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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1550 Introduced in Senate (IS)]

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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Infrastructure Bank Act of 
2011''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) according to the American Society of Civil Engineers--
                    (A) the current condition of the infrastructure of 
                the United States earns a grade point average of D and 
                jeopardizes the prosperity and quality of life of the 
                citizens of the United States; and
                    (B) the number of deficient dams has risen to more 
                than 4,000, including 1,819 high-hazard potential dams. 
                Over the past six years, for every deficient, high-
                hazard potential dam repaired, nearly two more were 
                declared deficient. There are more than 85,000 dams in 
                the United States, and the average age is just over 51 
                years old. An additional investment of $12,000,000,000 
                over 10 years will be needed to eliminate the existing 
                backlog of 4,095 deficient dams;
            (2) according to the Federal Transit Administration--
                    (A) the United States needs to spend 
                $15,100,000,000 (25 percent more) annually over the 
                next 20 years to maintain the current conditions and 
                performance of transit systems, and $21,100,000,000 (73 
                percent) over that same time period more to make 
                substantial improvements; and
                    (B) the Nation's public transit agencies face an 
                $80,000,000,000 maintenance backlog to bring their rail 
                systems to a state of good repair;
            (3) according to the Department of Housing and Urban 
        Development--
                    (A) there is a critical shortage of affordable 
                housing for very low-income individuals with nearly 
                6,000,000 very low income families facing ``worst 
                case'' housing needs, meaning that they pay over one-
                half of their monthly income on rent; and
                    (B) there are over 1,200,000 units of public 
                housing nationwide, with an accumulated capital needs 
                backlog of approximately $18,000,000,000 to 
                $24,000,000,000, with an additional $2,000,000,000 
                accruing each year;
            (4) according to the Federal Highway Administration--
                    (A) 33 percent of all urban and rural roads in the 
                United States are in poor, mediocre, or fair condition;
                    (B) approximately $131,700,000,000 must be expended 
                each year for a period of not less than 20 years to 
                improve the conditions of those urban and rural roads;
                    (C) 24.8 percent of all bridges in the United 
                States are--
                            (i) structurally deficient; or
                            (ii) functionally obsolete; and
                    (D) approximately $3,000,000,000 in additional 
                funds must be expended each year for a period of not 
                less than 20 years to eliminate the deficiencies of 
                those bridges;
            (5) according to Texas Transportation Institute, travel has 
        increased 72 percent in big metro regions while road capacity 
        on freeways and major streets has grown by only 40 percent;
            (6) according to the Environmental Protection Agency--
                    (A) $161,000,000,000 must be expended during the 
                next 20 years to make necessary repairs, replacements, 
                and upgrades to the approximately 55,000 community 
                drinking water systems of the United States;
                    (B) approximately $390,000,000,000 must be expended 
                during the next 20 years to eliminate the deficiencies 
                of the wastewater systems of the United States; and
                    (C) from 2006 to 2009, more than 9,400 of the 
                Nation's 25,000 sewage systems--including those in 
                major cities--have reported violating the Clean Water 
                Act of 1975 by dumping untreated or partly treated 
                human waste, chemicals and other hazardous materials 
                into rivers and lakes and elsewhere; and
            (7) the infrastructure financing mechanisms of the United 
        States do not adequately--
                    (A) address infrastructure projects of regional or 
                national significance;
                    (B) encourage an appropriate pooling of Federal, 
                State, local, and private resources; or
                    (C) provide transparency to ensure the optimal 
                return on public resources.

                 TITLE I--NATIONAL INFRASTRUCTURE BANK

SEC. 101. DEFINITIONS.

