S. 2662 · 117th Congress
Industrial Finance Corporation Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CoonsSponsor7 cosponsors · 7 D
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Aug 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Industrial Finance Corporation Act
Latest action (Aug 5, 2021): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Commerce · Origin: Senate · Introduced: Aug 5, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.