A bill to establish a national corporation to finance, through loan guaranties and loans, high-risk efforts which seek to develop and demonstrate technologies to meet critical national needs and which are unable to secure adequate funds through existing sources, to strengthen and insure congressional participation in the continuing review of Government operations and activities.
National Science and Technology Corporation Act - Title I: Structure and Financing of Corporation - Creates the National Science and Technology Corporation to guarantee and make loans to promote and advance basic and applied research and development in scientific and technological areas determined to be of critical national concern, and to provide assistance for the commercialization and adaptation of federally developed technologies.
Sets forth the composition of the Board of Directors, the procedures for appointment and compensation of officers and employees, and regulations regarding conflict of interest.
Sets forth the powers of the Corporation including the power to guarantee and to make loans for certain projects.
Directs the Secretary of the Treasury, upon request of the Board, to purchase stock of the Corporation up to a total of $1,000,000,000.
Exempts the Corporation from certain Federal, State, and local taxes.
Gives the district courts of the United States jurisdiction over all suits by and against the Corporation.
Title II: Procedures for Issuance and Review of Guaranties and Loans - Sets forth the conditions and priorities for the issuance of guaranties and loans by the Corporation.
Directs the Board to establish categories, designed to reflect areas of critical national concern, within which applications for guaranties or loans by the Corporation will be considered.
Directs the Board to establish a Scientific Advisory Panel to advise the Board on the appropriateness of such categories, and on the conditions and terms of the loans.
Empowers either House of Congress to disapprove the establishing of any such category, and the making of any guaranty or loan by the Corporation within such category.
Title III: Miscellaneous - Authorizes the appropriation of funds to carry out the purposes of this Act.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to House Committee on Science and Technology.
Referred to House Committee on Rules.
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