Summary: H.R.5874 — 93rd Congress (1973-1974)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Public Law No: 93-224 (12/29/1973)

(LATEST SUMMARY)

Federal Financing Bank Act - Creates a body corporate to be known as the Federal Financing Bank which shall be subject to the general supervision and direction of the Secretary to the Treasury. Provides that the Bank shall have a Board of Directors consisting of five persons, one of whom shall be the Secretary as Chairman of the Board, and four of whom shall be appointed by the President from among the officers or employees of the Bank or of any department or agency of the government.

Authorizes the Bank to make commitments to purchase and sell, and to purchase and sell on terms and conditions determined by the Bank, any obligation which is issued or sold by a Federal agency. Provides that any Federal agency is authorized to issue or sell such obligations directly to the Bank. Authorizes the Bank to charge fees for its commitments and other services adequate to cover all expenses and to provide for the accumulation of reasonable contingency reserves.

Authorizes the Secretary to advance the funds necessary to provide initial capital to the Bank. Authorizes to be appropriated not to exceed $100,000,000 which shall be available for the purposes of this Act without fiscal year limitation.

Authorizes the Bank, with the approval of the Secretary, to issue publicly and have outstanding at any one time not in excess of $15,000,000,000 of obligations having such maturities and bearing such rate or rates of interest as may be determined by the Bank. Provides that obligations of the Bank issued pursuant to this Act shall be lawful investments and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority or control of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States, or any agency or instrumentality of any of the preceding, or any officer or officers thereof.

Sets forth the general powers of the Bank.

Exempts the Bank from all taxation now or hereafter imposed by the United States or by any State or local taxing authority, except that real or tangible personal property and any and all obligations of the Bank shall be subject to taxation to the same extent that other such property and the obligations of private corporations are taxed.

Provides that the Bank shall transmit an annual report of its operations and activities to the President and to the Congress.