H.R.1607 - Indian Development Finance Corporation Act111th Congress (2009-2010)
|Sponsor:||Rep. Faleomavaega, Eni F. H. [D-AS-At Large] (Introduced 03/19/2009)|
|Committees:||House - Natural Resources|
|Latest Action:||03/19/2009 Referred to the House Committee on Natural Resources. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1607 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (03/19/2009)
Indian Development Finance Corporation Act - Establishes the Indian Development Finance Corporation to provide development capital for new and existing Indian businesses and to strengthen tribal economies.
Authorizes the Corporation to make loans to or purchase, insure, or discount obligations of Indian businesses if they meet specified financial conditions.
Directs the Corporation to provide the credit needed by Indian businesses at the lowest reasonable cost.
Authorizes the Corporation to guarantee all or any part of the principal and interest of any loan made to an Indian business by a state or federally chartered lending institution, provided the loan was made on terms permissible for Corporation loans.
Authorizes the Corporation to purchase all or any part of the ownership interest in an Indian business and to supervise or participate in the management of such business.
Establishes the Advisory Council to the Indian Development Finance Corporation to provide advice on the policies and operations of the Corporation.
Authorizes the Corporation to issue stock. Allows shares of stock in the Corporation to be issued to and held by Indian Tribes and the United States only.
Authorizes the Corporation to issue a limited amount of bonds and notes.
Authorizes appropriations for general operating expenses and for the purchase of Corporation stock by the Secretary.