Rural Development Act Amendments

[AI summary unavailable — showing source text] Rural Development Act Amendments - Sets forth congressional findings and purposes, and defines the terms used in this Act. Establishes a National Rural Development Bank to serve as a source of financial assistance to institutions that have purchased, refinanced, discounted, or rediscounted nonfarm rural development loans made by local rural banks and other financial institutions. Declares it to be the policy of Congress that the Bank provide equity-participation investment funds to sponsors of rural development projects and financial assistance to local lenders. Establishes a National Rural Development Bank Board, to consist of individuals appointed by the President by and with the advice and consent of the Senate, and individuals elected by the shareholders of such Bank. Makes it the duty of the Board to establish general policy for the Bank, consistent with congressional policy and purposes. Enumerates the general corporate powers of the Bank and authorizes the Bank to make studies of rural lending and investment needs, and credit requirements of rural industrial and commercial enterprises. Directs the Farm Credit Administration to audit the Bank and participating joint-venture c…