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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3337 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 3337

  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

                             July 29, 2015

 Ms. DeLauro (for herself, Mr. Brendan F. Boyle of Pennsylvania, Mrs. 
     Capps, Mr. Carson of Indiana, Mr. Cartwright, Ms. Judy Chu of 
 California, Mr. Cicilline, Ms. Clark of Massachusetts, Mr. Clay, Mr. 
 Conyers, Ms. DelBene, Mr. DeSaulnier, Mr. Deutch, Ms. Duckworth, Mr. 
Ellison, Ms. Eshoo, Ms. Esty, Mr. Farr, Mr. Fattah, Mr. Garamendi, Mr. 
 Al Green of Texas, Mr. Gene Green of Texas, Mr. Grijalva, Mr. Johnson 
 of Georgia, Mr. Heck of Washington, Mr. Himes, Ms. Norton, Mr. Honda, 
   Mr. Huffman, Mr. Israel, Ms. Kaptur, Mr. Keating, Ms. Kuster, Mr. 
  Langevin, Mr. Larsen of Washington, Mr. Larson of Connecticut, Mrs. 
   Lawrence, Ms. Lee, Mr. Lipinski, Ms. Lofgren, Mr. Lowenthal, Mrs. 
 Lowey, Mr. Lynch, Ms. Matsui, Ms. McCollum, Mr. McGovern, Mr. Nolan, 
Ms. Pingree, Mr. Pocan, Mr. Price of North Carolina, Mr. Richmond, Mr. 
   Ryan of Ohio, Mr. Schiff, Mr. Scott of Virginia, Mr. Serrano, Ms. 
   Slaughter, Ms. Speier, Mr. Takano, Mr. Tonko, Mr. Van Hollen, Mr. 
 Veasey, Mr. Walz, Mr. Welch, Mr. Yarmuth, Ms. Clarke of New York, Ms. 
Bonamici, Ms. Edwards, Mr. Courtney, Mr. Sarbanes, Mr. Aguilar, and Mr. 
  Cardenas) 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 establishment of a National 
        Infrastructure Development Bank, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Infrastructure Development 
Bank Act of 2015''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) Investment in infrastructure has always created jobs 
        and economic growth for the United States and has been a key 
        component of maintaining a global competitive edge for the 
        United States.
            (2) The Erie Canal, the transcontinental railroad, the 
        Hoover Dam, rural electrification, and the interstate highway 
        system are all examples of investments in infrastructure that 
        created the conditions for future economic growth.
            (3) According to the World Economic Forum Global 
        Competitiveness Report, the United States ranks 16th overall in 
        infrastructure.
            (4) According to the American Society of Civil Engineers, 
        the current condition of the infrastructure in the United 
        States earns a grade point average of D+, and an estimated 
        $3,600,000,000,000 investment is needed by 2020 to meet 
        adequate conditions.
            (5) According to the National Surface Transportation Policy 
        and Revenue Study Commission, $225,000,000,000 is needed 
        annually from all sources for the next 50 years to upgrade our 
        surface transportation system to a state of good repair and 
        create a more advanced system.
            (6) The Environmental Protection Agency projects that--
                    (A) $334,200,000,000 is needed to invest in 
                infrastructure improvements over 20 years to ensure the 
                provision of safe water; and
                    (B) $298,100,000,000 is needed for publicly owned 
                wastewater systems-related infrastructure needs over 20 
                years.
            (7) According to the Edison Electric Institute, the 
        electric power industry will need to invest $298,000,000,000 in 
        the Nation's transmission system in the next 20 years in order 
        to maintain reliable service.
            (8) According to the Organization for Economic Cooperation 
        and Development (OECD), the United States ranks 7th among OECD 
        nations in wireless broadband and 16th among fixed broadband 
        access per 100 inhabitants.
            (9) Although grant programs of the Government must continue 
        to play a central role in financing the transportation, 
        environment, energy, and telecommunications infrastructure 
        needs of the United States, current and foreseeable demands on 
        existing Federal, State, and local funding for infrastructure 
        expansion exceed the resources to support these programs by 
        margins wide enough to prompt serious concerns about the United 
        States ability to sustain long-term economic development, 
        productivity, and international competitiveness.
            (10) The capital markets, including central banks, pension 
        funds, financial institutions, sovereign wealth funds, and 
        insurance companies, have a growing interest in infrastructure 
        investment. The establishment of a United States Government-
        owned institution that would provide this investment 
        opportunity to finance qualifying infrastructure projects would 
        attract needed capital for United States infrastructure 
        development.

SEC. 3. DEFINITIONS.

