Emergency Mass Transit Development Act

[AI summary unavailable — showing source text] Emergency Mass Transit Development Act - Establishes a Mass Transit Development Bank to stimulate new entry and provide additional capacity in the mass transit manufacturing sector by furnishing assistance in the form of loan guarantees to eligible industrial borrowers. Stipulates that the membership of the Bank shall be: (1) the Secretary of the Treasury, (2) the Chairman of the Federal Trade Commission, and (3) three other persons appointed by the President. Creates an Advisory Board to the Bank to provide the Bank with advice on matters uniquely within the expertise of its membership. Authorizes the Bank to guarantee lenders against loss of principal or interest on loans made for the purpose of financing plant construction, the acquisition of real estate or equipment, or the acquisition of working capital, and only if the borrower meets such other requirements specified by this Act. Requires that priority be given to loans which will convert excess automotive assembly capacity to mass transit production. Declares that any enterprise that obtains a guaranteed loan under this Act may not declare a dividend on its common stock, or make any payment on an additional indebtedness with…