I 

118TH CONGRESS 

2D SESSION H. R. 10525 

To facilitate efficient investments and financing of infrastructure projects 

and new job creation through the establishment of a National Infrastructure Development Bank, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 19, 2024 

Ms. DELAURO introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to the Committees on 

Transportation and Infrastructure, and Financial Services, for a period 

to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee 

concerned 

A BILL 

To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Bank, 

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; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘National Infrastructure Development Bank Act of 

6 2023’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents for 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Definitions. 

Sec. 3. Establishment of National Infrastructure Development Bank. 

Sec. 4. Director; Deputy Director. 

Sec. 5. Powers and limitations of the Director. 

Sec. 6. Senior officers. 

Sec. 7. Risk management committee. 

Sec. 8. Audit committee; compliance office. 

Sec. 9. Eligibility criteria for assistance from Bank. 

Sec. 10. Status and applicability of certain Federal laws. 

Sec. 11. Domestic content statutes. 

Sec. 12. Audits; reports to President and Congress. 

Sec. 13. Authorization of appropriations. 

3 SEC. 2. DEFINITIONS. 

4 For purposes of this Act, the following definitions 

5 apply: 

6 (1) BANK.—The term ‘‘Bank’’ means the Na7 tional Infrastructure Development Bank established 

8 under section 3(a). 

9 (2) DEVELOPMENT.—The terms ‘‘development’’ 

10 means, with respect to an infrastructure project, 

11 any— 

12 (A) preconstruction planning, feasibility re13 view, permitting, design work, life-cycle mainte14 nance planning, and other preconstruction ac15 tivities; and 

16 (B) construction, reconstruction, rehabili17 tation, replacement, or expansion. 

18 (3) DIRECT LOAN; LOAN GUARANTEE.—The 

19 terms ‘‘direct loan’’ and ‘‘loan guarantee’’ have the 


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1 meanings given the terms in section 502 of the Fed2 eral Credit Reform Act of 1990 (2 U.S.C. 661a). 

3 (4) DISADVANTAGED COMMUNITY.—The term 

4 ‘‘disadvantaged community’’ means a community 

5 with a median household income of less than 80 per6 cent of the statewide median household income for 

7 the State in which the community is located. 

8 (5) ENERGY INFRASTRUCTURE PROJECT.—The 

9 term ‘‘energy infrastructure project’’ means a 

10 project for energy transmission and distribution, or 

11 energy efficiency enhancement for buildings, public 

12 housing, health facilities, schools, or energy storage. 

13 (6) ENTITY.—The term ‘‘entity’’ means an in14 dividual, corporation, partnership (including a pub15 lic-private partnership), joint venture, trust, and a 

16 State or other governmental entity, including a polit17 ical subdivision or any other instrumentality of a 

18 State or a revolving fund. 

19 (7) ENVIRONMENTAL INFRASTRUCTURE

20 PROJECT.—The term ‘‘environmental infrastructure 

21 project’’ means a project that— 

22 (A) establishes, maintains, or enhances any 

23 drinking water and wastewater treatment facil24 ity, storm water management system, flood 

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1 ment system, wetland restoration, infill develop2 ment, solid waste disposal facility, hazardous 

3 waste facility, or industrial site cleanup; or 

4 (B) remediation projects to rectify issues 

5 of manufacturing, laboratory practices, and 

6 other processes that do not comply with regula7 tions. 

8 (8) FINANCIAL ASSISTANCE.—The term ‘‘finan9 cial assistance’’ means providing credit assistance in 

10 the form of direct loans, loan guarantees, and stand11 by lines of credit. 

12 (9) GENERAL COUNSEL.—The term ‘‘general 

13 counsel’’ means the individual who serves as the 

14 chief legal officer of the Bank. 

15 (10) GREENHOUSE GASES.—The term ‘‘green16 house gases’’ means any of the following: 

17 (A) Carbon dioxide. 

18 (B) Methane. 

19 (C) Nitrous oxide. 

20 (D) Sulfur hexafluoride. 

21 (E) Hydrofluorocarbons. 

22 (F) Any perfluorocarbon. 

23 (G) Nitrogen trifluoride. 


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1 (H) Any other anthropogenic gas des2 ignated as a greenhouse gas by the Adminis3 trator of the Environmental Protection Agency. 

4 (11) INFRASTRUCTURE PROJECT.—The term 

5 ‘‘infrastructure project’’ means— 

6 (A) an energy infrastructure project; 

7 (B) an environmental infrastructure 

8 project; 

9 (C) a telecommunications infrastructure 

10 project; or 

11 (D) a transportation infrastructure project. 

