National Environmental Financing Act

Summary

National Environmental Financing Act - Sets forth the findings of the Congress and the purpose of this Act. Provides definitions of terms relating to this Act. Creates the National Environmental Bank. Provides that management of the bank shall be by a Board of Directors consisting of the Secretary of the Treasury, Secretary of Commerce, Secretary of Health, Education and Welfare, Secretary of Agriculture, Director of the Environmental Protection Agency, Chairman of the President's Council on Environmental Quality, Director of the National Oceanic and Atmospheric Agency, and six other persons appointed by the President. Authorizes the appointment of officers and employees. Prohibits conflict interests by any director, officer, attorney, agent, or employee of the bank. Prohibits political activities by such persons. Grants the bank general corporate power and requires the principal office of the bank to be located in the District of Columbia. Provides capital stock of $500,000,000 subscribed to by the United States, payment for which shall be subject to call in whole or in part by the Board. Authorizes the Secretary of Treasure to purchase stock in amounts designated by the Board up to a total of $500,000,000. Authorizes the Bank to borrow up to an amount equal to twenty times the paid in capital stock. Provides that obligations will be backed by the United States and unmet bills will be paid from the Treasury. Provides that the Bank may make or guarantee loans to local public bodies to finance environmental programs. Authorizes the Bank to provide needed technical assistance to borrowers. Creates tax exempt status for the Bank except for real and personal property taxes and taxes on obligations issued by the Bank. Provides that all obligations issued may be lawful investment for, and may be accepted as security for, all fiduciary, trust, and public funds the investment or deposit of which is under the authority or control of the United States and its officers. Authorizes the issuance of United States Environmental Savings Bonds, the proceeds of which are deposited in the Environmental Trust Fund. Directs the General Accounting Office to audit the financial transactions of the Bank and gives it access to all its books, records, and accounts. Requires an annual report to the President and the Congress on its operations and activities. Authorizes necessary appropriations.

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1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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