I 

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. CA ́RDENAS) 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 

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ture projects and new job creation through the establishment of a National Infrastructure Development Bank, 

and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘National Infrastruc5 ture Development Bank Act of 2015’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

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

10 and has been a key component of maintaining a 

11 global competitive edge for the United States. 

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

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

16 for future economic growth. 

17 (3) According to the World Economic Forum 

18 Global Competitiveness Report, the United States 

19 ranks 16th overall in infrastructure. 

20 (4) According to the American Society of Civil 

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


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

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

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

6 sources for the next 50 years to upgrade our surface 

7 transportation system to a state of good repair and 

8 create a more advanced system. 

9 (6) The Environmental Protection Agency 

10 projects that— 

11 (A) $334,200,000,000 is needed to invest 

12 in infrastructure improvements over 20 years to 

13 ensure the provision of safe water; and 

14 (B) $298,100,000,000 is needed for pub15 licly owned wastewater systems-related infra16 structure needs over 20 years. 

17 (7) According to the Edison Electric Institute, 

18 the electric power industry will need to invest 

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

22 (8) According to the Organization for Economic 

23 Cooperation and Development (OECD), the United 

24 States ranks 7th among OECD nations in wireless 


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1 broadband and 16th among fixed broadband access 

2 per 100 inhabitants. 

3 (9) Although grant programs of the Govern4 ment must continue to play a central role in financ5 ing the transportation, environment, energy, and 

6 telecommunications infrastructure needs of the 

7 United States, current and foreseeable demands on 

8 existing Federal, State, and local funding for infra9 structure expansion exceed the resources to support 

10 these programs by margins wide enough to prompt 

11 serious concerns about the United States ability to 

12 sustain long-term economic development, produc13 tivity, and international competitiveness. 

14 (10) The capital markets, including central 

15 banks, pension funds, financial institutions, sov16 ereign wealth funds, and insurance companies, have 

17 a growing interest in infrastructure investment. The 

18 establishment of a United States Government-owned 

19 institution that would provide this investment oppor20 tunity to finance qualifying infrastructure projects 

21 would attract needed capital for United States infra22 structure development. 

23 SEC. 3. DEFINITIONS. 

24 For purposes of this Act, the following definitions 

25 apply unless the context requires otherwise: 


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1 (1) AMERICAN INFRASTRUCTURE BOND.—The 

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

3 described under section 17. 

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

6 under section 4(a). 

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

9 (4) CHIEF ASSET AND LIABILITY MANAGEMENT

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

13 liabilities of the Bank. 

14 (5) CHIEF COMPLIANCE OFFICER.—The term 

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

16 individual responsible for overseeing and managing 

17 the compliance and regulatory affairs issues of the 

18 Bank. 

19 (6) CHIEF EXECUTIVE OFFICER.—The term 

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

22 (7) CHIEF FINANCIAL OFFICER.—The term 

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

25 planning, and reporting of the Bank. 


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1 (8) CHIEF LOAN ORIGINATION OFFICER.—The 

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

3 individual responsible for the processing of new 

4 loans provided by the Bank. 

5 (9) CHIEF OPERATIONS OFFICER.—The term 

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

7 individual responsible for information technology and 

8 the day to day operations of the Bank. 

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

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

13 (11) CHIEF TREASURY OFFICER.—The term 

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

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

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

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

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


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

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

4 (14) DISADVANTAGED COMMUNITY.—The term 

5 ‘‘disadvantaged community’’ means a community 

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

8 the State in which the community is located. 

9 (15) ENERGY INFRASTRUCTURE PROJECT.— 

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

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

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

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

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

20 State or a revolving fund. 

21 (17) ENVIRONMENTAL INFRASTRUCTURE

22 PROJECT.—The term ‘‘environmental infrastructure 

23 project’’ means any project for the establishment, 

24 maintenance, or enhancement of any drinking water 

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

2 open space management system, wetland restoration, 

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

5 remediation projects. 

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

7 counsel’’ means the individual who serves as the 

8 chief lawyer for the Bank. 

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

11 (A) Carbon dioxide. 

12 (B) Methane. 

13 (C) Nitrous oxide. 

