II 

112TH CONGRESS 

1ST SESSION S. 1550 

To establish the National Infrastructure Bank to provide financial assistance 

for qualified infrastructure projects selected by the Bank, and for other 

purposes. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 13, 2011 

Mr. BROWN of Ohio (for himself and Mr. REED) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To establish the National Infrastructure Bank to provide 

financial assistance for qualified infrastructure projects 

selected by the 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 Bank Act of 2011’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds that— 

8 (1) according to the American Society of Civil 

9 Engineers— 


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1 (A) the current condition of the infrastruc2 ture of the United States earns a grade point 

3 average of D and jeopardizes the prosperity and 

4 quality of life of the citizens of the United 

5 States; and 

6 (B) the number of deficient dams has risen 

7 to more than 4,000, including 1,819 high-haz8 ard potential dams. Over the past six years, for 

9 every deficient, high-hazard potential dam re10 paired, nearly two more were declared deficient. 

11 There are more than 85,000 dams in the 

12 United States, and the average age is just over 

13 51 years old. An additional investment of 

14 $12,000,000,000 over 10 years will be needed 

15 to eliminate the existing backlog of 4,095 defi16 cient dams; 

17 (2) according to the Federal Transit Adminis18 tration— 

19 (A) the United States needs to spend 

20 $15,100,000,000 (25 percent more) annually 

21 over the next 20 years to maintain the current 

22 conditions and performance of transit systems, 

23 and $21,100,000,000 (73 percent) over that 

24 same time period more to make substantial im25 provements; and 


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1 (B) the Nation’s public transit agencies 

2 face an $80,000,000,000 maintenance backlog 

3 to bring their rail systems to a state of good re4 pair; 

5 (3) according to the Department of Housing 

6 and Urban Development— 

7 (A) there is a critical shortage of afford8 able housing for very low-income individuals 

9 with nearly 6,000,000 very low income families 

10 facing ‘‘worst case’’ housing needs, meaning 

11 that they pay over one-half of their monthly in12 come on rent; and 

13 (B) there are over 1,200,000 units of pub14 lic housing nationwide, with an accumulated 

15 capital needs backlog of approximately 

16 $18,000,000,000 to $24,000,000,000, with an 

17 additional $2,000,000,000 accruing each year; 

18 (4) according to the Federal Highway Adminis19 tration— 

20 (A) 33 percent of all urban and rural 

21 roads in the United States are in poor, medi22 ocre, or fair condition; 

23 (B) approximately $131,700,000,000 must 

24 be expended each year for a period of not less 


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1 than 20 years to improve the conditions of 

2 those urban and rural roads; 

3 (C) 24.8 percent of all bridges in the 

4 United States are— 

5 (i) structurally deficient; or 

6 (ii) functionally obsolete; and 

7 (D) approximately $3,000,000,000 in addi8 tional funds must be expended each year for a 

9 period of not less than 20 years to eliminate the 

10 deficiencies of those bridges; 

11 (5) according to Texas Transportation Insti12 tute, travel has increased 72 percent in big metro re13 gions while road capacity on freeways and major 

14 streets has grown by only 40 percent; 

15 (6) according to the Environmental Protection 

16 Agency— 

17 (A) $161,000,000,000 must be expended 

18 during the next 20 years to make necessary re19 pairs, replacements, and upgrades to the ap20 proximately 55,000 community drinking water 

21 systems of the United States; 

22 (B) approximately $390,000,000,000 must 

23 be expended during the next 20 years to elimi24 nate the deficiencies of the wastewater systems 

25 of the United States; and 


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1 (C) from 2006 to 2009, more than 9,400 

2 of the Nation’s 25,000 sewage systems—includ3 ing those in major cities—have reported vio4 lating the Clean Water Act of 1975 by dumping 

5 untreated or partly treated human waste, 

6 chemicals and other hazardous materials into 

7 rivers and lakes and elsewhere; and 

8 (7) the infrastructure financing mechanisms of 

9 the United States do not adequately— 

10 (A) address infrastructure projects of re11 gional or national significance; 

12 (B) encourage an appropriate pooling of 

13 Federal, State, local, and private resources; or 

14 (C) provide transparency to ensure the op15 timal return on public resources. 

