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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10525 Introduced in House (IH)]

<DOC>

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.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``National 
Infrastructure Development Bank Act of 2023''.
    (b) Table of Contents.--The table of contents for 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.

SEC. 2. DEFINITIONS.

    For purposes of this Act, the following definitions apply:
            (1) Bank.--The term ``Bank'' means the National 
        Infrastructure Development Bank established under section 3(a).
            (2) Development.--The terms ``development'' means, with 
        respect to an infrastructure project, any--
                    (A) preconstruction planning, feasibility review, 
                permitting, design work, life-cycle maintenance 
                planning, and other preconstruction activities; and
                    (B) construction, reconstruction, rehabilitation, 
                replacement, or expansion.
            (3) Direct loan; loan guarantee.--The terms ``direct loan'' 
        and ``loan guarantee'' have the meanings given the terms in 
        section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 
        661a).
            (4) Disadvantaged community.--The term ``disadvantaged 
        community'' means a community with a median household income of 
        less than 80 percent of the statewide median household income 
        for the State in which the community is located.
            (5) Energy infrastructure project.--The term ``energy 
        infrastructure project'' means a project for energy 
        transmission and distribution, or energy efficiency enhancement 
        for buildings, public housing, health facilities, schools, or 
        energy storage.
            (6) Entity.--The term ``entity'' means an individual, 
        corporation, partnership (including a public-private 
        partnership), joint venture, trust, and a State or other 
        governmental entity, including a political subdivision or any 
        other instrumentality of a State or a revolving fund.
            (7) Environmental infrastructure project.--The term 
        ``environmental infrastructure project'' means a project that--
                    (A) establishes, maintains, or enhances any 
                drinking water and wastewater treatment facility, storm 
                water management system, flood gate, dam, levee, 
                dredging, open space management system, wetland 
                restoration, infill development, solid waste disposal 
                facility, hazardous waste facility, or industrial site 
                cleanup; or
                    (B) remediation projects to rectify issues of 
                manufacturing, laboratory practices, and other 
                processes that do not comply with regulations.
            (8) Financial assistance.--The term ``financial 
        assistance'' means providing credit assistance in the form of 
        direct loans, loan guarantees, and standby lines of credit.
            (9) General counsel.--The term ``general counsel'' means 
        the individual who serves as the chief legal officer of the 
        Bank.
            (10) Greenhouse gases.--The term ``greenhouse gases'' means 
        any of the following:
                    (A) Carbon dioxide.
                    (B) Methane.
                    (C) Nitrous oxide.
                    (D) Sulfur hexafluoride.
                    (E) Hydrofluorocarbons.
                    (F) Any perfluorocarbon.
                    (G) Nitrogen trifluoride.
                    (H) Any other anthropogenic gas designated as a 
                greenhouse gas by the Administrator of the 
                Environmental Protection Agency.
            (11) Infrastructure project.--The term ``infrastructure 
        project'' means--
                    (A) an energy infrastructure project;
                    (B) an environmental infrastructure project;
                    (C) a telecommunications infrastructure project; or
                    (D) a transportation infrastructure project.
            (12) Public-private partnership.--The term ``public-private 
        partnership'' means a contractual agreements between a public 
        agency and a private entity that allow for greater private 
        participation in the delivery of projects.
            (13) Revolving fund.--The term ``revolving fund'' means a 
        fund or program established by a State or a political 
        subdivision or other instrumentality of a State, the principal 
        activity of which is to make loans, commitments, or other 
        financial accommodation available for the development of one or 
        more categories of infrastructure projects.
            (14) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (15) Smart grid.--The term ``smart grid'' means a system 
        that provides for any of the smart grid functions set forth in 
        section 1306(d) of the Energy Independence and Security Act of 
        2007 (42 U.S.C. 17386(d)).
            (16) State.--The term ``State'' means the several States 
        and the District of Columbia, Puerto Rico, Guam, American 
        Samoa, the Virgin Islands, the Commonwealth of Northern Mariana 
        Islands, and any other territory of the United States.
            (17) Telecommunications infrastructure project.--The term 
        ``telecommunications infrastructure project'' means a project 
        for infrastructure that facilitates the exchanging of 
        information through electronic technologies, including voice, 
        data, and video transmissions project.
            (18) Transportation infrastructure project.--The term 
        ``transportation infrastructure project'' means a project for 
        the construction, maintenance, or enhancement of highways, 
        roads, bridges, transit and intermodal systems, inland 
        waterways, commercial ports, airports, high-speed rail and 
        freight rail systems.