    In this title, the following definitions shall apply:
            (1) Bank.--The term ``Bank'' means the ``National 
        Infrastructure Bank'' established under section 102.
            (2) Board.--The term ``Board'' means the board of directors 
        of the Bank, established under section 103.
            (3) Chairperson.--The term ``Chairperson'' means the 
        Chairperson of the Board.
            (4) Financial assistance.--The term ``financial 
        assistance'' means a method used by the Bank to provide a loan, 
        loan guarantee, forgiveness of loan principle, or negative 
        interest rate loan to a qualified infrastructure project.
            (5) Infrastructure project.--
                    (A) In general.--The term ``infrastructure 
                project'' means the building, improvement, or increase 
                in capacity of a basic installation, facility, asset, 
                or stock that is associated with--
                            (i) a mass transit system that meets the 
                        criteria in subparagraph (B);
                            (ii) a public housing property that is 
                        eligible to receive funding under section 24 of 
                        the United States Housing Act of 1937 (42 
                        U.S.C. 1437v) and that meets the criteria in 
                        subparagraph (B);
                            (iii) a road or bridge that meets the 
                        criteria in subparagraph (B);
                            (iv) a drinking water system or a 
                        wastewater system that meets the criteria in 
                        subparagraph (B);
                            (v) a freight or passenger rail project 
                        that meets the criteria in subparagraph (B); or
                            (vi) an airport or air traffic control 
                        systems that meet the criteria in subparagraph 
                        (B).
                    (B) Criteria.--A project described in any of 
                clauses (i) through (vi) of subparagraph (A) meets the 
                criteria of this subparagraph if it serves any one or 
                more of the objectives identified in paragraphs (1) 
                through (9) of section 101(c) of the Housing and 
                Community Development Act of 1974 (42 U.S.C. 5301(c)).
            (6) Public housing.--The term ``public housing'' means a 
        housing project receiving assistance under section 9 of the 
        United States Housing Act of 1937 (42 U.S.C. 1437g).
            (7) Public housing agency.--The term ``public housing 
        agency'' means an agency described in section 3(b)(6) of the 
        United States Housing Act of 1937 (42 U.S.C. 1437a(b)(6)).
            (8) Public sponsor.--The term ``public sponsor'' includes a 
        State or local government, an Indian tribe (as defined in 
        section 4 of the Indian Self-Determination and Education 
        Assistance Act (25 U.S.C. 450b), a public transportation 
        agency, a public housing agency, a public infrastructure 
        agency, or a consortium of those entities, including a public 
        entity that has partnered with a private nonprofit or for-
        profit entity.
            (9) Publicly-assisted affordable housing.--The term 
        ``publicly-assisted affordable housing'' means the categories 
        of housing specified in section 1335(a)(1)(B) of the Federal 
        Housing Enterprises Financial Safety and Soundness Act of 1992 
        (12 U.S.C. 4565(a)(1)(B)).
            (10) Qualified infrastructure project.--The term 
        ``qualified infrastructure project'' means an infrastructure 
        project designated by the Board as a qualified infrastructure 
        project in accordance with section 105.
            (11) Transit-oriented development.--The term ``transit-
        oriented development'' means high-density, walkable, mixed-use 
        development (including commercial development, affordable 
        housing, and market-rate housing) that is within walking 
        distance of and accessible to 1 or more public transportation 
        facilities.

SEC. 102. ESTABLISHMENT OF BANK.

    There is established the ``National Infrastructure Bank'', which 
shall be an independent establishment of the Federal Government, as 
defined in section 104 of title 5, United States Code.

SEC. 103. MANAGEMENT OF BANK.