12 (12) PUBLIC-PRIVATE PARTNERSHIP.—The 

13 term ‘‘public-private partnership’’ means a contrac14 tual agreements between a public agency and a pri15 vate entity that allow for greater private participa16 tion in the delivery of projects. 

17 (13) REVOLVING FUND.—The term ‘‘revolving 

18 fund’’ means a fund or program established by a 

19 State or a political subdivision or other instrumen20 tality of a State, the principal activity of which is to 

21 make loans, commitments, or other financial accom22 modation available for the development of one or 

23 more categories of infrastructure projects. 

24 (14) SECRETARY.—The term ‘‘Secretary’’ 

25 means the Secretary of the Treasury. 


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1 (15) SMART GRID.—The term ‘‘smart grid’’ 

2 means a system that provides for any of the smart 

3 grid functions set forth in section 1306(d) of the 

4 Energy Independence and Security Act of 2007 (42 

5 U.S.C. 17386(d)). 

6 (16) STATE.—The term ‘‘State’’ means the sev7 eral States and the District of Columbia, Puerto 

8 Rico, Guam, American Samoa, the Virgin Islands, 

9 the Commonwealth of Northern Mariana Islands, 

10 and any other territory of the United States. 

11 (17) TELECOMMUNICATIONS INFRASTRUCTURE

12 PROJECT.—The term ‘‘telecommunications infra13 structure project’’ means a project for infrastructure 

14 that facilitates the exchanging of information 

15 through electronic technologies, including voice, 

16 data, and video transmissions project. 

17 (18) TRANSPORTATION INFRASTRUCTURE

18 PROJECT.—The term ‘‘transportation infrastructure 

19 project’’ means a project for the construction, main20 tenance, or enhancement of highways, roads, 

21 bridges, transit and intermodal systems, inland wa22 terways, commercial ports, airports, high-speed rail 

23 and freight rail systems. 


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1 SEC. 3. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 

2 DEVELOPMENT BANK. 

3 (a) ESTABLISHMENT OF NATIONAL INFRASTRUC4 TURE DEVELOPMENT BANK.—The National Infrastruc5 ture Development Bank is established as which shall be 

6 an independent establishment of the Federal Government, 

7 as defined in section 104 of title 5, United States Code. 

8 (b) RESPONSIBILITY OF THE SECRETARY.—The Sec9 retary of the Treasury shall take such actions as may be 

10 necessary to assist in implementing the establishment of 

11 the bank. 

12 SEC. 4. DIRECTOR; DEPUTY DIRECTOR. 

13 (a) IN GENERAL.—The Bank shall have Director and 

14 a Deputy Director, appointed by the President and with 

15 the advice and consent of the Senate. 

16 (b) DATE OF INITIAL NOMINATIONS.—The initial 

17 nominations by the President for appointment of the Di18 rector and Deputy Director shall be made not later than 

19 60 days after the date of enactment of this Act. 

20 (c) TERM.—The Director and the Deputy Director 

21 shall serve for a term of 10 years. 

22 (d) VACANCIES.— 

23 (1) IN GENERAL.—A vacancy of the Director or 

24 the Deputy Director shall be filled in the manner in 

25 which the original appointment was made. 


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1 (2) APPOINTMENT TO REPLACE DURING

2 TERM.—Any Director or Deputy Director appointed 

3 to fill a vacancy occurring before the expiration of 

4 the term for which the director’s predecessor was 

5 appointed shall be appointed only for the remainder 

6 of the term. 

7 (3) DURATION.—A Director may serve after the 

8 expiration of that director’s term until a successor 

9 has taken office. 

10 (e) REAPPOINTMENT.—A Director or Deputy Direc11 tor appointed by the President may be reappointed by the 

12 President in accordance with this section. 

13 (f) LIMITATIONS.—The Director or Deputy Director 

14 may not participate in any review or decision affecting a 

15 project under consideration for assistance under this Act 

16 if the Director has or is affiliated with a person who has 

17 an interest in such project. 