SEC. 3. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE DEVELOPMENT BANK.

    (a) Establishment of National Infrastructure Development Bank.--The 
National Infrastructure Development Bank is established as which shall 
be an independent establishment of the Federal Government, as defined 
in section 104 of title 5, United States Code.
    (b) Responsibility of the Secretary.--The Secretary of the Treasury 
shall take such actions as may be necessary to assist in implementing 
the establishment of the bank.

SEC. 4. DIRECTOR; DEPUTY DIRECTOR.

    (a) In General.--The Bank shall have Director and a Deputy 
Director, appointed by the President and with the advice and consent of 
the Senate.
    (b) Date of Initial Nominations.--The initial nominations by the 
President for appointment of the Director and Deputy Director shall be 
made not later than 60 days after the date of enactment of this Act.
    (c) Term.--The Director and the Deputy Director shall serve for a 
term of 10 years.
    (d) Vacancies.--
            (1) In general.--A vacancy of the Director or the Deputy 
        Director shall be filled in the manner in which the original 
        appointment was made.
            (2) Appointment to replace during term.--Any Director or 
        Deputy Director appointed to fill a vacancy occurring before 
        the expiration of the term for which the director's predecessor 
        was appointed shall be appointed only for the remainder of the 
        term.
            (3) Duration.--A Director may serve after the expiration of 
        that director's term until a successor has taken office.
    (e) Reappointment.--A Director or Deputy Director appointed by the 
President may be reappointed by the President in accordance with this 
section.
    (f) Limitations.--The Director or Deputy Director may not 
participate in any review or decision affecting a project under 
consideration for assistance under this Act if the Director has or is 
affiliated with a person who has an interest in such project.
    (g) Responsibilities.--The Director shall--
            (1) as soon as is practicable, establish an Executive 
        Committee, risk management committee and audit committee as 
        prescribed by this Act;
            (2) not later than 180 days after the date on which the 
        initial Director is appointed, develop and approve the bylaws 
        of the Bank to determine the operations and internal policies 
        of the Bank, including bylaws for the regulation of the affairs 
        and conduct of the business of the Bank, consistent with the 
        purpose, goals, objectives, and policies set forth in this Act;
            (3) ensure that the Bank is at all times operated in a 
        manner that is consistent with this Act, by--
                    (A) monitoring and assessing the effectiveness of 
                the Bank in achieving its strategic goals;
                    (B) periodically reviewing internal policies 
                submitted by the chief executive officer;
                    (C) reviewing and approving annual business plans, 
                annual budgets, and long-term strategies submitted by 
                the chief executive officer;
                    (D) reviewing and approving annual reports 
                submitted by the chief executive officer;
                    (E) reviewing risk management and audit practices 
                of the Bank; and
                    (F) reviewing and approving all changes to the 
                organization of the Bank; and
            (4) establish such other criteria, requirements, or 
        procedures as the Director may consider to be appropriate in 
        carrying out this Act.

SEC. 5. POWERS AND LIMITATIONS OF THE DIRECTOR.

