National Energy Development Bank Act

[AI summary unavailable — showing source text] National Energy Development Bank Act - States that it is the purpose of this Act to establish a National Energy Development Bank to provide loans and grants to finance urgently needed research, exploration, development, production, and delivery of energy resources within the United States and to minimize this Nation's dependence on foreign sources of energy supplies. Creates a body corporate to be known as the National Energy Development Bank which shall be an instrumentality of the United States Government. Provides that except to the extent inconsistent with the provisions of this Act, the Bank shall have the general corporate powers of a corporation organized and existing under the laws of the District of Columbia. Provides that the Bank shall have capital stock of $1,000,000,000 subscribed by the United States. States that the obligations of the Bank under this Act shall be fully and unconditionally guaranteed both as to interest and principal by the United States and such guarantee shall be expressed on the face thereof. Authorizes the several Federal Reserve banks to purchase or discount any note, debenture, bond, or other obligation, secured or unsecured, held by the Bank. A…