Emergency Financial Assistance Corporation Act

Emergency Financial Assistance Corporation Act - Creates a body corporate to be known as the Emergency Financial Assistance Corporation to make and guarantee long-term loans at reasonable interest rates: (1) to State and local governments for public works and facilities; (2) to individuals and corporations to establish new businesses and industries and to expand or otherwise improve existing businesses and industries; and (3) to public agencies and private nonprofit and limited dividend corporations for the construction of low-and-moderate income housing, in order that vital public services may be provided, the health and welfare of our people will be safeguarded, and a full employment economy will be achieved.

Provides that the Corporation shall have a capital stock of $1,000,000,000 subscribed by the United States, payment for which shall be subject to call in whole or in part by the Board of Directors.

Authorizes the Corporation to issue rates, debentures, bonds, and other evidences of indebtedness up to an aggregate amount of 20 times the paid-in-capital stock of the Corporation at that time.

Authorizes the Corporation to make direct loans and guarantees to State and local governments, direct loans for the benefit of business and industry, and loans for low-and-moderate income housing projects.

Exempts the Corporation from the taxing authority of the United States or any State or local government.

Authorizes to be appropriated to the Secretary of the Treasury $1,000,000,000 to finance the purchase of Corporation stock.