Council and Bank on Industrial Competitiveness Act

Summary

Council and Bank on Industrial Competitiveness Act - Title I: Council On Industrial Competitiveness - Establishes in the executive branch an independent agency to be known as the Council on Industrial Competitiveness. Requires the Council to: (1) gather and analyze information regarding the competitiveness of U.S. industries; (2) create an institutional forum where national leaders will identify economic problems inhibiting the competitiveness of industries, develop long-term strategies to address those problems, and create broad consensus in support of those strategies; and (3) make recommendations on issues crucial to the development of coordinated industrial strategies. Requires the Council, not later than one year after the date of enactment of this title, to transmit a report to Congress and the President containing recommendations for changes in any Federal policy necessary to implement effective industrial strategies. Requires the Council to make annual reports concerning the major industrial development priorities of the United States. Authorizes appropriations. Title II: Bank for Industrial Competitiveness - Subtitle A - Bank for Industrial Competitiveness - Establishes a corporation to be known as the Bank for Industrial Competitiveness which is authorized to make loans, issue loan guarantees and to purchase capital stock of applicants in order to supplement private and other capital investment in the revitalization of mature or linkage industries and the development of emerging industries. Limits financial assistance to any individual project to no more than 30 percent of the funding necessary to carry it out. Sets forth the procedures to be followed in order to be eligible for financial assistance under this Act. Sets forth the terms and conditions of the financial assistance provided under this Act. Terminates the authority of the Bank to make loans, issue loan guarantees, and purchase capital stock of applicants ten years after the effective date of this title. Provides the Bank with a capital stock of $8,500,000,000. Grants the Bank the power to issue obligations. Permits the moneys of the Bank to be deposited in any bank or banks in the United States as the Bank may designate. Exempts the Bank, its franchise, capital, reserves, surplus, income, and tangible and intangible property from all taxation except real property. Requires the Bank to submit to the President and Congress, within three months after the end of each of the Bank's fiscal years, a report containing specified information. Terminates the Bank 30 years after the effective date of this Act. Subtitle B - Investment in Public Industrial Development Banks - Authorizes the Bank to invest in the stock of public industrial development finance institutions established at the State, local, or regional levels. Subtitle C - Authorizes appropriations.

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1 official file

• Introduced in House

  summary · EN · 10 November 1983

  Open at official source

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