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has been established by the Department of Health, Education, and Welfare, or where pending loss of business or industry is expected to produce such conditions, or those areas characterized by substantial outmigration resulting from the lack of job opportunities, or those areas suffering from other conditions which in the judgment of the board of directors of the Bank qualify them for assistance under the provisions of this Act.

(5) The term "adequate wage” means a wage which shall not be lower than whichever is highest : (a) the minimum wage under the Fair Labor Standards Act of 1938, (b) the minimum wage set by State or local governments, (c) the prevailing rate of wages in the area for comparable work.

(6) The term "effective interest rate" means the total amounts paid on a loan for interest, commissions, bonuses, discounts, premiums, or other similar charges. 84. Establishment

There is created a body corporate to be known as the Development Bank (referred to in this Act as the Bank). No loan may be made by the Bank unless the borrower is unable to obtain funds on reasonable terms from other sources. 85. Board of Directors

The management of the Bank shall be vested 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 Labor, and ten other persons who shall be appointed by the President with the advice and consent of the Senate. Of the ten persons so appointed, one shall be an elected or an appointed official of a State government, one shall be an elected or appointed official of a local government. All of the other persons so appointed shall be from the private sector. Two shall be from among representatives of organized labor, two shall be from among representatives of business and finance, two from among representatives of social welfare organizations dealing with the problems of low-income urban residents and two shall be from among representatives of rural organizations dealing with economic and social problems of depressed rural areas. The terms of directors appointed by the President shall be two years, commencing with the date of enactment of this Act. Any director appointed to fill a vacancy shall be appointed only for the unexpired portion of the term. Any director may continue to serve as such after the expiration of the term for which he was appointed until his successor has been appointed and has qualified. $ 6. Appointment of officers and employees

The Board of Directors of the Bank shall appoint a president of the Bank and such other officers and employees as it deems necessary to carry out the functions of the Bank. Such appointments may be made without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, and persons so appointed may be paid without regard to the provisions of chapter 51 of subchapter III of chapter 53 of such title relating to classification and General Schedule pay rates. The president of the Bank shall be an ex officio member of the Board of Directors and may participate in meetings of the board except that he shall have no vote except in case of an equal division. No individual other than a citizen of the United States may be an officer of the Bank. No officer of the Bank shall receive any salary or other remuneration from any source other than the Bank during the period of his employment by the Bank. 87. Conflict of interest

(a) No director, officer, attorney, agent, or employee of the Bank shall in any manner, directly or indirectly, participate in the deliberations upon or the determination of any question affecting his personal interests, or the interests of any corporation, partnership, or association in which he is directly or indirectly personally interested.

(b) The Bank shall not engage in political activities nor provide financing for or assist in any manner any project or facility involving political parties, por shall the directors, officers, employees, or agents of the Bank in any way use their connection with the Bank for the purpose of influencing the outcome of any election. 88. General corporate powers

Errept to the extent inconsistent with the provisions of this Act, the Bank shall have the general corporate powers of a corporation organized and existing under the laws of the District of Columbia.

$ 9. Principal office; branches

The principal office of the Bank shall be located in the District of Columbia, and it may establish agencies or branch offices in any city of the United States. $ 10. Capital stock

(a) The Bank shall have capital stock of $1,000,000,000, subscribed by the United States, payment for which shall be subject to call in whole or in part by the Board of Directors.

(b) The Secretary of the Treasury is authorized to, and upon request of the Board of Directors shall, purchase stock in amounts designated by the Board of Directors up to a total of $1,000,000,000. § 11. Borrowing authority

(a) The Bank may issue notes, debentures, bonds, and other evidences of indebtedness in such amounts and on such terms and conditions as the corporation may determine subject to the limitations prescribed in this Act.

(b) The aggregate outstanding indebtedness of the Bank under this section at any time may not exceed twenty times the paid-in capital stock of the Bank at that time.

(c) The obligations of the Bank under this section shall be fully and unconditionally guaranteed both as to interest and principal by the United States and such guarantee shall be expressed on the face thereof.

(d) In the event that the Bank is unable to pay upon demand, when due, any obligation under this section, the Secretary of the Treasury shall pay the amount thereof and thereupon to the extent of the amount so paid by the Secretary of the Treasury shall succeed to all the rights of the holder of the obligations. 8 12. Purchase of assets by Treasury

The Secretary of the Treasury is authorized to purchase from the Bank any asset of the Bank at such price as may be agreed upon between the Secretary and the Bank. $ 13. Discount by Federal Reserve banks

(a) The several Federal Reserve banks are authorized to purchase or discount any note, debenture, bond, or other obligation, secured or unsecured, held by the Bank.

