I 

116TH CONGRESS 

1ST SESSION H. R. 4780 

To establish a Government corporation to provide loans and loan guarantees 

for infrastructure projects, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 22, 2019 

Mr. CARBAJAL introduced the following bill; which was referred to the 

Committee on Transportation and Infrastructure 

A BILL 

To establish a Government corporation to provide loans and 

loan guarantees for infrastructure projects, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘National Infrastruc5 ture Investment Corporation Act of 2019’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) According to the American Society of Civil 

9 Engineers 2017 Infrastructure Report, the current 

10 condition of the infrastructure in the United States 


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1 earns a grade of D+ and an estimated 

2 $4,500,000,000,000 is needed by 2025 to make con3 ditions adequate. 

4 (2) Current and foreseeable demands on tradi5 tional funding for infrastructure expansion exceed 

6 the resources to support much-needed infrastructure 

7 programs. 

8 (3) As of April 19, 2019, the top 50 strategic 

9 infrastructure projects, including transportation, 

10 water and wastewater, ports and waterways, and 

11 telecommunications, totaled $289,370,000,000 in 

12 unmet needs. 

13 (4) Infrastructure needs are not limited to tra14 ditional roads and bridges but include a wide sector 

15 of basic, physical, and organizational structures and 

16 facilities that are needed for the effective and pro17 ductive operation of society. 

18 (5) Investment in infrastructure not only cre19 ates jobs and economic growth and is a key compo20 nent of maintaining a global competitive edge but is 

21 also fundamental to enhancing and preserving qual22 ity of life. 

23 (6) The establishment of a Government cor24 poration that provides loans supported by pension 

25 funds to finance qualified infrastructure projects 


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1 would attract needed supplemental capital for infra2 structure development. 

3 SEC. 3. ESTABLISHMENT. 

4 There is established a corporation to be known as the 

5 ‘‘National Infrastructure Investment Corporation’’ (in this 

6 Act referred to as the ‘‘Corporation’’), which shall be a 

7 Government corporation as defined in section 103 of title 

8 5, United States Code, whose purpose shall be to finance 

9 infrastructure projects that are beyond the financing capa10 bilities of States and cities, including— 

11 (1) prioritizing projects in a fair and efficient 

12 manner; and 

13 (2) minimizing financial costs to the Federal 

14 government. 

15 SEC. 4. BOARD OF DIRECTORS AND INSPECTOR GENERAL. 

16 (a) ESTABLISHMENT.—The management of the Cor17 poration shall be vested in a board of directors (in this 

18 Act referred to as the ‘‘Board’’). 

19 (b) MEMBERSHIP.—The Board shall be composed of 

20 7 members that meet the qualifications under subsection 

21 (c), consisting of— 

22 (1) 3 members appointed by the President, by 

23 and with the advice and consent of the Senate; 

24 (2) 1 member appointed by the majority leader 

25 of the Senate; 


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1 (3) 1 member appointed by the minority leader 

2 of the Senate; 

3 (4) 1 member appointed by the Speaker of the 

4 House of Representatives; and 

5 (5) 1 member appointed by the minority leader 

6 of the House of Representatives. 

7 (c) QUALIFICATIONS.—Each member of the Board 

8 shall— 

9 (1) be a citizen of the United States; 

10 (2) have significant demonstrated experience or 

11 expertise in— 

12 (A) infrastructure, and with respect to in13 frastructure, experience or expertise in— 

14 (i) heavy construction; 

15 (ii) labor; or 

16 (iii) government policy; 

17 (B) the financing, development, or oper18 ation of infrastructure projects, including the 

19 evaluation and selection of eligible projects; or 

20 (C) the management and administration of 

21 a financial institution that provides financing 

22 for infrastructure projects; and 

23 (3) represent different geographic regions of the 

24 United States to ensure rural areas and small com25 munities are represented. 


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1 (d) INITIAL APPOINTMENTS.—Not later than 30 days 

2 after the date of enactment of this Act, the President and 

3 congressional leadership shall appoint the members of the 

4 Board in accordance with subsections (b) and (c). 

5 (e) CHAIR.—The Chair of the Board shall be des6 ignated by the President from among the members ap7 pointed under subsection (b). 

