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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 4, 1980.
Industrial Development Bank Act of 1980 - Title I: Findings and Purposes - Sets forth the findings of the Congress and the purposes of this Act. Title II: Corporate Status, General Powers, and Tax Status - Establishes the United States Industrial Development Bank (Bank) as an independent agency of the United States. Exempts the Bank from taxation by the United States or any territory or by any State or local taxing authority, except taxation of real property owned in fee by the Bank. Title III: Financial Assistance - Authorizes the Bank to assist any entity in the financing of: (1) the ownership, construction, conversion, or expansion of productive facilities which: (a) would otherwise receive financing insufficient to make them commercially feasible; (b) employ or stimulate the use of innovative technologies or processes; or (c) provide needed investment in public works; and (2) the acquisition or development of physical plant or resources. Enumerates factors to be considered by the Bank, in consultation with the Secretary of Commerce, in selecting recipients of financial assistance, including the economic benefits to be derived. Directs the Bank to make adequate provision for the sharing of profits of a successful project. Stipulates that conditions of financial assistance shall be no more favorable than those available in the private market, unless more favorable conditions are essential to the project's undertaking or completion or are necessary to meet foreign competition. Limits the aggregate amount of financial assistance provided by the Bank that may be outstanding at any one time. Requires the Bank to consider alternative means of financing. Authorizes the Bank to guarantee any lender against loss of principal and interest on securities, obligations, or loans, and entitles the Bank to recover amounts paid pursuant to a guarantee from any person liable therefor. Requires the Bank to submit to the Congress, with respect to a package of financial assistance amounting to $100,000,000 or more, a statement detailing the transaction. Directs the Bank to charge reasonable fees for the provision of financial assistance under this Act. Requires every applicant, as a condition of applying for financial assistance, to consent to such examinations and reporting activities as the Bank deems necessary. Title IV: Capitalization and Finance - Prescribes the amount of capital stock subject to call by the Board of Directors of the Bank. Authorizes appropriations to the Secretary of the Treasury for the purpose of payment of such amount. Makes it the duty of the Bank to declare and pay dividends on outstanding capital stock. Authorizes the Bank, with the concurrence of the Secretary of the Treasury, to issue obligations in an amount not more than the sum of ten times its subscribed capital stock. Excludes the receipts and disbursements of the Secretary of the Treasury, with respect to the capital stock of the Bank, from the totals of the United States Government Budget. Authorizes the supply of necessary forms of obligations issued under this Act. Specifies uses of moneys of the Bank not otherwise employed. Sets forth audit and reporting requirements. Title V: Unlawful Acts, Penalties, and Suits Against the Corporation - Imposes criminal penalties for: (1) making false statements for the purpose of obtaining financial assistance or anything of value; (2) forgery; (3) misappropriation of funds and unauthorized activities; and (4) use of the name of the Bank in a misleading or deceptive way. Allows actions by the Bank: (1) for the recovery of damages incurred as a result of violation of this Act; or (2) to enforce compliance with this Act or any agreement related thereto. States jurisdictional requirements for civil actions against the Bank and limitations of the Bank's liability.