18 (g) RESPONSIBILITIES.—The Director shall— 

19 (1) as soon as is practicable, establish an Exec20 utive Committee, risk management committee and 

21 audit committee as prescribed by this Act; 

22 (2) not later than 180 days after the date on 

23 which the initial Director is appointed, develop and 

24 approve the bylaws of the Bank to determine the op25 erations and internal policies of the Bank, including 


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1 bylaws for the regulation of the affairs and conduct 

2 of the business of the Bank, consistent with the pur3 pose, goals, objectives, and policies set forth in this 

4 Act; 

5 (3) ensure that the Bank is at all times oper6 ated in a manner that is consistent with this Act, 

7 by— 

8 (A) monitoring and assessing the effective9 ness of the Bank in achieving its strategic 

10 goals; 

11 (B) periodically reviewing internal policies 

12 submitted by the chief executive officer; 

13 (C) reviewing and approving annual busi14 ness plans, annual budgets, and long-term 

15 strategies submitted by the chief executive offi16 cer; 

17 (D) reviewing and approving annual re18 ports submitted by the chief executive officer; 

19 (E) reviewing risk management and audit 

20 practices of the Bank; and 

21 (F) reviewing and approving all changes to 

22 the organization of the Bank; and 

23 (4) establish such other criteria, requirements, 

24 or procedures as the Director may consider to be ap25 propriate in carrying out this Act. 


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1 SEC. 5. POWERS AND LIMITATIONS OF THE DIRECTOR. 

2 (a) POWERS.—To carry out the purposes of the Bank 

3 as set forth in this Act, the Director shall be responsible 

4 for monitoring and overseeing infrastructure projects and 

5 have the following powers: 

6 (1) To review infrastructure projects rec7 ommended by the senior officials of the Bank and 

8 select infrastructure projects using a cost-benefit 

9 analysis. 

10 (2) To make senior and subordinated direct 

11 loans on such terms as the Director may determine, 

12 in the Director’s discretion, to be appropriate to as13 sist in the financing or refinancing of an infrastruc14 ture project. 

15 (3) To make loan guarantees on such terms as 

16 the Director may determine, in the Director’s discre17 tion, to be appropriate to assist in the financing or 

18 refinancing of an infrastructure project. 

19 (4) To make agreements and contracts with any 

20 entity in furtherance of the business of the Bank. 

21 (5) To monitor and oversee infrastructure 

22 projects financed, in whole or in part, by the Bank. 

23 (6) To sue and be sued in the Bank’s capacity 

24 in any court of competent jurisdiction, except that 

25 no attachment, injunction, or similar process, may 


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1 be issued against the property of the Bank or 

2 against the Bank with respect to such property. 

3 (7) To indemnify the directors and senior offi4 cers of the Bank for liabilities arising out of the ac5 tions of the directors and senior officers in such ca6 pacity, in accordance with, and subject to the limita7 tions contained in, this Act. 

8 (8) To serve as the primary liaison between the 

9 Bank and the Congress, the executive branch, and 

10 State and local governments, and to represent the 

11 Bank’s interests. 

12 (9) To exercise all other lawful powers which 

13 are necessary or appropriate to carry out, and are 

14 consistent with, the purposes of the Bank. 

15 (b) COORDINATION WITH STATE AND LOCAL REGU16 LATORY AUTHORITY.—The provision of financial assist17 ance by the Director pursuant to this Act shall not be con18 strued as superseding any State law or regulation applica19 ble to a project. 

20 SEC. 6. SENIOR OFFICERS. 

21 (a) SENIOR OFFICERS OF THE BANK.—The Director 

22 shall appoint, remove, and define duties of 8 senior offi23 cers of the Bank as the— 

24 (1) chief compliance officer; 

25 (2) chief financial officer; 


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1 (3) chief asset and liability management officer; 

2 (4) chief loan origination officer; 

3 (5) chief operations officer; 

4 (6) chief risk officer; 

5 (7) chief treasury officer; and 

6 (8) general counsel. 

7 (b) QUALIFICATIONS.—Senior officers shall have 

8 demonstrated experience and expertise in 1 or more of the 

9 following: 

10 (1) Transportation infrastructure. 

11 (2) Environmental infrastructure. 

12 (3) Energy infrastructure. 

13 (4) Telecommunications infrastructure. 

14 (5) Economic development. 

15 (6) Workforce development. 

16 (7) Public health. 

17 (8) Private or public finance. 

18 (c) DUTIES.—In order to carry out the purposes of 

19 the Bank, the senior officers shall— 

20 (1) establish and submit to the Director disclo21 sure and application procedures for entities nomi22 nating projects for assistance under this Act; 

23 (2) establish and submit to the Director stand24 ardized terms and conditions, fee schedules, or legal 


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1 requirements of a contract or program to carry out 

2 this Act; 

3 (3) establish and submit to the Director guide4 lines for the selection and approval of projects and 

5 specific criteria for determining eligibility for project 

6 selection; 

7 (4) accept, for consideration, project proposals 

8 relating to the development of infrastructure 

9 projects and which are submitted by an entity; 

10 (5) provide recommendations to the Director 

11 and place project proposals on a list for consider12 ation for financial assistance from the Director; and 

13 (6) provide technical assistance, including pub14 lic-private partnership infrastructure project value 

15 for money assessments, long-term economic benefit 

16 projections, and contract evaluations, to entities re17 ceiving financing from the Bank and otherwise im18 plement decisions of the Director. 

