Page:United States Statutes at Large Volume 87.djvu/969

 87 STAT. ]

PUBLIC LAW 9 3 - 2 2 4 - D E C. 29, 1973

^>37

Public Law 93-224 AN ACT

December 29, 1973 r j j p 58741

To establish a Federal Financing Bank, to provide for coordinated and more —LJ—'. efficient financing of Federal and federally assisted borrowings from the public, and for other purposes.

Be it enacted by the Senate and Iloune of Representatives of the United States of Amerh-a hi Congress assembled, That this Act may i„g e^nk^A^c^^or" be cited as the "Federal Financing Bank Act of 1973''. 1973. F IX D IX G S AXD DECLARATION OF PURPOSE

SEC. 2. The Congress finds that demands for funds through Federal and federally assisted borrowing programs are increasing faster than the total supply of credit and that such borrowings are not adequately coordinated with overall Federal fiscal and debt management policies. The purpose of this Act is to assure coordination of these programs with the overall economic and fiscal policies of the Government, to reduce the costs of P^ederal and federally assisted borrowings from the public, and to assure that such borrowings are financed in a manner least disi'uptive of private financial markets and institutions. DEFINITIONS

SEC.;>. For the purposes of this Act-— (1) The term "Federal agency" means an executive department, an independent Federal establishment, or a corporation or other entity established by the Congress which is owned in whole or in part by the United States. (2) The term "obligation" means any note, bond, debenture, or other evidence of indebtedness, but does not include Federal Reserve notes or stock evidencing an ownership interest in the issuing Federal agency. (3) The term "guarantee" means any guarantee, insurance, or other pledge with respect to the payment of all or part of the principal or interest on any obligation, but does not include the insurance of deposits, shares, or other v\-ithdrawable accounts in financial institutions, or any guarantee or pledge arising out of a statutory obligation to insure such deposits, shares, or other withdrawable accounts. (4) The term "Bank" means the Federal Financing Bank estab1 islied by section 4 of this Act. CREATION OF BANK

SEC. 4. There is hereby created a body corporate to be known as the Federal Financing Bank, which shall have succession until dissolved by an Act of Congress. The Bank shall be subject to the general supervision and direction of the Secretary of the Treasury. The Bank shall be an instrumentality of the United States Government and shall maintain such offices as may be necessary or appropriate in the conduct of its business. liOARD O F

DIRECTORS

SEC. 5. (a) The Bank shall have a Board of Directors consisting of five persons, one of whom shall be the Secretary of the Treasury as Chairman of the Board, and four of wiiom shall be appointed by the President from among the officers or employees of the Bank or of any Federal agency. The Chairman and each oi^lier member of the Board may designate some other officer or employee of the Government to serve in his place.

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