I 

113TH CONGRESS 

1ST SESSION H. R. 2553 

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 

JUNE 27, 2013 

Ms. DELAURO (for herself, Mr. ISRAEL, Mr. ELLISON, Mr. TIERNEY, Mr. 

CICILLINE, Mr. MCGOVERN, Ms. MENG, Mr. MAFFEI, Mr. TONKO, Ms. 

SLAUGHTER, Ms. SCHAKOWSKY, Mr. SARBANES, Mrs. CHRISTENSEN, Mr. 

BRALEY of Iowa, Mr. YARMUTH, Mr. RUSH, Ms. CHU, Ms. PINGREE of 

Maine, Mr. LARSON of Connecticut, Ms. NORTON, Mr. HONDA, Ms. 

ESHOO, Mr. LYNCH, Mr. WELCH, Mr. MICHAUD, Mr. SIRES, Ms. 

BORDALLO, Ms. SHEA-PORTER, Ms. SPEIER, Mr. LOWENTHAL, Mr. 

POCAN, Mr. TAKANO, Mr. RICHMOND, Ms. ESTY, Mr. COURTNEY, Mr. 

PASCRELL, Mr. DEUTCH, Mr. LANGEVIN, Ms. BONAMICI, Ms. MCCOLLUM, Mrs. CAPPS, Mr. BLUMENAUER, Mr. CONYERS, Mr. AL GREEN of 

Texas, Mr. WATT, Mr. MORAN, Mr. GRIJALVA, Ms. LEE of California, 

Mr. GARAMENDI, Mr. CARSON of Indiana, Mr. KEATING, Mr. VEASEY, 

Ms. DUCKWORTH, Mr. VAN HOLLEN, Ms. MATSUI, Mrs. KIRKPATRICK, 

Ms. LINDA T. SA ́NCHEZ of California, Mr. LIPINSKI, Mr. HECK of Washington, Mr. SHERMAN, Mr. HIMES, Mr. PRICE of North Carolina, and 

Mr. FARR) introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to the Committees on 

Transportation and Infrastructure, Financial Services, and Ways and 

Means, 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 establishVerDate Mar 15 2010 04:33 Jul 03, 2013 Jkt 029200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H2553.IH H2553

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ment 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. 

4 This Act may be cited as the ‘‘National Infrastruc5 ture Development Bank Act of 2013’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) Investment in infrastructure has always cre9 ated jobs and economic growth for the United States 

10 and has been a key component of maintaining a 

11 global competitive edge for the United States. 

12 (2) The Erie Canal, the transcontinental rail13 road, the Hoover Dam, rural electrification, and the 

14 interstate highway system are all examples of invest15 ments in infrastructure that created the conditions 

16 for future economic growth. 

17 (3) According to the World Economic Forum 

18 Global Competitiveness Report, the United States 

19 ranks 14th overall in infrastructure. 

20 (4) According to the American Society of Civil 

21 Engineers, the current condition of the infrastruc22 ture in the United States earns a grade point aver23 age of D+, and an estimated $3,600,000,000,000 


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1 investment is needed by 2020 to meet adequate con2 ditions. 

3 (5) According to the National Surface Trans4 portation Policy and Revenue Study Commission, 

5 $225,000,000,000 is needed annually from all 

6 sources for the next 50 years to upgrade our surface 

7 transportation system to a state of good repair and 

8 create a more advanced system. 

9 (6) The Environmental Protection Agency 

10 projects that— 

11 (A) $334,800,000,000 is needed to invest 

12 in infrastructure improvements over 20 years to 

13 ensure the provision of safe water; and 

14 (B) $202,500,000,000 is needed for pub15 licly owned wastewater systems-related infra16 structure needs over 20 years. 

17 (7) According to the Edison Electric Institute, 

18 the electric power industry will need to invest 

19 $298,000,000,000 in the Nation’s transmission sys20 tem in the next 20 years in order to maintain reli21 able service. 

22 (8) According to the Organization for Economic 

23 Cooperation and Development (OECD), the United 

24 States ranks 15th among OECD nations in fixed 

25 and wireless broadband access per 100 inhabitants. 


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1 (9) Although grant programs of the Govern2 ment must continue to play a central role in financ3 ing the transportation, environment, energy, and 

4 telecommunications infrastructure needs of the 

5 United States, current and foreseeable demands on 

6 existing Federal, State, and local funding for infra7 structure expansion exceed the resources to support 

8 these programs by margins wide enough to prompt 

9 serious concerns about the United States’ ability to 

10 sustain long-term economic development, produc11 tivity, and international competitiveness. 

12 (10) The capital markets, including central 

13 banks, pension funds, financial institutions, sov14 ereign wealth funds, and insurance companies, have 

15 a growing interest in infrastructure investment. The 

16 establishment of a United States Government-owned 

17 institution that would provide this investment oppor18 tunity to finance qualifying infrastructure projects 

19 would attract needed capital for United States infra20 structure development. 

21 SEC. 3. DEFINITIONS. 

22 For purposes of this Act, the following definitions 

23 apply unless the context requires otherwise: 


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1 (1) AMERICAN INFRASTRUCTURE BOND.—The 

2 term ‘‘American Infrastructure Bond’’ means a bond 

3 described under section 17. 

4 (2) BANK.—The term ‘‘Bank’’ means the Na5 tional Infrastructure Development Bank established 

6 under section 4(a). 

7 (3) BOARD.—The term ‘‘Board’’ means the Na8 tional Infrastructure Development Bank Board. 

9 (4) CHIEF ASSET AND LIABILITY MANAGEMENT

10 OFFICER.—The term ‘‘chief asset and liability man11 agement officer’’ means the chief individual respon12 sible for coordinating the management of assets and 

13 liabilities of the Bank. 

14 (5) CHIEF COMPLIANCE OFFICER.—The term 

15 ‘‘chief compliance officer or CCO’’ means the chief 

16 individual responsible for overseeing and managing 

17 the compliance and regulatory affairs issues of the 

18 Bank. 

19 (6) CHIEF EXECUTIVE OFFICER.—The term 

20 ‘‘chief executive officer or CEO’’ means the indi21 vidual serving as the executive director of the bank. 

22 (7) CHIEF FINANCIAL OFFICER.—The term 

23 ‘‘chief financial officer or CFO’’ means the chief in24 dividual responsible for managing the financial risks, 

25 planning, and reporting of the Bank. 


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1 (8) CHIEF LOAN ORIGINATION OFFICER.—The 

2 term ‘‘chief loan origination officer’’ means the chief 

3 individual responsible for the processing of new 

4 loans provided by the Bank. 