19 (d) VACANCY.—A vacancy of a senior officer shall be 

20 filled in the manner in which the original appointment was 

21 made. 

22 (e) COMPENSATION.—The compensation of the senior 

23 officers shall be determined by the Director. 


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1 (f) TERM.—Each senior officer shall serve a 6-year 

2 term and may be reappointed in accordance with this sec3 tion. 

4 (g) LIMITATIONS.—A senior officer of the Bank shall 

5 not— 

6 (1) hold any other public office; 

7 (2) have any interest in any infrastructure 

8 project considered by the Bank; 

9 (3) have any interest in an investment institu10 tion, commercial bank, or other entity seeking finan11 cial assistance for any infrastructure project from or 

12 investing in the Bank; and 

13 (4) have any such interest during the 2-year pe14 riod beginning on the date such officer ceases to 

15 serve in such capacity. 

16 SEC. 7. RISK MANAGEMENT COMMITTEE. 

17 (a) ESTABLISHMENT OF RISK MANAGEMENT COM18 MITTEE.—The Director shall establish a risk management 

19 committee consisting of 5 members, headed by the chief 

20 risk officer. 

21 (b) APPOINTMENTS.—The Director shall have the au22 thority to appoint and reappoint the chief risk officer 

23 (hereinafter referred to as ‘‘CRO’’) of the Bank. 

24 (c) FUNCTIONS; DUTIES.— 


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1 (1) IN GENERAL.—The CRO shall have such 

2 functions, powers, and duties as may be prescribed 

3 by this Act, the bylaws of the Bank, and the Direc4 tor. The CRO shall report directly to the Director. 

5 (2) RISK MANAGEMENT DUTIES.—The risk 

6 management committee shall— 

7 (A) create financial, credit, and operational 

8 risk management guidelines and policies to be 

9 adhered to by the Bank; 

10 (B) set guidelines to ensure diversification 

11 of lending activities by both geographic region 

12 and infrastructure project type; 

13 (C) create conforming standards for all fi14 nancial assistance provided by the Bank; 

15 (D) monitor financial, credit and oper16 ational exposure of the Bank; and 

17 (E) provide financial recommendations to 

18 the Director. 

19 (d) OTHER RISK MANAGEMENT OFFICERS.—The Di20 rector shall appoint, remove, and define the duties of 4 

21 other risk management officers to serve on the risk man22 agement committee. 

23 (e) QUALIFICATIONS.—The CRO and other risk man24 agement officers shall have demonstrated experience and 

25 expertise in one or more of the following: 


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1 (1) Treasury and asset and liability manage2 ment. 

3 (2) Investment regulations. 

4 (3) Insurance. 

5 (4) Credit risk management and credit evalua6 tions. 

7 (5) Related disciplines. 

8 (f) VACANCY.—A vacancy in the position of CRO and 

9 other risk management officers of the risk management 

10 committee shall be filled in the manner in which the origi11 nal appointment was made. 

12 (g) COMPENSATION.—The compensation of the CRO 

13 and other risk management officers of the risk manage14 ment committee shall be determined by the Director. 

15 (h) REMOVAL.—The CRO and other risk manage16 ment officers of the risk management committee may be 

17 removed at the discretion of the Director. 

18 (i) TERM.—The CRO and other risk management of19 ficers of the risk management committee shall serve a 6- 

20 year term and may be reappointed in accordance with this 

21 section. 

22 (j) LIMITATIONS.—The CRO and other risk manage23 ment officers of the risk management committee shall 

24 not— 

25 (1) hold any other public office; 


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1 (2) have any interest in an infrastructure 

2 project considered by the Bank; 

3 (3) have any interest in an investment institu4 tion, commercial bank, or other entity seeking finan5 cial assistance for any infrastructure project from or 

6 investing in the Bank; and 

7 (4) have any such interest during the 2-year pe8 riod beginning on the date such officer ceases to 

9 serve in such capacity. 

10 SEC. 8. AUDIT COMMITTEE; COMPLIANCE OFFICE. 

11 (a) IN GENERAL.—The Bank shall establish— 

12 (1) a compliance office to carry out oversight of 

13 the Bank’s compliance with sections 11 and 12; and 

14 (2) an audit committee consisting of 5 mem15 bers, headed by the chief compliance officer (herein16 after referred to as the ‘‘CCO’’) of the Bank. 

