House

  summary · EN · 3 January 1985

  Open at official source

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