    For purposes of this Act, the following definitions apply unless 
the context requires otherwise:
            (1) American infrastructure bond.--The term ``American 
        Infrastructure Bond'' means a bond described under section 17.
            (2) Bank.--The term ``Bank'' means the National 
        Infrastructure Development Bank established under section 4(a).
            (3) Board.--The term ``Board'' means the National 
        Infrastructure Development Bank Board.
            (4) Chief asset and liability management officer.--The term 
        ``chief asset and liability management officer'' means the 
        chief individual responsible for coordinating the management of 
        assets and liabilities of the Bank.
            (5) Chief compliance officer.--The term ``chief compliance 
        officer or CCO'' means the chief individual responsible for 
        overseeing and managing the compliance and regulatory affairs 
        issues of the Bank.
            (6) Chief executive officer.--The term ``chief executive 
        officer or CEO'' means the individual serving as the executive 
        director of the bank.
            (7) Chief financial officer.--The term ``chief financial 
        officer or CFO'' means the chief individual responsible for 
        managing the financial risks, planning, and reporting of the 
        Bank.
            (8) Chief loan origination officer.--The term ``chief loan 
        origination officer'' means the chief individual responsible 
        for the processing of new loans provided by the Bank.
            (9) Chief operations officer.--The term ``chief operations 
        officer or COO'' means the chief individual responsible for 
        information technology and the day to day operations of the 
        Bank.
            (10) Chief risk officer.--The term ``chief risk officer or 
        CRO'' means the chief individual responsible for managing 
        operational and compliance-related risks of the Bank.
            (11) Chief treasury officer.--The term ``chief treasury 
        officer'' means the chief individual responsible for managing 
        the Bank's treasury operations.
            (12) Development.--The terms ``development'' and 
        ``develop'' mean, with respect to an infrastructure project, 
        any--
                    (A) preconstruction planning, feasibility review, 
                permitting, design work, life-cycle maintenance 
                planning, and other preconstruction activities; and
                    (B) construction, reconstruction, rehabilitation, 
                replacement, or expansion.
            (13) Direct loan.--The term ``direct loan'' has the same 
        meaning as in section 502 of the Federal Credit Reform Act of 
        1990 (2 U.S.C. 661a).
            (14) Disadvantaged community.--The term ``disadvantaged 
        community'' means a community with a median household income of 
        less than 80 percent of the statewide median household income 
        for the State in which the community is located.
            (15) Energy infrastructure project.--The term ``energy 
        infrastructure project'' means any project for energy 
        transmission and distribution, energy efficiency enhancement 
        for buildings, public housing, health facilities, schools, and 
        energy storage.
            (16) Entity.--The term ``entity'' means an individual, 
        corporation, partnership (including a public-private 
        partnership), joint venture, trust, and a State or other 
        governmental entity, including a political subdivision or any 
        other instrumentality of a State or a revolving fund.
            (17) Environmental infrastructure project.--The term 
        ``environmental infrastructure project'' means any project for 
        the establishment, maintenance, or enhancement of any drinking 
        water and wastewater treatment facility, storm water management 
        system, flood gate, dam, levee, dredging, open space management 
        system, wetland restoration, infill development, solid waste 
        disposal facility, hazardous waste facility, or industrial site 
        cleanup or remediation projects.
            (18) General counsel.--The term ``general counsel'' means 
        the individual who serves as the chief lawyer for the Bank.
            (19) Greenhouse gases.--The term ``greenhouse gases'' means 
        any of the following:
                    (A) Carbon dioxide.
                    (B) Methane.
                    (C) Nitrous oxide.
                    (D) Sulfur hexafluoride.
                    (E) Hydrofluorocarbons
                    (F) Any perfluorocarbon.
                    (G) Nitrogen trifluoride.
                    (H) Any other anthropogenic gas designated as a 
                greenhouse gas by the Environmental Protection Agency 
                Administrator.
            (20) Infrastructure project.--The term ``infrastructure 
        project'' means any energy, environmental, telecommunications, 
        or transportation infrastructure project.
            (21) Loan guarantee.--The term ``loan guarantee'' has the 
        same meaning as in section 502 of the Federal Credit Reform Act 
        of 1990 (2 U.S.C. 661a).
            (22) Public benefit bond.--The term ``Public Benefit Bond'' 
        means any bond issued in accordance with this Act if--
                    (A) the proceeds from the sale of the bond are to 
                be used for expenditures incurred after the date of 
                issuance with respect to any infrastructure project or 
                other purpose, subject to such rules as the Bank may 
                provide;
                    (B) the bond is issued in registered form;
                    (C) the bond has such terms, and carries interest 
                in such an amount, as determined by the Bank; and
                    (D) payments of interest and principal with respect 
                to the bond is the obligation of the Bank and is backed 
                by the full faith and credit of the United States.
            (23) Public-private partnership.--The term ``public-private 
        partnership'' means any entity--
                    (A)(i) which is undertaking the development of all 
                or part of an infrastructure project, which will have a 
                public benefit, pursuant to requirements established in 
                one or more contracts between the entity and a State or 
                an instrumentality of a State; or
                    (ii) the activities of which, with respect to such 
                an infrastructure project, are subject to regulation by 
                a State or any instrumentality of a State; and
                    (B) which owns, leases, or operates, or will own, 
                lease, or operate, the project in whole or in part, and 
                at least one of the participants in the entity is a 
                nongovernmental entity.
            (24) Revolving fund.--The term ``revolving fund'' means a 
        fund or program established by a State or a political 
        subdivision or other instrumentality of a State, the principal 
        activity of which is to make loans, commitments, or other 
        financial accommodation available for the development of one or 
        more categories of infrastructure projects.
            (25) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury or the designee of the Secretary.
            (26) Smart grid.--The term ``smart grid'' means a system 
        that provides for any of the smart grid functions set forth in 
        section 1306(d) of the Energy Independence and Security Act of 
        2007 (42 U.S.C. 17386(d)).
            (27) State.--The term ``State'' includes the District of 
        Columbia, Puerto Rico, Guam, American Samoa, the Virgin 
        Islands, the Commonwealth of Northern Mariana Islands, and any 
        other territory of the United States.
            (28) Telecommunications infrastructure project.--The term 
        ``telecommunications infrastructure project'' means any project 
        involving infrastructure required to provide communications by 
        wire or radio.
            (29) Transportation infrastructure project.--The term 
        ``transportation infrastructure project'' means any project for 
        the construction, maintenance, or enhancement of highways, 
        roads, bridges, transit and intermodal systems, inland 
        waterways, commercial ports, airports, high speed rail and 
        freight rail systems.