16 TITLE I—NATIONAL 

17 INFRASTRUCTURE BANK 

18 SEC. 101. DEFINITIONS. 

19 In this title, the following definitions shall apply: 

20 (1) BANK.—The term ‘‘Bank’’ means the ‘‘Na21 tional Infrastructure Bank’’ established under sec22 tion 102. 

23 (2) BOARD.—The term ‘‘Board’’ means the 

24 board of directors of the Bank, established under 

25 section 103. 


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1 (3) CHAIRPERSON.—The term ‘‘Chairperson’’ 

2 means the Chairperson of the Board. 

3 (4) FINANCIAL ASSISTANCE.—The term ‘‘finan4 cial assistance’’ means a method used by the Bank 

5 to provide a loan, loan guarantee, forgiveness of loan 

6 principle, or negative interest rate loan to a qualified 

7 infrastructure project. 

8 (5) INFRASTRUCTURE PROJECT.— 

9 (A) IN GENERAL.—The term ‘‘infrastruc10 ture project’’ means the building, improvement, 

11 or increase in capacity of a basic installation, 

12 facility, asset, or stock that is associated with— 

13 (i) a mass transit system that meets 

14 the criteria in subparagraph (B); 

15 (ii) a public housing property that is 

16 eligible to receive funding under section 24 

17 of the United States Housing Act of 1937 

18 (42 U.S.C. 1437v) and that meets the cri19 teria in subparagraph (B); 

20 (iii) a road or bridge that meets the 

21 criteria in subparagraph (B); 

22 (iv) a drinking water system or a 

23 wastewater system that meets the criteria 

24 in subparagraph (B); 


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1 (v) a freight or passenger rail project 

2 that meets the criteria in subparagraph 

3 (B); or 

4 (vi) an airport or air traffic control 

5 systems that meet the criteria in subpara6 graph (B). 

7 (B) CRITERIA.—A project described in any 

8 of clauses (i) through (vi) of subparagraph (A) 

9 meets the criteria of this subparagraph if it 

10 serves any one or more of the objectives identi11 fied in paragraphs (1) through (9) of section 

12 101(c) of the Housing and Community Develop13 ment Act of 1974 (42 U.S.C. 5301(c)). 

14 (6) PUBLIC HOUSING.—The term ‘‘public hous15 ing’’ means a housing project receiving assistance 

16 under section 9 of the United States Housing Act of 

17 1937 (42 U.S.C. 1437g). 

18 (7) PUBLIC HOUSING AGENCY.—The term 

19 ‘‘public housing agency’’ means an agency described 

20 in section 3(b)(6) of the United States Housing Act 

21 of 1937 (42 U.S.C. 1437a(b)(6)). 

22 (8) PUBLIC SPONSOR.—The term ‘‘public spon23 sor’’ includes a State or local government, an Indian 

24 tribe (as defined in section 4 of the Indian Self-De25 termination and Education Assistance Act (25 


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1 U.S.C. 450b), a public transportation agency, a pub2 lic housing agency, a public infrastructure agency, or 

3 a consortium of those entities, including a public en4 tity that has partnered with a private nonprofit or 

5 for-profit entity. 

6 (9) PUBLICLY-ASSISTED AFFORDABLE HOUS7 ING.—The term ‘‘publicly-assisted affordable hous8 ing’’ means the categories of housing specified in 

9 section 1335(a)(1)(B) of the Federal Housing En10 terprises Financial Safety and Soundness Act of 

11 1992 (12 U.S.C. 4565(a)(1)(B)). 

12 (10) QUALIFIED INFRASTRUCTURE PROJECT.— 

13 The term ‘‘qualified infrastructure project’’ means 

14 an infrastructure project designated by the Board as 

15 a qualified infrastructure project in accordance with 

16 section 105. 

17 (11) TRANSIT-ORIENTED DEVELOPMENT.—The 

18 term ‘‘transit-oriented development’’ means high19 density, walkable, mixed-use development (including 

20 commercial development, affordable housing, and 

21 market-rate housing) that is within walking distance 

22 of and accessible to 1 or more public transportation 

23 facilities. 


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1 SEC. 102. ESTABLISHMENT OF BANK. 