    (a) Powers.--To carry out the purposes of the Bank as set forth in 
this Act, the Director shall be responsible for monitoring and 
overseeing infrastructure projects and have the following powers:
            (1) To review infrastructure projects recommended by the 
        senior officials of the Bank and select infrastructure projects 
        using a cost-benefit analysis.
            (2) To make senior and subordinated direct loans on such 
        terms as the Director may determine, in the Director's 
        discretion, to be appropriate to assist in the financing or 
        refinancing of an infrastructure project.
            (3) To make loan guarantees on such terms as the Director 
        may determine, in the Director's discretion, to be appropriate 
        to assist in the financing or refinancing of an infrastructure 
        project.
            (4) To make agreements and contracts with any entity in 
        furtherance of the business of the Bank.
            (5) To monitor and oversee infrastructure projects 
        financed, in whole or in part, by the Bank.
            (6) To sue and be sued in the Bank's capacity in any court 
        of competent jurisdiction, except that no attachment, 
        injunction, or similar process, may be issued against the 
        property of the Bank or against the Bank with respect to such 
        property.
            (7) To indemnify the directors and senior officers of the 
        Bank for liabilities arising out of the actions of the 
        directors and senior officers in such capacity, in accordance 
        with, and subject to the limitations contained in, this Act.
            (8) To serve as the primary liaison between the Bank and 
        the Congress, the executive branch, and State and local 
        governments, and to represent the Bank's interests.
            (9) To exercise all other lawful powers which are necessary 
        or appropriate to carry out, and are consistent with, the 
        purposes of the Bank.
    (b) Coordination With State and Local Regulatory Authority.--The 
provision of financial assistance by the Director pursuant to this Act 
shall not be construed as superseding any State law or regulation 
applicable to a project.

SEC. 6. SENIOR OFFICERS.

    (a) Senior Officers of the Bank.--The Director shall appoint, 
remove, and define duties of 8 senior officers of the Bank as the--
            (1) chief compliance officer;
            (2) chief financial officer;
            (3) chief asset and liability management officer;
            (4) chief loan origination officer;
            (5) chief operations officer;
            (6) chief risk officer;
            (7) chief treasury officer; and
            (8) general counsel.
    (b) Qualifications.--Senior officers shall have demonstrated 
experience and expertise in 1 or more of the following:
            (1) Transportation infrastructure.
            (2) Environmental infrastructure.
            (3) Energy infrastructure.
            (4) Telecommunications infrastructure.
            (5) Economic development.
            (6) Workforce development.
            (7) Public health.
            (8) Private or public finance.
    (c) Duties.--In order to carry out the purposes of the Bank, the 
senior officers shall--
            (1) establish and submit to the Director disclosure and 
        application procedures for entities nominating projects for 
        assistance under this Act;
            (2) establish and submit to the Director standardized terms 
        and conditions, fee schedules, or legal requirements of a 
        contract or program to carry out this Act;
            (3) establish and submit to the Director guidelines for the 
        selection and approval of projects and specific criteria for 
        determining eligibility for project selection;
            (4) accept, for consideration, project proposals relating 
        to the development of infrastructure projects and which are 
        submitted by an entity;
            (5) provide recommendations to the Director and place 
        project proposals on a list for consideration for financial 
        assistance from the Director; and
            (6) provide technical assistance, including public-private 
        partnership infrastructure project value for money assessments, 
        long-term economic benefit projections, and contract 
        evaluations, to entities receiving financing from the Bank and 
        otherwise implement decisions of the Director.
    (d) Vacancy.--A vacancy of a senior officer shall be filled in the 
manner in which the original appointment was made.
    (e) Compensation.--The compensation of the senior officers shall be 
determined by the Director.
    (f) Term.--Each senior officer shall serve a 6-year term and may be 
reappointed in accordance with this section.
    (g) Limitations.--A senior officer of the Bank shall not--
            (1) hold any other public office;
            (2) have any interest in any infrastructure project 
        considered by the Bank;
            (3) have any interest in an investment institution, 
        commercial bank, or other entity seeking financial assistance 
        for any infrastructure project from or investing in the Bank; 
        and
            (4) have any such interest during the 2-year period 
        beginning on the date such officer ceases to serve in such 
        capacity.

SEC. 7. RISK MANAGEMENT COMMITTEE.

