Economic Adjustment Corporation Act

Summary

Economic Adjustment Corporation Act - Establishes an Economic Adjustment Corporation. Provides that the Corporation shall have an initial capital stock of $600,000,000, subscribed by the United States, payment for which shall be subject to call in whole or in part by the Board of Directors of the Corporation. Authorizes the appropriation of up to $600,000,000 for such purposes. Provides for the management of the Corporation. Grants the Corporation powers to carry out its functions under this Act. Makes it the function of the Corporation to assist in the financing of agriculture, commerce, and industry where needed for the purpose of increasing productivity, increasing employment, decreasing energy consumption, creating a favorable balance of payments, preventing major dislocations in economic sectors, or otherwise helping to restore or maintain a stable economy. Authorizes the Corporation to purchase obligations of or to make loans to any business enterprise meeting specified conditions under this Act. Provides that the aggregate amount of loans and investments outstanding at any one time under this Act shall not exceed $8,000,000,000.

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1 official file

• Introduced in Senate

  summary · EN · 15 January 1975

  Open at official source

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