8 (f) TERMS.—Each member of the Board shall hold 

9 office for a term of 5 years, except as provided in the fol10 lowing paragraphs: 

11 (1) TERMS OF INITIAL APPOINTEES.—As des12 ignated by the President and congressional leader13 ship at the time of appointment— 

14 (A) the Chair shall be appointed for a term 

15 of 5 years; 

16 (B) the 4 members appointed by congres17 sional leadership shall be appointed for a term 

18 of 4 years; and 

19 (C) the 2 members appointed by the Presi20 dent shall be appointed for a term of 2 years. 

21 (2) VACANCIES.—Vacancies shall be filled ac22 cording to the following: 

23 (A) A vacancy shall be filled in the manner 

24 in which the original appointment was made. 


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1 (B) Any Board member elected to fill a va2 cancy occurring before the expiration of the 

3 term for which the direct predecessor of the 

4 member was appointed shall be appointed only 

5 for the remainder of that term. 

6 (C) In accordance with subparagraph (B), 

7 a Board member may serve after the expiration 

8 of the term of the direct predecessor of the 

9 Board member until a successor has taken of10 fice. 

11 (g) RESPONSIBILITIES OF THE BOARD.—The respon12 sibilities of the Board are as follows: 

13 (1) Provide low-cost loans and loan guarantees 

14 to eligible applicants under section 5. 

15 (2) Develop strategic goals for the Corporation 

16 based on the purpose of the Corporation. 

17 (3) Monitor and assess the effectiveness of the 

18 Corporation in achieving such strategic goals. 

19 (4) Review and approve the annual business 

20 plans, annual budgets, and long-term strategies of 

21 and for infrastructure projects financed through the 

22 Corporation. 

23 (5) Develop, review, and approve annual reports 

24 for the Corporation. 


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1 (6) Employ at least 1 external auditor to con2 duct an annual audit of such infrastructure projects. 

3 (7) Employ individuals as necessary to carry 

4 out the provisions of this Act. 

5 (8) Determine the operations and internal poli6 cies of the Corporation. 

7 (h) INSPECTOR GENERAL.—The Board shall appoint 

8 an employee of the Corporation to be known as the ‘‘In9 spector General’’ whose duties shall include the following: 

10 (1) Conduct audits under section 6(b). 

11 (2) Carry out, with respect to the Corporation, 

12 duties and responsibilities established under the In13 spector General Act of 1978 (5 U.S.C. App.). 

14 (3) Establish, maintain, and oversee such au15 dits as the Inspector General considers appropriate 

16 under this Act. 

17 SEC. 5. LOANS AND LOAN GUARANTEES. 

18 (a) GENERAL AUTHORITY.—The Corporation shall 

19 provide loans and loan guarantees to eligible applicants 

20 for infrastructure projects in the United States. 

21 (b) ELIGIBILITY REQUIREMENTS.—An applicant is 

22 eligible for a loan or loan guarantee under this section if 

23 the applicant— 

24 (1) submits a detailed letter of interest to the 

25 Corporation that— 


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1 (A) describes the infrastructure project 

2 and the location, purpose, and cost of the 

3 project; 

4 (B) outlines the proposed financial plan 

5 with respect to such project, including the re6 quested loan or loan guarantee amount and the 

7 proposed obligor; 

8 (C) provides a status of environmental re9 view; and 

10 (D) summarizes the geographic area af11 fected by such project; 

12 (2) meets the prerequisites for assistance and 

13 conditions for assistance described in subsections (g) 

14 and (h) of section 502 of the Railroad Revitalization 

15 and Regulatory Reform Act of 1976 (45 U.S.C. 

16 822(g) and (h)). 

17 (c) ELIGIBLE USES.—Loans and loan guarantees 

18 provided under this section may be used only for eligible 

19 project costs (as defined in section 601(a)(2) of title 23, 

20 United States Code) for infrastructure projects, including 

21 transportation, energy, environment, and telecommuni22 cations. 