SEC. 4. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE DEVELOPMENT BANK.

    (a) Establishment of National Infrastructure Development Bank.--The 
National Infrastructure Development Bank is established as a wholly 
owned Government corporation subject to chapter 91 of title 31, United 
States Code (commonly known as the ``Government Corporation Control 
Act''), except as otherwise provided in this Act.
    (b) Responsibility of the Secretary.--The Secretary shall take such 
action as may be necessary to assist in implementing the establishment 
of the bank in accordance with this Act.
    (c) Conforming Amendment.--Section 9101(3) of title 31, United 
States Code, is amended by inserting after subparagraph (N) the 
following:
                    ``(O) the National Infrastructure Development 
                Bank.''.

SEC. 5. BOARD OF DIRECTORS.

    (a) In General.--The Bank shall have a Board of Directors 
consisting of 7 members appointed by the President and with the advice 
and consent of the Senate.
    (b) Qualifications.--The directors of the Board shall include 
individuals representing different regions of the United States and--
            (1) 2 of the directors shall have public sector experience;
            (2) 2 of the directors shall have private sector 
        experience; and
            (3) 3 of the directors shall have finance experience.
    (c) Chairperson and Vice Chairperson.--As designated at the time of 
appointment, one of the directors of the Board shall be designated 
chairperson of the Board by the President and one shall be designated 
as vice chairperson of the Board by the President.
    (d) Terms.--
            (1) In general.--Except as provided in paragraph (2) and 
        subsection (f), each director 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 each 
                be appointed for terms of 6 years;
                    (B) 3 shall be appointed for a term of 4 years; and
                    (C) 2 shall be appointed for a term of 2 years.
    (e) Congressional Recommendations.--Not later than 30 days after 
the date of enactment of this Act, the majority leader of the Senate, 
the minority leader of the Senate, the Speaker of the House of 
Representatives, and the minority leader of the House of 
Representatives shall each submit a recommendation to the President for 
appointment of a member of the Board of Directors, after consultation 
with the appropriate committees of Congress.
    (f) Date of Initial Nominations.--The initial nominations by the 
President for appointment of directors to the Board shall be made not 
later than 60 days after the date of enactment of this Act.
    (g) Vacancies.--
            (1) In general.--A vacancy on the Board shall be filled in 
        the manner in which the original appointment was made.
            (2) Appointment to replace during term.--Any director 
        appointed to fill a vacancy occurring before the expiration of 
        the term for which the director's predecessor was appointed 
        shall be appointed only for the remainder of the term.
            (3) Duration.--A director may serve after the expiration of 
        that director's term until a successor has taken office.
    (h) Quorum.--Four directors shall constitute a quorum.
    (i) Reappointment.--A director of the Board appointed by the 
President may be reappointed by the President in accordance with this 
section.
    (j) Per Diem Reimbursement.--Directors of the Board shall serve on 
a part-time basis and shall receive a per diem when engaged in the 
actual performance of Bank business, plus reasonable reimbursement for 
travel, subsistence, and other necessary expenses incurred in the 
performance of their duties.
    (k) Limitations.--A director of the Board may not participate in 
any review or decision affecting a project under consideration for 
assistance under this Act if the director has or is affiliated with a 
person who has an interest in such project.
    (l) Responsibilities.--The Board shall--
            (1) as soon as is practicable after the date on which the 
        last director is appointed, establish an Executive Committee, 
        Risk Management Committee and Audit Committee as prescribed by 
        this Act;
            (2) not later than 180 days after the date on which the 
        last director is appointed develop and approve the bylaws of 
        the Bank, including bylaws for the regulation of the affairs 
        and conduct of the business of the Bank, consistent with the 
        purpose, goals, objectives, and policies set forth in this Act;
            (3) ensure that the Bank is at all times operated in a 
        manner that is consistent with this Act, by--
                    (A) monitoring and assessing the effectiveness of 
                the Bank in achieving its strategic goals;
                    (B) periodically reviewing internal policies 
                submitted by the chief executive officer;
                    (C) reviewing and approving annual business plans, 
                annual budgets, and long-term strategies submitted by 
                the chief executive officer;
                    (D) reviewing and approving annual reports 
                submitted by the chief executive officer;
                    (E) reviewing risk management and audit practices 
                of the Bank; and
                    (F) reviewing and approving all changes to the 
                organization of the Bank; and
            (4) establish such other criteria, requirements, or 
        procedures as the Board may consider to be appropriate in 
        carrying out this Act.
    (m) Meetings.--
            (1) Open to the public; notice.--All meetings of the Board 
        held to conduct the business of the Bank shall be open to the 
        public and shall be preceded by reasonable notice.
            (2) Initial meeting.--The Board shall meet not later than 
        90 days after the date on which the last director is appointed 
        and otherwise at the call of the Chairperson.
            (3) Exception for closed meetings.--Pursuant to such rules 
        as the Board may establish through their bylaws, the directors 
        may close a meeting of the Board if, at the meeting, there is 
        likely to be disclosed information which could adversely affect 
        or lead to speculation relating to an infrastructure project 
        under consideration for assistance under this Act or in 
        financial or securities or commodities markets or institutions, 
        utilities, or real estate. The determination to close any 
        meeting of the Board shall be made in a meeting of the Board, 
        open to the public, and preceded by reasonable notice. The 
        Board shall prepare minutes of any meeting which is closed to 
        the public and make such minutes available as soon as the 
        considerations necessitating closing such meeting no longer 
        apply.