    (a) Board of Directors.--
            (1) In general.--The management of the Bank shall be vested 
        in a Board of Directors consisting of 5 members, appointed by 
        the President, by and with the advice and consent of the 
        Senate, from among individuals who are citizens of the United 
        States.
            (2) Member expertise.--The Board shall be comprised of 
        members with a diverse set of expertise in infrastructure 
        project development and finance, including in--
                    (A) transit infrastructure;
                    (B) public housing infrastructure;
                    (C) road and bridge infrastructure;
                    (D) water infrastructure;
                    (E) aviation infrastructure;
                    (F) freight or passenger rail infrastructure; and
                    (G) public finance.
            (3) Political affiliation.--Section 2(a)(2) of the Federal 
        Deposit Insurance Act (12 U.S.C. 1812(a)(2)) shall apply to 
        members of the Board of Directors of the Bank in the same 
        manner as it applies to the Board of Directors of the Federal 
        Deposit Insurance Corporation.
            (4) Meetings.--The Board shall meet not later than 90 days 
        after the date on which all directors of the Board are first 
        appointed, and otherwise at the call of the Chairperson.
            (5) Date of appointments.--The initial nominations to the 
        Board shall be made not later than 60 days after the date of 
        enactment of this title.
    (b) Chairperson and Vice Chairperson.--The Chairperson and Vice 
Chairperson of the Board shall be appointed and shall serve in the same 
manner as is provided for members of the Federal Deposit Insurance 
Corporation under section 2(b) of the Federal Deposit Insurance Act (12 
U.S.C. 1812(b)).
    (c) Terms.--
            (1) Appointed members.--Except as provided in paragraph 
        (2), each member of the Board shall be appointed for a term of 
        6 years.
            (2) Initial staggered terms.--Of the initial members of the 
        Board--
                    (A) the Chairperson and Vice Chairperson shall be 
                appointed for a term of 6 years;
                    (B) 1 member shall be appointed for a term of 5 
                years;
                    (C) 1 member shall be appointed for a term of 4 
                years; and
                    (D) 1 member shall be appointed for a term of 3 
                years.
            (3) Interim appointments.--Any member of the Board 
        appointed to fill a vacancy occurring before the expiration of 
        the term for which the predecessor of such member was appointed 
        shall be appointed only for the remainder of such term.
            (4) Continuation of service.--The Chairperson, Vice 
        Chairperson, and each other member of the Board may continue to 
        serve after the expiration of the term of office to which such 
        member was appointed, until a successor has been appointed.
    (d) Vacancy.--Any vacancy on the Board shall be filled in the 
manner in which the original appointment was made.
    (e) Ineligibility for Other Offices.--
            (1) Restriction during service.--No member of the Board 
        may, during service on the Board--
                    (A) be an officer or director of, or otherwise be 
                employed by, any entity engaged in or otherwise 
                associated with an infrastructure project assisted or 
                considered under this title;
                    (B) hold stock in any such entity; or
                    (C) hold any other elected or appointed public 
                office.
            (2) Post service restriction.--
                    (A) In general.--No member of the Board may hold 
                any office, position, or employment in any entity 
                engaged in or otherwise associated with an 
                infrastructure project assisted under this title during 
                the 2-year period beginning on the date on which such 
                member ceases to serve on the Board.
                    (B) Exception for members who serve full term.--The 
                limitation contained in subparagraph (A) does not apply 
                to any member who has ceased to serve on the Board 
                after serving the full term for which such member was 
                appointed.
            (3) Certification.--Upon taking office, each member of the 
        Board shall certify under oath that such member has complied 
        with this subsection, and such certification shall be filed 
        with the secretary of the Board.

SEC. 104. STAFF AND PERSONNEL MATTERS.

    (a) Executive Director.--
            (1) In general.--The Chairperson may appoint and terminate, 
        and fix the compensation of, an executive director of the Bank, 
        in accordance with title 5, United States Code.
            (2) Confirmation of executive director.--The employment of 
        an executive director shall be subject to confirmation by the 
        Board.
            (3) Qualifications of executive director.--An individual 
        appointed as the executive director under paragraph (1) shall 
        have demonstrated expertise in infrastructure development and 
        finance including--
                    (A) transit infrastructure;
                    (B) public housing infrastructure;
                    (C) road and bridge infrastructure;
                    (D) water infrastructure;
                    (E) aviation infrastructure;
                    (F) freight or passenger rail infrastructure; or
                    (G) public finance.
    (b) Other Personnel.--The Board may appoint and terminate, and fix 
the compensation of, in accordance with title 5, United States Code, 
such personnel as are necessary to enable the Bank to perform the 
duties of the Bank.
    (c) Support From Other Agencies.--The head of any other Federal 
agency shall detail employees to the Bank for purposes of carrying out 
the duties of the Bank.

SEC. 105. POWERS OF THE BANK BOARD.

