H.R.2936 - BUILD Manufacturing Act111th Congress (2009-2010)
|Sponsor:||Rep. Lipinski, Daniel [D-IL-3] (Introduced 06/18/2009)|
|Committees:||House - Financial Services|
|Latest Action:||06/18/2009 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.2936 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (06/18/2009)
Bill to Underwrite Increased Lending to Domestic (BUILD) Manufacturing Act or BUILD Manufacturing Act - Expresses the sense of Congress that the President should use all available powers to encourage financial institutions that are in receipt of federal financial support to immediately increase lending to the domestic manufacturing sector.
Establishes within the Treasury the Manufacturing Loan Guarantee Program, headed by the Administrator of the Term Asset-Backed Securities Loan Facility (established by the Board of Governors of the Federal Reserve System), to guarantee loans made by depository institutions to U.S. manufacturing companies. Prohibits any such loan from equaling or exceeding 1.5 times the gross net worth of the company receiving the loan. Allows a company to have more than one guaranteed loan, within aggregate dollar limits.
Authorizes the Administrator to adjust Program loan guarantee percentages in order to maximize lending and to minimize default rates of participating manufacturers.
Expresses the sense of Congress that the Administrator should encourage participating depository institutions to focus on lending to small- and medium-sized manufacturers.