5 (9) CHIEF OPERATIONS OFFICER.—The term 

6 ‘‘chief operations officer or COO’’ means the chief 

7 individual responsible for information technology and 

8 the day to day operations of the Bank. 

9 (10) CHIEF RISK OFFICER.—The term ‘‘chief 

10 risk officer or CRO’’ means the chief individual re11 sponsible for managing operational and compliance12 related risks of the Bank. 

13 (11) CHIEF TREASURY OFFICER.—The term 

14 ‘‘chief treasury officer’’ means the chief individual 

15 responsible for managing the Bank’s treasury oper16 ations. 

17 (12) DEVELOPMENT.—The terms ‘‘develop18 ment’’ and ‘‘develop’’ mean, with respect to an infra19 structure project, any— 

20 (A) preconstruction planning, feasibility re21 view, permitting, design work, life-cycle mainte22 nance planning, and other preconstruction ac23 tivities; and 

24 (B) construction, reconstruction, rehabili25 tation, replacement, or expansion. 


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1 (13) DIRECT LOAN.—The term ‘‘direct loan’’ 

2 has the same meaning as in section 502 of the Fed3 eral Credit Reform Act of 1990 (2 U.S.C. 661a). 

4 (14) DISADVANTAGED COMMUNITY.—The term 

5 ‘‘disadvantaged community’’ means a community 

6 with a median household income of less than 80 per7 cent of the statewide median household income for 

8 the State in which the community is located. 

9 (15) ENERGY INFRASTRUCTURE PROJECT.— 

10 The term ‘‘energy infrastructure project’’ means any 

11 project for energy transmission and distribution, en12 ergy efficiency enhancement for buildings, public 

13 housing, health facilities, schools, and energy stor14 age. 

15 (16) ENTITY.—The term ‘‘entity’’ means an in16 dividual, corporation, partnership (including a pub17 lic-private partnership), joint venture, trust, and a 

18 State or other governmental entity, including a polit19 ical subdivision or any other instrumentality of a 

20 State or a revolving fund. 

21 (17) ENVIRONMENTAL INFRASTRUCTURE

22 PROJECT.—The term ‘‘environmental infrastructure 

23 project’’ means any project for the establishment, 

24 maintenance, or enhancement of any drinking water 

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1 agement system, flood gate, dam, levee, dredging, 

2 open space management system, wetland restoration, 

3 infill development, solid waste disposal facility, haz4 ardous waste facility, or industrial site cleanup or 

5 remediation projects. 

6 (18) GENERAL COUNSEL.—The term ‘‘general 

7 counsel’’ means the individual who serves as the 

8 chief lawyer for the Bank. 

9 (19) GREENHOUSE GASES.—The term ‘‘green10 house gases’’ means any of the following: 

11 (A) Carbon dioxide. 

12 (B) Methane. 

13 (C) Nitrous oxide. 

14 (D) Sulfur hexafluoride. 

15 (E) Hydrofluorocarbons 

16 (F) Any perfluorocarbon. 

17 (G) Nitrogen trifluoride. 

18 (H) Any other anthropogenic gas des19 ignated as a greenhouse gas by the Environ20 mental Protection Agency Administrator. 

21 (20) INFRASTRUCTURE PROJECT.—The term 

22 ‘‘infrastructure project’’ means any energy, environ23 mental, telecommunications, or transportation infra24 structure project. 


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1 (21) LOAN GUARANTEE.—The term ‘‘loan guar2 antee’’ has the same meaning as in section 502 of 

3 the Federal Credit Reform Act of 1990 (2 U.S.C. 

4 661a). 

5 (22) PUBLIC BENEFIT BOND.—The term ‘‘Pub6 lic Benefit Bond’’ means any bond issued in accord7 ance with this Act if— 

8 (A) the proceeds from the sale of the bond 

9 are to be used for expenditures incurred after 

10 the date of issuance with respect to any infra11 structure project or other purpose, subject to 

12 such rules as the Bank may provide; 

13 (B) the bond is issued in registered form; 

14 (C) the bond has such terms, and carries 

15 interest in such an amount, as determined by 

16 the Bank; and 

17 (D) payments of interest and principal 

18 with respect to the bond is the obligation of the 

19 Bank and is backed by the full faith and credit 

20 of the United States. 

21 (23) PUBLIC-PRIVATE PARTNERSHIP.—The 

22 term ‘‘public-private partnership’’ means any enti23 ty— 

24 (A)(i) which is undertaking the develop25 ment of all or part of an infrastructure project, 


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1 which will have a public benefit, pursuant to re2 quirements established in one or more contracts 

3 between the entity and a State or an instru4 mentality of a State; or 

5 (ii) the activities of which, with respect to 

6 such an infrastructure project, are subject to 

7 regulation by a State or any instrumentality of 

8 a State; and 

9 (B) which owns, leases, or operates, or will 

10 own, lease, or operate, the project in whole or 

11 in part, and at least one of the participants in 

12 the entity is a nongovernmental entity. 

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

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

15 State or a political subdivision or other instrumen16 tality of a State, the principal activity of which is to 

17 make loans, commitments, or other financial accom18 modation available for the development of one or 

19 more categories of infrastructure projects. 

20 (25) SECRETARY.—The term ‘‘Secretary’’ 

21 means the Secretary of the Treasury or the designee 

22 of the Secretary. 

23 (26) SMART GRID.—The term ‘‘smart grid’’ 

24 means a system that provides for any of the smart 

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


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1 Energy Independence and Security Act of 2007 (42 

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

3 (27) STATE.—The term ‘‘State’’ includes the 

4 District of Columbia, Puerto Rico, Guam, American 

5 Samoa, the Virgin Islands, the Commonwealth of 

6 Northern Mariana Islands, and any other territory 

7 of the United States. 

8 (28) TELECOMMUNICATIONS INFRASTRUCTURE

9 PROJECT.—The term ‘‘telecommunications infra10 structure project’’ means any project involving infra11 structure required to provide communications by 

12 wire or radio. 

13 (29) TRANSPORTATION INFRASTRUCTURE

14 PROJECT.—The term ‘‘transportation infrastructure 

15 project’’ means any project for the construction, 

16 maintenance, or enhancement of highways, roads, 

17 bridges, transit and intermodal systems, inland wa18 terways, commercial ports, airports, high speed rail 

19 and freight rail systems. 

