Summary: S.2532 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for S.2532. Bill summaries are authored by CRS.

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Introduced in Senate (10/20/1975)

Energy Independence Authority Act - Title I: Findings and Purposes - Declares it to be the finding of Congress that the achievement of energy independence for the United States by 1985 is essential to the health of the national economy, the well-being of the citizens and the maintenance of national security, and that achieving the goal of energy independence in an expeditious manner which gives due regard to the need to protect the environment can be facilitated by establishing an independent entity of limited duration which will provide additional capital, in conjunction with private sources of capital, to assist the development and conservation of domestic energy resources and by encouraging the prompt resolution of questions coming before Federal regulatory or licensing entities.

States that it is the purpose of this Act to encourage and assure the flow of capital funds to those sectors of the national economy which are important to the development of domestic sources of energy independence for the United States by 1985 or the long-term security of energy sources and supplies, and to expedite and facilitate Federal regulatory and licensing decisionmaking.

Title II: Corporate Status, General Powers, Subsidiaries and Tax Status - Establishes the Energy Independence Authority. Enumerates the general powers of the Authority. Permits the Authority to create subsidiary corporations to carry out one or more of the functions in which the Authority is authorized to engage.

States that the Authority shall be exempt from all taxation except: (1) for State or local property taxes; or (2) in the case of entities under the Authority which deal commercially in the energy field, such entities shall be subject to Federal, State, or local taxes.

Title III: Financial Assistance - Empowers the Authority to provide financial assistance to business concerns engaged in efforts which would employ or stimulate the application of technologies, processes, or techniques in specified areas which would further the achievement of energy independence by 1985.

Specifies the policy considerations governing the limitation set by the Authority on any financial assistance it provides. Requires that arrangements be made to permit the Authority to share in any profits made by projects made possible by assistance from the Authority.

States that in no case shall the Authority grant assistance in an amount greater than 10 percent of its original authorized capital stock to any one business concern or affiliated concerns.

Sets forth the guidelines which the Authority is to follow in establishing interest rates on loans made pursuant to this Act.

Authorizes the Authority to guarantee loans to business concerns when such loans substantially contribute to the accomplishment of the purposes of this Act.

Limits the total amount of financial assistance by the Authority which may be outstanding at any one time to $100,000,000,000. Specifies the forms of financial assistance which are to be included in calculating the amount of such assistance outstanding. Prohibits the provision of further financial assistance by the Authority if, after any audit, it is required to make provisions to cover bad debts, price support commitments, contingent liabilities, or other unrealized loses.

Authorizes the Authority to sell all or any part of the stock, capital notes, bonds, or any other evidences of indebtedness or ownership acquired by the Authority pursuant to this Act.

Requires that any proceeds realized by the Authority through the retirement of financial assistance shall be applied to retire all indebtedness of the Authority.

Authorizes the President to appoint an advisory panel to report on the effects on the Nation's capital markets of financial assistance granted by the Authority.

Title IV: Capitalization and Finance - States that the Authority shall have capital stock of $25,000,000,000, subscribed by the United States acting through the Secretary of the Treasury. Authorizes the appropriation to the Secretary of $25,000,000,000 for that purpose. Provides for the annual payment of a dividend on the outstanding capital stock.

Authorizes the Authority to issue debentures, bonds, or other obligations in the aggregate principal amount of $75,000,000,000. Requires the approval of the Secretary of the Treasury for the issuance of any such obligations.

Provides for the purchase of such obligations by the Department of the Treasury. Authorizes the Secretary to use proceeds from the sale of any securities hereafter issued under the Second Liberty Bond Act as a public debt transaction for the purposes of purchasing such obligations.

Title V: Management - Provides for the establishment of a Board of Directors of the Authority.

States that such Board shall consist of five members appointed by the President, by and with the advice and consent of the Senate. Provides for the designation of one of the Directors as the Chairman of the Board. Provides for the compensation of Board members and employees.

Requires an annual audit of the accounts of the Authority. Directs the Authority to submit annually to the Director of the Office of Management and Budget a financial and management plan for review.

Directs the Authority to submit quarterly reports to the Congress and the President. States that such reports shall disclose the aggregate sums then outstanding or committed as loans, loan guarantees, or other financial assistance, and a listing of the business concerns so involved with the Authority.

Requires the submission to the Congress and the President of an annual report containing the certified financial statements and general description of the Authority's operations.

Title VI: Federal Agency Proceedings - Sets forth the duties and authorities of the Federal Energy Administration in the energy project licensing process. Defines the term "every project" to mean any activity in connection with the planning, initiation, construction, or operation of facilities involving the production, distribution, transmission, or transportation of energy, fuels, or energy-related commodities, facilities, or products.

Provides for the certification by the Administration of energy projects which meet specified criteria of critical importance. Requires expedited proceedings by applicable Federal agencies on applications for licenses to undertake energy projects certified as critically important.

Gives precedence to such projects in obtaining judicial review of Federal agency's final action concerning such a project.

Title VII: Unlawful Act and Penalties - Specifies acts as unlawful with respect to applications for or administration of financial assistance under this Act. Sets criminal penalties for specified acts.

Title VIII: General Provisions - Provides for the coordination of the actions of the Authority with those of other Federal agencies.

States that the Authority shall make no new commitments for financial assistance after June 30, 1983, and shall furnish no new financial assistance after June 30, 1986.

Provides for the liquidation of the Authority's affairs on or prior to June 30, 1986. States that the Authority shall terminate on June 30, 1986.