Reconstruction Finance Corporation Act of 1980

Summary

Reconstruction Finance Corporation Act of 1980 - Creates the Reconstruction Finance Corporation of 1980 to be administered by a board of directors. Sets forth the powers of the Corporation. Requires the Corporation to report annually on its operations to the President, the Secretary of the Treasury, and Congress. Provides for the capitalization of and issuance of obligations by the Corporation. Grants the Corporation tax-exempt status with specified exceptions. Authorizes the Corporation to provide financial assistance to business enterprises which meet specified eligibility criteria, including a beneficial impact on employment opportunities and productivity, the provision of necessary goods or services, the national interest, a feasible recovery plan, a reasonable assurance of repayment, and an employee stock ownership plan. Authorizes the Corporation to provide financial assistance to local governmental units which meet specified eligibility criteria, including a feasible recovery plan, State assistance, the national interest, a financial control board, and a reasonable assurance of repayment. Authorizes the Corporation to make loans and to guarantee loans to local governmental units or business enterprises. Sets forth conditions for such loans, guarantees, and commitments. Limits the aggregate amount of assistance to any one local governmental unit or business enterprise. Terminates the Corporation 30 years after enactment of this Act. Prohibits any commitment to provide financial assistance after six years from enactment of this Act, unless extended by Congress. Makes Federal financial disclosure and conflict of interest provisions applicable to Corporation employees and officials. Amends the Internal Revenue Code to impose a temporary surtax on the taxable income of every corporation with a taxable income greater than $1,000,000. Directs the Secretary of the Treasury to contribute the proceeds of such surtax to the capital stock of the Corporation through the Reconstruction Finance Corporation of 1980 Trust Fund.

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1 official file

• Introduced in House

  summary · EN · 2 October 1980

  Open at official source

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