Industrial Competitiveness Act

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; and (4) evaluate existing government policies and business practices in terms of their competitive impact. Sets forth the membership and powers of the Council.

Requires the Council to report to Congress and the President, within one year of enactment of this title, 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 and the policies needed to meet such priorities.

Authorizes appropriations.

Title II: Bank for Industrial Competitiveness - Subtitle A: Bank for Industrial Competitiveness - Establishes the Bank for Industrial Competititveness 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. 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.

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: Secondary Markets for Industrial Mortgages - Authorizes the Bank to purchase and to make commitments to purchase industrial mortgages from any qualified financial institution. Authorizes the Bank to set priorities regarding the types of industrial mortgages to be purchased. Sets forth conditions which such mortgages must meet. Prohibits an industrial mortgage from being purchased unless specified conditions are met. Authorizes the Bank to set aside mortgages held by it and to issue and sell securities based upon the set aside mortgages.

Subtitle C: 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 bank 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 banks.

Subtitle D: General Provisions - Authorizes appropriations beginning in FY 1985.