2 There is established the ‘‘National Infrastructure 

3 Bank’’, which shall be an independent establishment of the 

4 Federal Government, as defined in section 104 of title 5, 

5 United States Code. 

6 SEC. 103. MANAGEMENT OF BANK. 

7 (a) BOARD OF DIRECTORS.— 

8 (1) IN GENERAL.—The management of the 

9 Bank shall be vested in a Board of Directors con10 sisting of 5 members, appointed by the President, by 

11 and with the advice and consent of the Senate, from 

12 among individuals who are citizens of the United 

13 States. 

14 (2) MEMBER EXPERTISE.—The Board shall be 

15 comprised of members with a diverse set of expertise 

16 in infrastructure project development and finance, 

17 including in— 

18 (A) transit infrastructure; 

19 (B) public housing infrastructure; 

20 (C) road and bridge infrastructure; 

21 (D) water infrastructure; 

22 (E) aviation infrastructure; 

23 (F) freight or passenger rail infrastruc24 ture; and 

25 (G) public finance. 


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1 (3) POLITICAL AFFILIATION.—Section 2(a)(2) 

2 of the Federal Deposit Insurance Act (12 U.S.C. 

3 1812(a)(2)) shall apply to members of the Board of 

4 Directors of the Bank in the same manner as it ap5 plies to the Board of Directors of the Federal De6 posit Insurance Corporation. 

7 (4) MEETINGS.—The Board shall meet not 

8 later than 90 days after the date on which all direc9 tors of the Board are first appointed, and otherwise 

10 at the call of the Chairperson. 

11 (5) DATE OF APPOINTMENTS.—The initial 

12 nominations to the Board shall be made not later 

13 than 60 days after the date of enactment of this 

14 title. 

15 (b) CHAIRPERSON AND VICE CHAIRPERSON.—The 

16 Chairperson and Vice Chairperson of the Board shall be 

17 appointed and shall serve in the same manner as is pro18 vided for members of the Federal Deposit Insurance Cor19 poration under section 2(b) of the Federal Deposit Insur20 ance Act (12 U.S.C. 1812(b)). 

21 (c) TERMS.— 

22 (1) APPOINTED MEMBERS.—Except as provided 

23 in paragraph (2), each member of the Board shall 

24 be appointed for a term of 6 years. 


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

2 members of the Board— 

3 (A) the Chairperson and Vice Chairperson 

4 shall be appointed for a term of 6 years; 

5 (B) 1 member shall be appointed for a 

6 term of 5 years; 

7 (C) 1 member shall be appointed for a 

8 term of 4 years; and 

9 (D) 1 member shall be appointed for a 

10 term of 3 years. 

11 (3) INTERIM APPOINTMENTS.—Any member of 

12 the Board appointed to fill a vacancy occurring be13 fore the expiration of the term for which the prede14 cessor of such member was appointed shall be ap15 pointed only for the remainder of such term. 

16 (4) CONTINUATION OF SERVICE.—The Chair17 person, Vice Chairperson, and each other member of 

18 the Board may continue to serve after the expiration 

19 of the term of office to which such member was ap20 pointed, until a successor has been appointed. 

21 (d) VACANCY.—Any vacancy on the Board shall be 

22 filled in the manner in which the original appointment was 

23 made. 

24 (e) INELIGIBILITY FOR OTHER OFFICES.— 


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1 (1) RESTRICTION DURING SERVICE.—No mem2 ber of the Board may, during service on the 

3 Board— 

4 (A) be an officer or director of, or other5 wise be employed by, any entity engaged in or 

6 otherwise associated with an infrastructure 

7 project assisted or considered under this title; 

8 (B) hold stock in any such entity; or 

9 (C) hold any other elected or appointed 

10 public office. 

11 (2) POST SERVICE RESTRICTION.— 

12 (A) IN GENERAL.—No member of the 

13 Board may hold any office, position, or employ14 ment in any entity engaged in or otherwise as15 sociated with an infrastructure project assisted 

16 under this title during the 2-year period begin17 ning on the date on which such member ceases 

18 to serve on the Board. 

19 (B) EXCEPTION FOR MEMBERS WHO

20 SERVE FULL TERM.—The limitation contained 

21 in subparagraph (A) does not apply to any 

22 member who has ceased to serve on the Board 

23 after serving the full term for which such mem24 ber was appointed. 


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1 (3) CERTIFICATION.—Upon taking office, each 

2 member of the Board shall certify under oath that 

3 such member has complied with this subsection, and 

4 such certification shall be filed with the secretary of 

5 the Board. 