SEC. 6. POWERS AND LIMITATIONS OF THE BOARD.

    (a) Powers.--In order to carry out the purposes of the Bank as set 
forth in this Act, the Board shall be responsible for monitoring and 
overseeing infrastructure projects and have the following powers:
            (1) To make senior and subordinated direct loans on such 
        terms as the Board may determine, in the Board's discretion, to 
        be appropriate to assist in the financing or refinancing of an 
        infrastructure project.
            (2) To make loan guarantees on such terms as the Board may 
        determine, in the Board's discretion, to be appropriate to 
        assist in the financing or refinancing of an infrastructure 
        project.
            (3) To issue Public Benefit Bonds, to provide financing to 
        infrastructure projects from amounts made available from the 
        issuance of such bonds.
            (4) To pay an interest subsidy on American Infrastructure 
        Bonds to the issuer of such bonds.
            (5) To make agreements and contracts with any entity in 
        furtherance of the business of the Bank.
            (6) To monitor and oversee infrastructure projects 
        financed, in whole or in part, by the Bank.
            (7) To sue and be sued in the Bank's corporate capacity in 
        any court of competent jurisdiction, except that no attachment, 
        injunction, or similar process, may be issued against the 
        property of the Bank or against the Bank with respect to such 
        property.
            (8) To indemnify the directors and officers of the Bank for 
        liabilities arising out of the actions of the directors and 
        officers in such capacity, in accordance with, and subject to 
        the limitations contained in, this Act.
            (9) To serve as the primary liaison between the Bank and 
        the Congress, the executive branch, and State and local 
        governments, and to represent the Bank's interests.
            (10) To exercise all other lawful powers which are 
        necessary or appropriate to carry out, and are consistent with, 
        the purposes of the Bank.
    (b) Limitations.--
            (1) Issuance of public benefit bonds.--The Board may not 
        issue any Public Benefit Bond without the prior consent of the 
        Secretary.
            (2) Employee protections.--Prior to providing any financial 
        assistance for an infrastructure project involving 
        reconstruction, rehabilitation, replacement or expansion that 
        may impact current employees on the project site, the interests 
        of employees affected by the financial assistance shall be 
        protected under arrangements the Secretary of Labor concludes 
        are fair and equitable.
    (c) Actions Consistent With Self-Supporting Entity Status.--The 
Board shall conduct its business in a manner consistent with the 
requirements of this section.
    (d) Coordination With State and Local Regulatory Authority.--The 
provision of financial assistance by the Board pursuant to this Act 
shall not be construed as--
            (1) limiting the right of any State or political 
        subdivision or other instrumentality of a State to approve or 
        regulate rates of return on private equity invested in a 
        project; or
            (2) otherwise superseding any State law or regulation 
        applicable to a project.
    (e) Federal Personnel Requests.--The Board shall have the power to 
request the detail, on a reimbursable basis, of personnel from other 
Federal agencies with specific expertise not available from within the 
Bank or elsewhere. The head of any Federal agency may detail, on a 
reimbursable basis, any personnel of such agency requested by the Board 
and shall not withhold unreasonably the detail of any personnel 
requested by the Board.

SEC. 7. EXECUTIVE COMMITTEE.