17 (b) APPOINTMENTS.—The Director shall have the au18 thority to appoint and reappoint the CCO of the Bank. 

19 (c) FUNCTIONS; DUTIES.—The CCO shall have such 

20 functions, powers, and duties as may be prescribed by one 

21 or more of the following: This Act, the bylaws of the Bank, 

22 and the Director. The CCO shall report directly to the 

23 Director. 


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1 (d) AUDIT DUTIES.—In order to carry out the pur2 poses of the Bank under this Act, the audit committee 

3 shall— 

4 (1) provide internal controls and internal audit5 ing activities for the Bank; 

6 (2) maintain responsibility for the accounting 

7 activities of the Bank; 

8 (3) issue financial reports of the Bank; and 

9 (4) complete reports with outside auditors and 

10 public accountants appointed by the Director. 

11 (e) OTHER AUDIT OFFICERS.—The Director shall 

12 appoint, remove and define the duties of 4 other audit offi13 cers to serve on the audit committee. 

14 (f) QUALIFICATIONS.—The CCO and other audit offi15 cers shall have demonstrated experience and expertise in 

16 1 or more of the following: 

17 (1) Internal auditing. 

18 (2) Internal investigations. 

19 (3) Accounting practices. 

20 (4) Financing practices. 

21 (g) VACANCY.—A vacancy in the position of CCO and 

22 other audit officers of the audit committee shall be filled 

23 in the manner in which the original appointment was 

24 made. 


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1 (h) COMPENSATION.—The compensation of the CCO 

2 and other audit officers of the audit committee shall be 

3 determined by the Director. 

4 (i) REMOVAL.—The CCO and other audit officers of 

5 the audit committee may be removed at the discretion of 

6 the Director. 

7 (j) TERM.—The CCO and other audit officers of the 

8 audit committee shall serve a 6-year term and may be re9 appointed in accordance with this section. 

10 (k) LIMITATIONS.—The CCO and other audit officers 

11 of the audit committee shall not— 

12 (1) hold any other public office; 

13 (2) have any interest in an infrastructure 

14 project considered by the Bank; 

15 (3) have any interest in an investment institu16 tion, commercial bank, or other entity seeking finan17 cial assistance for any infrastructure project from or 

18 investing in the Bank; and 

19 (4) have any such interest during the 2-year pe20 riod beginning on the date such officer ceases to 

21 serve in such capacity. 

22 SEC. 9. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 

23 BANK. 

24 (a) IN GENERAL.—To be eligible for financial assist25 ance from the Bank, an infrastructure project— 


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1 (1) shall have a public benefit, as determined by 

2 the Director; and 

3 (2) may not have a sole use or purpose that is 

4 private. 

5 (b) ESTABLISHMENT OF PROJECT CRITERIA.— 

6 (1) IN GENERAL.—Consistent with the require7 ments of subsections (c) and (d), the Director shall 

8 approve— 

9 (A) criteria for determining eligibility for 

10 financial assistance established by the senior of11 ficers of the Bank; 

12 (B) revisions to criteria for determining 

13 eligibility for financial assistance established by 

14 the senior officers of the Bank; 

15 (C) the weight given to factors to be taken 

16 into account established by the senior officers of 

17 the Bank; 

18 (D) disclosure and application procedures 

19 to be followed by entities to nominate projects 

20 for assistance established by the senior officers 

21 of the Bank; and 

22 (E) such other criteria as the Director con23 siders appropriate. 

24 (2) FACTORS TO BE TAKEN INTO ACCOUNT.— 


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1 (A) IN GENERAL.—The senior officers of 

2 the Bank shall conduct an analysis that takes 

3 into account the economic, environmental, and 

4 social benefits, and costs of each project under 

5 consideration for financial assistance under this 

6 Act, prioritizing projects that contribute to eco7 nomic growth, lead to job creation, and are of 

8 regional or national significance. 

9 (B) CRITERIA.—The criteria established 

10 pursuant to paragraph (1)(A) shall provide for 

11 the consideration of the following factors in 

12 considering eligibility for financial assistance 

13 under this Act: 

14 (i) The means by which development 

15 of the infrastructure project under consid16 eration is being financed, including— 

17 (I) the terms and conditions and 

18 financial structure of the proposed fi19 nancing; 

20 (II) the credit worthiness and 

21 standing of the project sponsors, pro22 viders of equity, and cofinanciers; 

23 (III) the financial assumptions 

24 and projections on which the project 

25 is based; and 


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1 (IV) the extent to which the in2 frastructure project maximizes invest3 ment from other sources. 

