Reconstruction Finance Corporation Act
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Reconstruction Finance Corporation Act - Establishes the "Reconstruction Finance Corporation" with a principal office to be located in the District of Columbia. Provides that the Corporation shall have a capital stock of $2,000,000,000 to be subscribed to by the United States. Specifies the membership of the Board of Directors of such Corporation and grants the Corporation the powers necessary to function as such. Authorizes the Corporation, in order to aid in financing agriculture, commerce, and industry, to make loans to any business concern: (1) to enable such business concern to finance plant construction, conversion, or expansion, or the acquisition of equipment, facilities, machinery, supplies, or materials; or (2) to supply such business concern with working capital; or (3) to aid such business concern in the payment of current debts or obligations, if such aid is considered by the Board of Directors to be in the public interest. Provides that no loan may be made to any business concern under this Act unless such business concern is unable to obtain a loan on reasonable terms. Provides that each loan made under this Act may be made for a period not exceeding ten years, and the Corporation may extend the time of payment of any such loan up to twelve years from the date upon which such loan was made originally. States that each such loan shall bear interest at a rate equal to the current average yield on all outstanding obligations of the United States as of the last day of the month immediately preceding the month in which the loan is made. Requires all loans made under this Act to be fully and adequately secured, and specifies the requirement of any collateral to be accepted by the Corporation as security for such loans. Authorizes the Corporation to guarantee the payment of principal and interest on a loan made to such business concern by a non-Federal lender. Provides that the aggregate of the principal amounts of the loans outstanding at any time with respect to which guarantees have been made under this Act shall not exceed $2,000,000,000. Authorizes the Corporation to have outstanding at any one time obligations in an aggregate amount not exceeding three times its subscribed capital. Provides that such obligations shall be free from taxation. Provides criminal sanctions for: (1) false statements in the attempt to secure loans under this Act; (2) false statements or fraudulent acts in connection with any obligation incurred by the Corporation under this Act; or (3) willful misapplication of funds by any individual entrusted with such funds under this Act.
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 24, 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 24, 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?
MICHAEL MANSFIELD (D-MT) introduced it on September 24, 1974, and 1 member has since signed on as a cosponsor.
They are 1 Democrat.
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 24, 1974, 18979 days ago. The most recent recorded action was 18979 days ago, on September 24, 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