Federal Energy Bank Act

Federal Energy Bank Act - Title I: Findings and Purposes - Declares the purpose of this Act to be to provide financing for: (1) energy conservation; (2) the development of adequate energy supplies consistent with the protection of the environment; and (3) the coordination of Federal expenditures in accordance with a comprehensive energy plan.

Title II: Corporate Status, General Powers, and Tax States - Establishes a Federal Energy Bank as an agency of the United States with its principal office located in the District of Columbia.

Enumerates the corporate powers of the Bank.

Exempts the Bank from all Federal, State and local taxes except: (1) real property taxes; and (2) taxes on any entity acquired or activity undertaken by the Bank which engages directly in the production or trade of energy-related commodities or facilities.

Title III: Financial Assistance - Authorizes the Bank to provide any form of advance, extension of credit, investment, or guarantee, excluding grants-in-aid, to any public or private entity for: (1) the purchase, construction, or expansion of productive facilities; (2) the acquisition of capital assets, land and mineral rights; and (3) the purpose of providing working capital.

Enumerates factors to be considered by the Board of Directors of the Bank in granting such financial assistance. Makes eligible for such assistance those projects which: (1) would not otherwise receive sufficient financing; (2) foster the development, production, or conservation of energy; and (3) are consistent with the comprehensive energy plan.

Limits the total amount of financial assistance outstanding at any time to $20,000,000,000, including not less than 25 percent of any outstanding guarantees. Limits the total of such guarantees at any time to $16,000,000,000.

Prohibits the extension of a loan or guarantee greater than $60,000,000 unless approved by concurrent resolution of the Congress.

Title IV: Capitalization and Finance - Establishes the capital stock of the Bank at $1,000,000,000 subscribed by the United States. Sets forth provisions governing the payment and deferral of dividends.

Authorizes the Bank to issue obligations carrying interest and other terms and conditions determined by the Secretary of the Treasury. Authorizes the Secretary to purchase the obligations of the Bank through the sale of securities issued under the Second Liberty Bond Act.

Title V: Management - Vests management of the Bank in five directors appointed by the President with the advice and consent of the Senate. Stipulates that such directors hold office at the pleasure of the President. Directs the President to designate one of the directors as Chairman. Stipulates that the Chairman shall hold no other salaried position.

Sets forth provisions governing the terms and condition on the employment of officers and employees of the Bank.

Requires annual financial review of the Bank by the Director of the Office of Management and Budget. Authorizes the General Accounting Office to conduct audits of the Bank's accounts.

Requires the Bank to submit quarterly and annual reports to the Congress and the President. Sets forth the information to be included in such reports.

Title VI: Comprehensive Energy Plan - Directs the Secretary of Energy to develop and report to the President a comprehensive energy plan setting priorities for Federal financing of energy-related programs. Makes such plan effective upon approval of the President and the Congress.

Empowers the Secretary of Energy to review and reject as inconsistent with the comprehensive plan any commitment of financial assistance by the Bank or the Export- Import Bank which would alter the supply or demand for energy in the United States.

Title VII: Unlawful Acts and Penalties - Establishes criminal penalties and liability to the Bank for lost profits for: (1) the making of false statements to the Bank; (2) forgery; (3) the misappropriation of funds by employees; (4) infringement on the name of the Bank; and (5) the making of unlawful contracts with the Bank.

Limits standing to sue the Bank to the Attorney General or his delegate except in actions based on tort or breach of contract.

Title VIII: General Provisions - Requires the Bank to submit an environmental impact statement (EIS) under the National Environmental Policy Act of 1969 only if no other Federal agency is required to prepare an EIS with respect to the project receiving financial assistance from the Bank.

Exempts the Bank from the provisions of: (1) laws relating to public contracts, buildings and works except the Davis-Bacon Act; and (2) the securities laws. Defines any securities issued or guaranteed as to both interest and principal by the Bank as exempted securities within the meaning of the Securities Act of 1933 and the Securities and Exchange Act of 1934.