National Development Bank Act

[AI summary unavailable — showing source text] National Development Bank Act - Title I: Congressional Findings and Statement of Purpose - Sets forth findings and purposes of this Act. Title II: Definitions - Defines terms used in this Act. Defines "distressed area" as a geographical area encompassed by a local government which is characterized by at least three of the following conditions: (1) an above average unemployment rate; (2) a below average growth rate in employment; (3) a below average growth rate in per capita income; and (4) a below average growth rate in population. Includes, within the definition of distressed area, without qualification, Puerto Rico, specified territories of the United States, and any area under the sovereignty or governance of an Indian tribe. Title III: Establishment of Bank - Establishes the National Development Bank as an agency and instrumentality of the United States under the direction of the President. States that the only office of such Bank shall be located in Washington, D. C. Declares the purpose of the Bank to be to facilitate private businesses in locating, expanding, and maintaining development projects in distressed areas. Vests management of the Bank in a Board consisting of the S…