National Energy Security Corporation Act

Summary

National Energy Security Corporation Act - Amends the Energy Policy and Conservation Act to establish a nonprofit corporation to be known as the National Energy Security Corporation to undertake or provide for the undertaking of commercial-scale ventures assuring the availability of the maximum amount of energy for domestic use and furthering the national goal of a domestic synthetic fuel and feedstock production capacity of 2,500,000 barrels crude oil equivalent. Directs the Board of Directors of such Corporation to designate energy projects designed to carry out the purposes of this Act, with priority being given to projects resulting in the greatest production or conservation of energy. Prohibits the Board from so designating projects involving nuclear power, projects subject to foreign jurisdiction, research and development projects, or projects adversely affecting competition. Authorizes the Board to provide financial assistance to such projects in the form of loans or price subsidies, price guarantees, or purchase guarantees for products produced by such project, or to acquire stock or otherwise participate in the financing of such projects, or to undertake the project itself. Stipulates that such financial assistance may be provided only if it is not otherwise available. Sets forth other requirements for providing such assistance. Sets forth requirements regarding the composition of the Board of Directors of the Corporation. Sets forth the general authority of the Corporation and restrictions thereon. Authorizes appropriations for fiscal years 1980 through 1982 to carry out the purposes of this Act. Directs the Secretary of the Treasury to establish a revolving fund into which shall be deposited Corporation receipts from activities carried out pursuant to this Act. Exempts the Corporation from State and local taxation. Terminates the activities of the Corporation on January 1, 2000, subject to a liquidation plan developed by the Corporation and submitted to the President and specified congressional committees for approval.

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1 official file

• Introduced in House

  summary · EN · 1 August 1979

  Open at official source

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