Northeast-Midwest States Federal Hydropower Financing Authority Act

Northeast-Midwest States Federal Hydropower Financing Authority Act - Establishes the Northeast-Midwest States Hydropower Financing Authority (the Corporation). Makes the incorporation of such Authority effective upon notification of the Secretary of Energy by the Governors of at least four eligible Northeast-Midwest States of their desire to be members of the Corporation. Provides that the Corporation's Board of Directors shall consist of each Governor of a member State and a Chairman appointed by the President, by and with the advice and consent of the Senate.

Authorizes the Corporation to make loans and loan guarantees for hydropower development to member States, political subdivisions thereof engaged in retail electric service, power authorities of such States, and rural electric cooperatives, interstate compact river commissions, and consumer- and stockholder- owned electric utilities which are located within member States. Sets forth limitations and conditions with respect to the making of such loans and loan guarantees.

States that the Corporation's principal office shall be maintained in the vicinity of Pittsburgh, Pennsylvania. Requires that the Corporation maintain complete and accurate accounts and file with Congress annually a financial statement and a complete report on the Corporation's business. Requires the Comptroller General to audit the Corporation's transactions at least annually.

Requires that the U.S. Corps of Engineers, in coordination with the Power Marketing Administration of the Department of Energy, complete for each member State a study of hydroelectric power potential in the State.

Prohibits the approval of a loan application under this Act unless the Governor of the State in which the project to be developed with the loan is located is notified and does not disapprove of the project within 60 days of such notification.

Authorizes appropriations.