14 (D) Sulfur hexafluoride. 

15 (E) Hydrofluorocarbons 

16 (F) Any perfluorocarbon. 

17 (G) Nitrogen trifluoride. 

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

21 (20) INFRASTRUCTURE PROJECT.—The term 

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


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

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

4 661a). 

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

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

9 are to be used for expenditures incurred after 

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

12 such rules as the Bank may provide; 

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

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

15 interest in such an amount, as determined by 

16 the Bank; and 

17 (D) payments of interest and principal 

18 with respect to the bond is the obligation of the 

19 Bank and is backed by the full faith and credit 

20 of the United States. 

21 (23) PUBLIC-PRIVATE PARTNERSHIP.—The 

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

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


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

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

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

6 such an infrastructure project, are subject to 

7 regulation by a State or any instrumentality of 

8 a State; and 

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

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

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

12 the entity is a nongovernmental entity. 

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

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

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

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

19 more categories of infrastructure projects. 

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

21 means the Secretary of the Treasury or the designee 

22 of the Secretary. 

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

24 means a system that provides for any of the smart 

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


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1 Energy Independence and Security Act of 2007 (42 

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

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

4 District of Columbia, Puerto Rico, Guam, American 

5 Samoa, the Virgin Islands, the Commonwealth of 

6 Northern Mariana Islands, and any other territory 

7 of the United States. 

8 (28) TELECOMMUNICATIONS INFRASTRUCTURE

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

12 wire or radio. 

13 (29) TRANSPORTATION INFRASTRUCTURE

14 PROJECT.—The term ‘‘transportation infrastructure 

15 project’’ means any project for the construction, 

16 maintenance, or enhancement of highways, roads, 

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

19 and freight rail systems. 

20 SEC. 4. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 

21 DEVELOPMENT BANK. 

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

25 Government corporation subject to chapter 91 of title 31, 


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

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

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

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

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

10 subparagraph (N) the following: 

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

13 SEC. 5. BOARD OF DIRECTORS. 

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

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

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

18 shall include individuals representing different regions of 

19 the United States and— 

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

21 experience; 

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

23 experience; and 

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


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

3 of the Board shall be designated chairperson of the Board 

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

6 (d) TERMS.— 

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

9 appointed for a term of 6 years. 

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

11 members of the Board— 

12 (A) the chairperson and vice chairperson 

13 shall each be appointed for terms of 6 years; 

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

15 years; and 

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

17 years. 

18 (e) CONGRESSIONAL RECOMMENDATIONS.—Not later 

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

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

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

22 the minority leader of the House of Representatives shall 

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

25 consultation with the appropriate committees of Congress. 


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

2 nominations by the President for appointment of directors 

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

4 the date of enactment of this Act. 

5 (g) VACANCIES.— 

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

7 shall be filled in the manner in which the original 

8 appointment was made. 

9 (2) APPOINTMENT TO REPLACE DURING

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

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

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

15 expiration of that director’s term until a successor 

16 has taken office. 

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

18 quorum. 

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

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

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

24 a per diem when engaged in the actual performance of 

25 Bank business, plus reasonable reimbursement for travel, 


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1 subsistence, and other necessary expenses incurred in the 

2 performance of their duties. 

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

4 participate in any review or decision affecting a project 

5 under consideration for assistance under this Act if the 

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

8 (l) RESPONSIBILITIES.—The Board shall— 

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

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

12 and Audit Committee as prescribed by this Act; 

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

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

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

18 objectives, and policies set forth in this Act; 

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

21 by— 

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

24 goals; 


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1 (B) periodically reviewing internal policies 

2 submitted by the chief executive officer; 

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

5 strategies submitted by the chief executive offi6 cer; 

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

9 (E) reviewing risk management and audit 

10 practices of the Bank; and 

11 (F) reviewing and approving all changes to 

12 the organization of the Bank; and 

13 (4) establish such other criteria, requirements, 

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

16 (m) MEETINGS.— 

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

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

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

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

23 last director is appointed and otherwise at the call 

24 of the Chairperson. 