    (a) Establishment of Risk Management Committee.--The Director shall 
establish a risk management committee consisting of 5 members, headed 
by the chief risk officer.
    (b) Appointments.--The Director shall have the authority to appoint 
and reappoint the chief risk officer (hereinafter referred to as 
``CRO'') of the Bank.
    (c) Functions; Duties.--
            (1) In general.--The CRO shall have such functions, powers, 
        and duties as may be prescribed by this Act, the bylaws of the 
        Bank, and the Director. The CRO shall report directly to the 
        Director.
            (2) Risk management duties.--The risk management committee 
        shall--
                    (A) create financial, credit, and operational risk 
                management guidelines and policies to be adhered to by 
                the Bank;
                    (B) set guidelines to ensure diversification of 
                lending activities by both geographic region and 
                infrastructure project type;
                    (C) create conforming standards for all financial 
                assistance provided by the Bank;
                    (D) monitor financial, credit and operational 
                exposure of the Bank; and
                    (E) provide financial recommendations to the 
                Director.
    (d) Other Risk Management Officers.--The Director shall appoint, 
remove, and define the duties of 4 other risk management officers to 
serve on the risk management committee.
    (e) Qualifications.--The CRO and other risk management officers 
shall have demonstrated experience and expertise in one or more of the 
following:
            (1) Treasury and asset and liability management.
            (2) Investment regulations.
            (3) Insurance.
            (4) Credit risk management and credit evaluations.
            (5) Related disciplines.
    (f) Vacancy.--A vacancy in the position of CRO and other risk 
management officers of the risk management committee shall be filled in 
the manner in which the original appointment was made.
    (g) Compensation.--The compensation of the CRO and other risk 
management officers of the risk management committee shall be 
determined by the Director.
    (h) Removal.--The CRO and other risk management officers of the 
risk management committee may be removed at the discretion of the 
Director.
    (i) Term.--The CRO and other risk management officers of the risk 
management committee shall serve a 6-year term and may be reappointed 
in accordance with this section.
    (j) Limitations.--The CRO and other risk management officers of the 
risk management committee shall not--
            (1) hold any other public office;
            (2) have any interest in an infrastructure project 
        considered by the Bank;
            (3) have any interest in an investment institution, 
        commercial bank, or other entity seeking financial assistance 
        for any infrastructure project from or investing in the Bank; 
        and
            (4) have any such interest during the 2-year period 
        beginning on the date such officer ceases to serve in such 
        capacity.

SEC. 8. AUDIT COMMITTEE; COMPLIANCE OFFICE.

    (a) In General.--The Bank shall establish--
            (1) a compliance office to carry out oversight of the 
        Bank's compliance with sections 11 and 12; and
            (2) an audit committee consisting of 5 members, headed by 
        the chief compliance officer (hereinafter referred to as the 
        ``CCO'') of the Bank.
    (b) Appointments.--The Director shall have the authority to appoint 
and reappoint the CCO of the Bank.
    (c) Functions; Duties.--The CCO shall have such functions, powers, 
and duties as may be prescribed by one or more of the following: This 
Act, the bylaws of the Bank, and the Director. The CCO shall report 
directly to the Director.
    (d) Audit Duties.--In order to carry out the purposes of the Bank 
under this Act, the audit committee shall--
            (1) provide internal controls and internal auditing 
        activities for the Bank;
            (2) maintain responsibility for the accounting activities 
        of the Bank;
            (3) issue financial reports of the Bank; and
            (4) complete reports with outside auditors and public 
        accountants appointed by the Director.
    (e) Other Audit Officers.--The Director shall appoint, remove and 
define the duties of 4 other audit officers to serve on the audit 
committee.
    (f) Qualifications.--The CCO and other audit officers shall have 
demonstrated experience and expertise in 1 or more of the following:
            (1) Internal auditing.
            (2) Internal investigations.
            (3) Accounting practices.
            (4) Financing practices.
    (g) Vacancy.--A vacancy in the position of CCO and other audit 
officers of the audit committee shall be filled in the manner in which 
the original appointment was made.
    (h) Compensation.--The compensation of the CCO and other audit 
officers of the audit committee shall be determined by the Director.
    (i) Removal.--The CCO and other audit officers of the audit 
committee may be removed at the discretion of the Director.
    (j) Term.--The CCO and other audit officers of the audit committee 
shall serve a 6-year term and may be reappointed in accordance with 
this section.
    (k) Limitations.--The CCO and other audit officers of the audit 
committee shall not--
            (1) hold any other public office;
            (2) have any interest in an infrastructure project 
        considered by the Bank;
            (3) have any interest in an investment institution, 
        commercial bank, or other entity seeking financial assistance 
        for any infrastructure project from or investing in the Bank; 
        and
            (4) have any such interest during the 2-year period 
        beginning on the date such officer ceases to serve in such 
        capacity.

