Maritime Redevelopment Bank Act of 1983

Summary

Maritime Redevelopment Bank Act of 1983 - Title I: Maritime Redevelopment Bank - Amends the Merchant Marine Act, 1936, to establish a government corporation named the Maritime Redevelopment Bank of the United States as an independent agency under the policy guidance of the Secretary of Transportation. Declares the purpose of such Bank to promote private investment in maritime enterprise in furtherance of the economic, trade, and national security interests of the United States. Sets forth the credit functions of such Bank. Directs the Secretary of Transportation to transfer specified sums to the Bank as paid-in capital. Authorizes appropriations as may be necessary to replenish trust funds transferred to, and established by such Bank or for payment of its operating expenses. Terminates the functions of such Bank on September 30, 1993. Title II: Sealift Mobility Augmentation and Shipbuilding Base Maintenance - Directs the Secretary, with the advice of and in coordination with the Secretary of the Navy, to prepare and periodically revise a sealift mobility augmentation and shipbuilding mobilization base maintenance plan and program. Requires the Secretary to determine the need to: (1) encourage commercial vessel construction in domestic shipyards to provide adequate sealift mobility capability; and (2) maintain an adequate shipbuilding and ship repair mobilization base. Sets forth factors and circumstances under which the Secretary may permit foreign construction of vessels. Directs the Maritime Redevelopment Bank to undertake a liner fleet replacement and sealift augmentation program. Requires all vessels replaced under such program to be constructed in domestic shipyards. Directs the Bank to implement a trade-in/trade-out program. Authorizes the Bank to accept obsolete vessels for trade-in in exchange for allowance for credit from Bank funds to offset the purchase price of new vessels constructed under such program. Amends the Merchant Ship Sales Act of 1946 to direct the Secretary to periodically survey the physical condition and suitability for reactivation of vessels maintained in the National Defense Reserve Fleet and to scrap or sell vessels deemed unsuitable for commercial or military purposes.

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1 official file

• Introduced in House

  summary · EN · 23 June 1983

  Open at official source

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