4 (ii) The likelihood that the provision 

5 of assistance by the Bank will cause such 

6 development to proceed more promptly and 

7 with lower costs for financing than would 

8 be the case without such assistance. 

9 (iii) The extent to which the provision 

10 of assistance by the Bank maximizes the 

11 level of private investment in the infra12 structure project while providing a public 

13 benefit. 

14 (C) DEDICATED REVENUE SOURCES.—Any 

15 financial assistance for an infrastructure 

16 project shall be repayable, in whole or in part, 

17 from dedicated revenue sources that also secure 

18 the infrastructure project obligations. 

19 (D) AMOUNT OF FINANCIAL ASSIST20 ANCE.—The amount of financial assistance 

21 under this Act shall be determined by the Di22 rector. 

23 (c) PUBLIC INPUT.—In developing proposed infra24 structure project criteria and conducting reviews of infra25 structure project criteria for the Director, the senior offiVerDate Sep 11 2014 22:40 Jan 28, 2025 Jkt 059200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6201 E:\BILLS\H10525.IH H10525

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1 cers of the Bank shall seek input from the public including 

2 views related to— 

3 (1) the weight given to different factors to be 

4 taken into account; 

5 (2) measuring whether projects are meeting ap6 proved criteria; and 

7 (3) any other input considered by such senior 

8 officers and the public for the purposes of carrying 

9 out this Act. 

10 (d) FACTORS FOR SPECIFIC TYPES OF PROJECTS.— 

11 (1) TRANSPORTATION INFRASTRUCTURE

12 PROJECTS.—For any transportation infrastructure 

13 project, the Director shall consider the following: 

14 (A) Job creation, including workforce de15 velopment for women and minorities, respon16 sible employment practices, and targeted job 

17 training and employment opportunities for low 

18 income workers. 

19 (B) Reduction in greenhouse gases. 

20 (C) Reduction in surface and air traffic 

21 congestion. 

22 (D) Use of smart tolling, such as vehicle 

23 miles traveled and congestion pricing, for high24 way, road, and bridge projects. 


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1 (E) Increased access to transportation op2 tions. 

3 (F) Increased safety of transportation sys4 tems for motorized and non-motorized users. 

5 (G) Public health benefits, including the 

6 removal of lead coatings or other hazardous 

7 chemicals and materials. 

8 (H) Reduction in risk of structural failure 

9 over the service life of the project. 

10 (2) ENVIRONMENTAL INFRASTRUCTURE

11 PROJECT.—For any environmental infrastructure 

12 project, the Director shall consider the following: 

13 (A) Job creation, including workforce de14 velopment for women and minorities, respon15 sible employment practices, and targeted job 

16 training and employment opportunities for low 

17 income workers. 

18 (B) Public health benefits, including the 

19 removal of lead coatings or other hazardous 

20 materials. 

21 (C) Pollution reductions. 

22 (D) Reductions in greenhouse gas. 

23 (E) Increased coastal and inland flood 

24 mitigation and protection. 


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1 (F) Reduction in risk of structural failure 

2 over the service life of the project. 

3 (3) ENERGY INFRASTRUCTURE PROJECT.—For 

4 any energy infrastructure project, the Board shall 

5 consider the following: 

6 (A) Job creation, including workforce de7 velopment for women and minorities, respon8 sible employment practices, and targeted job 

9 training and employment opportunities for low 

10 income workers. 

11 (B) Reduction in greenhouse gas. 

12 (C) Expanded use of renewable energy. 

13 (D) Development of a smart grid. 

14 (E) Energy efficient building, housing, and 

15 school modernization, including renewable en16 ergy designated retrofits. 

17 (F) In any case in which the project is also 

18 a public housing project— 

19 (i) improvement of the physical shape 

20 and layout; 

21 (ii) environmental improvement; and 

22 (iii) mobility improvements for resi23 dents. 


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1 (G) Public health benefits including the re2 moval of lead coatings or other hazardous 

3 chemicals and materials. 

4 (H) Reduction in risk of structural failure 

5 over the service life of the project. 

6 (4) TELECOMMUNICATIONS.—For any tele7 communications infrastructure project, the Director 

8 shall consider the following: 

9 (A) Job creation, including workforce de10 velopment for women and minorities, respon11 sible employment practices, and targeted job 

12 training and employment opportunities for low 

13 income workers. 

