Domestic Enterprise Bank Act

Domestic Enterprise Bank Act - Declares it to be the purpose of this Act to: (1) contribute to the elimination of unemployment and poverty in the Nation, and (2) assist in the preservation and increase of job opportunities and the growth of business enterprises throughout the Nation. Sets forth the definitions of terms used in this Act.

Title I: Designation of Eligible Areas and Enterprises - Directs the Secretary of Commerce, in consultation with the Director of the Domestic Council and the Secretary of Labor, to identify and designate as eligible areas within the meaning of this Act: (1) those urban areas which have high concentrations of unemployed or a high incidence of poverty; (2) those rural areas which have high concentrations of unemployed and low-income persons and which are characterized by substantial outmigration of persons; and (3) those Indian reservations which the Secretary of the Interior determines should be subject to the provisions of this Act.

Requires the Secretary of Commerce, in consultation with the Secretary of Labor, to publish criteria under which business enterprises may be designated as eligible businesses.

Title II: Establishment of a Domestic Enterprise Bank - Authorizes the creation of a corporation for profit to be known as the Domestic Enterprise Bank which shall be an instrumentality of the United States Government.

Provides for a Board of Directors of such Bank. Specifies the composition and compensation of such board members.

Establishes an Advisory Committee of not less than twenty persons, selected by the Board of Directors, which shall be broadly representative of industry, commerce, finance, labor, private social welfare agencies, and government at all levels, to advise the bank on general policy.

Provides that, subject to the provisions of this Act, the bank is authorized to issue and to have outstanding capital stock of an aggregate purchase price not to exceed $3,000,000,000. Requires that shares of such stock shall be nonvoting and without par value, and shall be eligible for dividends. Provides for the capitalization of the bank.

Authorizes the bank to: (1) provide financing for the establishment, expansion, or preservation of any business, commercial facility or supporting public development facility which meets specified requirements; (2) provide interim financing for the construction or improvement of such facilities; (3) provide insurance; (4) own, and manage such facilities where no appropriate party is available; (5) provide supportive assistance in connection with its financing operations; and (6) carry on such other activities as would further the purposes of this Act.

Enumerates those powers which the bank is authorized to exercise.

Provides that the operations of the bank shall be conducted in accordance with specified principles, including: (1) to encourage financial institutions to participate in its financing; (2) to give emphasis to providing assistance to facilities owned by residents of eligible areas or to facilities in which such ownership is made available to such persons; and (3) to give emphasis to providing assistance to eligible business enterprises most severely affected by foreign imports or technological obsolescence.

States that the bank shall not provide financing for any business or commercial facility or public development facility, nor shall it plan, initiate, own, or manage such a facility, unless it determines that specified requirements are met.

Enumerates the limitations on loans and guarantees made under this Act.

Provides that, for the purpose of the Internal Revenue Code of 1954, the bank shall be considered to be an instrumentality of the United States and shall be exempt from all taxation.

Title III: Amendments to Other Acts - Provides that debentures or other obligations of the bank shall not be subject to any limitation on capital and surplus. (Amends 12 U.S.C. 84)