National Domestic Development Bank Act

[AI summary unavailable — showing source text] National Domestic Development Bank Act - Creates the National Domestic Development Bank and provides that such bank shall have a board of Directors which shall initially consist of fifteen members to be appointed by the President of the United States. Asserts that the management of the bank shall be vested in the President of the bank subject to the policies prescribed by the board of directors. Authorizes the Secretary of the Treasury to pay initial organizing and operating expenses. Authorizes to be appropriated not to exceed $500,000 for this purpose. Authorizes the bank to: (1) purchase, service, and sell any obligation of a State or local government issued wholly or partly to finance the construction of community facilities or public works; (2) make or guarantee loans to State or local governments to finance the construction of such facilities or public works; and (3) make loans for the purpose of facilitating economic development in geographical areas designated by the Council of Economic Advisors as being low income, depressed or labor surplus areas. Provides that the Bank's lending activity will be carried out through regional operating divisions supervised by a three membe…