14 (B) The extent to which assistance ex15 pands or improves broadband and wireless serv16 ices in rural and disadvantaged communities. 

17 (e) CONSIDERATION OF PROJECT PROPOSALS.— 

18 (1) PARTICIPATION BY OTHER AGENCY PER19 SONNEL.—Consideration of a project under this sec20 tion by the senior officers of the Bank and the Di21 rector shall be conducted with personnel on detail to 

22 the Bank from relevant Federal agencies among in23 dividuals who are familiar with and experienced in 

24 the selection criteria for competitive infrastructure 

25 projects. 


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1 (2) FEES.—A Bank may charge a fee for the 

2 review of any project proposal in such amount as 

3 may be considered appropriate by the senior officers 

4 of the Bank to cover the cost of such review and the 

5 Bank may spend fee amounts without further appro6 priation. 

7 (f) DISCRETION OF DIRECTOR.—Consistent with 

8 other provisions of this Act, any determination of the Di9 rector to provide financial assistance to any infrastructure 

10 project, and the manner in which such assistance is pro11 vided, including the terms, conditions, fees, and charges 

12 shall be at the sole discretion of the Director. 

13 (g) STATE AND LOCAL PERMITS REQUIRED.—The 

14 provision of financial assistance by the Director in accord15 ance with this Act shall not be deemed to relieve any re16 cipient of financial assistance or the related infrastructure 

17 project of any obligation to obtain required State and local 

18 permits and approvals. 

19 (h) ANNUAL REPORT.—An entity receiving assist20 ance under this Act shall make annual reports to the Di21 rector on the use of any such assistance, compliance with 

22 the criteria set forth in this section, and a disclosure of 

23 all entities with a development, ownership, or operational 

24 interest in the infrastructure project assisted or proposed 

25 to be assisted under this Act. 


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1 SEC. 10. STATUS AND APPLICABILITY OF CERTAIN FED2 ERAL LAWS. 

3 (a) COMPLIANCE WITH DAVIS-BACON ACT.— 

4 (1) IN GENERAL.—All laborers and mechanics 

5 employed by contractors and subcontractors on in6 frastructure projects funded directly by or assisted 

7 in whole or in part by and through the Bank pursu8 ant to this Act shall be paid wages at rates not less 

9 than those prevailing on projects of a character simi10 lar in the locality as determined by the Secretary of 

11 Labor in accordance with subchapter IV of chapter 

12 31 of part A of title 40, United States Code. With 

13 respect to the labor standards specified in this sec14 tion, the Secretary of Labor shall have the authority 

15 and functions set forth in Reorganization Plan 

16 Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. 

17 App.) and section 3145 of title 40, United States 

18 Code. 

19 (2) APPLICATION OF LAW.—Notwithstanding 

20 paragraph (1), for any project carried out under 

21 chapter 53 of title 49, United States Code, section 

22 5333 of such section shall apply. 

23 (b) NO PRIORITY AS A FEDERAL CLAIM.—The pri24 ority established in favor of the United States by section 

25 3713 of title 31, United States Code, shall not apply with 

26 respect to any indebtedness of the Bank. 


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•HR 10525 IH

1 (c) COMPLIANCE WITH GRANT REQUIREMENTS.— 

2 Recipients of financial assistance authorized under this 

3 Act that funds public transportation capital projects, as 

4 defined in section 5302 of title 49, United States Code, 

5 must comply with the grant requirements applicable to 

6 grants made under section 5309 of such title. 

7 SEC. 11. DOMESTIC CONTENT STATUTES. 

8 (a) IN GENERAL.—The financing provided for an in9 frastructure project shall be in accordance with the fol10 lowing statutory provisions of the United States Code 

11 under the jurisdiction of the Department of Transpor12 tation, as applicable to the project: 

13 (1) Section 24305 of title 49, United States 

14 Code. 

15 (2) Section 313 of title 23, United States Code. 

16 (3) Section 5323(j) of title 49, United States 

17 Code. 

18 (4) Section 24405 of title 49, United States 

19 Code. 

20 (5) Sections 50101 and 50105 of title 49, 

21 United States Code. 

22 (b) USE OF IRON, STEEL, AND MANUFACTURED

23 GOODS IN INFRASTRUCTURE PROJECTS.—For any infra24 structure project financed under this Act that is not covVerDate Sep 11 2014 22:40 Jan 28, 2025 Jkt 059200 PO 00000 Frm 00029 Fmt 6652 Sfmt 6201 E:\BILLS\H10525.IH H10525

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•HR 10525 IH

1 ered under subsection (a), the following requirements shall 

2 apply: 

3 (1) BUY AMERICA.—No amount loaned or guar4 anteed by the Bank may be used for a public infra5 structure project unless all of the iron, steel, and 

6 manufactured goods used for the construction, alter7 ation, maintenance or repair of the project are pro8 duced in the United States. 