SEC. 9. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM BANK.

    (a) In General.--To be eligible for financial assistance from the 
Bank, an infrastructure project--
            (1) shall have a public benefit, as determined by the 
        Director; and
            (2) may not have a sole use or purpose that is private.
    (b) Establishment of Project Criteria.--
            (1) In general.--Consistent with the requirements of 
        subsections (c) and (d), the Director shall approve--
                    (A) criteria for determining eligibility for 
                financial assistance established by the senior officers 
                of the Bank;
                    (B) revisions to criteria for determining 
                eligibility for financial assistance established by the 
                senior officers of the Bank;
                    (C) the weight given to factors to be taken into 
                account established by the senior officers of the Bank;
                    (D) disclosure and application procedures to be 
                followed by entities to nominate projects for 
                assistance established by the senior officers of the 
                Bank; and
                    (E) such other criteria as the Director considers 
                appropriate.
            (2) Factors to be taken into account.--
                    (A) In general.--The senior officers of the Bank 
                shall conduct an analysis that takes into account the 
                economic, environmental, and social benefits, and costs 
                of each project under consideration for financial 
                assistance under this Act, prioritizing projects that 
                contribute to economic growth, lead to job creation, 
                and are of regional or national significance.
                    (B) Criteria.--The criteria established pursuant to 
                paragraph (1)(A) shall provide for the consideration of 
                the following factors in considering eligibility for 
                financial assistance under this Act:
                            (i) The means by which development of the 
                        infrastructure project under consideration is 
                        being financed, including--
                                    (I) the terms and conditions and 
                                financial structure of the proposed 
                                financing;
                                    (II) the credit worthiness and 
                                standing of the project sponsors, 
                                providers of equity, and cofinanciers;
                                    (III) the financial assumptions and 
                                projections on which the project is 
                                based; and
                                    (IV) the extent to which the 
                                infrastructure project maximizes 
                                investment from other sources.
                            (ii) The likelihood that the provision of 
                        assistance by the Bank will cause such 
                        development to proceed more promptly and with 
                        lower costs for financing than would be the 
                        case without such assistance.
                            (iii) The extent to which the provision of 
                        assistance by the Bank maximizes the level of 
                        private investment in the infrastructure 
                        project while providing a public benefit.
                    (C) Dedicated revenue sources.--Any financial 
                assistance for an infrastructure project shall be 
                repayable, in whole or in part, from dedicated revenue 
                sources that also secure the infrastructure project 
                obligations.
                    (D) Amount of financial assistance.--The amount of 
                financial assistance under this Act shall be determined 
                by the Director.
    (c) Public Input.--In developing proposed infrastructure project 
criteria and conducting reviews of infrastructure project criteria for 
the Director, the senior officers of the Bank shall seek input from the 
public including views related to--
            (1) the weight given to different factors to be taken into 
        account;
            (2) measuring whether projects are meeting approved 
        criteria; and
            (3) any other input considered by such senior officers and 
        the public for the purposes of carrying out this Act.
    (d) Factors for Specific Types of Projects.--
            (1) Transportation infrastructure projects.--For any 
        transportation infrastructure project, the Director shall 
        consider the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) Reduction in greenhouse gases.
                    (C) Reduction in surface and air traffic 
                congestion.
                    (D) Use of smart tolling, such as vehicle miles 
                traveled and congestion pricing, for highway, road, and 
                bridge projects.
                    (E) Increased access to transportation options.
                    (F) Increased safety of transportation systems for 
                motorized and non-motorized users.
                    (G) Public health benefits, including the removal 
                of lead coatings or other hazardous chemicals and 
                materials.
                    (H) Reduction in risk of structural failure over 
                the service life of the project.
            (2) Environmental infrastructure project.--For any 
        environmental infrastructure project, the Director shall 
        consider the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) Public health benefits, including the removal 
                of lead coatings or other hazardous materials.
                    (C) Pollution reductions.
                    (D) Reductions in greenhouse gas.
                    (E) Increased coastal and inland flood mitigation 
                and protection.
                    (F) Reduction in risk of structural failure over 
                the service life of the project.
            (3) Energy infrastructure project.--For any energy 
        infrastructure project, the Board shall consider the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) Reduction in greenhouse gas.
                    (C) Expanded use of renewable energy.
                    (D) Development of a smart grid.
                    (E) Energy efficient building, housing, and school 
                modernization, including renewable energy designated 
                retrofits.
                    (F) In any case in which the project is also a 
                public housing project--
                            (i) improvement of the physical shape and 
                        layout;
                            (ii) environmental improvement; and
                            (iii) mobility improvements for residents.
                    (G) Public health benefits including the removal of 
                lead coatings or other hazardous chemicals and 
                materials.
                    (H) Reduction in risk of structural failure over 
                the service life of the project.
            (4) Telecommunications.--For any telecommunications 
        infrastructure project, the Director shall consider the 
        following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) The extent to which assistance expands or 
                improves broadband and wireless services in rural and 
                disadvantaged communities.
    (e) Consideration of Project Proposals.--
            (1) Participation by other agency personnel.--Consideration 
        of a project under this section by the senior officers of the 
        Bank and the Director shall be conducted with personnel on 
        detail to the Bank from relevant Federal agencies among 
        individuals who are familiar with and experienced in the 
        selection criteria for competitive infrastructure projects.
            (2) Fees.--A Bank may charge a fee for the review of any 
        project proposal in such amount as may be considered 
        appropriate by the senior officers of the Bank to cover the 
        cost of such review and the Bank may spend fee amounts without 
        further appropriation.
    (f) Discretion of Director.--Consistent with other provisions of 
this Act, any determination of the Director to provide financial 
assistance to any infrastructure project, and the manner in which such 
assistance is provided, including the terms, conditions, fees, and 
charges shall be at the sole discretion of the Director.
    (g) State and Local Permits Required.--The provision of financial 
assistance by the Director in accordance with this Act shall not be 
deemed to relieve any recipient of financial assistance or the related 
infrastructure project of any obligation to obtain required State and 
local permits and approvals.
    (h) Annual Report.--An entity receiving assistance under this Act 
shall make annual reports to the Director on the use of any such 
assistance, compliance with the criteria set forth in this section, and 
a disclosure of all entities with a development, ownership, or 
operational interest in the infrastructure project assisted or proposed 
to be assisted under this Act.

