To establish the Reconstruction Finance Corporation to make loans and loan guarantees to individuals or concerns engaged in industry, agriculture, and commerce, who would otherwise be unable to obtain needed financing or refinancing essential for continued operation thereby preventing unemployment and resulting disruption of the economy, and for other purposes.
Reconstruction Finance Corporation Act of 1991 - Establishes the Reconstruction Finance Corporation as an independent instrumentality of the United States. Mandates that the Corporation issue bonds fully and unconditionally federally guaranteed. Provides that the Corporation shall be managed by a Board of Directors consisting of the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Council of Economic Advisers, and four other individuals appointed by the President with the advice and consent of the Senate. Outlines corporate powers and organization.
Authorizes the Corporation to make loans and loan guarantees to business concerns otherwise unable to obtain such loans on reasonable terms in order to: (1) enable a business concern to finance plant construction, conversion, expansion, or acquisition of materiel; (2) supply a business concern with working capital; or (3) aid a business concern in the payment of debts or obligations. Prescribes lending guidelines.
Requires the Corporation to report quarterly to the Congress regarding loans made and its financial status.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Economic Stabilization.
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