Federal Energy Production Corporation Act

Summary

Federal Energy Production Corporation Act - States that, for the purpose of developing and carrying out a comprehensive national program designed to make available to American consumers our large domestic energy reserves, including energy produced by environmentally acceptable processes from underutilized or unconventional energy sources, there is hereby established the Federal Energy Production Corporation. Specifies the composition of the Board of Directors of the Corporation, its members, and its powers, including the powers conferred upon corporations by the District of Columbia Business Corporation Act. States that it shall be the function of the Corporation to determine which of the underutilized or unconventional energy sources are currently capable of being developed into energy on a commercial basis, and which of such sources could be so developed within two years following the date of enactment of this Act. Authorizes the Board of Directors of the Corporation to enter into contracts or agreements to develop such energy sources and to provide financial assistance for such development. Provides for Corporation review of the books, documents, papers, and records of recipients relative to the purposes of the financial assistance authorized by this Act. Authorizes the Corporation to establish a revolving fund, to be known as the Energy Production Trust Fund, to enable the Corporation to carry out the purposes of this Act. Directs the Chairman of the Corporation to submit an annual report of the Corporation's activities to the Congress.

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1 official file

• Introduced in Senate

  summary · EN · 17 March 1975

  Open at official source

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