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

3 through their bylaws, the directors may close a 

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

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

9 commodities markets or institutions, utilities, or real 

10 estate. The determination to close any meeting of 

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

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

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

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

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

21 projects and have the following powers: 

22 (1) To make senior and subordinated direct 

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

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


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1 the financing or refinancing of an infrastructure 

2 project. 

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

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

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

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

8 financing to infrastructure projects from amounts 

9 made available from the issuance of such bonds. 

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

12 (5) To make agreements and contracts with any 

13 entity in furtherance of the business of the Bank. 

14 (6) To monitor and oversee infrastructure 

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

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

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

20 or against the Bank with respect to such property. 

21 (8) To indemnify the directors and officers of 

22 the Bank for liabilities arising out of the actions of 

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

25 in, this Act. 


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

2 Bank and the Congress, the executive branch, and 

3 State and local governments, and to represent the 

4 Bank’s interests. 

5 (10) To exercise all other lawful powers which 

6 are necessary or appropriate to carry out, and are 

7 consistent with, the purposes of the Bank. 

8 (b) LIMITATIONS.— 

9 (1) ISSUANCE OF PUBLIC BENEFIT BONDS.— 

10 The Board may not issue any Public Benefit Bond 

11 without the prior consent of the Secretary. 

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

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

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

19 concludes are fair and equitable. 

20 (c) ACTIONS CONSISTENT WITH SELF-SUPPORTING

21 ENTITY STATUS.—The Board shall conduct its business 

22 in a manner consistent with the requirements of this sec23 tion. 

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1 ance by the Board pursuant to this Act shall not be con2 strued as— 

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

4 subdivision or other instrumentality of a State to ap5 prove or regulate rates of return on private equity 

6 invested in a project; or 

7 (2) otherwise superseding any State law or reg8 ulation applicable to a project. 

9 (e) FEDERAL PERSONNEL REQUESTS.—The Board 

10 shall have the power to request the detail, on a reimburs11 able basis, of personnel from other Federal agencies with 

12 specific expertise not available from within the Bank or 

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

14 on a reimbursable basis, any personnel of such agency re15 quested by the Board and shall not withhold unreasonably 

16 the detail of any personnel requested by the Board. 

17 SEC. 7. EXECUTIVE COMMITTEE. 

18 (a) IN GENERAL.—The Board shall establish an Ex19 ecutive Committee consisting of 9 members, headed by the 

20 chief executive officer of the Bank. 

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

22 authority to appoint and reappoint the chief executive offi23 cer with such executive functions, powers, and duties as 

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

25 or the Board. 


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

2 responsibility for the development and implementation of 

3 the strategy of Bank, including— 

4 (1) the development and submission to the 

5 Board of the annual business plans and budget; 

6 (2) the development and submission to the 

7 Board of a long-term strategic plan; and 

8 (3) the development, revision, and submission 

9 to the Board of Directors of internal policies. 

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

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

12 of 8 other executive officers to serve on the Executive 

13 Committee as the— 

14 (1) chief compliance officer; 

15 (2) chief financial officer; 

16 (3) chief asset and liability management officer; 

17 (4) chief loan origination officer; 

18 (5) chief operations officer; 

19 (6) chief risk officer; 

20 (7) chief treasury officer; and 

21 (8) general counsel. 

22 (e) QUALIFICATIONS.—The CEO shall have experi23 ence and expertise in finance and the other executive offi24 cers shall have demonstrated experience and expertise in 

25 one or more of the following: 


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1 (1) Transportation infrastructure. 

2 (2) Environmental infrastructure. 

3 (3) Energy infrastructure. 

4 (4) Telecommunications infrastructure. 

5 (5) Economic development. 

6 (6) Workforce development. 

7 (7) Public health. 

8 (8) Private or public finance. 