    (a) Hearings.--The Board may, in carrying out this title--
            (1) hold such hearings, meet and act at such times and 
        places, take such testimony, receive such evidence, and 
        administer such oaths, as the Board considers advisable; and
            (2) require the attendance and testimony of such witnesses 
        and the production of such books, records, correspondence, 
        memoranda, papers, documents, tapes, and materials, as the 
        Board considers advisable.
    (b) Witness Allowances and Fees.--
            (1) In general.--Section 1821 of title 28, United States 
        Code, shall apply to a witness requested or subpoenaed to 
        appear at a hearing of the Board.
            (2) Expenses.--The per diem and mileage allowances for a 
        witness shall be paid from funds available to pay the expenses 
        of the Board.
    (c) Information From Federal Agencies.--The Board may, upon 
request, secure directly from a Federal agency, such information as the 
Board considers necessary to carry out this title, and the head of such 
agency shall promptly respond to any such request for the provision of 
information.
    (d) Incorporation of Federal Transit Processes for Board 
Statements.--Section 5334(l) of title 49, United States Code, as added 
by section 3032 of the Federal Public Transportation Act of 2005 
(Public Law 109-59, 119 Stat. 1627), shall apply to statements of the 
Board in the same manner and to the same extent as that section applies 
to statements of the Administrator of the Federal Transit 
Administration.

SEC. 106. QUALIFIED INFRASTRUCTURE PROJECT RATINGS.