20 SEC. 4. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 

21 DEVELOPMENT BANK. 

22 (a) ESTABLISHMENT OF NATIONAL INFRASTRUC23 TURE DEVELOPMENT BANK.—The National Infrastruc24 ture Development Bank is established as a wholly owned 

25 Government corporation subject to chapter 91 of title 31, 


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1 United States Code (commonly known as the ‘‘Govern2 ment Corporation Control Act’’), except as otherwise pro3 vided in this Act. 

4 (b) RESPONSIBILITY OF THE SECRETARY.—The Sec5 retary shall take such action as may be necessary to assist 

6 in implementing the establishment of the bank in accord7 ance with this Act. 

8 (c) CONFORMING AMENDMENT.—Section 9101(3) of 

9 title 31, United States Code, is amended by inserting after 

10 subparagraph (N) the following: 

11 ‘‘(O) the National Infrastructure Develop12 ment Bank.’’. 

13 SEC. 5. BOARD OF DIRECTORS. 

14 (a) IN GENERAL.—The Bank shall have a Board of 

15 Directors consisting of 7 members appointed by the Presi16 dent and with the advice and consent of the Senate. 

17 (b) QUALIFICATIONS.—The directors of the Board 

18 shall include individuals representing different regions of 

19 the United States and— 

20 (1) 2 of the directors shall have public sector 

21 experience; 

22 (2) 2 of the directors shall have private sector 

23 experience; and 

24 (3) 3 of the directors shall have finance experi25 ence. 


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1 (c) CHAIRPERSON AND VICE CHAIRPERSON.—As des2 ignated at the time of appointment, one of the directors 

3 of the Board shall be designated chairperson of the Board 

4 by the President and one shall be designated as vice chair5 person of the Board by the President. 

6 (d) TERMS.— 

7 (1) IN GENERAL.—Except as provided in para8 graph (2) and subsection (f), each director shall be 

9 appointed for a term of 6 years. 

10 (2) INITIAL STAGGERED TERMS.—Of the initial 

11 members of the Board— 

12 (A) the chairperson and vice chairperson 

13 shall each be appointed for terms of 6 years; 

14 (B) 3 shall be appointed for a term of 4 

15 years; and 

16 (C) 2 shall be appointed for a term of 2 

17 years. 

18 (e) CONGRESSIONAL RECOMMENDATIONS.—Not later 

19 than 30 days after the date of enactment of this Act, the 

20 majority leader of the Senate, the minority leader of the 

21 Senate, the Speaker of the House of Representatives, and 

22 the minority leader of the House of Representatives shall 

23 each submit a recommendation to the President for ap24 pointment of a member of the Board of Directors, after 

25 consultation with the appropriate committees of Congress. 


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1 (f) DATE OF INITIAL NOMINATIONS.—The initial 

2 nominations by the President for appointment of directors 

3 to the Board shall be made not later than 60 days after 

4 the date of enactment of this Act. 

5 (g) VACANCIES.— 

6 (1) IN GENERAL.—A vacancy on the Board 

7 shall be filled in the manner in which the original 

8 appointment was made. 

9 (2) APPOINTMENT TO REPLACE DURING

10 TERM.—Any director appointed to fill a vacancy oc11 curring before the expiration of the term for which 

12 the director’s predecessor was appointed shall be ap13 pointed only for the remainder of the term. 

14 (3) DURATION.—A director may serve after the 

15 expiration of that director’s term until a successor 

16 has taken office. 

17 (h) QUORUM.—Four directors shall constitute a 

18 quorum. 

19 (i) REAPPOINTMENT.—A director of the Board ap20 pointed by the President may be reappointed by the Presi21 dent in accordance with this section. 

22 (j) PER DIEM REIMBURSEMENT.—Directors of the 

23 Board shall serve on a part-time basis and shall receive 

24 a per diem when engaged in the actual performance of 

25 Bank business, plus reasonable reimbursement for travel, 


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1 subsistence, and other necessary expenses incurred in the 

2 performance of their duties. 

3 (k) LIMITATIONS.—A director of the Board may not 

4 participate in any review or decision affecting a project 

5 under consideration for assistance under this Act if the 

6 director has or is affiliated with a person who has an inter7 est in such project. 

8 (l) RESPONSIBILITIES.—The Board shall— 

9 (1) as soon as is practicable after the date on 

10 which the last director is appointed, establish an Ex11 ecutive Committee, Risk Management Committee 

12 and Audit Committee as prescribed by this Act; 

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

14 which the last director is appointed develop and ap15 prove the bylaws of the Bank, including bylaws for 

16 the regulation of the affairs and conduct of the busi17 ness of the Bank, consistent with the purpose, goals, 

18 objectives, and policies set forth in this Act; 

19 (3) ensure that the Bank is at all times oper20 ated in a manner that is consistent with this Act, 

21 by— 

22 (A) monitoring and assessing the effective23 ness of the Bank in achieving its strategic 

24 goals; 


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1 (B) periodically reviewing internal policies 

2 submitted by the chief executive officer; 

3 (C) reviewing and approving annual busi4 ness plans, annual budgets, and long-term 

5 strategies submitted by the chief executive offi6 cer; 

7 (D) reviewing and approving annual re8 ports submitted by the chief executive officer; 

9 (E) reviewing risk management and audit 

10 practices of the Bank; and 

11 (F) reviewing and approving all changes to 

12 the organization of the Bank; and 

13 (4) establish such other criteria, requirements, 

14 or procedures as the Board may consider to be ap15 propriate in carrying out this Act. 

16 (m) MEETINGS.— 

17 (1) OPEN TO THE PUBLIC; NOTICE.—All meet18 ings of the Board held to conduct the business of the 

19 Bank shall be open to the public and shall be pre20 ceded by reasonable notice. 

21 (2) INITIAL MEETING.—The Board shall meet 

22 not later than 90 days after the date on which the 

23 last director is appointed and otherwise at the call 

24 of the Chairperson. 


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1 (3) EXCEPTION FOR CLOSED MEETINGS.—Pur2 suant to such rules as the Board may establish 

3 through their bylaws, the directors may close a 

4 meeting of the Board if, at the meeting, there is 

5 likely to be disclosed information which could ad6 versely affect or lead to speculation relating to an in7 frastructure project under consideration for assist8 ance under this Act or in financial or securities or 

9 commodities markets or institutions, utilities, or real 

10 estate. The determination to close any meeting of 

11 the Board shall be made in a meeting of the Board, 

12 open to the public, and preceded by reasonable no13 tice. The Board shall prepare minutes of any meet14 ing which is closed to the public and make such min15 utes available as soon as the considerations necessi16 tating closing such meeting no longer apply. 

