Federal Domestic Development Bank Act

[AI summary unavailable — showing source text] Federal Domestic Development Bank Act - Establishes the Federal Domestic Development Bank. States that it shall be the function of the Bank to extend credit and participate in extensions of credit to government entities and private businesses, upon application by such entities or businesses. Stipulates that, in considering any application for assistance under this Act, the Bank shall accord preferential consideration to projects or programs which, if approved, will meet specified criteria. Sets forth limitations and conditions for the provision of assistance by the Bank. Authorizes the Bank to plan, initiate, own, and manage facilities to further the purposes of this Act where it determines that (1) no appropriate applicant is available, and (2) there is reasonable ground to believe that it can later terminate its ownership by means of a planned program of incremental divestment at which point the facility or enterprise can survive without the direct control of the management of the Bank. Establishes in the Treasury of the United States a General Development Fund which shall be available to the Bank without fiscal year limitation as a revolving fund to finance projects and programs…