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Industrial Finance Corporation Act

Introduced: August 5, 2021 Introduced by: Coons, Christopher A. Democratic · Delaware See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Aug 5, 2021

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Aug 5, 2021

Introduced in Senate

Plain-English summary Congressional Research Service

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.

What's happening now August 5, 2021

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committees of jurisdiction 1