    (a) In General.--The Bank shall, upon application and otherwise in 
accordance with this section, designate those qualified infrastructure 
projects that will receive financial assistance under this title.
    (b) Applicants.--The Bank shall accept applications of qualified 
infrastructure projects for the designation of those projects that may 
receive financial assistance under this section for any infrastructure 
project having--
            (1) a public sponsor; and
            (2) regional or national significance.
    (c) Guidelines for Qualified Infrastructure Projects.--The 
Executive Director and the Board shall establish guidelines to assist 
applications of qualified infrastructure projects under this title to 
develop applications for financial assistance under this section.
    (d) Ratings.--
            (1) In general.--In making a determination as to which 
        qualified infrastructure project would receive financial 
        assistance, the Board shall evaluate and rate each applicant 
        based on the factors appropriate for that type of 
        infrastructure project, which shall include--
                    (A) regional or national significance;
                    (B) promotion of economic growth;
                    (C) a preference for projects in areas of high 
                unemployment;
                    (D) a preference for projects which substantially 
                leverage State, local and private financing, including 
                public-private partnerships, for either the explicit 
                cost of the project or for enhancements which increase 
                the benefits of the project;
                    (E) environmental benefits including reduction in 
                carbon emissions, oil consumption, water pollution, and 
                air pollution;
                    (F) a demonstrated ability to operate and maintain 
                the infrastructure project throughout its estimated 
                useful life;
                    (G) a life cycle projection of the project 
                benefits, as compared to project costs;
                    (H) an understanding of the importance of diverse 
                investment in infrastructure in all regions of the 
                country;
                    (I) a consideration of the benefits of preserving 
                and improving existing infrastructure as well as the 
                benefits of creating new infrastructure;
                    (J) categorical benefit; and
                    (K) any other criteria as determined by the Board 
                with approval by the Board.
            (2) Categorical benefit.--In this subsection, the term 
        ``categorical benefit'' means--
                    (A) for any transit project--
                            (i) level of estimated new ridership;
                            (ii) level of transit-oriented development 
                        and economic development connected to project;
                            (iii) ridership on existing infrastructure 
                        that is being rebuilt;
                            (iv) reduction in traffic congestion; and
                            (v) access provided to elderly, disabled 
                        and low-income populations;
                    (B) for any public housing or publicly-assisted 
                affordable housing, which may include more than one 
                building grouped into one proposed project, provided 
                that such housing will continue to provide long-term 
                affordability for families and persons with incomes 
                equivalent to those currently assisted--
                            (i) improvement of the physical condition 
                        and layout of such housing;
                            (ii) increasing the energy efficiency and 
                        mitigating any health, safety or other 
                        hazardous conditions of such housing;
                            (iii) exceeding minimum requirements for 
                        length of post-grant affordability period 
                        established under this section;
                            (iv) exceeding minimum requirements for 
                        targeting of persons and families with incomes 
                        below 50 percent of area median income and with 
                        incomes below 30 percent of area median income; 
                        and
                            (v) need for affordable housing for persons 
                        and families in the community or communities;
                    (C) for any community development project, 
                modernization of local land use policies, including 
                those that promote transit-oriented development and 
                location efficiency;
                    (D) for any highway, bridge, or road project--
                            (i) reduction in traffic congestion; and
                            (ii) mobility and accessibility 
                        improvements;
                    (E) for any drinking water system or a wastewater 
                system project--
                            (i) environmental benefits;
                            (ii) improvements in the physical condition 
                        of such systems; and
                            (iii) need for expansion or replacement of 
                        such systems;
                    (F) for any intercity rail or freight 
                transportation project--
                            (i) level of estimated ridership;
                            (ii) reductions in delays due to rail 
                        congestion;
                            (iii) improvements in trip times;
                            (iv) favorable impact on air or highway 
                        congestion or capacity; and
                            (v) new rail capacity created for 
                        additional train frequencies; and
                    (G) for any airport or air traffic control 
                project--
                            (i) reductions in delays due to congestion;
                            (ii) improvements in trip times; and
                            (iii) improvements that increase passenger 
                        safety.
    (e) Process and Personnel for Creating Ratings Process.--
            (1) In general.--The ratings processes described in this 
        section shall be subject to Federal notice and rulemaking 
        procedures.
            (2) Participation by other agency personnel.--The ratings, 
        and development of the ratings process, shall be conducted by 
        the Bank in coordination with personnel on detail to the Bank 
        from the Department of Housing and Urban Development, the 
        Department of the Treasury, the Department of Transportation, 
        the United States Army Corps of Engineers, and other relevant 
        departments and agencies from among individuals who are 
        familiar with and experienced in the selection criteria for 
        competitive projects. The Bank shall reimburse those 
        departments and agencies for the staff which are on detail to 
        the Bank.
    (f) Compliance With Other Applicable Law.--Projects receiving 
financial assistance from the Bank under this section shall comply with 
applicable provisions of Federal law and regulations, including--
            (1) for transit, requirements that would apply to a project 
        receiving funding under section 5307 of title 49, United States 
        Code;
            (2) for public housing, requirements that would apply to a 
        project receiving funding from a grant under section 24 of the 
        United States Housing Act of 1937 (42 U.S.C. 1437v);
            (3) for publicly-assisted affordable housing, requirements 
        that would apply to the preservation of such housing under 
        other provisions of law governing such housing;
            (4) for roads and bridges, requirements that would apply to 
        a project that receives funds apportioned under section 
        104(b)(3) of title 23, United States Code;
            (5) for freight and passenger rail projects, requirements 
        that would apply to a project that receives funds under 
        subtitle V of title 49, United States Code;
            (6) for airport and air traffic control projects, 
        requirements that would apply to a project that receives funds 
        apportioned under chapters 471 and 501 of title 49, United 
        States Code; and
            (7) for water, requirements that would apply to a project--
                    (A) that receives funds through a grant or loan 
                under--
                            (i) section 103 of the Housing and 
                        Community Development Act of 1974 (42 U.S.C. 
                        5303);
                            (ii) section 1452 of the Public Health 
                        Service Act (42 U.S.C. 300j-12); or
                            (iii) section 601 of the Federal Water 
                        Pollution Control Act (33 U.S.C. 1381), as that 
                        section applied before the beginning of fiscal 
                        year 1995; or
                    (B) pursuant to section 605 of the American 
                Recovery and Reinvestment Act of 2009 (Public Law 111-
                5).
    (g) Authority To Determine Funding.--Notwithstanding any other 
provision of law, the Bank shall determine the appropriate Federal 
share of funds for each project described in subsection (f) for 
purposes of this title.

SEC. 107. FINANCIAL ASSISTANCE.

