State and Local Government Economic Empowerment Act

[AI summary unavailable — showing source text] State and Local Government Economic Empowerment Act - Directs the Secretary of the Treasury to have money available for purposes of this Act (i.e., the creation of non-interest-bearing Government credit funds in measured or limited increments for the purpose of funding capital and environmental projects in the public interest) in an amount equal to the product of: (1) the U.S. population, as determined by the Secretary of Commerce on the basis of the 1990 census; and (2) $1,400. Requires that the money be created by having the Secretary and the Board of Governors of the Federal Reserve System enter into a loan agreement whereby: (1) the Board shall lend the U.S. Treasury a sum up to $360 billion at the rate of not more than $72 billion per annum (on a cumulative basis) in each of the five years commencing 60 days after this Act's enactment date; and (2) the Secretary shall pay an annual fee to the Board to cover administrative costs that the Board incurs in acting as the agent of the Administrator appointed by the Secretary. Treats any amount made available pursuant to this Act as money created in the sovereign and exclusive capacity of the United States to create money. Specifies …