legislation: 111-hr-4629
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 111-hr-4629 | 111 | hr | 4629 | Manufacturing Modernization and Diversification Act of 2010 | Finance and Financial Sector | 2010-02-22 | 2010-02-22 | Referred to the House Committee on Financial Services. | House | Rep. Levin, Sander M. [D-MI-12] | MI | D | L000263 | 21 | Manufacturing Modernization and Diversification Act of 2010 - Directs the Secretary of the Treasury to certify special purpose vehicles (SPVs) created by a state to take part in a program to carry out collateral support and loan participation programs for the benefit of qualified manufacturers (manufacturers with less than $50 million in annual revenue and less than $50 million in assets). Outlines SPV application requirements. Allows, under the collateral support program, a qualified manufacturer that wishes to receive a bank loan but has insufficient collateral to ask the bank to seek collateral loan support from the SPV. Prohibits an SPV from providing more than $20 million in collateral support to any one manufacturer. Requires manufacturers to be charged a fee for such support. Allows, under the loan participation program, a qualified manufacturer that wishes to receive a bank loan but would not otherwise qualify for the loan to ask the bank to seek participation for such loan from the SPV. Prohibits an SPV from providing more than $20 million in participation support to any one manufacturer. Requires manufacturers to be charged a fee for such support. Requires: (1) periodic reports from such banks to participating SPVs; and (2) quarterly reports from the Secretary to Congress on participants in and impacts of the support and participation programs. | 2023-01-11T13:16:36Z |