Manufacturing Modernization and Diversification Act of 2010
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.
- IntroducedFeb 22, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- 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; 15 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-PA | Allyson Y. Schwartz | Original | Feb 22, 2010 |
| D-MA | Barney Frank | Original | Feb 22, 2010 |
| D-NJ | Bill Pascrell, Jr. | Original | Feb 22, 2010 |
| D-NC | Bob Etheridge | Original | Feb 22, 2010 |
| D-NY | Charles B. Rangel | Original | Feb 22, 2010 |
| D-MI | Dale E. Kildee | Original | Feb 22, 2010 |
| D-IL | Daniel Lipinski | Original | Feb 22, 2010 |
| D-KS | Dennis Moore | Original | Feb 22, 2010 |
| D-NC | G. K. Butterfield | Original | Feb 22, 2010 |
| D-MI | Gary C. Peters | Original | Feb 22, 2010 |
| D-MI | John D. Dingell | Original | Feb 22, 2010 |
| D-OH | Marcia L. Fudge | Original | Feb 22, 2010 |
| D-PA | Michael F. Doyle | Original | Feb 22, 2010 |
| D-PA | Paul E. Kanjorski | Original | Feb 22, 2010 |
| D-OH | Tim Ryan | Original | Feb 22, 2010 |
| D-MI | Bart Stupak | Mar 2, 2010 | |
| D-MI | Mark H. Schauer | Mar 3, 2010 | |
| D-IL | Bobby L. Rush | Mar 11, 2010 | |
| D-MO | Russ Carnahan | Mar 12, 2010 | |
| D-OH | Betty Sutton | Apr 20, 2010 | |
| D-OR | David Wu | Jul 13, 2010 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Feb 22, 2010 |
Actions 2
Everything that happened, newest first.
- Feb 22, 2010Introduced in House
- Feb 22, 2010Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 111-87 | THE FUTURE OF MANUFACTURING: WHAT IS THE ROLE OF THE FEDERAL GOVERNMENT IN SUPPORTING INNOVATION BY U.S. MANUFACTURERS?90 pages | Science, Space, and Technology Committee | Mar 17, 2010 |
| Serial No. 111-58 | CONDITION OF SMALL BUSINESS AND COMMERCIAL REAL ESTATE LENDING IN LOCAL MARKETS633 pages | Financial Services Committee · Small Business Committee | Feb 26, 2010 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To create a loan program to provide funds to State special purpose vehicles for use in collateral support programs and loan participation programs to benefit qualified manufacturers.
- Short Titles as Introduced
- Manufacturing Modernization and Diversification Act of 2010
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Feb 22, 2010Introduced in House
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