(b) Obligations of the Bank are eligible for purchase by the Federal Reserve Open Market Committee. § 14. Investment status of obligations of Bank

All obligations issued by the Bank shall be lawful investments for, and may be accepted as security for, all fiduciary, trust, and public funds the investment or deposit of which is under the authority or control of the United States or of any officer or officers thereof. § 15. Loans for low- and moderate-income housing

(a) The Bank may make or guarantee loans for the purchase of low- and moderate-income housing under the insured and guaranteed loan programs of the Department of Housing and Urban Development, the Veterans' Administration, the Farmers Home Administration of the Department of Agriculture, and for military housing under sections 809 and 810 of title VIII of the National Housing Act.

(b) The Bank may make or guarantee loans to developers, contractors, subcontractors and other persons to finance the construction of low- and moderateincome housing under the insured and guaranteed loan programs of the Department of Housing and Urban Development, the Veterans Administration, and Farmers Home Administration of the Department of Agriculture, and for military housing under sections 809 and 810 of title VIII of the National Housing Act.

(c) Loans made under (b) of this section shall not exceed an effective rate of 6 per centum per annum or the discount rate of the Federal Reserve Systemi, whichever is lowest, or a lesser rate of interest established by the Board of Directors of the Bank. § 16. Loans for community development

(a) The Bank may make or guarantee loans or purchase obligations to finance capital expenditures for public works, community facilities, land for

"INVESTMENT IN LOW- AND MODERATE-INCOME HOUSING MORTGAGES BY PRIVATE

PENSION FUNDS

“Sec. 524. (a) (1) The Congress finds that housing starts in the United States
have dropped to an alarming level due largely to the inflationary, high-interest-
tight-money condition of the economy. This shortage of mortgage money on
reasonable terms is felt most severely by the Nation's low- and moderate-income
families—a group whose housing needs have reached a crisis stage because
adequate funds on reasonable terms are not available for mortgage investments
of this type. Moreover, it is impossible to realistically hope for fulfillment of the
national housing goals of six million new and rehabilitated units in ten years
for low- and moderate-income families, as set forth in the Housing Act of 1949
and reaffirmed in the Housing Act of 1968, unless action is taken to supply addi-
tional amounts of mortgage funds on reasonable terms for this purpose.

"(2) The Congress finds that the additional resources required to meet the
national housing goals for low- and moderate-income families are available in
the form of moneys in private pension funds. It further finds that only a small
portion of these funds are presently invested in mortgages and that a larger
share of these assets can and should be devoted to investments in mortgages
to supply decent housing for low- and moderate-income families without risk
or the sacrifice of an adequate return.

*(3) It is the purpose of this section and the policy of the Congress to encour-
age investment of private pension fund assets in federally insured or guaranteed
low- and moderate-income mortgages in amounts that will assure meeting the
national housing goals as they apply to this segment of the Nation's population."
SEC. 102. As used in this section-

(1) the term "Secretary", unless otherwise specified, means the Secretary
of Housing aud Urban Development;

(2) the terms “low- and moderate-income housing” and “low- and mod-
erate-income families” shall have the meaning given them by the Secretary
and the Secretary of Agriculture in establishing the criteria by which fam-
ilies qualify for occupancy of dwellings supplied under the low- and mod-
erate-income rental and homeownership programs contained in the National
Housing Act and title V of the Housing Act of 1949;

(3) the term “federally insured or guarranteed mortgage” means any
mortgage, or the securities backed by any mortgage, which is insured or
guaranteed under the National Housing Act or title V of the Housing Act
of 1949 for low- and moderate-income families; and

(4) the term "private pension fund" means a pension plan to which
section 401 (a) of the Internal Revenue Code of 1954 applies; except that it
shall also include such additional organizations and entities as the Secretary,
after consultation with the Secretary of the Treasury, determines should be
subject to this section in order to assure that the purpose of this section will

be achieved.
Sec. 103. As soon as possible after the date of the enactment of this section the
Secretary, after consulting with the Secretary of Agriculture, shall determine-

(1) the total investment required to meet the national housing goals for
low- and moderate-income families in both urban and rural America during
the next thirty-six months;

(2) the total amount, projected on the basis of rehabilitated and new
housing starts for low- and moderate-income families occurring during the
previous twelve months, that can be expected to be invested in low- and
moderate-income family housing during the next thirty-six months;

(3) the difference between what can be expected to be invested and what
is required to be invested to meet the national housing goals for low- and
moderate-income families during the next thirty-six months;

(4) the total combined assets of any or all private pension funds; and

(5) the portion of the combined assets of private pension funds which
would be required to be invested in federally insured or guaranteed mort-
gages and low- and moderate-income housing in both urban and rural areas
to assure that the national housing goals for low- and moderate-income

families are met during the next thirty-six months.
SEC. 104. (1) The Secretary, after conferring with the Secretary of the Treas-
ury, shall notify the administrators of all private pension funds having assets
appropriate for mortgage investment that during a period of time specified by

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