Anti-Recession Loan Act of 1992

Summary

Anti-Recession Loan Act of 1992 - Amends Federal law with respect to General Assistance Administration to direct the Secretary of Housing and Urban Development to extend no-interest loans to State and local governments to assist them to combat public service reductions and deferment of essential public works projects as a consequence of the 1990-1992 recession. Prescribes loan guidelines. Authorizes appropriations for: (1) loan guarantees for FY 1992 - 1993; and (2) State and local interest subsidies and potential defaults for FY 1992 - 1996. Sets forth allocation guidelines for State and local governments, and for school districts. Prescribes loan qualifications, limits, and repayment terms for such entities. Requires any unit of government applying for a loan to hold a public hearing on the application. Prescribes anti-discrimination guidelines for local governments receiving loans under this Act. Provides for supervision or termination of loan payments for violation of such guidelines, as well as compliance agreements. Authorizes the Attorney General to enforce such guidelines. Permits any person adversely affected by a prohibited pratice to bring a civil action in Federal court. Provides for judicial review of loan payment suspensions. Requires periodic independent audits of any governmental entity expecting to receive a loan under this Act. Directs the Comptroller General to review the activities of the Secretary and the loan recipients to enable the Congress to evaluate compliance with this Act. Directs the Secretary to submit a status report to the Congress. Requires each recipient governmental entity to report to the Secretary the amounts and purposes for which loans were expended or obligated at the end of each fiscal year during which such funds were expended. Terminates the loan-making authority under this Act on December 31, 1992. Directs the Secretary to study and report to certain congressional committees on the economic impact of the 1990-92 recession upon the ability of State and local governments to maintain their economic stability, provide essential public services, and provide for the human and capital infrastructure to maintain and expand commerce and industry within their jurisdictions.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 27 February 1992

  Open at official source

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