Summary: H.R.6188 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.6188. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (10/06/1992)

Lower Mississippi Delta Development Financing Corporation Act - Establishes the Lower Mississippi Delta Development Financing Corporation (the Corporation) as a federally chartered private corporation, under the management of a board of directors appointed by the President, with the advice and consent of the Lower Mississippi Delta Region congressional delegation. Requires the Corporation to develop strategies and provide financial and technical assistance for building and expanding the economic base of the lower Mississippi delta region and communities within it.

Sets forth the Corporation's powers, including acquiring the shares of insured depository institutions and holding companies located in the lower Mississippi delta region (passive investments).

Authorizes appropriations to the President to make grants to the Corporation to implement this Act.

Requires the Corporation to: (1) establish an advisory committee; and (2) report annually to the Congress.