17 SEC. 6. POWERS AND LIMITATIONS OF THE BOARD. 

18 (a) POWERS.—In order to carry out the purposes of 

19 the Bank as set forth in this Act, the Board shall be re20 sponsible for monitoring and overseeing infrastructure 

21 projects and have the following powers: 

22 (1) To make senior and subordinated direct 

23 loans on such terms as the Board may determine, in 

24 the Board’s discretion, to be appropriate to assist in 


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1 the financing or refinancing of an infrastructure 

2 project. 

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

4 the Board may determine, in the Board’s discretion, 

5 to be appropriate to assist in the financing or refi6 nancing of an infrastructure project. 

7 (3) To issue Public Benefit Bonds, to provide 

8 financing to infrastructure projects from amounts 

9 made available from the issuance of such bonds. 

10 (4) To pay an interest subsidy on American In11 frastructure Bonds to the issuer of such bonds. 

12 (5) To make agreements and contracts with any 

13 entity in furtherance of the business of the Bank. 

14 (6) To monitor and oversee infrastructure 

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

16 (7) To sue and be sued in the Bank’s corporate 

17 capacity in any court of competent jurisdiction, ex18 cept that no attachment, injunction, or similar proc19 ess, may be issued against the property of the Bank 

20 or against the Bank with respect to such property. 

21 (8) To indemnify the directors and officers of 

22 the Bank for liabilities arising out of the actions of 

23 the directors and officers in such capacity, in accord24 ance with, and subject to the limitations contained 

25 in, this Act. 


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1 (9) To serve as the primary liaison between the 

2 Bank and the Congress, the executive branch, and 

3 State and local governments, and to represent the 

4 Bank’s interests. 

5 (10) To exercise all other lawful powers which 

6 are necessary or appropriate to carry out, and are 

7 consistent with, the purposes of the Bank. 

8 (b) LIMITATIONS.— 

9 (1) ISSUANCE OF PUBLIC BENEFIT BONDS.— 

10 The Board may not issue any Public Benefit Bond 

11 without the prior consent of the Secretary. 

12 (2) EMPLOYEE PROTECTIONS.—Prior to pro13 viding any financial assistance for an infrastructure 

14 project involving reconstruction, rehabilitation, re15 placement or expansion that may impact current em16 ployees on the project site, the interests of employees 

17 affected by the financial assistance shall be pro18 tected under arrangements the Secretary of Labor 

19 concludes are fair and equitable in accordance with 

20 section 5333(b)(2) of title 49. 

21 (c) ACTIONS CONSISTENT WITH SELF-SUPPORTING

22 ENTITY STATUS.—The Board shall conduct its business 

23 in a manner consistent with the requirements of this sec24 tion. 


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1 (d) COORDINATION WITH STATE AND LOCAL REGU2 LATORY AUTHORITY.—The provision of financial assist3 ance by the Board pursuant to this Act shall not be con4 strued as— 

5 (1) limiting the right of any State or political 

6 subdivision or other instrumentality of a State to ap7 prove or regulate rates of return on private equity 

8 invested in a project; or 

9 (2) otherwise superseding any State law or reg10 ulation applicable to a project. 

11 (e) FEDERAL PERSONNEL REQUESTS.—The Board 

12 shall have the power to request the detail, on a reimburs13 able basis, of personnel from other Federal agencies with 

14 specific expertise not available from within the Bank or 

15 elsewhere. The head of any Federal agency may detail, 

16 on a reimbursable basis, any personnel of such agency re17 quested by the Board and shall not withhold unreasonably 

18 the detail of any personnel requested by the Board. 

19 SEC. 7. EXECUTIVE COMMITTEE. 

20 (a) IN GENERAL.—The Board shall establish an Ex21 ecutive Committee consisting of 9 members, headed by the 

22 chief executive officer of the Bank. 

23 (b) CEO.—A majority of the Board shall have the 

24 authority to appoint and reappoint the chief executive offi25 cer with such executive functions, powers, and duties as 


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1 may be prescribed by this Act, the bylaws of the Bank, 

2 or the Board. 

3 (c) CEO RESPONSIBILITIES.—The CEO shall have 

4 responsibility for the development and implementation of 

5 the strategy of Bank, including— 

6 (1) the development and submission to the 

7 Board of the annual business plans and budget; 

8 (2) the development and submission to the 

9 Board of a long-term strategic plan; and 

10 (3) the development, revision, and submission 

11 to the Board of Directors of internal policies. 

12 (d) OTHER EXECUTIVE OFFICERS.—The Board shall 

13 appoint, remove, fix the compensation, and define duties 

14 of 8 other executive officers to serve on the Executive 

15 Committee as the— 

16 (1) chief compliance officer; 

17 (2) chief financial officer; 

18 (3) chief asset and liability management officer; 

19 (4) chief loan origination officer; 

20 (5) chief operations officer; 

21 (6) chief risk officer; 

22 (7) chief treasury officer; and 

23 (8) general counsel. 

24 (e) QUALIFICATIONS.—The CEO shall have experi25 ence and expertise in finance and the other executive offiVerDate Mar 15 2010 04:33 Jul 03, 2013 Jkt 029200 PO 00000 Frm 00021 Fmt 6652 Sfmt 6201 E:\BILLS\H2553.IH H2553

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1 cers shall have demonstrated experience and expertise in 

2 one or more of the following: 

3 (1) Transportation infrastructure. 

4 (2) Environmental infrastructure. 

5 (3) Energy infrastructure. 

6 (4) Telecommunications infrastructure. 

7 (5) Economic development. 

8 (6) Workforce development. 

9 (7) Public health. 

10 (8) Private or public finance. 

11 (f) DUTIES.—In order to carry out the purposes of 

12 the Bank as set forth in this Act, the Executive Committee 

13 shall— 

14 (1) establish and submit to the Board disclo15 sure and application procedures for entities nomi16 nating projects for assistance under this Act; 

17 (2) establish and submit to the Board standard18 ized terms and conditions, fee schedules, or legal re19 quirements of a contract or program to carry out 

20 this Act; 

21 (3) establish and submit to the Board guide22 lines for the selection and approval of projects and 

23 specific criteria for determining eligibility for project 

24 selection; 


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1 (4) accept, for consideration, project proposals 

2 relating to the development of infrastructure 

3 projects, which meet the basic criteria established by 

4 the Executive Committee, and which are submitted 

5 by an entity; 

6 (5) provide recommendations to the Board and 

7 place project proposals accepted by the Executive 

8 Committee on a list for consideration for financial 

9 assistance from the Board; 

10 (6) recommend to the Board the percentage 

11 subsidy amount for an approved application for an 

12 American Infrastructure Bond, with such rec13 ommendation based on the strength of the related 

14 infrastructure project’s ability to meet the criteria 

15 described under section 11 and the ability of such 

16 project to attract private investment in an infra17 structure project’s early development stages; 

18 (7) provide technical assistance, including pub19 lic-private partnership infrastructure project value 

20 for money assessments, long-term economic benefit 

21 projections, and contract evaluations, to entities re22 ceiving financing from the Bank and otherwise im23 plement decisions of the Board; and 


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1 (8) provide technical assistance to State and 

2 local governments who wish to have the Bank’s ap3 proval to issue American Infrastructure bonds. 

