HR 4629 · 111th Congress 2009–2011, ended

Manufacturing Modernization and Diversification Act of 2010

Introduced Feb 22, 2010 Originated House Sponsor Sander M. Levin D-MI

Fact sheet

Latest action · Feb 22, 2010 Referred to the House Committee on Financial Services.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 22, 2010
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

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.

Cosponsors 21

Members who signed on, in the order they did. Signatures ran from Feb 22, 2010 to Jul 13, 2010, with 15 there on the day it was introduced.

SeatCosponsorSigned on
D-PAAllyson Y. SchwartzOriginalFeb 22, 2010
D-MABarney FrankOriginalFeb 22, 2010
D-NJBill Pascrell, Jr.OriginalFeb 22, 2010
D-NCBob EtheridgeOriginalFeb 22, 2010
D-NYCharles B. RangelOriginalFeb 22, 2010
D-MIDale E. KildeeOriginalFeb 22, 2010
D-ILDaniel LipinskiOriginalFeb 22, 2010
D-KSDennis MooreOriginalFeb 22, 2010
D-NCG. K. ButterfieldOriginalFeb 22, 2010
D-MIGary C. PetersOriginalFeb 22, 2010
D-MIJohn D. DingellOriginalFeb 22, 2010
D-OHMarcia L. FudgeOriginalFeb 22, 2010
D-PAMichael F. DoyleOriginalFeb 22, 2010
D-PAPaul E. KanjorskiOriginalFeb 22, 2010
D-OHTim RyanOriginalFeb 22, 2010
Show all 21 cosponsors

Actions 2

Everything that happened, newest first.

  1. Feb 22, 2010Introduced in House
  2. Feb 22, 2010Referred to the House Committee on Financial Services.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Feb 22, 2010Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.