Economic Revival and Development Act

Economic Revival and Development Act - Declares that it is the purpose of this Act to authorize financial assistance to expand economic opportunity, stimulate development, reduce unemployment, and restore and promote the economic stability of the United States.

Establishes the Restoration Finance Corporation, which shall be directed by a Board of Directors. States that the Corporation shall be a Government corporation and shall maintain its principal office in the District of Columbia. Provides that the Corporation shall have succession until January 1, 1980, unless earlier dissolved by an Act of Congress.

Provides for a seven-member Board, four of whom, including the chairman, shall be appointed by the President, by and with the advice and consent of the Senate. Sets forth the terms of office of Board members and compensation.

States that the Corporation shall promote specified goals, including: (1) the revival, through loans and guarantees, of business concerns; (2) the promotion of new sources of economic strength; and (3) the prevention of business failures where such failure would have a serious adverse impact on financial institutions.

Sets forth powers and duties of the Corporation and provides that not less than 25 percent of the total lending authority of the Corporation shall be dedicated to those sectors of the economy which involve agricultural, housing, and small business activities. Authorizes the Corporation to issue and to have outstanding capital stock of an aggregate purchase price not to exceed $3,000,000,000, such stock to be subscribed for and acquired by the Secretary of the Treasury on behalf of the United States.

Empowers the Corporation to make loans to any business concern: (1) to enable such business concern to finance plant construction; (2) to supply such business concern with working capital; (3) to aid such business concern in the payment of current debts and obligations; (4) to enable such business concern to finance development activities; or (5) to meet any of the goals of the Corporation. Requires a special investigation before a loan is made to any business corporation which has assets of more than $50,000,000. Sets forth procedures for applications for loans and imposition of terms and conditions.

Authorizes the Corporation to guarantee the payment of interest on, and/or the principal of, and obligation, and sets guidelines for such guarantees. Sets forth rights of the Corporation against the obligor.

Provides that each recipient of financial assistance under this Act shall keep such records as the Corporation shall prescribe.

Provides that Congress shall exercise continuing oversight of the Corporation.

Authorizes the Corporation to issue, and to have outstanding at any one time in an amount aggregating not more than 10 times its subscribed capital, its notes, debentures, bonds, or other such obligations.

Provides that no particular business concern, including its subsidiaries and affiliates, may receive direct or indirect assistance from the Corporation in an amount which is greater than one percent of the Corporation's subscribed capital stock and its obligations authorized under this Act.

Requires the Corporation to submit to the President and the Congress an annual report on all activities of the Corporation during the preceding fiscal year. Sets forth specified types of information that the report shall contain.