4 (g) VACANCY.—A vacancy in the position of CEO and 

5 other executive officers of the Executive Committee shall 

6 be filled in the manner in which the original appointment 

7 was made. 

8 (h) COMPENSATION.—The compensation of the CEO 

9 and other executive officers of the Executive Committee 

10 shall be determined by the Board. 

11 (i) REMOVAL.—The CEO and other executive officers 

12 of the Executive Committee may be removed at the discre13 tion of a majority of the Board. 

14 (j) TERM.—The CEO and other executive officers of 

15 the Executive Committee shall serve a 6-year term and 

16 may be reappointed in accordance with this section. 

17 (k) LIMITATIONS.—The CEO and other executive of18 ficers of the Executive Committee shall not— 

19 (1) hold any other public office; 

20 (2) have any interest in an infrastructure 

21 project considered by the Board; 

22 (3) have any interest in an investment institu23 tion, commercial bank, or other entity seeking finan24 cial assistance for any infrastructure project from or 

25 investing in the Bank; and 


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1 (4) have any such interest during the 2-year pe2 riod beginning on the date such officer ceases to 

3 serve in such capacity. 

4 SEC. 8. RISK MANAGEMENT COMMITTEE. 

5 (a) ESTABLISHMENT OF RISK MANAGEMENT COM6 MITTEE.—The Board shall establish a risk management 

7 committee consisting of 5 members, headed by the chief 

8 risk officer. 

9 (b) APPOINTMENTS.—A majority of the Board shall 

10 have the authority to appoint and reappoint the CRO of 

11 the Bank. 

12 (c) FUNCTIONS; DUTIES.— 

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

14 functions, powers, and duties as may be prescribed 

15 by one or more of the following: This Act, the by16 laws of the Bank, and the Board. The CRO shall re17 port directly to the Board. 

18 (2) RISK MANAGEMENT DUTIES.—In order to 

19 carry out the purposes of this Act, the risk manage20 ment committee shall— 

21 (A) create financial, credit, and operational 

22 risk management guidelines and policies to be 

23 adhered to by the Bank; 


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1 (B) set guidelines to ensure diversification 

2 of lending activities by both geographic region 

3 and infrastructure project type; 

4 (C) create conforming standards for all fi5 nancial assistance provided by the Bank; 

6 (D) monitor financial, credit and oper7 ational exposure of the Bank; and 

8 (E) provide financial recommendations to 

9 the Board. 

10 (d) DUTY WITH RESPECT TO AMERICAN INFRA11 STRUCTURE BONDS.—The risk management committee 

12 shall ensure that the aggregate amount of interest sub13 sidies provided for American Infrastructure Bonds in a 

14 given calendar year do not exceed an amount equal to 28 

15 percent of interest payable under all such bonds. 

16 (e) OTHER RISK MANAGEMENT OFFICERS.—The 

17 Board shall appoint, remove, fix the compensation, and 

18 define the duties of 4 other risk management officers to 

19 serve on the risk management committee. 

20 (f) QUALIFICATIONS.—The CRO and other risk man21 agement officers shall have demonstrated experience and 

22 expertise in one or more of the following: 

23 (1) Treasury and asset and liability manage24 ment. 

25 (2) Investment regulations. 


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1 (3) Insurance. 

2 (4) Credit risk management and credit evalua3 tions. 

4 (5) Related disciplines. 

5 (g) VACANCY.—A vacancy in the position of CRO and 

6 other risk management officers of the risk management 

7 committee shall be filled in the manner in which the origi8 nal appointment was made. 

9 (h) COMPENSATION.—The compensation of the CRO 

10 and other risk management officers of the risk manage11 ment committee shall be determined by the Board. 

12 (i) REMOVAL.—The CRO and other risk management 

13 officers of the risk management committee may be re14 moved at the discretion of a majority of the Board. 

15 (j) TERM.—The CRO and other risk management of16 ficers of the risk management committee shall serve a 6- 

17 year term and may be reappointed in accordance with this 

18 section. 

19 (k) LIMITATIONS.—The CRO and other risk manage20 ment officers of the risk management committee shall 

21 not— 

22 (1) hold any other public office; 

23 (2) have any interest in an infrastructure 

24 project considered by the Board; 


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1 (3) have any interest in an investment institu2 tion, commercial bank, or other entity seeking finan3 cial assistance for any infrastructure project from or 

4 investing in the Bank; and 

5 (4) have any such interest during the 2-year pe6 riod beginning on the date such officer ceases to 

7 serve in such capacity. 

8 SEC. 9. AUDIT COMMITTEE. 

9 (a) IN GENERAL.—The Bank shall establish an audit 

10 committee consisting of 5 members, headed by the chief 

11 compliance officer of the Bank. 

12 (b) APPOINTMENTS.—A majority of the Board shall 

13 have the authority to appoint and reappoint the CCO of 

14 the Bank. 

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

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

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

18 and the Board. The CCO shall report directly to the 

19 Board. 

20 (d) AUDIT DUTIES.—In order to carry out the pur21 poses of the Bank under this Act, the audit committee 

22 shall— 

23 (1) provide internal controls and internal audit24 ing activities for the Bank; 


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1 (2) maintain responsibility for the accounting 

2 activities of the Bank; 

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

4 (4) complete reports with outside auditors and 

5 public accountants appointed by the Board. 

6 (e) OTHER AUDIT OFFICERS.—The Board shall ap7 point, remove, fix the compensation, and define the duties 

8 of 4 other audit officers to serve on the audit committee. 

9 (f) QUALIFICATIONS.—The CCO and other audit offi10 cers shall have demonstrated experience and expertise in 

11 one or more of the following: 

12 (1) Internal auditing. 

13 (2) Internal investigations. 

14 (3) Accounting practices. 

15 (4) Financing practices. 

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

17 other audit officers of the audit committee shall be filled 

18 in the manner in which the original appointment was 

19 made. 

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

21 and other audit officers of the audit committee shall be 

22 determined by the Board. 

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

24 the audit committee may be removed at the discretion of 

25 a majority of the Board. 