6 SEC. 104. STAFF AND PERSONNEL MATTERS. 

7 (a) EXECUTIVE DIRECTOR.— 

8 (1) IN GENERAL.—The Chairperson may ap9 point and terminate, and fix the compensation of, an 

10 executive director of the Bank, in accordance with 

11 title 5, United States Code. 

12 (2) CONFIRMATION OF EXECUTIVE DIREC13 TOR.—The employment of an executive director shall 

14 be subject to confirmation by the Board. 

15 (3) QUALIFICATIONS OF EXECUTIVE DIREC16 TOR.—An individual appointed as the executive di17 rector under paragraph (1) shall have demonstrated 

18 expertise in infrastructure development and finance 

19 including— 

20 (A) transit infrastructure; 

21 (B) public housing infrastructure; 

22 (C) road and bridge infrastructure; 

23 (D) water infrastructure; 

24 (E) aviation infrastructure; 


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1 (F) freight or passenger rail infrastruc2 ture; or 

3 (G) public finance. 

4 (b) OTHER PERSONNEL.—The Board may appoint 

5 and terminate, and fix the compensation of, in accordance 

6 with title 5, United States Code, such personnel as are 

7 necessary to enable the Bank to perform the duties of the 

8 Bank. 

9 (c) SUPPORT FROM OTHER AGENCIES.—The head of 

10 any other Federal agency shall detail employees to the 

11 Bank for purposes of carrying out the duties of the Bank. 

12 SEC. 105. POWERS OF THE BANK BOARD. 

13 (a) HEARINGS.—The Board may, in carrying out this 

14 title— 

15 (1) hold such hearings, meet and act at such 

16 times and places, take such testimony, receive such 

17 evidence, and administer such oaths, as the Board 

18 considers advisable; and 

19 (2) require the attendance and testimony of 

20 such witnesses and the production of such books, 

21 records, correspondence, memoranda, papers, docu22 ments, tapes, and materials, as the Board considers 

23 advisable. 

24 (b) WITNESS ALLOWANCES AND FEES.— 


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1 (1) IN GENERAL.—Section 1821 of title 28, 

2 United States Code, shall apply to a witness re3 quested or subpoenaed to appear at a hearing of the 

4 Board. 

5 (2) EXPENSES.—The per diem and mileage al6 lowances for a witness shall be paid from funds 

7 available to pay the expenses of the Board. 

8 (c) INFORMATION FROM FEDERAL AGENCIES.—The 

9 Board may, upon request, secure directly from a Federal 

10 agency, such information as the Board considers necessary 

11 to carry out this title, and the head of such agency shall 

12 promptly respond to any such request for the provision 

13 of information. 

14 (d) INCORPORATION OF FEDERAL TRANSIT PROC15 ESSES FOR BOARD STATEMENTS.—Section 5334(l) of title 

16 49, United States Code, as added by section 3032 of the 

17 Federal Public Transportation Act of 2005 (Public Law 

18 109–59, 119 Stat. 1627), shall apply to statements of the 

19 Board in the same manner and to the same extent as that 

20 section applies to statements of the Administrator of the 

21 Federal Transit Administration. 

22 SEC. 106. QUALIFIED INFRASTRUCTURE PROJECT RAT23 INGS. 

24 (a) IN GENERAL.—The Bank shall, upon application 

25 and otherwise in accordance with this section, designate 


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1 those qualified infrastructure projects that will receive fi2 nancial assistance under this title. 

3 (b) APPLICANTS.—The Bank shall accept applica4 tions of qualified infrastructure projects for the designa5 tion of those projects that may receive financial assistance 

6 under this section for any infrastructure project having— 

7 (1) a public sponsor; and 

8 (2) regional or national significance. 

9 (c) GUIDELINES FOR QUALIFIED INFRASTRUCTURE

10 PROJECTS.—The Executive Director and the Board shall 

11 establish guidelines to assist applications of qualified in12 frastructure projects under this title to develop applica13 tions for financial assistance under this section. 

