A bill to reestablish the Reconstruction Finance Corporation, to authorize such Corporation to perform its traditional lending functions, and for other purposes.

[AI summary unavailable — showing source text] Establishes the Reconstruction Finance Corporation. Sets forth the general powers of the Corporation and the make-up of its board of directors. States that the Corporation shall have a capital stock of $5,000,000,000 to be appropriated from the Treasury of the United States. Grants the Corporation the power to issue obligations, within the authorized indebtedness prescribed by this Act. Grants the Corporation the power to issue obligations to renew, refund, or pay other obligations whether or not the obligations to be renewed, refunded, or paid have matured. Limits the outstanding aggregate principal amount of such obligations to no more than five times the paid-in capital of the Corporation. Prohibits any Federal agency or department or federally owned entity from purchasing any of the loans made, guaranteed, or committed to be guaranteed under this Act. Exempts obligations of the Corporation from all taxation (except estate, inheritance, and gift taxes) imposed by any State, local governmental unit, or other local taxing authority. Permits the Corporation to request the Secretary of the Treasury to guarantee its obligations with the full faith and credit of the United States. Exe…