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

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

11 shall— 

12 (1) establish and submit to the Board disclo13 sure and application procedures for entities nomi14 nating projects for assistance under this Act; 

15 (2) establish and submit to the Board standard16 ized terms and conditions, fee schedules, or legal re17 quirements of a contract or program to carry out 

18 this Act; 

19 (3) establish and submit to the Board guide20 lines for the selection and approval of projects and 

21 specific criteria for determining eligibility for project 

22 selection; 

23 (4) accept, for consideration, project proposals 

24 relating to the development of infrastructure 

25 projects, which meet the basic criteria established by 


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1 the Executive Committee, and which are submitted 

2 by an entity; 

3 (5) provide recommendations to the Board and 

4 place project proposals accepted by the Executive 

5 Committee on a list for consideration for financial 

6 assistance from the Board; 

7 (6) recommend to the Board the percentage 

8 subsidy amount for an approved application for an 

9 American Infrastructure Bond, with such rec10 ommendation based on the strength of the related 

11 infrastructure project’s ability to meet the criteria 

12 described under section 11 and the ability of such 

13 project to attract private investment in an infra14 structure project’s early development stages; 

15 (7) provide technical assistance, including pub16 lic-private partnership infrastructure project value 

17 for money assessments, long-term economic benefit 

18 projections, and contract evaluations, to entities re19 ceiving financing from the Bank and otherwise im20 plement decisions of the Board; and 

21 (8) provide technical assistance to State and 

22 local governments who wish to have the Bank’s ap23 proval to issue American Infrastructure bonds. 

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

25 other executive officers of the Executive Committee shall 


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1 be filled in the manner in which the original appointment 

2 was made. 

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

4 and other executive officers of the Executive Committee 

5 shall be determined by the Board. 

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

7 of the Executive Committee may be removed at the discre8 tion of a majority of the Board. 

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

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

11 may be reappointed in accordance with this section. 

12 (k) LIMITATIONS.—The CEO and other executive of13 ficers of the Executive Committee shall not— 

14 (1) hold any other public office; 

15 (2) have any interest in an infrastructure 

16 project considered by the Board; 

17 (3) have any interest in an investment institu18 tion, commercial bank, or other entity seeking finan19 cial assistance for any infrastructure project from or 

20 investing in the Bank; and 

21 (4) have any such interest during the 2-year pe22 riod beginning on the date such officer ceases to 

23 serve in such capacity. 


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1 SEC. 8. RISK MANAGEMENT COMMITTEE. 

2 (a) ESTABLISHMENT OF RISK MANAGEMENT COM3 MITTEE.—The Board shall establish a risk management 

4 committee consisting of 5 members, headed by the chief 

5 risk officer. 

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

7 have the authority to appoint and reappoint the CRO of 

8 the Bank. 

9 (c) FUNCTIONS; DUTIES.— 

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

11 functions, powers, and duties as may be prescribed 

12 by one or more of the following: This Act, the by13 laws of the Bank, and the Board. The CRO shall re14 port directly to the Board. 

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

16 carry out the purposes of this Act, the risk manage17 ment committee shall— 

18 (A) create financial, credit, and operational 

19 risk management guidelines and policies to be 

20 adhered to by the Bank; 

21 (B) set guidelines to ensure diversification 

22 of lending activities by both geographic region 

23 and infrastructure project type; 

24 (C) create conforming standards for all fi25 nancial assistance provided by the Bank; 


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1 (D) monitor financial, credit and oper2 ational exposure of the Bank; and 

3 (E) provide financial recommendations to 

4 the Board. 

5 (d) DUTY WITH RESPECT TO AMERICAN INFRA6 STRUCTURE BONDS.—The risk management committee 

7 shall ensure that the aggregate amount of interest sub8 sidies provided for American Infrastructure Bonds in a 

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

10 percent of interest payable under all such bonds. 

11 (e) OTHER RISK MANAGEMENT OFFICERS.—The 

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

13 define the duties of 4 other risk management officers to 

14 serve on the risk management committee. 

15 (f) QUALIFICATIONS.—The CRO and other risk man16 agement officers shall have demonstrated experience and 

17 expertise in one or more of the following: 

18 (1) Treasury and asset and liability manage19 ment. 

20 (2) Investment regulations. 

21 (3) Insurance. 

22 (4) Credit risk management and credit evalua23 tions. 

24 (5) Related disciplines. 


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

2 other risk management officers of the risk management 

3 committee shall be filled in the manner in which the origi4 nal appointment was made. 

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

6 and other risk management officers of the risk manage7 ment committee shall be determined by the Board. 