    (a) In General.--The Board shall establish an Executive Committee 
consisting of 9 members, headed by the chief executive officer of the 
Bank.
    (b) CEO.--A majority of the Board shall have the authority to 
appoint and reappoint the chief executive officer with such executive 
functions, powers, and duties as may be prescribed by this Act, the 
bylaws of the Bank, or the Board.
    (c) CEO Responsibilities.--The CEO shall have responsibility for 
the development and implementation of the strategy of Bank, including--
            (1) the development and submission to the Board of the 
        annual business plans and budget;
            (2) the development and submission to the Board of a long-
        term strategic plan; and
            (3) the development, revision, and submission to the Board 
        of Directors of internal policies.
    (d) Other Executive Officers.--The Board shall appoint, remove, fix 
the compensation, and define duties of 8 other executive officers to 
serve on the Executive Committee as the--
            (1) chief compliance officer;
            (2) chief financial officer;
            (3) chief asset and liability management officer;
            (4) chief loan origination officer;
            (5) chief operations officer;
            (6) chief risk officer;
            (7) chief treasury officer; and
            (8) general counsel.
    (e) Qualifications.--The CEO shall have experience and expertise in 
finance and the other executive officers shall have demonstrated 
experience and expertise in one or more of the following:
            (1) Transportation infrastructure.
            (2) Environmental infrastructure.
            (3) Energy infrastructure.
            (4) Telecommunications infrastructure.
            (5) Economic development.
            (6) Workforce development.
            (7) Public health.
            (8) Private or public finance.
    (f) Duties.--In order to carry out the purposes of the Bank as set 
forth in this Act, the Executive Committee shall--
            (1) establish and submit to the Board disclosure and 
        application procedures for entities nominating projects for 
        assistance under this Act;
            (2) establish and submit to the Board standardized terms 
        and conditions, fee schedules, or legal requirements of a 
        contract or program to carry out this Act;
            (3) establish and submit to the Board guidelines for the 
        selection and approval of projects and specific criteria for 
        determining eligibility for project selection;
            (4) accept, for consideration, project proposals relating 
        to the development of infrastructure projects, which meet the 
        basic criteria established by the Executive Committee, and 
        which are submitted by an entity;
            (5) provide recommendations to the Board and place project 
        proposals accepted by the Executive Committee on a list for 
        consideration for financial assistance from the Board;
            (6) recommend to the Board the percentage subsidy amount 
        for an approved application for an American Infrastructure 
        Bond, with such recommendation based on the strength of the 
        related infrastructure project's ability to meet the criteria 
        described under section 11 and the ability of such project to 
        attract private investment in an infrastructure project's early 
        development stages;
            (7) provide technical assistance, including public-private 
        partnership infrastructure project value for money assessments, 
        long-term economic benefit projections, and contract 
        evaluations, to entities receiving financing from the Bank and 
        otherwise implement decisions of the Board; and
            (8) provide technical assistance to State and local 
        governments who wish to have the Bank's approval to issue 
        American Infrastructure bonds.
    (g) Vacancy.--A vacancy in the position of CEO and other executive 
officers of the Executive Committee shall be filled in the manner in 
which the original appointment was made.
    (h) Compensation.--The compensation of the CEO and other executive 
officers of the Executive Committee shall be determined by the Board.
    (i) Removal.--The CEO and other executive officers of the Executive 
Committee may be removed at the discretion of a majority of the Board.
    (j) Term.--The CEO and other executive officers of the Executive 
Committee shall serve a 6-year term and may be reappointed in 
accordance with this section.
    (k) Limitations.--The CEO and other executive officers of the 
Executive Committee shall not--
            (1) hold any other public office;
            (2) have any interest in an infrastructure project 
        considered by the Board;
            (3) have any interest in an investment institution, 
        commercial bank, or other entity seeking financial assistance 
        for any infrastructure project from or investing in the Bank; 
        and
            (4) have any such interest during the 2-year period 
        beginning on the date such officer ceases to serve in such 
        capacity.

SEC. 8. RISK MANAGEMENT COMMITTEE.

    (a) Establishment of Risk Management Committee.--The Board shall 
establish a risk management committee consisting of 5 members, headed 
by the chief risk officer.
    (b) Appointments.--A majority of the Board shall have the authority 
to appoint and reappoint the CRO of the Bank.
    (c) Functions; Duties.--
            (1) In general.--The CRO shall have such functions, powers, 
        and duties as may be prescribed by one or more of the 
        following: This Act, the bylaws of the Bank, and the Board. The 
        CRO shall report directly to the Board.
            (2) Risk management duties.--In order to carry out the 
        purposes of this Act, the risk management committee shall--
                    (A) create financial, credit, and operational risk 
                management guidelines and policies to be adhered to by 
                the Bank;
                    (B) set guidelines to ensure diversification of 
                lending activities by both geographic region and 
                infrastructure project type;
                    (C) create conforming standards for all financial 
                assistance provided by the Bank;
                    (D) monitor financial, credit and operational 
                exposure of the Bank; and
                    (E) provide financial recommendations to the Board.
    (d) Duty With Respect to American Infrastructure Bonds.--The risk 
management committee shall ensure that the aggregate amount of interest 
subsidies provided for American Infrastructure Bonds in a given 
calendar year do not exceed an amount equal to 28 percent of interest 
payable under all such bonds.
    (e) Other Risk Management Officers.--The Board shall appoint, 
remove, fix the compensation, and define the duties of 4 other risk 
management officers to serve on the risk management committee.
    (f) Qualifications.--The CRO and other risk management officers 
shall have demonstrated experience and expertise in one or more of the 
following:
            (1) Treasury and asset and liability management.
            (2) Investment regulations.
            (3) Insurance.
            (4) Credit risk management and credit evaluations.
            (5) Related disciplines.
    (g) Vacancy.--A vacancy in the position of CRO and other risk 
management officers of the risk management committee shall be filled in 
the manner in which the original appointment was made.
    (h) Compensation.--The compensation of the CRO and other risk 
management officers of the risk management committee shall be 
determined by the Board.
    (i) Removal.--The CRO and other risk management officers of the 
risk management committee may be removed at the discretion of a 
majority of the Board.
    (j) Term.--The CRO and other risk management officers of the risk 
management committee shall serve a 6-year term and may be reappointed 
in accordance with this section.
    (k) Limitations.--The CRO and other risk management officers of the 
risk management committee shall not--
            (1) hold any other public office;
            (2) have any interest in an infrastructure project 
        considered by the Board;
            (3) have any interest in an investment institution, 
        commercial bank, or other entity seeking financial assistance 
        for any infrastructure project from or investing in the Bank; 
        and
            (4) have any such interest during the 2-year period 
        beginning on the date such officer ceases to serve in such 
        capacity.