14 (d) RATINGS.— 

15 (1) IN GENERAL.—In making a determination 

16 as to which qualified infrastructure project would re17 ceive financial assistance, the Board shall evaluate 

18 and rate each applicant based on the factors appro19 priate for that type of infrastructure project, which 

20 shall include— 

21 (A) regional or national significance; 

22 (B) promotion of economic growth; 

23 (C) a preference for projects in areas of 

24 high unemployment; 


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1 (D) a preference for projects which sub2 stantially leverage State, local and private fi3 nancing, including public-private partnerships, 

4 for either the explicit cost of the project or for 

5 enhancements which increase the benefits of the 

6 project; 

7 (E) environmental benefits including re8 duction in carbon emissions, oil consumption, 

9 water pollution, and air pollution; 

10 (F) a demonstrated ability to operate and 

11 maintain the infrastructure project throughout 

12 its estimated useful life; 

13 (G) a life cycle projection of the project 

14 benefits, as compared to project costs; 

15 (H) an understanding of the importance of 

16 diverse investment in infrastructure in all re17 gions of the country; 

18 (I) a consideration of the benefits of pre19 serving and improving existing infrastructure as 

20 well as the benefits of creating new infrastruc21 ture; 

22 (J) categorical benefit; and 

23 (K) any other criteria as determined by the 

24 Board with approval by the Board. 


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1 (2) CATEGORICAL BENEFIT.—In this sub2 section, the term ‘‘categorical benefit’’ means— 

3 (A) for any transit project— 

4 (i) level of estimated new ridership; 

5 (ii) level of transit-oriented develop6 ment and economic development connected 

7 to project; 

8 (iii) ridership on existing infrastruc9 ture that is being rebuilt; 

10 (iv) reduction in traffic congestion; 

11 and 

12 (v) access provided to elderly, disabled 

13 and low-income populations; 

14 (B) for any public housing or publicly-as15 sisted affordable housing, which may include 

16 more than one building grouped into one pro17 posed project, provided that such housing will 

18 continue to provide long-term affordability for 

19 families and persons with incomes equivalent to 

20 those currently assisted— 

21 (i) improvement of the physical condi22 tion and layout of such housing; 

23 (ii) increasing the energy efficiency 

24 and mitigating any health, safety or other 

25 hazardous conditions of such housing; 


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1 (iii) exceeding minimum requirements 

2 for length of post-grant affordability period 

3 established under this section; 

4 (iv) exceeding minimum requirements 

5 for targeting of persons and families with 

6 incomes below 50 percent of area median 

7 income and with incomes below 30 percent 

8 of area median income; and 

9 (v) need for affordable housing for 

10 persons and families in the community or 

11 communities; 

12 (C) for any community development 

13 project, modernization of local land use policies, 

14 including those that promote transit-oriented 

15 development and location efficiency; 

16 (D) for any highway, bridge, or road 

17 project— 

18 (i) reduction in traffic congestion; and 

19 (ii) mobility and accessibility improve20 ments; 

21 (E) for any drinking water system or a 

22 wastewater system project— 

23 (i) environmental benefits; 

24 (ii) improvements in the physical con25 dition of such systems; and 


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1 (iii) need for expansion or replace2 ment of such systems; 

3 (F) for any intercity rail or freight trans4 portation project— 

5 (i) level of estimated ridership; 

6 (ii) reductions in delays due to rail 

7 congestion; 

8 (iii) improvements in trip times; 

9 (iv) favorable impact on air or high10 way congestion or capacity; and 

11 (v) new rail capacity created for addi12 tional train frequencies; and 

13 (G) for any airport or air traffic control 

14 project— 

15 (i) reductions in delays due to conges16 tion; 

17 (ii) improvements in trip times; and 

18 (iii) improvements that increase pas19 senger safety. 

20 (e) PROCESS AND PERSONNEL FOR CREATING RAT21 INGS PROCESS.— 

22 (1) IN GENERAL.—The ratings processes de23 scribed in this section shall be subject to Federal no24 tice and rulemaking procedures. 


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1 (2) PARTICIPATION BY OTHER AGENCY PER2 SONNEL.—The ratings, and development of the rat3 ings process, shall be conducted by the Bank in co4 ordination with personnel on detail to the Bank from 

5 the Department of Housing and Urban Develop6 ment, the Department of the Treasury, the Depart7 ment of Transportation, the United States Army 

8 Corps of Engineers, and other relevant departments 

9 and agencies from among individuals who are famil10 iar with and experienced in the selection criteria for 

11 competitive projects. The Bank shall reimburse 

12 those departments and agencies for the staff which 

13 are on detail to the Bank. 

