National Development Act

[AI summary unavailable — showing source text] National Development Act - Creates a body corporate to be known as the National Development Bank, which shall be an instrumentality of the United States Government having succession until dissolved by Act of Congress, and which will make and guarantee long-term loans at reasonable interest rates: (1) to State and local governments for public works and facilities; (2) to individuals and corporations to establish new businesses and industries and to expand or otherwise improve existing businesses and industries; and (3) to public agencies and private nonprofit and limited dividend corporations for the construction of low-and moderate-income housing. Vests the management of the Bank in a Board of Directors consisting of the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Housing and Urban Development, the Secretary of Agriculture, the Secretary of Labor, and ten other persons who shall be appointed by the President with the advice and consent of the Senate. Provides for the appointment of the President of the Bank and other officers by the Board. States that the Bank shall have capital stock of $1,000,000,000 subscribed to by the United States. Empowers the Bank…