H.R. 4629 (111th): Manufacturing Modernization and Diversification Act of 2010

Introduced:
Feb 22, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Sander Levin
Representative for Michigan's 12th congressional district
Party
Democrat
Text
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Last Updated
Feb 22, 2010
Length
13 pages
 
Status

This bill was introduced on February 22, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 22, 2010
Referred to Committee Feb 22, 2010
 
Full Title

To create a loan program to provide funds to State special purpose vehicles for use in collateral support programs and loan participation programs to benefit qualified manufacturers.

Summary

No summaries available.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


2/22/2010--Introduced.
Manufacturing Modernization and Diversification Act of 2010 - Directs the Secretary of the Treasury to certify special purpose vehicles (SPVs) created by a state to take part in a program to carry out collateral support and loan participation programs for the benefit of qualified manufacturers (manufacturers with less than $50 million in annual revenue and less than $50 million in assets). Outlines SPV application requirements.
Allows, under the collateral support program, a qualified manufacturer that wishes to receive a bank loan but has insufficient collateral to ask the bank to seek collateral loan support from the SPV. Prohibits an SPV from providing more than $20 million in collateral support to any one manufacturer. Requires manufacturers to be charged a fee for such support.
Allows, under the loan participation program, a qualified manufacturer that wishes to receive a bank loan but would not otherwise qualify for the loan to ask the bank to seek participation for such loan from the SPV. Prohibits an SPV from providing more than $20 million in participation support to any one manufacturer. Requires manufacturers to be charged a fee for such support.
Requires: (1) periodic reports from such banks to participating SPVs; and (2) quarterly reports from the Secretary to Congress on participants in and impacts of the support and participation programs.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

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