SEC. 9. AUDIT COMMITTEE.

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

SEC. 10. PERSONNEL.

    The chairperson of the Board, chief executive officer, chief risk 
officer, and chief compliance officer shall appoint, remove, fix the 
compensation of, and define the duties of such qualified personnel to 
serve under the Board, Executive Committee, risk management committee, 
or audit committee, as the case may be, as necessary and prescribed by 
one or more of the following: This Act, the bylaws of the Bank, and the 
Board.

SEC. 11. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM BANK.

    (a) In General.--Any entity proposing a project for which the use 
or purpose is private and without public benefit shall not be eligible 
for financial assistance from the Bank under this Act. No financial 
assistance shall be available from the Bank unless the entity for such 
assistance has demonstrated to the satisfaction of the Board that the 
project for which such assistance is being sought meets the 
requirements of this Act.
    (b) Establishment of Project Criteria.--
            (1) In general.--Consistent with the requirements of 
        subsections (c) and (d), the Board shall approve--
                    (A) criteria for determining eligibility for 
                financial assistance established by the Executive 
                Committee under this Act;
                    (B) revisions to criteria for determining 
                eligibility for financial assistance established by the 
                Executive Committee under this Act;
                    (C) the weight given to factors to be taken into 
                account established by the Executive Committee;
                    (D) disclosure and application procedures to be 
                followed by entities to nominate projects for 
                assistance established by the Executive Committee under 
                this Act; and
                    (E) such other criteria as the Board may consider 
                to be appropriate for the purposes of carrying out this 
                Act.
            (2) Factors to be taken into account.--
                    (A) In general.--The Executive Committee shall 
                conduct an analysis that takes into account the 
                economic, environmental, and social benefits, and costs 
                of each project under consideration for financial 
                assistance under this Act, prioritizing projects that 
                contribute to economic growth, lead to job creation, 
                and are of regional or national significance.
                    (B) Criteria.--The criteria established pursuant to 
                paragraph (1)(A) shall provide for the consideration of 
                the following factors in considering eligibility for 
                financial assistance under this Act:
                            (i) The means by which development of the 
                        infrastructure project under consideration is 
                        being financed, including--
                                    (I) the terms and conditions and 
                                financial structure of the proposed 
                                financing;
                                    (II) the credit worthiness and 
                                standing of the project sponsors, 
                                providers of equity, and cofinanciers;
                                    (III) the financial assumptions and 
                                projections on which the project is 
                                based; and
                                    (IV) the extent to which the 
                                infrastructure project maximizes 
                                investment from other sources.
                            (ii) The likelihood that the provision of 
                        assistance by the Bank will cause such 
                        development to proceed more promptly and with 
                        lower costs for financing than would be the 
                        case without such assistance.
                            (iii) The extent to which the provision of 
                        assistance by the Bank maximizes the level of 
                        private investment in the infrastructure 
                        project while providing a public benefit.
                    (C) Dedicated revenue sources.--Any financial 
                assistance for an infrastructure project shall be 
                repayable, in whole or in part, from dedicated revenue 
                sources that also secure the infrastructure project 
                obligations.
                    (D) Amount of financial assistance.--The amount of 
                financial assistance under this Act shall not exceed 
                the lesser of 50 percent of the reasonably anticipated 
                eligible infrastructure project costs.
    (c) Public Input.--In developing proposed infrastructure project 
criteria and conducting reviews of infrastructure project criteria for 
the Board, the Executive Committee shall seek input from the public 
including views related to--
            (1) the weight given to different factors to be taken into 
        account;
            (2) measuring whether projects are meeting approved 
        criteria; and
            (3) any other input considered by the Executive Committee 
        and the public for the purposes of carrying out this Act.
    (d) Factors for Specific Types of Projects.--
            (1) Transportation infrastructure projects.--For any 
        transportation infrastructure project, the Board shall consider 
        the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) Reduction in greenhouse gases.
                    (C) Reduction in surface and air traffic 
                congestion.
                    (D) Use of smart tolling, such as vehicle miles 
                traveled and congestion pricing, for highway, road, and 
                bridge projects.
                    (E) Increased access to transportation options.
                    (F) Increased safety of transportation systems for 
                motorized and non-motorized users.
                    (G) Public health benefits, including the removal 
                of lead coatings or other hazardous chemicals and 
                materials.
                    (H) Reduction in risk of structural failure over 
                the service life of the project.
            (2) Environmental infrastructure project.--For any 
        environmental infrastructure project, the Board shall consider 
        the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) Public health benefits, including the removal 
                of lead coatings or other hazardous materials.
                    (C) Pollution reductions.
                    (D) Reductions in greenhouse gas.
                    (E) Increased coastal and inland flood mitigation 
                and protection.
                    (F) Reduction in risk of structural failure over 
                the service life of the project.
            (3) Energy infrastructure project.--For any energy 
        infrastructure project, the Board shall consider the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) Reduction in greenhouse gas.
                    (C) Expanded use of renewable energy.
                    (D) Development of a smart grid.
                    (E) Energy efficient building, housing, and school 
                modernization, including renewable energy designated 
                retrofits.
                    (F) In any case in which the project is also a 
                public housing project--
                            (i) improvement of the physical shape and 
                        layout;
                            (ii) environmental improvement; and
                            (iii) mobility improvements for residents.
                    (G) Public health benefits including the removal of 
                lead coatings or other hazardous chemicals and 
                materials.
                    (H) Reduction in risk of structural failure over 
                the service life of the project.
            (4) Telecommunications.--For any telecommunications 
        project, the Board shall consider the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) The extent to which assistance expands or 
                improves broadband and wireless services in rural and 
                disadvantaged communities.
    (e) Consideration of Project Proposals.--
            (1) Participation by other agency personnel.--Consideration 
        of a project under this section by the Executive Committee and 
        the Board shall be conducted with personnel on detail to the 
        Bank from relevant Federal agencies among individuals who are 
        familiar with and experienced in the selection criteria for 
        competitive infrastructure projects.
            (2) Fees.--A fee may be charged for the review of any 
        project proposal in such amount as may be considered 
        appropriate by the Executive Committee approved by the Board to 
        cover the cost of such review.
    (f) Discretion of Board.--Consistent with other provisions of this 
Act, any determination of the Board to provide assistance to any 
infrastructure project, and the manner in which such assistance is 
provided, including the terms, conditions, fees, and charges shall be 
at the sole discretion of the Board.
    (g) State and Local Permits Required.--The provision of assistance 
by the Board in accordance with this Act shall not be deemed to relieve 
any recipient of assistance or the related infrastructure project of 
any obligation to obtain required State and local permits and 
approvals.
    (h) Annual Report.--An entity receiving assistance from the Board 
shall make annual reports to the Board on the use of any such 
assistance, compliance with the criteria set forth in this section, and 
a disclosure of all entities with a development, ownership, or 
operational interest in a infrastructure project assisted or proposed 
to be assisted under this Act.

