There is established the LOCAL Television Loan Guarantee Board (in this chapter referred to as the “Board”).
(1) In general
Subject to paragraph (2), the Board shall consist of the following members:
(A)The Secretary of the Treasury, or the designee of the Secretary.
(B)The Chairman of the Board of Governors of the Federal Reserve System, or the designee of the Chairman.
(C)The Secretary of Agriculture, or the designee of the Secretary.
(D)The Secretary of Commerce, or the designee of the Secretary.
(2) Requirement as to designees
An individual may not be designated a member of the Board under paragraph (1) unless the individual is an officer of the United States pursuant to an appointment by the President, by and with the advice and consent of the Senate.
(c) Functions of the Board
(1) In general
The Board shall determine whether or not to approve loan guarantees under this chapter. The Board shall make such determinations consistent with the purpose of this chapter and in accordance with this subsection and section
1103 of this title.
(2) Consultation authorized
(A) In general
In carrying out its functions under this chapter, the Board shall consult with such departments and agencies of the Federal Government as the Board considers appropriate, including the Department of Commerce, the Department of Agriculture, the Department of the Treasury, the Department of Justice, the Department of the Interior, the Board of Governors of the Federal Reserve System, the Federal Communications Commission, the Federal Trade Commission, and the National Aeronautics and Space Administration.
A department or agency consulted by the Board under subparagraph (A) shall provide the Board such expertise and assistance as the Board requires to carry out its functions under this chapter.
(3) Approval by majority vote
The determination of the Board to approve a loan guarantee under this chapter shall be by an affirmative vote of not less than 3 members of the Board.
This chapter, referred to in subsecs. (a) and (c), was in the original “this Act”, and was translated as reading “this title”. See References in Text note set out under section
1101 of this title.
1103 of this title, referred to in subsec. (c)(1), was in the original “section
4”, and was translated as reading “section
1004”, meaning section 1004 of title X of H.R. 5548, as enacted by Pub. L. 106–553, § 1(a)(2), to reflect the probable intent of Congress. Pub. L. 106–553does not contain a section
1004 relates to approval of loan guarantees.
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The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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