Federal Domestic Development Bank Act
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Federal Domestic Development Bank Act - Establishes the Federal Domestic Development Bank. States that it shall be the function of the Bank to extend credit and participate in extensions of credit to government entities and private businesses, upon application by such entities or businesses. Stipulates that, in considering any application for assistance under this Act, the Bank shall accord preferential consideration to projects or programs which, if approved, will meet specified criteria. Sets forth limitations and conditions for the provision of assistance by the Bank. Authorizes the Bank to plan, initiate, own, and manage facilities to further the purposes of this Act where it determines that (1) no appropriate applicant is available, and (2) there is reasonable ground to believe that it can later terminate its ownership by means of a planned program of incremental divestment at which point the facility or enterprise can survive without the direct control of the management of the Bank. Establishes in the Treasury of the United States a General Development Fund which shall be available to the Bank without fiscal year limitation as a revolving fund to finance projects and programs approved by the Bank or to carry out other purposes of this Act. Stipulates that, in carrying out its functions, the Bank shall establish and adhere to procedures which assure that: (1) projects and programs assisted by the Bank are not inconsistent with or disruptive to other Federal or State programs authorizing developmental assistance; and (2) projects or programs assisted by the Bank are not inconsistent with Federal or State environmental programs or plans or with areawide and local comprehensive planning. Authorizes appropriations of up to $1,500,000 to provide initial operating and administrative expenses for the Bank. Authorizes appropriations, without fiscal year limitation, of such sums as may be necessary to pay the difference, if any, between interest paid by the Bank on obligations issued by it and interest or other income received by the Bank on its investments.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on September 11, 1974. 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 September 11, 1974: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- 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 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 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?
THOMAS MCINTYRE (D-NH) introduced it on September 11, 1974, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
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 September 11, 1974, 18992 days ago. The most recent recorded action was 18992 days ago, on September 11, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers