HR 4308
112th Congress
House
Economics and Public Finance
Accounting and auditing
Government lending and loan guarantees
Government trust funds
Michigan
State and local finance
Urban and suburban affairs and development
Detroit Growth and Stability Act of 2012
Introduced: March 29, 2012
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 29, 2012
Referred to the House Committee on Oversight and Government Reform.
Mar 29, 2012
Sponsor introductory remarks on measure. (CR H1796)
Mar 29, 2012
Introduced in House
Plain-English summary
Detroit Growth and Stability Act of 2012 - Authorizes the Secretary of the Treasury to: (1) make loans to a financing agent authorized by the state of Michigan to act on behalf of the city of Detroit, Michigan, for which the financing agent and the city shall be jointly and severally liable; and (2) require the city and the financing agent to provide security for such loans. Limits the aggregate amount of loans outstanding to $500 million. Terminates the authority of the Secretary to make such loans on January 1, 2016.
Establishes in the Treasury the City of Detroit Growth and Stability Fund for purposes of making such loans.
What's happening now
Referred to the House Committee on Oversight and Government Reform.
Committees of jurisdiction
1