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

9 officers of the risk management committee may be re10 moved at the discretion of a majority of the Board. 

11 (j) TERM.—The CRO and other risk management of12 ficers of the risk management committee shall serve a 6- 

13 year term and may be reappointed in accordance with this 

14 section. 

15 (k) LIMITATIONS.—The CRO and other risk manage16 ment officers of the risk management committee shall 

17 not— 

18 (1) hold any other public office; 

19 (2) have any interest in an infrastructure 

20 project considered by the Board; 

21 (3) have any interest in an investment institu22 tion, commercial bank, or other entity seeking finan23 cial assistance for any infrastructure project from or 

24 investing in the Bank; and 


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

3 serve in such capacity. 

4 SEC. 9. AUDIT COMMITTEE. 

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

6 committee consisting of 5 members, headed by the chief 

7 compliance officer of the Bank. 

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

9 have the authority to appoint and reappoint the CCO of 

10 the Bank. 

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

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

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

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

15 Board. 

16 (d) AUDIT DUTIES.—In order to carry out the pur17 poses of the Bank under this Act, the audit committee 

18 shall— 

19 (1) provide internal controls and internal audit20 ing activities for the Bank; 

21 (2) maintain responsibility for the accounting 

22 activities of the Bank; 

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

24 (4) complete reports with outside auditors and 

25 public accountants appointed by the Board. 


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1 (e) OTHER AUDIT OFFICERS.—The Board shall ap2 point, remove, fix the compensation, and define the duties 

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

4 (f) QUALIFICATIONS.—The CCO and other audit offi5 cers shall have demonstrated experience and expertise in 

6 one or more of the following: 

7 (1) Internal auditing. 

8 (2) Internal investigations. 

9 (3) Accounting practices. 

10 (4) Financing practices. 

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

12 other audit officers of the audit committee shall be filled 

13 in the manner in which the original appointment was 

14 made. 

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

16 and other audit officers of the audit committee shall be 

17 determined by the Board. 

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

19 the audit committee may be removed at the discretion of 

20 a majority of the Board. 

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

22 audit committee shall serve a 6-year term and may be re23 appointed in accordance with this section. 

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

25 of the audit committee shall not— 


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1 (1) hold any other public office; 

2 (2) have any interest in an infrastructure 

3 project considered by the Board; 

4 (3) have any interest in an investment institu5 tion, commercial bank, or other entity seeking finan6 cial assistance for any infrastructure project from or 

7 investing in the Bank; and 

8 (4) have any such interest during the 2-year pe9 riod beginning on the date such officer ceases to 

10 serve in such capacity. 

11 SEC. 10. PERSONNEL. 

12 The chairperson of the Board, chief executive officer, 

13 chief risk officer, and chief compliance officer shall ap14 point, remove, fix the compensation of, and define the du15 ties of such qualified personnel to serve under the Board, 

16 Executive Committee, risk management committee, or 

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

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

19 bylaws of the Bank, and the Board. 

20 SEC. 11. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 

21 BANK. 

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

23 which the use or purpose is private and without public 

24 benefit shall not be eligible for financial assistance from 

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


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1 available from the Bank unless the entity for such assist2 ance has demonstrated to the satisfaction of the Board 

3 that the project for which such assistance is being sought 

4 meets the requirements of this Act. 

5 (b) ESTABLISHMENT OF PROJECT CRITERIA.— 

6 (1) IN GENERAL.—Consistent with the require7 ments of subsections (c) and (d), the Board shall ap8 prove— 

9 (A) criteria for determining eligibility for 

10 financial assistance established by the Executive 

11 Committee under this Act; 

12 (B) revisions to criteria for determining 

13 eligibility for financial assistance established by 

14 the Executive Committee under this Act; 

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

16 into account established by the Executive Com17 mittee; 

18 (D) disclosure and application procedures 

19 to be followed by entities to nominate projects 

20 for assistance established by the Executive 

21 Committee under this Act; and 

22 (E) such other criteria as the Board may 

23 consider to be appropriate for the purposes of 

24 carrying out this Act. 

