Reconstruction Finance Corporation Act of 1980

Summary

Reconstruction Finance Corporation Act of 1980 - Creates the Reconstruction Finance Corporation (RFC) to be managed by a Board of Directors appointed by the President, with the advice and consent of the Senate. Sets forth the corporate powers of the RFC. Authorizes the RFC to make or guarantee loans to: (1) business entities which are certain to become insolvent, whose closure would adversely affect the U.S. or a regional economy, and which cannot obtain the necessary credit for survival; and (2) municipalities which are unable to bring their noncapital expenditures into balance with their revenues and which are unable to obtain the credit necessary to meet their financing needs. Sets forth terms and conditions to such loans and loan guarantees. Stipulates that the interest on such loans to municipalities shall not be tax-exempt. Sets forth limits on the amount of aid to such business entities and municipalities. Provides for the capitalization of the RFC. Authorizes the RFC to issue obligations. Authorizes the Secretary of the Treasury to purchase such obligations. Grants tax-exempt status to the RFC and its obligations, with specified exceptions. Authorizes Federal agencies to cooperate with the RFC. Directs the RFC to report quarterly to Congress on its operations. Requires annual audits of RFC accounts. Sets forth criminal penalties for willful misrepresentations to the RFC, counterfeiting or altering any RFC obligation, fraud, and wrongful use of the corporate name.

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1 official file

• Introduced in Senate

  summary · EN · 6 August 1980

  Open at official source

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