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

2 audit committee shall serve a 6-year term and may be re3 appointed in accordance with this section. 

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

5 of the audit committee shall not— 

6 (1) hold any other public office; 

7 (2) have any interest in an infrastructure 

8 project considered by the Board; 

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. 10. PERSONNEL. 

17 The chairperson of the Board, chief executive officer, 

18 chief risk officer, and chief compliance officer shall ap19 point, remove, fix the compensation of, and define the du20 ties of such qualified personnel to serve under the Board, 

21 Executive Committee, risk management committee, or 

22 audit committee, as the case may be, as necessary and 

23 prescribed by one or more of the following: This Act, the 

24 bylaws of the Bank, and the Board. 


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1 SEC. 11. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 

2 BANK. 

3 (a) IN GENERAL.—Any entity proposing a project for 

4 which the use or purpose is private and without public 

5 benefit shall not be eligible for financial assistance from 

6 the Bank under this Act. No financial assistance shall be 

7 available from the Bank unless the entity for such assist8 ance has demonstrated to the satisfaction of the Board 

9 that the project for which such assistance is being sought 

10 meets the requirements of this Act. 

11 (b) ESTABLISHMENT OF PROJECT CRITERIA.— 

12 (1) IN GENERAL.—Consistent with the require13 ments of subsections (c) and (d), the Board shall ap14 prove— 

15 (A) criteria for determining eligibility for 

16 financial assistance established by the Executive 

17 Committee under this Act; 

18 (B) revisions to criteria for determining 

19 eligibility for financial assistance established by 

20 the Executive Committee under this Act; 

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

22 into account established by the Executive Com23 mittee; 

24 (D) disclosure and application procedures 

25 to be followed by entities to nominate projects 


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1 for assistance established by the Executive 

2 Committee under this Act; and 

3 (E) such other criteria as the Board may 

4 consider to be appropriate for the purposes of 

5 carrying out this Act. 

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

7 (A) IN GENERAL.—The Executive Com8 mittee shall conduct an analysis that takes into 

9 account the economic, environmental, and social 

10 benefits, and costs of each project under consid11 eration for financial assistance under this Act, 

12 prioritizing projects that contribute to economic 

13 growth, lead to job creation, and are of regional 

14 or national significance. 

15 (B) CRITERIA.—The criteria established 

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

17 the consideration of the following factors in 

18 considering eligibility for financial assistance 

19 under this Act: 

20 (i) The means by which development 

21 of the infrastructure project under consid22 eration is being financed, including— 

23 (I) the terms and conditions and 

24 financial structure of the proposed fi25 nancing; 


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1 (II) the credit worthiness and 

2 standing of the project sponsors, pro3 viders of equity, and cofinanciers; 

4 (III) the financial assumptions 

5 and projections on which the project 

6 is based; and 

7 (IV) the extent to which the in8 frastructure project maximizes invest9 ment from other sources. 

10 (ii) The likelihood that the provision 

11 of assistance by the Bank will cause such 

12 development to proceed more promptly and 

13 with lower costs for financing than would 

14 be the case without such assistance. 

15 (iii) The extent to which the provision 

16 of assistance by the Bank maximizes the 

17 level of private investment in the infra18 structure project while providing a public 

19 benefit. 

20 (C) DEDICATED REVENUE SOURCES.—Any 

21 financial assistance for an infrastructure 

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

23 from dedicated revenue sources that also secure 

24 the infrastructure project obligations. 


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1 (D) AMOUNT OF FINANCIAL ASSIST2 ANCE.—The amount of financial assistance 

3 under this Act shall not exceed the lesser of 50 

4 percent of the reasonably anticipated eligible in5 frastructure project costs. 

6 (c) PUBLIC INPUT.—In developing proposed infra7 structure project criteria and conducting reviews of infra8 structure project criteria for the Board, the Executive 

9 Committee shall seek input from the public including 

10 views related to— 

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

12 taken into account; 

13 (2) measuring whether projects are meeting ap14 proved criteria; and 

15 (3) any other input considered by the Executive 

16 Committee and the public for the purposes of car17 rying out this Act. 

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

19 (1) TRANSPORTATION INFRASTRUCTURE

20 PROJECTS.—For any transportation infrastructure 

21 project, the Board shall consider the following: 

22 (A) Job creation, including workforce de23 velopment for women and minorities, respon24 sible employment practices, and targeted job 


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1 training and employment opportunities for low 

2 income workers. 

3 (B) Reduction in greenhouse gases. 

4 (C) Reduction in surface and air traffic 

5 congestion. 

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

7 miles traveled and congestion pricing, for high8 way, road, and bridge projects. 

9 (E) Increased access to transportation op10 tions. 

11 (F) Increased safety of transportation sys12 tems for motorized and non-motorized users. 

13 (G) Public health benefits, including the 

14 removal of lead coatings or other hazardous 

15 chemicals and materials. 

16 (H) Reduction in risk of structural failure 

17 over the service life of the project. 

18 (2) ENVIRONMENTAL INFRASTRUCTURE

19 PROJECT.—For any environmental infrastructure 

20 project, the Board shall consider the following: 

21 (A) Job creation, including workforce de22 velopment for women and minorities, respon23 sible employment practices, and targeted job 

24 training and employment opportunities for low 

25 income workers. 


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1 (B) Public health benefits, including the 

2 removal of lead coatings or other hazardous 

3 materials. 

4 (C) Pollution reductions. 

5 (D) Reductions in greenhouse gas. 

6 (E) Increased coastal and inland flood 

7 mitigation and protection. 

8 (F) Reduction in risk of structural failure 

9 over the service life of the project. 

10 (3) ENERGY INFRASTRUCTURE PROJECT.—For 

11 any energy infrastructure project, the Board shall 

12 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) Reduction in greenhouse gas. 

19 (C) Expanded use of renewable energy. 

20 (D) Development of a smart grid. 

21 (E) Energy efficient building, housing, and 

22 school modernization, including renewable en23 ergy designated retrofits. 

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

25 a public housing project— 


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1 (i) improvement of the physical shape 

2 and layout; 

3 (ii) environmental improvement; and 

4 (iii) mobility improvements for resi5 dents. 

6 (G) Public health benefits including the re7 moval of lead coatings or other hazardous 

8 chemicals and materials. 

9 (H) Reduction in risk of structural failure 

10 over the service life of the project. 

11 (4) TELECOMMUNICATIONS.—For any tele12 communications project, the Board shall consider 

13 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) The extent to which assistance ex20 pands or improves broadband and wireless serv21 ices in rural and disadvantaged communities. 