14 (f) COMPLIANCE WITH OTHER APPLICABLE LAW.— 

15 Projects receiving financial assistance from the Bank 

16 under this section shall comply with applicable provisions 

17 of Federal law and regulations, including— 

18 (1) for transit, requirements that would apply 

19 to a project receiving funding under section 5307 of 

20 title 49, United States Code; 

21 (2) for public housing, requirements that would 

22 apply to a project receiving funding from a grant 

23 under section 24 of the United States Housing Act 

24 of 1937 (42 U.S.C. 1437v); 


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1 (3) for publicly-assisted affordable housing, re2 quirements that would apply to the preservation of 

3 such housing under other provisions of law gov4 erning such housing; 

5 (4) for roads and bridges, requirements that 

6 would apply to a project that receives funds appor7 tioned under section 104(b)(3) of title 23, United 

8 States Code; 

9 (5) for freight and passenger rail projects, re10 quirements that would apply to a project that re11 ceives funds under subtitle V of title 49, United 

12 States Code; 

13 (6) for airport and air traffic control projects, 

14 requirements that would apply to a project that re15 ceives funds apportioned under chapters 471 and 

16 501 of title 49, United States Code; and 

17 (7) for water, requirements that would apply to 

18 a project— 

19 (A) that receives funds through a grant or 

20 loan under— 

21 (i) section 103 of the Housing and 

22 Community Development Act of 1974 (42 

23 U.S.C. 5303); 

24 (ii) section 1452 of the Public Health 

25 Service Act (42 U.S.C. 300j–12); or 


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1 (iii) section 601 of the Federal Water 

2 Pollution Control Act (33 U.S.C. 1381), as 

3 that section applied before the beginning of 

4 fiscal year 1995; or 

5 (B) pursuant to section 605 of the Amer6 ican Recovery and Reinvestment Act of 2009 

7 (Public Law 111–5). 

8 (g) AUTHORITY TO DETERMINE FUNDING.—Not9 withstanding any other provision of law, the Bank shall 

10 determine the appropriate Federal share of funds for each 

11 project described in subsection (f) for purposes of this 

12 title. 

13 SEC. 107. FINANCIAL ASSISTANCE. 

14 (a) IN GENERAL.— 

15 (1) AUTHORIZATION.—The Board is authorized 

16 to provide financial assistance to public sponsors. 

17 (2) LIMIT ON COST SHARE.—The total amount 

18 of financial assistance provided under this section 

19 shall not exceed 50 percent of the total project cost. 

20 (b) TERMS AND CONDITIONS OF LOANS AND LOAN

21 GUARANTEES.—Loans made or guaranteed under this 

22 section shall be made pursuant to the Federal Credit Re23 form Act of 1990 (2 U.S.C. 661 et seq.) and on such 

24 terms and conditions as the Executive Director may pre25 scribe, except that— 


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1 (1) the Board shall allow credit to any prospec2 tive borrower to achieve the objectives of the Bank 

3 as defined in section 901 and when a credit subsidy 

4 is the most efficient way to meet those objectives on 

5 a borrower-by-borrower basis; 

6 (2) the final maturity of loans made or guaran7 teed within a period shall not exceed 35 years, or 90 

8 percent of the useful life of any physical asset to be 

9 financed by the loan, whichever is less as determined 

10 by the Board; 

11 (3) no loan made or guaranteed shall be subor12 dinated to another debt contracted by the borrower 

13 or to any other claims against the borrowers in the 

14 event of bankruptcy, insolvency, or liquidation of the 

15 obligor; 

16 (4) direct loans and interest supplements on 

17 guaranteed loans shall be at an interest rate that is 

18 informed by reference to a benchmark interest rate 

19 (yield) on marketable Treasury securities with a 

20 similar maturity to the direct loans being made or 

21 the non-Federal loans being guaranteed; 

22 (5) the Board shall prescribe explicit standards 

23 for use in periodically assessing the credit risk of 

24 new and existing direct loans or guaranteed loans, 

25 including a requirement that there is a reasonable 


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1 assurance of repayment before extending credit as2 sistance; and 

3 (6) no loan shall be made or guaranteed unless 

4 the Board determines that the lender is responsible 

5 and that adequate provision is made for servicing 

6 the loan on reasonable terms and protecting the fi7 nancial interest of the United States. 

