To direct the Secretary of Transportation to establish a transformational infrastructure competitive grant program, and for other purposes.

Summary: Nation Building Here at Home Act of 2012 - Directs the Secretary of Transportation (DOT) to establish a transformational infrastructure competitive grant program to award grants to state and local governments, transit agencies, and port authorities for certain public transportation projects (including water infrastructure projects) with potential to significantly impact a metropolitan area, a region, or all of the United States.

Specifies the federal share of project costs at 100%.

Requires the iron, steel, and manufactured goods used in projects funded under this Act to have been produced in the United States, except in specified circumstances.

Directs the Secretary of the Treasury to establish a Nation Building Here at Home Financing Initiative.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Nation Building Here at Home Act of 
2012''.

SEC. 2. TRANSFORMATIONAL INFRASTRUCTURE COMPETITIVE GRANT PROGRAM.

    (a) Establishment.--Not later than 270 days after the date of 
enactment of this Act, the Secretary of Transportation shall establish 
a transformational infrastructure competitive grant program to assist 
infrastructure projects with the potential to significantly impact a 
metropolitan area, a region, or all of the United States.
    (b) Grant Authority.--In carrying out the program established under 
subsection (a), the Secretary may make a grant, on a competitive basis, 
to any of the following:
            (1) A State government.
            (2) A local government.
            (3) A transit agency.
            (4) A port authority.
    (c) Eligible Projects.--
            (1) In general.--A grant made under subsection (b) may be 
        used for any of the following, if the Secretary determines that 
        the project will significantly impact a metropolitan area, a 
        region, or all of the United States:
                    (A) A highway or bridge project eligible under 
                title 23, United States Code, including interstate 
                rehabilitation, improvements to the rural collector 
                road system, the reconstruction of overpasses and 
                interchanges, bridge replacements, bridge painting, 
                seismic retrofit projects for bridges, and road 
                realignments.
                    (B) A public transportation project eligible under 
                chapter 53 of title 49, United States Code, including 
                investment in a project participating in the New Starts 
                or Small Starts programs that will expedite the 
                completion of that project and its entry into revenue 
                service.
                    (C) A passenger or freight rail transportation 
                project.
                    (D) A port infrastructure investment, including a 
                project that connects ports to other modes of 
                transportation and improves the efficiency of freight 
                movement.
                    (E) An aviation infrastructure project.
                    (F) A water infrastructure project.
            (2) Coordination.--With respect to a project described in 
        paragraph (1)(F), the Secretary shall coordinate any grant for 
        such a project with the Administrator of the Environmental 
        Protection Agency and the Secretary of the Army (acting through 
        the Chief of Engineers).
    (d) Applications and Criteria for Grant Awards.--
            (1) Applications.--To be eligible for a grant made under 
        subsection (b), an entity described in paragraph (1), (2), (3), 
        or (4) of that subsection shall submit to the Secretary an 
        application in such form, at such time, and containing such 
        information as the Secretary determines appropriate.
            (2) Criteria for grant awards.--Not later than 90 days 
        after the date of enactment of this Act, the Secretary shall 
        issue regulations specifying the criteria that the Secretary 
        will use to make grants on a competitive basis under subsection 
        (b).
            (3) Financial commitments.--The criteria specified by the 
        Secretary under paragraph (2) shall include criteria for the 
        consideration of--
                    (A) whether there are financial commitments in 
                place with respect to a proposed project;
                    (B) the degree of certainty with respect to such 
                financial commitments; and
                    (C) whether such financial commitments are from 
                non-Federal sources.
    (e) Federal Share.--The Federal share of the cost of a project 
assisted with a grant made under subsection (b) may not exceed 100 
percent of that cost.
    (f) Considerations.--In making grants under subsection (b), the 
Secretary shall ensure, to the extent practicable, that the grants--
            (1) are distributed geographically in an equitable manner;
            (2) address the needs of both urban and rural areas 
        appropriately;
            (3) promote the training and employment of veterans, 
        including by having applicable contractors provide to veterans 
        a preference during the hiring and referral of laborers; and
            (4) are utilized in a manner that ensures an appropriate 
        percentage of grant amounts are expended through small business 
        concerns owned and controlled by socially and economically 
        disadvantaged individuals (as determined by the Secretary).
    (g) Applicability of Title 40.--Each project conducted using funds 
provided with a grant made under subsection (b) shall comply with the 
requirements of subchapter IV of chapter 31 of title 40, United States 
Code.
    (h) Buy America.--
            (1) In general.--None of the funds made available for a 
        project under this Act may be used for the project unless all 
        of the iron, steel, and manufactured goods used in the project 
        are produced in the United States.
            (2) Exceptions.--Paragraph (1) shall not apply in any case 
        or category of cases in which the Secretary finds that--
                    (A) applying paragraph (1) would be inconsistent 
                with the public interest;
                    (B) iron, steel, or the relevant manufactured goods 
                are not produced in the United States in sufficient and 
                reasonably available quantities or to a satisfactory 
                quality; or
                    (C) inclusion of iron, steel, and manufactured 
                goods produced in the United States will increase the 
                cost of the overall project by more than 25 percent.
            (3) Justifications.--If the Secretary determines that it is 
        necessary to waive the application of paragraph (1) based on a 
        finding under paragraph (2), the Secretary shall publish in the 
        Federal Register a detailed justification for the waiver.
            (4) International agreements.--This subsection shall be 
        applied in a manner consistent with United States obligations 
        under international agreements.
    (i) Transparency and Accountability.--In carrying out the program 
established under subsection (a), the Secretary shall--
            (1) take actions to ensure that grants made under 
        subsection (b) are utilized as expeditiously and efficiently as 
        possible;
            (2) make available to the public, on an appropriate Web 
        site of the Department of Transportation, information on each 
        grant made under subsection (b); and
            (3) submit to Congress, not later than 1 year after the 
        first grant is made under subsection (b), and annually 
        thereafter, information on grants made under subsection (b), 
        including the progress made on projects funded by such grants.
    (j) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out the program established under subsection (a) 
the following:
            (1) $250,000,000,000 for fiscal year 2013.
            (2) $250,000,000,000 for fiscal year 2014.
            (3) $250,000,000,000 for fiscal year 2015.
            (4) $250,000,000,000 for fiscal year 2016.
            (5) $250,000,000,000 for fiscal year 2017.

