A bill to reestablish the Reconstruction Finance Corporation, to authorize such Corporation to perform its traditional lending functions, and for other purposes.

Summary

Establishes the Reconstruction Finance Corporation. Sets forth the general powers of the Corporation and the make-up of its board of directors. States that the Corporation shall have a capital stock of $5,000,000,000 to be appropriated from the Treasury of the United States. Grants the Corporation the power to issue obligations, within the authorized indebtedness prescribed by this Act. Grants the Corporation the power to issue obligations to renew, refund, or pay other obligations whether or not the obligations to be renewed, refunded, or paid have matured. Limits the outstanding aggregate principal amount of such obligations to no more than five times the paid-in capital of the Corporation. Prohibits any Federal agency or department or federally owned entity from purchasing any of the loans made, guaranteed, or committed to be guaranteed under this Act. Exempts obligations of the Corporation from all taxation (except estate, inheritance, and gift taxes) imposed by any State, local governmental unit, or other local taxing authority. Permits the Corporation to request the Secretary of the Treasury to guarantee its obligations with the full faith and credit of the United States. Exempts the Corporation, its franchise, capital, reserves, surplus, income, and tangible and intangible property from all taxation, with specified exceptions. Permits the Corporation to provide financial assistance to an eligible business enterprise for: (1) financial distress; or (2) modernization or expansion that would have a significant beneficial impact on employment opportunities and productivity; (3) domestic industries competing with certain foreign industries; or (4) domestic firms which have substantial problems meeting government imposed costs. Sets forth the standards and conditions for eligibility for financial assistance. Authorizes the Corporation to lend to, and to guarantee any private loans to, a business enterprise. Authorizes the Board to inspect and copy all documents of the applicant relating to its financial affairs and to have access to all facilities and properties of the applicant. Terminates the Corporation 30 years after the effective date of this Act. Prohibits the Corporation from making any commitment to provide new or increased financial assistance to any applicant more than six years after the effective date of this Act unless such date is extended by Congress. Authorizes appropriations.

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1 official file

• Introduced in House

  summary · EN · 31 March 1982

  Open at official source

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