9 (2) EXCEPTION.—Paragraph (1) shall not 

10 apply in any case or category of cases in which the 

11 chief compliance officer of the Bank finds that— 

12 (A) applying paragraph (1) would be in13 consistent with the public interest; 

14 (B) iron, steel, and the relevant manufac15 tured goods are not produced in the United 

16 States in sufficient and reasonably available 

17 quantities and of a satisfactory quality; or 

18 (C) inclusion of iron, steel, and manufac19 tured goods produced in the United States will 

20 increase the cost of the overall infrastructure 

21 project by more than 25 percent. 

22 (3) PUBLICATION OF WAIVERS.—If the Sec23 retary of the Treasury determines that it is nec24 essary to waive the application of paragraph (1) 

25 based on a finding under paragraph (2), the TreasVerDate Sep 11 2014 22:40 Jan 28, 2025 Jkt 059200 PO 00000 Frm 00030 Fmt 6652 Sfmt 6201 E:\BILLS\H10525.IH H10525

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•HR 10525 IH

1 ury Secretary shall publish in the Federal Register 

2 a detailed written justification as to why the provi3 sion is being waived. 

4 (4) APPLICATION OF SECTION.—This section 

5 shall be applied in a manner consistent with the 

6 United States obligations under international agree7 ments. 

8 (5) CONSULTATIONS.—The Director may con9 sult with the Secretary of Transportation and other 

10 Federal Secretaries and Administrators when apply11 ing this section. 

12 SEC. 12. AUDITS; REPORTS TO PRESIDENT AND CONGRESS. 

13 (a) ACCOUNTING.—The books of account of the Bank 

14 shall be maintained in accordance with generally accepted 

15 accounting principles and shall be subject to an annual 

16 audit by an independent public accountant appointed by 

17 the Director and of nationally recognized standing. 

18 (b) REPORTS.— 

19 (1) DIRECTOR.—The Director shall submit to 

20 the President and Congress, within 90 days after the 

21 last day of each fiscal year, a complete and detailed 

22 report with respect to the preceding fiscal year, set23 ting forth— 

24 (A) a summary of the Bank’s operations, 

25 for such preceding fiscal year; 


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•HR 10525 IH

1 (B) a schedule of the Bank’s obligations 

2 outstanding at the end of such preceding fiscal 

3 year, with a statement of the amounts issued 

4 and redeemed or paid during such preceding 

5 fiscal year; and 

6 (C) the status of infrastructure projects re7 ceiving funding or other assistance pursuant to 

8 this Act, including disclosure of all entities with 

9 a development, ownership, or operational inter10 est in such projects. 

11 (2) GAO.—Not later than 5 years after the 

12 date of enactment of this Act, the Comptroller Gen13 eral of the United States shall submit to Congress 

14 a report evaluating activities of the Bank for the fis15 cal years covered by the report that includes— 

16 (A) an assessment of the impact and bene17 fits of each funded infrastructure project, in18 cluding a review of how effectively each project 

19 accomplished the goals prioritized by the 

20 Bank’s project criteria; and 

21 (B) an assessment of the Bank’s funding 

22 mechanisms in comparison with other available 

23 funding mechanisms, with a focus on ensuring 

24 self-sustainability of the Bank. 

25 (c) BOOKS AND RECORDS.— 


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1 (1) IN GENERAL.—The Bank shall maintain 

2 adequate books and records to support the financial 

3 transactions of the Bank with a description of finan4 cial transactions and infrastructure projects receiv5 ing funding, and the amount of funding for each 

6 project maintained on a publicly accessible database. 

7 (2) PUBLIC COMMENT PERIOD.—The Bank 

8 shall post infrastructure financing agreements on 

9 the database providing 30 days for public comments 

10 before providing final financing for the infrastruc11 ture project. 

12 (3) AUDITS BY THE SECRETARY AND GAO.— 

13 The books and records of the Bank shall be main14 tained in accordance with recommended accounting 

15 practices and shall be open to inspection by the Sec16 retary and the Comptroller General of the United 

17 States. 

18 SEC. 13. AUTHORIZATION OF APPROPRIATIONS. 

19 There is authorized to be appropriated 

20 $5,000,000,000 for each of fiscal years 2027 through 

21 2031 to capitalize the Bank and to remain available until 

22 expended. 

Æ 


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