SEC. 3. NATION BUILDING HERE AT HOME FINANCING INITIATIVE.

    (a) Establishment.--Not later than 180 days after the date of 
enactment of this Act, the Secretary of the Treasury, in consultation 
with the Secretary of Transportation, shall establish a Nation Building 
Here at Home Financing Initiative in accordance with this section.
    (b) Authority To Issue Bonds.--In carrying out the initiative 
established under subsection (a), the Secretary of the Treasury may 
issue bonds. The aggregate face amount of bonds issued under this 
subsection may not exceed $300,000,000,000.
    (c) Characteristics of Bonds.--Bonds issued under subsection (b) 
shall be issued in such amounts, bear such rates of interest, and be 
subject to such terms and conditions as the Secretary of the Treasury 
may prescribe.
    (d) Use of Bond Proceeds.--The Secretary of the Treasury shall make 
available to the Secretary of Transportation the proceeds resulting 
from bonds issued under subsection (b). The Secretary of Transportation 
may use such proceeds only to carry out the program established under 
section 2(a) of this Act.

SEC. 4. REPORT.

    Not later than 180 days after the date of enactment of this Act, 
the Secretary of Transportation shall submit to Congress a 
comprehensive report describing the transportation needs of the United 
States for each of the following:
            (1) The 20-year period beginning on the date of enactment 
        of this Act.
            (2) The 30-year period beginning after the period described 
        in paragraph (1).
            (3) The 50-year period beginning after the period described 
        in paragraph (2).