23 (d) CONSULTATION.—Prior to approving a loan or 

24 loan guarantee under this section, the Corporation shall 

25 require the applicant to consult with any member of the 


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1 House of Representatives or member of the Senate whose 

2 district or State, respectively, is affected by the infrastruc3 ture project to ensure that such project is meritorious and 

4 to avoid any problems that may arise with respect to such 

5 project. 

6 (e) TIMING.—A loan provided under subsection (a) 

7 shall be structured with respect to the expected timing and 

8 duration of the construction and utility of an infrastruc9 ture project. 

10 (f) TIFIA.—Except as inconsistent with this Act, the 

11 Corporation shall provide for loans and loan guarantees 

12 under this section in the same manner and subject to the 

13 same requirements as the Secretary of Transportation en14 ters into loans and loan agreements under section 602 of 

15 chapter 6 of title 23, United States Code, with respect 

16 to the TIFIA program (as defined in section 601 of such 

17 title). 

18 SEC. 6. AUDITS AND REPORTS. 

19 (a) REPORT TO CONGRESS.—Not later than one year 

20 after the date of enactment of this Act, and annually 

21 thereafter, the Board shall submit to Congress a report 

22 on the activities of the Corporation. 

23 (b) ANNUAL AUDIT.—Not later than one year after 

24 the date of enactment of this Act, and annually thereafter, 

25 the Inspector General of the Corporation shall— 


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1 (1) conduct an account audit of the Corpora2 tion; 

3 (2) conduct, supervise, and coordinate inves4 tigations of the business activities of the Corpora5 tion; 

6 (3) ensure that the Corporation is acting con7 sistent with this Act; and 

8 (4) submit the results of such audit to Con9 gress. 

10 (c) GAO AUDIT AND REPORT.—Not later than 5 

11 years after the date of enactment of this Act, and every 

12 5 years thereafter, the Comptroller General of the United 

13 States shall— 

14 (1) conduct an evaluation of the activities of the 

15 Corporation from the previous 5 fiscal years; and 

16 (2) submit to Congress a report containing the 

17 results of such evaluation, which shall include— 

18 (A) an assessment of the impact and bene19 fits of each infrastructure project financed 

20 through the Corporation; and 

21 (B) a review of the effectiveness of such in22 frastructure project in accomplishing the goals 

23 of this Act. 

24 (d) APPLICATION WAITING PERIOD.—Before any 

25 loan or loan guarantee is awarded under this Act, the CorVerDate Sep 11 2014 18:57 Oct 28, 2019 Jkt 099200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H4780.IH H4780

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1 poration shall submit to Congress a report describing the 

2 application for such loan or loan guarantee. The Corpora3 tion may not award the loan or loan agreement before the 

4 end of the 60-day period following the submission of such 

5 report to Congress. The Corporation may award the loan 

6 or loan agreement after such period unless Congress en7 acts a joint resolution disapproving the application with 

8 an explanation for such disapproval. 

9 (e) REJECTED APPLICATIONS.—An application that 

10 is rejected under subsection (d) shall not be resubmitted 

11 to the Corporation unless the basis for the disapproval of 

12 the application has been addressed by the resubmitted ap13 plication. 

14 SEC. 7. FUNDING. 

15 (a) PENSION FUND LOANS.—For purposes of paying 

16 for the administrative costs of the Corporation and to pro17 vide loans and loan guarantees for eligible infrastructure 

18 projects, the Board may accept loans during fiscal years 

19 2020 through 2024 from pension funds. 

20 (b) LIMITATION.—The Board may not accept more 

21 than $5,000,000,000 in loans under subsection (a) during 

22 any single fiscal year. 

23 (c) ANNUAL PERCENTAGE RATE.—With respect to a 

24 loan described under subsection (a), the Board may not 


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1 pay an annual percentage rate of less than 3 percent or 

2 more than 4 percent. 

Æ 


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