Capital Markets Advisory Committee Act

Capital Markets Advisory Committee Act - Expresses the findings of Congress, including that a united and national approach is essential to correct costly distortions within credit markets and to assist financial institutions in allocating credit to productive and essential investments.

States that, under the authority of the Defense Production Act of 1950, the President, acting through the Board of Governors of the Federal Reserve System, shall convene a Capital Markets Advisory Committee to develop criteria for advising financial institutions as to which demands on the credit markets merit priority in lending.

Enumerates the types of loans to be given priority consideration, including loans: (1) for the construction or expansion of plant and equipment in basic industries where it can be shown that productive capacity is presently insufficient or where substantial increases in demand for essential goods or services can be reasonably anticipated; (2) for the construction or expansion of plant and equipment necessary to improve energy and materials conservation and the environment; and (3) for the production, processing, and orderly distribution of agricultural commodities and products.

Authorizes to be appropriated such sums as may be necessary to carry out the purposes of this Act. States that the authority conferred under this Act shall terminate on December 31, 1976.