Federal Shared-Risk Insurance Act

[AI summary unavailable — showing source text] Federal Shared-Risk Insurance Act - Creates a government corporation to be known as the Federal Shared-Risk Insurance Fund. States that such Fund shall be under the direction of a Board of Directors consisting of a Chairman and two additional persons, all of whom shall be appointed by the President by and with the advice and consent of the Senate. Creates a Federal Shared-Risk Insurance Advisory Council consisting of seven members appointed by the Board of Directors who shall represent the areas of housing, finance, insurance, and the public interest. Lists the powers of the Fund including the power to contract, to prescribe charges for services by the Fund, and other powers as may be necessary to carry out the purposes of this Act. Allows the Fund to invest in such investments as the Board of Directors may prescribe. Exempts the Fund from all Federal, State, and local taxes. Grants original jurisdiction in the Federal district courts for any civil action to which the Fund is a party without regard to amount or value. Permits the Fund to remove any case from a State court to a Federal district court without the giving of any bond at any time before trial. States that the Fund shall…