Chrysler Corporation Emergency Loan Guarantee Act

[AI summary unavailable — showing source text] Chrysler Corporation Emergency Loan Guarantee Act - Establishes an Emergency Loan Guarantee Board composed of the Secretary of the Treasury, the Secretary of Labor, and the Secretary of Commerce. Authorizes the Board to guarantee loans made to Chrysler Corporation and to enter other appropriate contracts to carry out the provisions of this Act. Designates the Secretary of the Treasury as Chairman of the Board. Requires all decisions of the Board to be made by majority vote. Imposes the following contributions on any loan guaranteed by the Board: (1) the loan must be needed to enable Chrysler to continue operations which if curtailed would seriously and adversely affect the economic or employment situation in the United States or any of its regions; (2) Chrysler must be unable to obtain credit upon reasonable terms without such a guarantee; (3) Chrysler's prospective earning power, together with any security it pledges, must furnish reasonable assurance that the loan will be repaid; (4) the lender must certify that it would not make the loan without such a guarantee; (5) the term of the loan must not exceed ten years; and (6) the loan must bear interest at a rate determined by the B…