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


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1 (A) IN GENERAL.—The Executive Com2 mittee shall conduct an analysis that takes into 

3 account the economic, environmental, and social 

4 benefits, and costs of each project under consid5 eration for financial assistance under this Act, 

6 prioritizing projects that contribute to economic 

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

8 or national significance. 

9 (B) CRITERIA.—The criteria established 

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

11 the consideration of the following factors in 

12 considering eligibility for financial assistance 

13 under this Act: 

14 (i) The means by which development 

15 of the infrastructure project under consid16 eration is being financed, including— 

17 (I) the terms and conditions and 

18 financial structure of the proposed fi19 nancing; 

20 (II) the credit worthiness and 

21 standing of the project sponsors, pro22 viders of equity, and cofinanciers; 

23 (III) the financial assumptions 

24 and projections on which the project 

25 is based; and 


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1 (IV) the extent to which the in2 frastructure project maximizes invest3 ment from other sources. 

4 (ii) The likelihood that the provision 

5 of assistance by the Bank will cause such 

6 development to proceed more promptly and 

7 with lower costs for financing than would 

8 be the case without such assistance. 

9 (iii) The extent to which the provision 

10 of assistance by the Bank maximizes the 

11 level of private investment in the infra12 structure project while providing a public 

13 benefit. 

14 (C) DEDICATED REVENUE SOURCES.—Any 

15 financial assistance for an infrastructure 

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

17 from dedicated revenue sources that also secure 

18 the infrastructure project obligations. 

19 (D) AMOUNT OF FINANCIAL ASSIST20 ANCE.—The amount of financial assistance 

21 under this Act shall not exceed the lesser of 50 

22 percent of the reasonably anticipated eligible in23 frastructure project costs. 

24 (c) PUBLIC INPUT.—In developing proposed infra25 structure project criteria and conducting reviews of infraVerDate Sep 11 2014 02:53 Aug 05, 2015 Jkt 049200 PO 00000 Frm 00033 Fmt 6652 Sfmt 6201 E:\BILLS\H3337.IH H3337

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1 structure project criteria for the Board, the Executive 

2 Committee shall seek input from the public including 

3 views related to— 

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

5 taken into account; 

6 (2) measuring whether projects are meeting ap7 proved criteria; and 

8 (3) any other input considered by the Executive 

9 Committee and the public for the purposes of car10 rying out this Act. 

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

12 (1) TRANSPORTATION INFRASTRUCTURE

13 PROJECTS.—For any transportation infrastructure 

14 project, the Board shall consider the following: 

15 (A) Job creation, including workforce de16 velopment for women and minorities, respon17 sible employment practices, and targeted job 

18 training and employment opportunities for low 

19 income workers. 

20 (B) Reduction in greenhouse gases. 

21 (C) Reduction in surface and air traffic 

22 congestion. 

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

24 miles traveled and congestion pricing, for high25 way, road, and bridge projects. 


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1 (E) Increased access to transportation op2 tions. 

3 (F) Increased safety of transportation sys4 tems for motorized and non-motorized users. 

5 (G) Public health benefits, including the 

6 removal of lead coatings or other hazardous 

7 chemicals and materials. 

8 (H) Reduction in risk of structural failure 

9 over the service life of the project. 

10 (2) ENVIRONMENTAL INFRASTRUCTURE

11 PROJECT.—For any environmental infrastructure 

12 project, the Board shall consider the following: 

13 (A) Job creation, including workforce de14 velopment for women and minorities, respon15 sible employment practices, and targeted job 

16 training and employment opportunities for low 

17 income workers. 

18 (B) Public health benefits, including the 

19 removal of lead coatings or other hazardous 

20 materials. 

21 (C) Pollution reductions. 

22 (D) Reductions in greenhouse gas. 

23 (E) Increased coastal and inland flood 

24 mitigation and protection. 


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1 (F) Reduction in risk of structural failure 

2 over the service life of the project. 

3 (3) ENERGY INFRASTRUCTURE PROJECT.—For 

4 any energy infrastructure project, the Board shall 

5 consider the following: 

6 (A) Job creation, including workforce de7 velopment for women and minorities, respon8 sible employment practices, and targeted job 

9 training and employment opportunities for low 

10 income workers. 