SEC. 12. EXEMPTION FROM LOCAL TAXATION.

    All bonds issued by the Bank, and the interest on or credits with 
respect to such bonds, shall not be subject to taxation by any State, 
county, municipality, or local taxing authority.

SEC. 13. STATUS AND APPLICABILITY OF CERTAIN FEDERAL LAWS.

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

SEC. 14. COMPLIANCE WITH CERTAIN DOMESTIC CONTENT STATUTES.

    The financing provided for an infrastructure project shall be in 
accordance with the following statutory provisions of the United States 
Code under the jurisdiction of the Department of Transportation: 
section 24305 of title 49, United States Code (AMTRAK), section 313 of 
title 23, United States Code (FHWA), section 5323(j) of title 49, 
United States Code (FTA), section 24405 of title 49, United States Code 
(Intercity Rail Passenger Corporation) and sections 50101 and 50105 of 
title 49, United States Code (FAA).

SEC. 15. USE OF IRON, STEEL, AND MANUFACTURED GOODS IN INFRASTRUCTURE 
              PROJECTS.

    (a) Buy America.--None of the financing provided for by the Bank 
may be used for a public infrastructure project unless all of the iron, 
steel, and manufactured goods used for the construction, alteration, 
maintenance or repair of the project are produced in the United States.
    (b) Exception.--Subsection (a) shall not apply in any case or 
category of cases in which the Secretary of the Treasury finds that--
            (1) applying subsection (a) would be inconsistent with the 
        public interest;
            (2) iron, steel, and the relevant manufactured goods are 
        not produced in the United States in sufficient and reasonably 
        available quantities and of a satisfactory quality; or
            (3) inclusion of iron, steel, and manufactured goods 
        produced in the United States will increase the cost of the 
        overall infrastructure project by more than 25 percent.
    (c) Publication of Waivers.--If the Secretary of the Treasury 
determines that it is necessary to waive the application of subsection 
(a) based on a finding under subsection (b), the Treasury Secretary 
shall publish in the Federal Register a detailed written justification 
as to why the provision is being waived.
    (d) Application of Section.--This section shall be applied in a 
manner consistent with the United States obligations under 
international agreements.
    (e) Consultations.--The Secretary of the Treasury shall consult 
with the Board and may consult with the Secretary of Transportation and 
other Federal Secretaries and Administrators when applying this 
section.