SEC. 10. STATUS AND APPLICABILITY OF CERTAIN FEDERAL LAWS.

    (a) Compliance With Davis-Bacon Act.--
            (1) In general.--All laborers and mechanics employed by 
        contractors and subcontractors on infrastructure projects 
        funded directly by or assisted in whole or in part by and 
        through the Bank pursuant to this Act shall be paid wages at 
        rates not less than those prevailing on projects of a character 
        similar in the locality as determined by the Secretary of Labor 
        in accordance with subchapter IV of chapter 31 of part A of 
        title 40, United States Code. With respect to the labor 
        standards specified in this section, the Secretary of Labor 
        shall have the authority and functions set forth in 
        Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 
        U.S.C. App.) and section 3145 of title 40, United States Code.
            (2) Application of law.--Notwithstanding paragraph (1), for 
        any project carried out under chapter 53 of title 49, United 
        States Code, section 5333 of such section shall apply.
    (b) No Priority as a Federal Claim.--The priority established in 
favor of the United States by section 3713 of title 31, United States 
Code, shall not apply with respect to any indebtedness of the Bank.
    (c) Compliance With Grant Requirements.--Recipients of financial 
assistance authorized under this Act that funds public transportation 
capital projects, as defined in section 5302 of title 49, United States 
Code, must comply with the grant requirements applicable to grants made 
under section 5309 of such title.

SEC. 11. DOMESTIC CONTENT STATUTES.