22 (e) CONSIDERATION OF PROJECT PROPOSALS.— 

23 (1) PARTICIPATION BY OTHER AGENCY PER24 SONNEL.—Consideration of a project under this sec25 tion by the Executive Committee and the Board 


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1 shall be conducted with personnel on detail to the 

2 Bank from relevant Federal agencies among individ3 uals who are familiar with and experienced in the se4 lection criteria for competitive infrastructure 

5 projects. 

6 (2) FEES.—A fee may be charged for the re7 view of any project proposal in such amount as may 

8 be considered appropriate by the Executive Com9 mittee approved by the Board to cover the cost of 

10 such review. 

11 (f) DISCRETION OF BOARD.—Consistent with other 

12 provisions of this Act, any determination of the Board to 

13 provide assistance to any infrastructure project, and the 

14 manner in which such assistance is provided, including the 

15 terms, conditions, fees, and charges shall be at the sole 

16 discretion of the Board. 

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

18 provision of assistance by the Board in accordance with 

19 this Act shall not be deemed to relieve any recipient of 

20 assistance or the related infrastructure project of any obli21 gation to obtain required State and local permits and ap22 provals. 

23 (h) ANNUAL REPORT.—An entity receiving assist24 ance from the Board shall make annual reports to the 

25 Board on the use of any such assistance, compliance with 


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

2 all entities with a development, ownership, or operational 

3 interest in a infrastructure project assisted or proposed 

4 to be assisted under this Act. 

5 SEC. 12. EXEMPTION FROM LOCAL TAXATION. 

6 All bonds issued by the Bank, and the interest on 

7 or credits with respect to such bonds, shall not be subject 

8 to taxation by any State, county, municipality, or local 

9 taxing authority. 

10 SEC. 13. STATUS AND APPLICABILITY OF CERTAIN FED11 ERAL LAWS. 

12 (a) COMPLIANCE WITH DAVIS-BACON ACT.—All la13 borers and mechanics employed by contractors and sub14 contractors on infrastructure projects funded directly by 

15 or assisted in whole or in part by and through the Bank 

16 pursuant to this Act shall be paid wages at rates not less 

17 than those prevailing on projects of a character similar 

18 in the locality as determined by the Secretary of Labor 

19 in accordance with subchapter IV of chapter 31 of part 

20 A of title 40, United States Code. With respect to the 

21 labor standards specified in this section, the Secretary of 

22 Labor shall have the authority and functions set forth in 

23 Reorganization Plan Numbered 14 of 1950 (64 Stat. 

24 1267; 5 U.S.C. App.) and section 3145 of title 40, United 

25 States Code. 


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1 (b) NO PRIORITY AS A FEDERAL CLAIM.—The pri2 ority established in favor of the United States by section 

3 3713 of title 31, United States Code, shall not apply with 

4 respect to any indebtedness of the Bank. 

5 (c) EMPLOYEE PROTECTIVE ARRANGEMENTS.—Re6 cipients of any financial assistance authorized under this 

7 Act that funds public transportation capital projects, as 

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

9 must comply with the grant requirements described under 

10 section 5309 of such title. 

11 SEC. 14. COMPLIANCE WITH CERTAIN DOMESTIC CONTENT 

12 STATUTES. 

13 The financing provided for an infrastructure project 

14 shall be in accordance with the following statutory provi15 sions of the United States Code under the jurisdiction of 

16 the Department of Transportation: section 24305 of title 

17 49, United States Code (AMTRAK), section 313 of title 

18 23, United States Code (FHWA), section 5323(j) of title 

19 49, United States Code (FTA), section 24405 of title 49, 

20 United States Code (Intercity Rail Passenger Corpora21 tion) and sections 50101 and 50105 of title 49, United 

22 States Code (FAA). 


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1 SEC. 15. USE OF IRON, STEEL, AND MANUFACTURED GOODS 

2 IN INFRASTRUCTURE PROJECTS. 

3 (a) BUY AMERICA.—None of the financing provided 

4 for by the Bank may be used for a public infrastructure 

5 project unless all of the iron, steel, and manufactured 

6 goods used for the construction, alteration, maintenance 

7 or repair of the project are produced in the United States. 

8 (b) EXCEPTION.—Subsection (a) shall not apply in 

9 any case or category of cases in which the Secretary of 

10 the Treasury finds that— 

11 (1) applying subsection (a) would be incon12 sistent with the public interest; 

13 (2) iron, steel, and the relevant manufactured 

14 goods are not produced in the United States in suffi15 cient and reasonably available quantities and of a 

16 satisfactory quality; or 

17 (3) inclusion of iron, steel, and manufactured 

18 goods produced in the United States will increase 

19 the cost of the overall infrastructure project by more 

20 than 25 percent. 

21 (c) PUBLICATION OF WAIVERS.—If the Secretary of 

22 the Treasury determines that it is necessary to waive the 

23 application of subsection (a) based on a finding under sub24 section (b), the Treasury Secretary shall publish in the 

25 Federal Register a detailed written justification as to why 

26 the provision is being waived. 


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1 (d) APPLICATION OF SECTION.—This section shall be 

2 applied in a manner consistent with the United States ob3 ligations under international agreements. 

4 (e) CONSULTATIONS.—The Secretary of the Treasury 

5 shall consult with the Board and may consult with the 

6 Secretary of Transportation and other Federal Secretaries 

7 and Administrators when applying this section. 

8 SEC. 16. AUDITS; REPORTS TO PRESIDENT AND CONGRESS. 

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

10 shall be maintained in accordance with generally accepted 

11 accounting principles and shall be subject to an annual 

12 audit by independent public accountants appointed by the 

13 Board and of nationally recognized standing. 

14 (b) REPORTS.— 

15 (1) BOARD.—The Board shall submit to the 

16 President and Congress, within 90 days after the 

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

18 report with respect to the preceding fiscal year, set19 ting forth— 

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

21 for such preceding fiscal year; 

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

23 outstanding at the end of such preceding fiscal 

24 year, with a statement of the amounts issued 


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1 and redeemed or paid during such preceding 

2 fiscal year; and 

3 (C) the status of infrastructure projects re4 ceiving funding or other assistance pursuant to 

5 this Act, including disclosure of all entities with 

6 a development, ownership, or operational inter7 est in such projects. 

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

9 date of enactment of this Act, the Comptroller Gen10 eral of the United States shall submit to Congress 

11 a report evaluating activities of the Bank for the fis12 cal years covered by the report that includes an as13 sessment of the impact and benefits of each funded 

14 infrastructure project, including a review of how ef15 fectively each project accomplished the goals 

16 prioritized by the Bank’s project criteria. 

