National Development Act of 1980

Summary

National Development Act of 1980 - Creates the National Development Bank, as a Government Corporation, to achieve a full employment economy through loans to: (1) State and local governments for public works and facilities; and (2) individuals and corporations to establish, expand, or improve businesses and industries. Sets forth provisions concerning such Bank's Board of Directors, officers and employees, corporate powers, and principal office. Authorizes the Secretary of the Treasury to purchase stock in and assets of such Bank. Gives such Bank borrowing authority. Authorizes Federal Reserve banks to purchase such Bank's obligations. Authorizes such Bank to make or guarantee loans: (1) to create or improve business and industry that will have the effect of combating unemployment or underemployment; (2) for products and services of which shortages are perceived; and (3) to finance public works and community facilities that create employment opportunities at adequate wages. Authorizes such Bank to provide technical and other necessary assistance to protect its investment. Sets forth provisions concerning the security required for loans, maturity of loans, interest rates on guaranteed and direct loans, aggregate loan guarantees, requirements for direct loans, and auditing. Exempts such Bank from all taxation other than property taxes. Subjects such Bank obligations to taxes to the same extent as private corporate obligations.

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1 official file

• Introduced in House

  summary · EN · 31 July 1980

  Open at official source

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