11 (B) Reduction in greenhouse gas. 

12 (C) Expanded use of renewable energy. 

13 (D) Development of a smart grid. 

14 (E) Energy efficient building, housing, and 

15 school modernization, including renewable en16 ergy designated retrofits. 

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

18 a public housing project— 

19 (i) improvement of the physical shape 

20 and layout; 

21 (ii) environmental improvement; and 

22 (iii) mobility improvements for resi23 dents. 


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1 (G) Public health benefits including the re2 moval of lead coatings or other hazardous 

3 chemicals and materials. 

4 (H) Reduction in risk of structural failure 

5 over the service life of the project. 

6 (4) TELECOMMUNICATIONS.—For any tele7 communications project, the Board shall consider 

8 the following: 

9 (A) Job creation, including workforce de10 velopment for women and minorities, respon11 sible employment practices, and targeted job 

12 training and employment opportunities for low 

13 income workers. 

14 (B) The extent to which assistance ex15 pands or improves broadband and wireless serv16 ices in rural and disadvantaged communities. 

17 (e) CONSIDERATION OF PROJECT PROPOSALS.— 

18 (1) PARTICIPATION BY OTHER AGENCY PER19 SONNEL.—Consideration of a project under this sec20 tion by the Executive Committee and the Board 

21 shall be conducted with personnel on detail to the 

22 Bank from relevant Federal agencies among individ23 uals who are familiar with and experienced in the se24 lection criteria for competitive infrastructure 

25 projects. 


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1 (2) FEES.—A fee may be charged for the re2 view of any project proposal in such amount as may 

3 be considered appropriate by the Executive Com4 mittee approved by the Board to cover the cost of 

5 such review. 

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

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

8 provide assistance to any infrastructure project, and the 

9 manner in which such assistance is provided, including the 

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

11 discretion of the Board. 

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

13 provision of assistance by the Board in accordance with 

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

15 assistance or the related infrastructure project of any obli16 gation to obtain required State and local permits and ap17 provals. 

18 (h) ANNUAL REPORT.—An entity receiving assist19 ance from the Board shall make annual reports to the 

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

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

22 all entities with a development, ownership, or operational 

23 interest in a infrastructure project assisted or proposed 

24 to be assisted under this Act. 


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1 SEC. 12. EXEMPTION FROM LOCAL TAXATION. 

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

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

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

5 taxing authority. 

6 SEC. 13. STATUS AND APPLICABILITY OF CERTAIN FED7 ERAL LAWS. 

8 (a) COMPLIANCE WITH DAVIS-BACON ACT.—All la9 borers and mechanics employed by contractors and sub10 contractors on infrastructure projects funded directly by 

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

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

13 than those prevailing on projects of a character similar 

14 in the locality as determined by the Secretary of Labor 

15 in accordance with subchapter IV of chapter 31 of part 

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

17 labor standards specified in this section, the Secretary of 

18 Labor shall have the authority and functions set forth in 

19 Reorganization Plan Numbered 14 of 1950 (64 Stat. 

20 1267; 5 U.S.C. App.) and section 3145 of title 40, United 

21 States Code. 

22 (b) NO PRIORITY AS A FEDERAL CLAIM.—The pri23 ority established in favor of the United States by section 

24 3713 of title 31, United States Code, shall not apply with 

25 respect to any indebtedness of the Bank. 


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1 (c) COMPLIANCE WITH GRANT REQUIREMENTS.— 

2 Recipients of financial assistance authorized under this 

3 Act that funds public transportation capital projects, as 

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

5 must comply with the grant requirements applicable to 

6 grants made under section 5309 of such title. 

