Industrial Finance Corporation Act This bill establishes within the executive branch the Industrial Finance Corporation. The corporation must provide support for (1) manufacturing and supply chains in certain critical industries, (2) industries on the technological frontier, and (3) other economic objectives. The bill specifies the membership and structure of the corporation and authorizes the corporation to invest in projects, make loans, and manage programs to further the corporation's economic objectives. The corporation also has the power to purchase or lease property, enter contracts, borrow funds from the Department of the Treasury (up to a specified limit), and otherwise carry out its functions. A risk committee must develop and review the corporation's risk management policies and an audit committee must oversee the integrity of the corporation's finances. The bill also requires the corporation to develop a performance measurement system to evaluate and monitor projects and guide future projects. Further, the corporation must develop appropriate safeguards, policies, and guidelines to ensure that its projects supplement, rather than compete with, private sector supports. The corporation must periodically report on its projects and publish certain project-level information.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Commerce
Accounting and auditingAdvanced technology and technological innovationsAdvisory bodiesBusiness investment and capitalCompetitiveness, trade promotion, trade deficitsCongressional oversightCorporate finance and managementEconomic developmentEconomic performance and conditionsEmployment and training programsExecutive agency funding and structureFinancial services and investmentsGovernment corporations and government-sponsored enterprisesGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigationsGovernment trust fundsIndustrial policy and productivityManufacturingMinority and disadvantaged businessesPerformance measurementProduct development and innovationPublic-private cooperationSmall businessTechnology transfer and commercializationWomen in business
Industrial Finance Corporation Act
USA117th CongressS-2662| Senate
| Updated: 8/5/2021
Industrial Finance Corporation Act This bill establishes within the executive branch the Industrial Finance Corporation. The corporation must provide support for (1) manufacturing and supply chains in certain critical industries, (2) industries on the technological frontier, and (3) other economic objectives. The bill specifies the membership and structure of the corporation and authorizes the corporation to invest in projects, make loans, and manage programs to further the corporation's economic objectives. The corporation also has the power to purchase or lease property, enter contracts, borrow funds from the Department of the Treasury (up to a specified limit), and otherwise carry out its functions. A risk committee must develop and review the corporation's risk management policies and an audit committee must oversee the integrity of the corporation's finances. The bill also requires the corporation to develop a performance measurement system to evaluate and monitor projects and guide future projects. Further, the corporation must develop appropriate safeguards, policies, and guidelines to ensure that its projects supplement, rather than compete with, private sector supports. The corporation must periodically report on its projects and publish certain project-level information.
Accounting and auditingAdvanced technology and technological innovationsAdvisory bodiesBusiness investment and capitalCompetitiveness, trade promotion, trade deficitsCongressional oversightCorporate finance and managementEconomic developmentEconomic performance and conditionsEmployment and training programsExecutive agency funding and structureFinancial services and investmentsGovernment corporations and government-sponsored enterprisesGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigationsGovernment trust fundsIndustrial policy and productivityManufacturingMinority and disadvantaged businessesPerformance measurementProduct development and innovationPublic-private cooperationSmall businessTechnology transfer and commercializationWomen in business