8 (c) REPAYMENT OF DIRECT LOANS.— 

9 (1) SCHEDULE.—The Board shall establish a 

10 repayment schedule for each loan made under his 

11 section based on the projected cash flows from 

12 project revenues and other repayment sources, which 

13 may include user fees, dedicated property or sales 

14 taxes, or other dedicated revenue sources approved 

15 by the Executive Director. 

16 (2) COMMENCEMENT.—Scheduled loan pay17 ments of principal or interest on a loan shall com18 mence not later than 5 years after the date of sub19 stantial completion of the project. 

20 (3) DEFERRED PAYMENTS.— 

21 (A) IN GENERAL.—If, at any time after 

22 the date of substantial completion of a project, 

23 the Executive Director determines that dedi24 cated revenue sources of an eligible borrower 

25 are insufficient to make the scheduled loan reVerDate Mar 15 2010 03:03 Sep 16, 2011 Jkt 099200 PO 00000 Frm 00025 Fmt 6652 Sfmt 6201 E:\BILLS\S1550.IS S1550

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1 payments of principal and interest on a loan 

2 made under this section, the Executive Director 

3 may, subject to criteria established by the Exec4 utive Director and the Board, allow the eligible 

5 borrower to add unpaid principal and interest 

6 to the outstanding balance of the loan. 

7 (B) TREATMENT OF DEFERRED PAY8 MENTS.—Any payment deferred under this sec9 tion shall— 

10 (i) continue to accrue interest until 

11 fully repaid; and 

12 (ii) be scheduled to be amortized over 

13 the remaining term of the loan. 

14 (d) FEES.—The Board is authorized to establish fees 

15 at a level sufficient to cover all or a portion of the costs 

16 to the Federal Government of making a loan under this 

17 section. 

18 (e) PAYMENT OF LOSSES.— 

19 (1) DEFAULT.—If, as a result of a default by 

20 a borrower under a guaranteed loan made under this 

21 section, after the holder of the loan has made such 

22 further collection efforts and instituted such enforce23 ment proceedings as the Executive Director and 

24 Board may require, the Board determines that the 

25 holder has suffered a loss, the Board shall pay up 


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1 to such holder amounts specified in the guarantee 

2 contract. Upon making any such payment, the 

3 Board shall be subrogated to all the rights of the re4 cipient of the payment. The Board shall be entitled 

5 to recover from the borrower the amount of any pay6 ments made pursuant to any guarantee entered into 

7 under this section. 

8 (2) ENFORCEMENT.—The Attorney General 

9 shall take such action as may be appropriate to en10 force any right accruing to the United States as a 

11 result of the issuance of any guarantee under this 

12 section. 

13 (3) FORBEARANCE.—Nothing in this section 

14 shall be construed to preclude any forbearance for 

15 the benefit of the borrower which may be agreed 

16 upon by the parties to the guaranteed loan and ap17 proved by the Board, provided that budget authority 

18 for any resulting subsidy costs as defined under the 

19 Federal Credit Reform Act of 1990 is available. 

20 (4) RIGHT OF DISPOSITION.—Notwithstanding 

21 any other provision of law relating to the acquisition, 

22 handling, or disposal of property by the United 

23 States, the Board shall have the right in its discre24 tion to complete, recondition, reconstruct, renovate, 

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1 quired by him pursuant to the provisions of this 

2 title. 

3 (f) TERMS AND CONDITIONS OF GRANTS.—The 

4 Board is authorized to make grants according to the cri5 teria set forth under section 105. A grant under this sec6 tion shall constitute no more than 20 percent of the total 

7 value of a infrastructure project. 

8 SEC. 108. AUTHORIZATION OF APPROPRIATION. 

9 There are authorized to be appropriated 

10 $5,000,000,000 for each fiscal year through 2015 to the 

11 Bank for cost of direct loans and loan guarantees made 

12 by the Bank and administrative expenses of the Bank. Of 

13 amounts appropriated, not more than 15 percent shall be 

14 available for forgiveness of loan principal or negative inter15 est rate loans. 