    (a) In General.--The financing provided for an infrastructure 
project shall be in accordance with the following statutory provisions 
of the United States Code under the jurisdiction of the Department of 
Transportation, as applicable to the project:
            (1) Section 24305 of title 49, United States Code.
            (2) Section 313 of title 23, United States Code.
            (3) Section 5323(j) of title 49, United States Code.
            (4) Section 24405 of title 49, United States Code.
            (5) Sections 50101 and 50105 of title 49, United States 
        Code.
    (b) Use of Iron, Steel, and Manufactured Goods in Infrastructure 
Projects.--For any infrastructure project financed under this Act that 
is not covered under subsection (a), the following requirements shall 
apply:
            (1) Buy america.--No amount loaned or guaranteed by the 
        Bank may be used for a public infrastructure project unless all 
        of the iron, steel, and manufactured goods used for the 
        construction, alteration, maintenance or repair of the project 
        are produced in the United States.
            (2) Exception.--Paragraph (1) shall not apply in any case 
        or category of cases in which the chief compliance officer of 
        the Bank finds that--
                    (A) applying paragraph (1) would be inconsistent 
                with the public interest;
                    (B) iron, steel, and the relevant manufactured 
                goods are not produced in the United States in 
                sufficient and reasonably available quantities and of a 
                satisfactory quality; or
                    (C) inclusion of iron, steel, and manufactured 
                goods produced in the United States will increase the 
                cost of the overall infrastructure project by more than 
                25 percent.
            (3) Publication of waivers.--If the Secretary of the 
        Treasury determines that it is necessary to waive the 
        application of paragraph (1) based on a finding under paragraph 
        (2), the Treasury Secretary shall publish in the Federal 
        Register a detailed written justification as to why the 
        provision is being waived.
            (4) Application of section.--This section shall be applied 
        in a manner consistent with the United States obligations under 
        international agreements.
            (5) Consultations.--The Director may consult with the 
        Secretary of Transportation and other Federal Secretaries and 
        Administrators when applying this section.

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

    (a) Accounting.--The books of account of the Bank shall be 
maintained in accordance with generally accepted accounting principles 
and shall be subject to an annual audit by an independent public 
accountant appointed by the Director and of nationally recognized 
standing.
    (b) Reports.--
            (1) Director.--The Director shall submit to the President 
        and Congress, within 90 days after the last day of each fiscal 
        year, a complete and detailed report with respect to the 
        preceding fiscal year, setting forth--
                    (A) a summary of the Bank's operations, for such 
                preceding fiscal year;
                    (B) a schedule of the Bank's obligations 
                outstanding at the end of such preceding fiscal year, 
                with a statement of the amounts issued and redeemed or 
                paid during such preceding fiscal year; and
                    (C) the status of infrastructure projects receiving 
                funding or other assistance pursuant to this Act, 
                including disclosure of all entities with a 
                development, ownership, or operational interest in such 
                projects.
            (2) GAO.--Not later than 5 years after the date of 
        enactment of this Act, the Comptroller General of the United 
        States shall submit to Congress a report evaluating activities 
        of the Bank for the fiscal years covered by the report that 
        includes--
                    (A) an assessment of the impact and benefits of 
                each funded infrastructure project, including a review 
                of how effectively each project accomplished the goals 
                prioritized by the Bank's project criteria; and
                    (B) an assessment of the Bank's funding mechanisms 
                in comparison with other available funding mechanisms, 
                with a focus on ensuring self-sustainability of the 
                Bank.
    (c) Books and Records.--
            (1) In general.--The Bank shall maintain adequate books and 
        records to support the financial transactions of the Bank with 
        a description of financial transactions and infrastructure 
        projects receiving funding, and the amount of funding for each 
        project maintained on a publicly accessible database.
            (2) Public comment period.--The Bank shall post 
        infrastructure financing agreements on the database providing 
        30 days for public comments before providing final financing 
        for the infrastructure project.
            (3) Audits by the secretary and gao.--The books and records 
        of the Bank shall be maintained in accordance with recommended 
        accounting practices and shall be open to inspection by the 
        Secretary and the Comptroller General of the United States.

SEC. 13. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated $5,000,000,000 for each of 
fiscal years 2027 through 2031 to capitalize the Bank and to remain 
available until expended.
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