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 of America, payment for which shall be subject to call in whole or in part by the Board of Directors of the Corporation. Authorizes to be appropriated not to exceed $600,000,000 for the purpose of making payments upon such subscription when called. Provides that the management of the Corporation shall be vested in a Board of Directors which shall consist of a Chairman, who shall be so designated at the time of his appointment, and six additional members. Grants the Corporation powers to carry out its functions. 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 make loans to any business enterprise or financial institution organized and operating under the laws of any State or of the United States or to any public agency, corporation, board, or commission if specified conditions are met. Provides that financial assistance under this Act may be extended by the Corporation directly or in cooperation with banks and other lending or financial institutions directly or through agreements to participate on a deferred basis. 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 · 25 November 1974

  Open at official source

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