16 SEC. 109. ADMINISTRATIVE PROVISIONS. 

17 (a) INSPECTOR GENERAL.— 

18 (1) IN GENERAL.—Section 11 of the Inspector 

19 General Act of 1978 (5 U.S.C. App.) is amended— 

20 (A) in paragraph (1), by inserting ‘‘the 

21 Chairperson of the National Infrastructure 

22 Bank;’’ after ‘‘the Chairperson of the Federal 

23 Deposit Insurance Corporation;’’; and 


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1 (B) in paragraph (2), by inserting ‘‘the 

2 National Infrastructure Bank;’’ after ‘‘the Fed3 eral Deposit Insurance Corporation;’’. 

4 (2) EXECUTIVE SCHEDULE LEVEL IV.—Section 

5 5315 of title 5, United States Code, is amended by 

6 inserting after the item relating to the Inspector 

7 General of the Federal Deposit Insurance Corpora8 tion, the following: 

‘‘Inspector General, National Infrastructure Bank.’’. 

9 (b) COMPENSATION OF BOARD MEMBERS.— 

10 (1) CHAIRPERSON.—Section 5314 of title 5, 

11 United States Code, is amended by inserting after 

12 the item relating to the Chairman of the Board of 

13 Directors of the Federal Deposit Insurance Corpora14 tion, the following: 

‘‘Chairperson, Board of Directors, National Infrastructure Bank.’’. 

15 (2) OTHER MEMBERS.—Section 5315 of title 5, 

16 United States Code, is amended by inserting after 

17 the item relating to the Inspector General of the 

18 Federal Deposit Insurance Corporation, the fol19 lowing: 

‘‘Member, Board of Directors of the National Infrastructure Bank.’’. 


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1 TITLE II—CONGRESSIONAL 

2 OVERSIGHT 

3 SEC. 201. REPORT; DATABASE. 

4 (a) REPORT.—Not later than 1 year after the date 

5 of enactment of this Act, and annually thereafter, the 

6 Board shall submit to the Committee on Banking, Hous7 ing, and Urban Affairs of the Senate and the Committee 

8 on Financial Services of the House of Representatives a 

9 report describing the activities of the Board, for the fiscal 

10 year covered by the report, relating to— 

11 (1) the evaluations of qualified infrastructure 

12 projects under section 905 of the Housing and Com13 munity Development Act of 1974, as added by this 

14 Act; and 

15 (2) the financial assistance packages of quali16 fied infrastructure projects under section 906 of the 

17 Housing and Community Development Act of 1974, 

18 as added by this Act. 

19 (b) DATABASE.—The Bank shall develop, maintain, 

20 and update a publicly accessible database that contains— 

21 (1) a description of each qualified infrastruc22 ture project that receives financial assistance from 

23 the Bank under this Act— 

24 (A) by project mode or modes; 

25 (B) by project location; 


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1 (C) by project sponsor or sponsors; 

2 (D) by project total cost; 

3 (E) by detailed estimated costs and bene4 fits over the lifetime of the project; and 

5 (F) by the financial assistance from each 

6 of the members of the public sponsor; 

7 (2) the amount of financial assistance that each 

8 qualified infrastructure project receives from the 

9 Bank under this Act; and 

10 (3) the form of financial assistance that each 

11 qualified infrastructure project receives from the 

12 Bank under section 906 of the Housing and Com13 munity Development Act of 1974, as added by this 

14 Act. 

15 SEC. 202. GAO REPORT. 

16 Not later than 3 years after the date of enactment 

17 of this Act, the Comptroller General of the United States 

18 shall submit to the Committee on Banking, Housing, and 

19 Urban Affairs of the Senate and the Committee on Finan20 cial Services of the House of Representatives, a report 

21 evaluating the activities of the Bank for the fiscal years 

22 covered by the report, including— 

23 (1) the evaluations of qualified infrastructure 

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1 munity Development Act of 1974, as added by this 

2 Act; and 

3 (2) the financial assistance of qualified infra4 structure projects under section 906 of the Housing 

5 and Community Development Act of 1974, as added 

6 by this Act. 

7 SEC. 203. TESTIMONY BEFORE COMMITTEE. 

8 Not later than 1 year after the date of enactment 

9 of this Act, the Executive Director shall provide testimony 

10 before the Committee on Banking, Housing, and Urban 

11 Affairs of the Senate and the Committee on Financial 

12 Services of the House of Representatives to discuss activi13 ties of the Bank. 

Æ 


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