17 (c) BOOKS AND RECORDS.— 

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

19 adequate books and records to support the financial 

20 transactions of the Bank with a description of finan21 cial transactions and infrastructure projects receiv22 ing funding, and the amount of funding for each 

23 project maintained on a publically accessible data24 base. 


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1 (2) PUBLIC COMMENT PERIOD.—The Bank 

2 shall post infrastructure financing agreements on 

3 the database providing 30 days for public comments 

4 before providing final financing for the infrastruc5 ture project. 

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

7 The books and records of the Bank shall be main8 tained in accordance with recommended accounting 

9 practices and shall be open to inspection by the Sec10 retary and the Comptroller General of the United 

11 States. 

12 SEC. 17. AMERICAN INFRASTRUCTURE BOND. 

13 (a) IN GENERAL.—In the case of an American Infra14 structure Bond, the Bank shall pay (contemporaneously 

15 with each interest payment date under such bond) to the 

16 issuer of such bond (or to any person who makes such 

17 interest payments on behalf of the issuer) the applicable 

18 percentage of the interest payable under such bond on 

19 such date. 

20 (b) AMERICAN INFRASTRUCTURE BOND.— 

21 (1) IN GENERAL.—For purposes of this section, 

22 the term ‘‘American Infrastructure Bond’’ means 

23 any obligation (other than a private activity bond) 

24 if— 


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1 (A) the interest on such obligation would 

2 (but for this section) be excludable from gross 

3 income under section 103 of the Internal Rev4 enue Code of 1986; 

5 (B) such obligation would have been a 

6 qualified bond under section 54AA of such Code 

7 (determined without regard to subparagraphs 

8 (B) and (C) of subsection (d)(1) and subsection 

9 (g)(2)(B) thereof); 

10 (C) such obligation is approved under the 

11 American Infrastructure Bond program; and 

12 (D) the issuer makes an irrevocable elec13 tion to have this section apply. 

14 (2) APPLICABLE RULES.—For purposes of ap15 plying paragraph (1)— 

16 (A) for purposes of section 149(b) of such 

17 Code, an American Infrastructure Bond shall 

18 not be treated as federally guaranteed by rea19 son of the subsidy provided under subsection 

20 (a); 

21 (B) for purposes of section 148 of such 

22 Code, the yield on an American Infrastructure 

23 Bond shall be determined without regard to the 

24 subsidy provided under subsection (a); and 


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1 (C) a bond shall not be treated as an 

2 American Infrastructure Bond if the issue price 

3 has more than a de minimis amount (deter4 mined under rules similar to the rules of section 

5 1273(a)(3) of such Code) of premium over the 

6 stated principal amount of the bond. 

7 (c) INTEREST ON BONDS INCLUDED IN GROSS IN8 COME.—For purposes of the Internal Revenue Code of 

9 1986, interest on any American Infrastructure Bond shall 

10 be includible in gross income. 

11 (d) DEFINITIONS.—For purposes of this section— 

12 (1) INTEREST PAYMENT DATE.—The term ‘‘in13 terest payment date’’ means any date on which the 

14 holder of record of the American Infrastructure 

15 Bond is entitled to a payment of interest under such 

16 bond. 

17 (2) APPLICABLE PERCENTAGE.—The applicable 

18 percentage with respect to the interest subsidy pro19 vided for any bond under the American Infrastruc20 ture Bond program shall be a percentage rec21 ommended by the Executive Committee, reviewed by 

22 the risk management committee, and approved by 

23 the Board. 

24 (e) AMERICAN INFRASTRUCTURE BOND PROGRAM.— 


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1 (1) IN GENERAL.—Not later than 180 days 

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

3 Board, in consultation with the Executive Com4 mittee, risk management committee, and the Sec5 retary of the Treasury, shall establish an American 

6 Infrastructure Bond program, under which the 

7 Board may— 

8 (A) approve bond issuances for purposes of 

9 this section, and 

10 (B) assign an applicable percentage with 

11 respect to any bond so approved. 

12 (2) APPLICATION.—Issuers may apply for the 

13 approval of a bond issuance for purposes of this sec14 tion, and any such application shall contain such in15 formation as the Executive Committee and the risk 

16 management committee may require in order to ac17 cept or reject an application and to assign an appli18 cable percentage to such bond. 

19 (3) CRITERIA.—Approval of an application and 

20 the applicable percentage subsidy assigned under the 

21 program shall be based on the ability of each project 

22 to meet the criteria established under section 8(d). 

23 (4) LIMITATIONS.— 


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1 (A) PER BOND SUBSIDY.—The applicable 

2 percentage with respect to any bond may not 

3 exceed 40 percent. 

4 (B) AGGREGATE SUBSIDY LIMITATION.— 

5 For any calendar year, the aggregate amount of 

6 interest subsidies provided under this section 

7 with respect to all American Infrastructure 

8 Bonds shall not exceed an amount equal to 28 

9 percent of interest payable under all such 

10 bonds. 

11 SEC. 18. NATIONAL INFRASTRUCTURE DEVELOPMENT 

12 BANK TRUST FUND. 

13 (a) IN GENERAL.—There is established in the Treas14 ury of the United States a trust fund to be known as the 

15 ‘‘National Infrastructure Development Bank Trust Fund’’ 

16 consisting of such amounts as may be appropriated to 

17 such trust fund as provided in this section. 

18 (b) TRANSFER TO TRUST FUND.—There are hereby 

19 appropriated to the National Infrastructure Development 

20 Bank Trust Fund such amount as the Secretary of the 

21 Treasury estimates is equivalent to the tax receipts attrib22 utable to interest payable under American Infrastructure 

23 Bonds. 

24 (c) EXPENDITURES FROM TRUST FUND.—Amounts 

25 in the National Infrastructure Development Bank Trust 


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1 Fund shall be available, as provided in appropriation Acts, 

2 only for purposes of the Secretary making transfers to the 

3 National Infrastructure Development Bank for infrastruc4 ture project assistance provided by the Bank under this 

5 Act. 

6 SEC. 19. AUTHORIZATION OF APPROPRIATIONS. 

7 There is authorized to be appropriated 

8 $5,000,000,000 for each of fiscal years 2014, 2015, 2016, 

9 2017, and 2018 to capitalize the Bank and to remain 

10 available until expended, of which not more than 

11 $25,000,000 for each of fiscal years 2014 and 2015, and 

12 not more than $50,000,000 for each fiscal year thereafter, 

13 may be used for administrative costs of the Bank. 

Æ 


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