Federal Domestic Development Bank Act

Summary

Federal Domestic Development Bank Act - Establishes the Federal Domestic Development Bank. States that it shall be the function of the Bank to extend credit and participate in extensions of credit to government entities and private businesses, upon application by such entities or businesses. Stipulates that, in considering any application for assistance under this Act, the Bank shall accord preferential consideration to projects or programs which, if approved, will meet specified criteria. Sets forth limitations and conditions for the provision of assistance by the Bank. Authorizes the Bank to plan, initiate, own, and manage facilities to further the purposes of this Act where it determines that (1) no appropriate applicant is available, and (2) there is reasonable ground to believe that it can later terminate its ownership by means of a planned program of incremental divestment at which point the facility or enterprise can survive without the direct control of the management of the Bank. Establishes in the Treasury of the United States a General Development Fund which shall be available to the Bank without fiscal year limitation as a revolving fund to finance projects and programs approved by the Bank or to carry out other purposes of this Act. Stipulates that, in carrying out its functions, the Bank shall establish and adhere to procedures which assure that: (1) projects and programs assisted by the Bank are not inconsistent with or disruptive to other Federal or State programs authorizing developmental assistance; and (2) projects or programs assisted by the Bank are not inconsistent with Federal or State environmental programs or plans or with areawide and local comprehensive planning. Authorizes appropriations of up to $1,500,000 to provide initial operating and administrative expenses for the Bank. Authorizes appropriations, without fiscal year limitation, of such sums as may be necessary to pay the difference, if any, between interest paid by the Bank on obligations issued by it and interest or other income received by the Bank on its investments.

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1 official file

• Introduced in Senate

  summary · EN · 11 September 1974

  Open at official source

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