Industrial Competitiveness Act - Title I: Council on Industrial Competitiveness - Establishes in the executive branch an independent agency to be known as the Council on Industrial Competitiveness. Sets forth the duties of the Council including the duty to: (1) collect and analyze information concerning current and future economic trends and market opportunities; (2) create forums where national leaders will identify national economic problems; (3) provide policy recommendations regarding specific issues concerning industrial strategies; (4) evaluate existing government policies and business practices in terms of their competitive impact; and (5) stimulate and promote employee ownership.
Sets forth the membership and the powers of the Council. Requires the Council to establish, as appropriate, industry subcouncils which shall examine the competitive problems facing individual industries in the economy and develop recommendations regarding long-term strategies.
Requires the Council to examine and make public all foreign trade agreements that have been agreed to by the United States. Directs the Council to monitor and maintain public records on the effect of imports on all major U.S. industries and on such other U.S. industries as may be specified by the Council.
Requires the Council to report to Congress and the President, within one year of enactment of this title, with recommendations for changes in Federal policy necessary to implement effective industrial strategies.
Requires the Council to report annually to the President, Congress, and the Bank for Industrial Competitiveness on the major industrial development priorities of the United States, the policies needed to meet such priorities, and the existing government policies affecting industries.
Authorizes appropriations for FY 1985.
Title II: Bank for Industrial Competitiveness - Subtitle A: Bank for Industrial Competitiveness - Establishes the Bank for Industrial Competitiveness which shall be an agency of the United States. Sets forth the powers of the Bank and the qualifications for members of the board of directors. Authorizes the Bank to provide financial assistance to: (1) businesses in mature or linkage industries which require revitalization and modernization in order to be competitive in a world market; and (2) businesses in emerging industries which require financial assistance to develop and market new products or technologies. Limits the amount of aid for each project to 30 percent of the funding necessary to carry out the project. Sets forth the requirements for applications for such assistance. Prohibits the Bank from providing assistance for investments made outside the United States. Prohibits providing assistance for projects whose primary purpose is to facilitate or impede the relocation of industrial or commercial plants. Prohibits the Bank from discriminating on the basis of race, color, religion, sex, or national origin. Sets forth the terms and conditions for financial assistance from the Bank. Terminates the authority of the Bank to make loans, issue loan guarantees, and purchase capital stock of applicants ten years after the effective date of this title. Authorizes the Bank to help applicants for assistance from the Bank to develop proposals which include employee ownership. Sets forth goals which the Bank, in providing financial assistance, should support.
Sets forth the amount of capital stock the Bank shall have. Authorizes the Bank to issue obligations to provide sufficient funds to carry out the Bank's purposes and to renew, refund or pay other obligations. Limits the amount of the Bank's outstanding obligations to five times the paid-in capital of the Bank. Prohibits any of the loans made, guaranteed, or committed to be guaranteed under this title from being eligible for purchase by, or commitment to purchase by, or sale or issuance to, any Federal agency or government-owned entity. Exempts obligations of the Bank from taxation. Authorizes the Bank to enter into appropriate agreements respecting obligations of the Bank. Sets forth provisions dealing with moneys of the Bank. Exempts from taxation all property of the Bank except for the Bank's real property. Authorizes the Bank to inspect all documents of an applicant relating to the applicant's financial affairs and to all facilities and properties of the applicant.
Requires the Bank to submit an annual report to the President and Congress.
Terminates the Bank 30 years after the effective date of this title.
Subtitle B: Investment in Public Industrial Development Banks - Authorizes the Bank to invest in the stock of public industrial development finance institutions established at the State, local, or regional levels. Requires that the Bank be given, in return for its investment, one or more seats on the Board of Directors of the public development finance institution in which it invests. Prohibits the Bank from contracting with institutions that offer no reasonable prospect of return. Sets forth conditions for participation by the Bank in public industrial development finance institutions. Lists criteria for evaluating programs.
Subtitle C: General Provisions - Authorizes appropriations beginning in FY 1986.
Title III: Federal Industrial Mortgage Association - Establishes a corporation to be known as the Federal Industrial Mortgage Association. Sets forth the composition of the Association's Board of Directors. Authorizes the Association to purchase and make commitments to purchase industrial mortgages from any qualified financial institution. Authorizes the Association to set priorities regarding the types of industrial mortgages to be purchased. Requires the operations of the Association to be confined to industrial mortgages that meet specified criteria.
Sets forth the criteria for the purchase of industrial mortgages.
Terminates the Association ten years after the effective date of this title.
Provides the Association with $100,000,000 of capital stock.
Authorizes appropriations for FY 1985.
Title IV: General Provisions - Provides for the separability of the provisions of this Act.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended).
Subcommittee Hearings Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended).
Reported to House (Amended) by House Committee on Banking, Finance and Urban Affairs. Report No: 98-697 (Part I).
Reported to House (Amended) by House Committee on Banking, Finance and Urban Affairs. Report No: 98-697 (Part I).
Referred to House Committee on Energy and Commerce Sequentially, for a Period Ending not Later than Jun 8, 84.
Referred to Subcommittee on Commerce, Transportation and Tourism.
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Subcommittee Hearings Held.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported.
Reported to House by House Committee on Energy and Commerce. Report No: 98-697 (Part II).
Reported to House by House Committee on Energy and Commerce. Report No: 98-697 (Part II).
Placed on Union Calendar No: 478.