    (a) In General.--
            (1) Authorization.--The Board is authorized to provide 
        financial assistance to public sponsors.
            (2) Limit on cost share.--The total amount of financial 
        assistance provided under this section shall not exceed 50 
        percent of the total project cost.
    (b) Terms and Conditions of Loans and Loan Guarantees.--Loans made 
or guaranteed under this section shall be made pursuant to the Federal 
Credit Reform Act of 1990 (2 U.S.C. 661 et seq.) and on such terms and 
conditions as the Executive Director may prescribe, except that--
            (1) the Board shall allow credit to any prospective 
        borrower to achieve the objectives of the Bank as defined in 
        section 901 and when a credit subsidy is the most efficient way 
        to meet those objectives on a borrower-by-borrower basis;
            (2) the final maturity of loans made or guaranteed within a 
        period shall not exceed 35 years, or 90 percent of the useful 
        life of any physical asset to be financed by the loan, 
        whichever is less as determined by the Board;
            (3) no loan made or guaranteed shall be subordinated to 
        another debt contracted by the borrower or to any other claims 
        against the borrowers in the event of bankruptcy, insolvency, 
        or liquidation of the obligor;
            (4) direct loans and interest supplements on guaranteed 
        loans shall be at an interest rate that is informed by 
        reference to a benchmark interest rate (yield) on marketable 
        Treasury securities with a similar maturity to the direct loans 
        being made or the non-Federal loans being guaranteed;
            (5) the Board shall prescribe explicit standards for use in 
        periodically assessing the credit risk of new and existing 
        direct loans or guaranteed loans, including a requirement that 
        there is a reasonable assurance of repayment before extending 
        credit assistance; and
            (6) no loan shall be made or guaranteed unless the Board 
        determines that the lender is responsible and that adequate 
        provision is made for servicing the loan on reasonable terms 
        and protecting the financial interest of the United States.
    (c) Repayment of Direct Loans.--
            (1) Schedule.--The Board shall establish a repayment 
        schedule for each loan made under his section based on the 
        projected cash flows from project revenues and other repayment 
        sources, which may include user fees, dedicated property or 
        sales taxes, or other dedicated revenue sources approved by the 
        Executive Director.
            (2) Commencement.--Scheduled loan payments of principal or 
        interest on a loan shall commence not later than 5 years after 
        the date of substantial completion of the project.
            (3) Deferred payments.--
                    (A) In general.--If, at any time after the date of 
                substantial completion of a project, the Executive 
                Director determines that dedicated revenue sources of 
                an eligible borrower are insufficient to make the 
                scheduled loan repayments of principal and interest on 
                a loan made under this section, the Executive Director 
                may, subject to criteria established by the Executive 
                Director and the Board, allow the eligible borrower to 
                add unpaid principal and interest to the outstanding 
                balance of the loan.
                    (B) Treatment of deferred payments.--Any payment 
                deferred under this section shall--
                            (i) continue to accrue interest until fully 
                        repaid; and
                            (ii) be scheduled to be amortized over the 
                        remaining term of the loan.
    (d) Fees.--The Board is authorized to establish fees at a level 
sufficient to cover all or a portion of the costs to the Federal 
Government of making a loan under this section.
    (e) Payment of Losses.--
            (1) Default.--If, as a result of a default by a borrower 
        under a guaranteed loan made under this section, after the 
        holder of the loan has made such further collection efforts and 
        instituted such enforcement proceedings as the Executive 
        Director and Board may require, the Board determines that the 
        holder has suffered a loss, the Board shall pay up to such 
        holder amounts specified in the guarantee contract. Upon making 
        any such payment, the Board shall be subrogated to all the 
        rights of the recipient of the payment. The Board shall be 
        entitled to recover from the borrower the amount of any 
        payments made pursuant to any guarantee entered into under this 
        section.
            (2) Enforcement.--The Attorney General shall take such 
        action as may be appropriate to enforce any right accruing to 
        the United States as a result of the issuance of any guarantee 
        under this section.
            (3) Forbearance.--Nothing in this section shall be 
        construed to preclude any forbearance for the benefit of the 
        borrower which may be agreed upon by the parties to the 
        guaranteed loan and approved by the Board, provided that budget 
        authority for any resulting subsidy costs as defined under the 
        Federal Credit Reform Act of 1990 is available.
            (4) Right of disposition.--Notwithstanding any other 
        provision of law relating to the acquisition, handling, or 
        disposal of property by the United States, the Board shall have 
        the right in its discretion to complete, recondition, 
        reconstruct, renovate, repair, maintain, operate, or sell any 
        property acquired by him pursuant to the provisions of this 
        title.
    (f) Terms and Conditions of Grants.--The Board is authorized to 
make grants according to the criteria set forth under section 105. A 
grant under this section shall constitute no more than 20 percent of 
the total value of a infrastructure project.

