A bill to establish a National Development Bank to provide loans to finance urgently needed public facilities for State and local governments, to help achieve a full employment economy both in urban and rural America by providing loans for the establishment of small and medium size businesses and industries, and the expansion and improvement of such existing business and industries, and for the construction of low and moderate income housing projects, and to provide job training for unskilled and semiskilled unemployed and underemployed workers.
National Development Act - Creates a body corporate to be known as the National Development Bank, which shall be an instrumentality of the United States Government having succession until dissolved by Act of Congress, and which will 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.
Vests the management of the Bank in a Board of Directors consisting of the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Housing and Urban Development, the Secretary of Agriculture, the Secretary of Labor, and ten other persons who shall be appointed by the President with the advice and consent of the Senate. Provides for the appointment of the President of the Bank and other officers by the Board.
States that the Bank shall have capital stock of $1,000,000,000 subscribed to by the United States. Empowers the Bank to issue notes, debentures, bonds, and other evidences of indebtedness in such amounts and on such terms and conditions as its Board of Directors may determine subject to the limitations prescribed in this Act.
States that the Bank may make or guarantee loans to provide funds for: (1) the purchase of real and personal property and for working capital necessary for the location of new business and industry or the improvement of existing business and industry in depressed urban and rural areas; (2) financing capital expenditures for public works and community facilities; and (3) making loans to appropriate public agencies, nonprofit cooperatives and corporations, developers, and other persons to provide construction loans for low-and moderate-income housing loan programs of the Department of Housing and Urban Development, the Veterans' Administration, and the Farmers Home Administration of the Department of Agriculture.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
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