A bill to establish a National Technology and Research Corporation with subordinate regional institutions to finance long-range research and development of technology to meet critical environmental needs, advance basic research as the foundation for our future well-being, protect the national economy, and provide the basis for meeting future needs of our people by providing high-risk research and development loans to public and private entities for research and development where existing sources of funds are not adequate because of the need for long-term high-risk financing, or difficulty of forecasting quantifiable financial returns, when public purposes will be served by encouraging such technological development.
Scientific and Technological Research Act - Establishes the National Technology and Research Corporation. Authorizes the Corporation to make investments and make and guarantee loans to carry out high-financial risk energy and environmental research. Directs the Secretary of the Treasury, upon the request of the Board of Directors of such Corporation, to purchase stock in such Corporation of up to $1,000,000,000. Authorizes $1,000,000,000 to be appropriated for such purchase. Authorizes to be appropriated such sums as may be necessary to pay the difference, if any, between the interest paid by the Corporation on its obligations and the interest received by the Corporation on its loans, and to reimburse the capital of the Corporation to the extent of any defaults, and such additional sums as may be necessary to establish and operate the Corporation and otherwise carry out the purposes of this Act.
Authorizes the Corporation to require, as a condition for making any loans or loan gurarantees or investments, that the Corporation be given a share in the equity or royalties of projects developed by the recipient which the Corporation helped finance. Directs the Board of Directors of the Corporation to establish a Scientific Advisory Panel. Stipulates that no loan or loan guarantee may be made without the approval of the Advisory Panel.
Referred to House Committee on Science and Technology.
Introduced in House
Introduced in House
Referred to House Committee on Science and Technology.
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