H.R.4629 - Manufacturing Modernization and Diversification Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Levin, Sander M. [D-MI-12] (Introduced 02/22/2010)|
|Committees:||House - Financial Services|
|Latest Action:||02/22/2010 Referred to the House Committee on Financial Services.|
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- Finance and Financial Sector
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Summary: H.R.4629 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (02/22/2010)
Manufacturing Modernization and Diversification Act of 2010 - Directs the Secretary of the Treasury to certify special purpose vehicles (SPVs) created by a state to take part in a program to carry out collateral support and loan participation programs for the benefit of qualified manufacturers (manufacturers with less than $50 million in annual revenue and less than $50 million in assets). Outlines SPV application requirements.
Allows, under the collateral support program, a qualified manufacturer that wishes to receive a bank loan but has insufficient collateral to ask the bank to seek collateral loan support from the SPV. Prohibits an SPV from providing more than $20 million in collateral support to any one manufacturer. Requires manufacturers to be charged a fee for such support.
Allows, under the loan participation program, a qualified manufacturer that wishes to receive a bank loan but would not otherwise qualify for the loan to ask the bank to seek participation for such loan from the SPV. Prohibits an SPV from providing more than $20 million in participation support to any one manufacturer. Requires manufacturers to be charged a fee for such support.
Requires: (1) periodic reports from such banks to participating SPVs; and (2) quarterly reports from the Secretary to Congress on participants in and impacts of the support and participation programs.