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

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

SEC. 17. AMERICAN INFRASTRUCTURE BOND.

    (a) In General.--In the case of an American Infrastructure Bond, 
the Bank shall pay (contemporaneously with each interest payment date 
under such bond) to the issuer of such bond (or to any person who makes 
such interest payments on behalf of the issuer) the applicable 
percentage of the interest payable under such bond on such date.
    (b) American Infrastructure Bond.--
            (1) In general.--For purposes of this section, the term 
        ``American Infrastructure Bond'' means any obligation (other 
        than a private activity bond) if--
                    (A) the interest on such obligation would (but for 
                this section) be excludable from gross income under 
                section 103 of the Internal Revenue Code of 1986;
                    (B) such obligation would have been a qualified 
                bond under section 54AA of such Code (determined 
                without regard to subparagraphs (B) and (C) of 
                subsection (d)(1) and subsection (g)(2)(B) thereof);
                    (C) such obligation is approved under the American 
                Infrastructure Bond program; and
                    (D) the issuer makes an irrevocable election to 
                have this section apply.
            (2) Applicable rules.--For purposes of applying paragraph 
        (1)--
                    (A) for purposes of section 149(b) of such Code, an 
                American Infrastructure Bond shall not be treated as 
                federally guaranteed by reason of the subsidy provided 
                under subsection (a);
                    (B) for purposes of section 148 of such Code, the 
                yield on an American Infrastructure Bond shall be 
                determined without regard to the subsidy provided under 
                subsection (a); and
                    (C) a bond shall not be treated as an American 
                Infrastructure Bond if the issue price has more than a 
                de minimis amount (determined under rules similar to 
                the rules of section 1273(a)(3) of such Code) of 
                premium over the stated principal amount of the bond.
    (c) Interest on Bonds Included in Gross Income.--For purposes of 
the Internal Revenue Code of 1986, interest on any American 
Infrastructure Bond shall be includible in gross income.
    (d) Definitions.--For purposes of this section--
            (1) Interest payment date.--The term ``interest payment 
        date'' means any date on which the holder of record of the 
        American Infrastructure Bond is entitled to a payment of 
        interest under such bond.
            (2) Applicable percentage.--The applicable percentage with 
        respect to the interest subsidy provided for any bond under the 
        American Infrastructure Bond program shall be a percentage 
        recommended by the Executive Committee, reviewed by the risk 
        management committee, and approved by the Board.
    (e) American Infrastructure Bond Program.--
            (1) In general.--Not later than 180 days after the date of 
        the enactment of this Act, the Board, in consultation with the 
        Executive Committee, risk management committee, and the 
        Secretary of the Treasury, shall establish an American 
        Infrastructure Bond program, under which the Board may--
                    (A) approve bond issuances for purposes of this 
                section, and
                    (B) assign an applicable percentage with respect to 
                any bond so approved.
            (2) Application.--Issuers may apply for the approval of a 
        bond issuance for purposes of this section, and any such 
        application shall contain such information as the Executive 
        Committee and the risk management committee may require in 
        order to accept or reject an application and to assign an 
        applicable percentage to such bond.
            (3) Criteria.--Approval of an application and the 
        applicable percentage subsidy assigned under the program shall 
        be based on the ability of each project to meet the criteria 
        established under section 8(d).
            (4) Limitations.--
                    (A) Per bond subsidy.--The applicable percentage 
                with respect to any bond may not exceed 40 percent.
                    (B) Aggregate subsidy limitation.--For any calendar 
                year, the aggregate amount of interest subsidies 
                provided under this section with respect to all 
                American Infrastructure Bonds shall not exceed an 
                amount equal to 28 percent of interest payable under 
                all such bonds.

SEC. 18. NATIONAL INFRASTRUCTURE DEVELOPMENT BANK TRUST FUND.

    (a) In General.--There is established in the Treasury of the United 
States a trust fund to be known as the ``National Infrastructure 
Development Bank Trust Fund'' consisting of such amounts as may be 
appropriated to such trust fund as provided in this section.
    (b) Transfer to Trust Fund.--There are hereby appropriated to the 
National Infrastructure Development Bank Trust Fund such amount as the 
Secretary of the Treasury estimates is equivalent to the tax receipts 
attributable to interest payable under American Infrastructure Bonds.
    (c) Expenditures From Trust Fund.--Amounts in the National 
Infrastructure Development Bank Trust Fund shall be available, as 
provided in appropriation Acts, only for purposes of the Secretary 
making transfers to the National Infrastructure Development Bank for 
infrastructure project assistance provided by the Bank under this Act.

SEC. 19. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated $5,000,000,000 for each of 
fiscal years 2015, 2016, 2017, 2018, and 2019 to capitalize the Bank 
and to remain available until expended, of which not more than 
$25,000,000 for each of fiscal years 2015 and 2016, and not more than 
$50,000,000 for each fiscal year thereafter, may be used for 
administrative costs of the Bank.
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