Regional Development Bank Act of 1984

Summary

Regional Development Bank Act of 1984 - Title I: Structure and Financing of Banks - Establishes the following Regional Development Banks, as instrumentalities of the United States: (1) the Southwestern Regional Development Bank; (2) the Northwestern Regional Development Bank; (3) the Midwestern Regional Development Bank; (4) the Southeastern Regional Development Bank; and (5) the Northeastern Regional Development Bank. Sets forth the composition of the Board of Directors of each Bank. Declares that each Bank shall have capital stock of $1,000,000,000 subscribed by the Treasury. Grants each Bank the power to issue obligations within specified limits of authorized indebtedness. Exempts such obligations from all State and local taxation except estate, inheritance, and gift taxes. Permits each Bank, taking into account market conditions, to request the Secretary of the Treasury to guarantee its obligations with the full faith and credit of the United States. Exempts each Bank from all taxation except State and local real property taxes. Requires an annual report to Congress from each bank. Authorizes appropriations. Title II: Procedures for Financial Assistance - Authorizes each Bank to provide financial assistance, under specified terms and conditions, to any business enterprise that satisfies the eligibility criteria. Sets forth such eligibility criteria. Prohibits any Bank from providing financial assistance to a business enterprise for purposes of acquiring, or merging with, any other business enterprise or any depository institution. Authorizes each Bank to provide financial assistance, under specified terms and conditions, to labor organizations, community organizations, or units of local government that satisfy specified eligibility criteria. Authorizes each Bank to lend and to guarantee loans to a business enterprise, labor organization, community organization, or unit of local government located in the region, and to make commitments to make such loans and guarantees. Sets a maximum limit of 30 years term for any loan or guarantee made under this Act. Permits each Bank Board to require security for such loans or guarantees. Sets forth other general terms and conditions of financial assistance under this Act. Authorizes the Bank Board of the Bank involved at any time to inspect and copy all financial records and documents of a loan applicant or recipient. Grants access to all facilities and properties of such applicant or recipient.

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1 official file

• Introduced in House

  summary · EN · 20 October 1983

  Open at official source

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