Reconstruction Finance Corporation Act of 1980
Latest action. Referred to House Committee on Ways and Means.
Reconstruction Finance Corporation Act of 1980 - Creates the Reconstruction Finance Corporation of 1980 to be administered by a board of directors. Sets forth the powers of the Corporation. Requires the Corporation to report annually on its operations to the President, the Secretary of the Treasury, and Congress. Provides for the capitalization of and issuance of obligations by the Corporation. Grants the Corporation tax-exempt status with specified exceptions. Authorizes the Corporation to provide financial assistance to business enterprises which meet specified eligibility criteria, including a beneficial impact on employment opportunities and productivity, the provision of necessary goods or services, the national interest, a feasible recovery plan, a reasonable assurance of repayment, and an employee stock ownership plan. Authorizes the Corporation to provide financial assistance to local governmental units which meet specified eligibility criteria, including a feasible recovery plan, State assistance, the national interest, a financial control board, and a reasonable assurance of repayment. Authorizes the Corporation to make loans and to guarantee loans to local governmental units or business enterprises. Sets forth conditions for such loans, guarantees, and commitments. Limits the aggregate amount of assistance to any one local governmental unit or business enterprise. Terminates the Corporation 30 years after enactment of this Act. Prohibits any commitment to provide financial assistance after six years from enactment of this Act, unless extended by Congress. Makes Federal financial disclosure and conflict of interest provisions applicable to Corporation employees and officials. Amends the Internal Revenue Code to impose a temporary surtax on the taxable income of every corporation with a taxable income greater than $1,000,000. Directs the Secretary of the Treasury to contribute the proceeds of such surtax to the capital stock of the Corporation through the Reconstruction Finance Corporation of 1980 Trust Fund.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on October 2, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 2, 1980: Referred to House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
WILLIAM MOORHEAD (D-PA) introduced it on October 2, 1980. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 2, 1980, 16779 days ago. The most recent recorded action was 16779 days ago, on October 2, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers