Federal Financing Bank Act of 1973
Public Law 93-224 · H.R. 5874 · 93rd Congress · began in the House
Signed by Richard Nixon (R) on Dec 29, 1973 · Finance and Financial Sector
Sponsor: Rep. Wilbur Mills (D-AR-2)
Cosponsors (1): Rep. Herman Schneebeli
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Federal Financing Bank Act - Creates a body corporate to be known as the Federal Financing Bank which shall be subject to the general supervision and direction of the Secretary to the Treasury. Provides that the Bank shall have a Board of Directors consisting of five persons, one of whom shall be the Secretary as Chairman of the Board, and four of whom shall be appointed by the President from among the officers or employees of the Bank or of any department or agency of the government.
Authorizes the Bank to make commitments to purchase and sell, and to purchase and sell on terms and conditions determined by the Bank, any obligation which is issued or sold by a Federal agency. Provides that any Federal agency is authorized to issue or sell such obligations directly to the Bank. Authorizes the Bank to charge fees for its commitments and other services adequate to cover all expenses and to provide for the accumulation of reasonable contingency reserves.
Authorizes the Secretary to advance the funds necessary to provide initial capital to the Bank. Authorizes to be appropriated not to exceed $100,000,000 which shall be available for the purposes of this Act without fiscal year limitation.
Authorizes the Bank, with the approval of the Secretary, to issue publicly and have outstanding at any one time not in excess of $15,000,000,000 of obligations having such maturities and bearing such rate or rates of interest as may be determined by the Bank. Provides that obligations of the Bank issued pursuant to this Act shall be lawful investments and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority or control of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States, or any agency or instrumentality of any of the preceding, or any officer or officers thereof.
Sets forth the general powers of the Bank.
Exempts the Bank from all taxation now or hereafter imposed by the United States or by any State or local taxing authority, except that real or tangible personal property and any and all obligations of the Bank shall be subject to taxation to the same extent that other such property and the obligations of private corporations are taxed.
Provides that the Bank shall transmit an annual report of its operations and activities to the President and to the Congress.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 16 actions.
- Dec 29, 1973Became lawBecame law · Signed by President.
- PresidentPresident · Public law 93-224.
- Dec 21, 1973PresidentPresident · Measure presented to President.
- Dec 19, 1973Resolving differencesResolving differences · Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report.
- Resolving differencesResolving differences · House agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in House: House agreed to conference report.
- Dec 5, 1973Resolving differencesResolving differences · Conference report filed in House, H. Rept. 93-700.
- Resolving differencesResolving differences · Conference report filed: Conference report filed in House, H. Rept. 93-700.
- Nov 13, 1973Resolving differencesResolving differences · Conference scheduled in House.
- Nov 7, 1973Resolving differencesResolving differences · Conference scheduled in Senate.
- FloorFloor · Measure passed Senate, amended (provisions of S. 925 as passed by Senate substituted).
- Nov 6, 1973FloorFloor · Measure passed House, amended, roll call #559 (349-25).House roll call 559
- Jun 20, 1973CommitteeCommittee · Reported by House Ways and Means Committee
- Mar 20, 1973CommitteeCommittee · Referred to House Ways and Means Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.