SEC. 108. AUTHORIZATION OF APPROPRIATION.

    There are authorized to be appropriated $5,000,000,000 for each 
fiscal year through 2015 to the Bank for cost of direct loans and loan 
guarantees made by the Bank and administrative expenses of the Bank. Of 
amounts appropriated, not more than 15 percent shall be available for 
forgiveness of loan principal or negative interest rate loans.

SEC. 109. ADMINISTRATIVE PROVISIONS.

    (a) Inspector General.--
            (1) In general.--Section 11 of the Inspector General Act of 
        1978 (5 U.S.C. App.) is amended--
                    (A) in paragraph (1), by inserting ``the 
                Chairperson of the National Infrastructure Bank;'' 
                after ``the Chairperson of the Federal Deposit 
                Insurance Corporation;''; and
                    (B) in paragraph (2), by inserting ``the National 
                Infrastructure Bank;'' after ``the Federal Deposit 
                Insurance Corporation;''.
            (2) Executive schedule level iv.--Section 5315 of title 5, 
        United States Code, is amended by inserting after the item 
        relating to the Inspector General of the Federal Deposit 
        Insurance Corporation, the following:

``Inspector General, National Infrastructure Bank.''.
    (b) Compensation of Board Members.--
            (1) Chairperson.--Section 5314 of title 5, United States 
        Code, is amended by inserting after the item relating to the 
        Chairman of the Board of Directors of the Federal Deposit 
        Insurance Corporation, the following:

``Chairperson, Board of Directors, National Infrastructure Bank.''.
            (2) Other members.--Section 5315 of title 5, United States 
        Code, is amended by inserting after the item relating to the 
        Inspector General of the Federal Deposit Insurance Corporation, 
        the following:

``Member, Board of Directors of the National Infrastructure Bank.''.

                   TITLE II--CONGRESSIONAL OVERSIGHT

SEC. 201. REPORT; DATABASE.

    (a) Report.--Not later than 1 year after the date of enactment of 
this Act, and annually thereafter, the Board shall submit to the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives a 
report describing the activities of the Board, for the fiscal year 
covered by the report, relating to--
            (1) the evaluations of qualified infrastructure projects 
        under section 905 of the Housing and Community Development Act 
        of 1974, as added by this Act; and
            (2) the financial assistance packages of qualified 
        infrastructure projects under section 906 of the Housing and 
        Community Development Act of 1974, as added by this Act.
    (b) Database.--The Bank shall develop, maintain, and update a 
publicly accessible database that contains--
            (1) a description of each qualified infrastructure project 
        that receives financial assistance from the Bank under this 
        Act--
                    (A) by project mode or modes;
                    (B) by project location;
                    (C) by project sponsor or sponsors;
                    (D) by project total cost;
                    (E) by detailed estimated costs and benefits over 
                the lifetime of the project; and
                    (F) by the financial assistance from each of the 
                members of the public sponsor;
            (2) the amount of financial assistance that each qualified 
        infrastructure project receives from the Bank under this Act; 
        and
            (3) the form of financial assistance that each qualified 
        infrastructure project receives from the Bank under section 906 
        of the Housing and Community Development Act of 1974, as added 
        by this Act.

SEC. 202. GAO REPORT.

    Not later than 3 years after the date of enactment of this Act, the 
Comptroller General of the United States shall submit to the Committee 
on Banking, Housing, and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representatives, a report 
evaluating the activities of the Bank for the fiscal years covered by 
the report, including--
            (1) the evaluations of qualified infrastructure projects 
        under section 905 of the Housing and Community Development Act 
        of 1974, as added by this Act; and
            (2) the financial assistance of qualified infrastructure 
        projects under section 906 of the Housing and Community 
        Development Act of 1974, as added by this Act.

SEC. 203. TESTIMONY BEFORE COMMITTEE.

    Not later than 1 year after the date of enactment of this Act, the 
Executive Director shall provide testimony before the Committee on 
Banking, Housing, and Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives to discuss 
activities of the Bank.
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