7 SEC. 14. COMPLIANCE WITH CERTAIN DOMESTIC CONTENT 

8 STATUTES. 

9 The financing provided for an infrastructure project 

10 shall be in accordance with the following statutory provi11 sions of the United States Code under the jurisdiction of 

12 the Department of Transportation: section 24305 of title 

13 49, United States Code (AMTRAK), section 313 of title 

14 23, United States Code (FHWA), section 5323(j) of title 

15 49, United States Code (FTA), section 24405 of title 49, 

16 United States Code (Intercity Rail Passenger Corpora17 tion) and sections 50101 and 50105 of title 49, United 

18 States Code (FAA). 

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

20 IN INFRASTRUCTURE PROJECTS. 

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

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

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

24 goods used for the construction, alteration, maintenance 

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


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

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

3 the Treasury finds that— 

4 (1) applying subsection (a) would be incon5 sistent with the public interest; 

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

7 goods are not produced in the United States in suffi8 cient and reasonably available quantities and of a 

9 satisfactory quality; or 

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

11 goods produced in the United States will increase 

12 the cost of the overall infrastructure project by more 

13 than 25 percent. 

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

15 the Treasury determines that it is necessary to waive the 

16 application of subsection (a) based on a finding under sub17 section (b), the Treasury Secretary shall publish in the 

18 Federal Register a detailed written justification as to why 

19 the provision is being waived. 

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

21 applied in a manner consistent with the United States ob22 ligations under international agreements. 

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

24 shall consult with the Board and may consult with the 


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1 Secretary of Transportation and other Federal Secretaries 

2 and Administrators when applying this section. 

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

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

5 shall be maintained in accordance with generally accepted 

6 accounting principles and shall be subject to an annual 

7 audit by independent public accountants appointed by the 

8 Board and of nationally recognized standing. 

9 (b) REPORTS.— 

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

11 President and Congress, within 90 days after the 

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

13 report with respect to the preceding fiscal year, set14 ting forth— 

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

16 for such preceding fiscal year; 

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

18 outstanding at the end of such preceding fiscal 

19 year, with a statement of the amounts issued 

20 and redeemed or paid during such preceding 

21 fiscal year; and 

22 (C) the status of infrastructure projects re23 ceiving funding or other assistance pursuant to 

24 this Act, including disclosure of all entities with 


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1 a development, ownership, or operational inter2 est in such projects. 

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

4 date of enactment of this Act, the Comptroller Gen5 eral of the United States shall submit to Congress 

6 a report evaluating activities of the Bank for the fis7 cal years covered by the report that includes an as8 sessment of the impact and benefits of each funded 

9 infrastructure project, including a review of how ef10 fectively each project accomplished the goals 

11 prioritized by the Bank’s project criteria. 

12 (c) BOOKS AND RECORDS.— 

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

14 adequate books and records to support the financial 

15 transactions of the Bank with a description of finan16 cial transactions and infrastructure projects receiv17 ing funding, and the amount of funding for each 

18 project maintained on a publically accessible data19 base. 

20 (2) PUBLIC COMMENT PERIOD.—The Bank 

21 shall post infrastructure financing agreements on 

22 the database providing 30 days for public comments 

23 before providing final financing for the infrastruc24 ture project. 


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

2 The books and records of the Bank shall be main3 tained in accordance with recommended accounting 

4 practices and shall be open to inspection by the Sec5 retary and the Comptroller General of the United 

6 States. 

7 SEC. 17. AMERICAN INFRASTRUCTURE BOND. 

8 (a) IN GENERAL.—In the case of an American Infra9 structure Bond, the Bank shall pay (contemporaneously 

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

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

12 interest payments on behalf of the issuer) the applicable 

13 percentage of the interest payable under such bond on 

14 such date. 

15 (b) AMERICAN INFRASTRUCTURE BOND.— 

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

17 the term ‘‘American Infrastructure Bond’’ means 

18 any obligation (other than a private activity bond) 

19 if— 

20 (A) the interest on such obligation would 

21 (but for this section) be excludable from gross 

22 income under section 103 of the Internal Rev23 enue Code of 1986; 

24 (B) such obligation would have been a 

25 qualified bond under section 54AA of such Code 


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1 (determined without regard to subparagraphs 

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

3 (g)(2)(B) thereof); 

4 (C) such obligation is approved under the 

5 American Infrastructure Bond program; and 

6 (D) the issuer makes an irrevocable elec7 tion to have this section apply. 

8 (2) APPLICABLE RULES.—For purposes of ap9 plying paragraph (1)— 

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

11 Code, an American Infrastructure Bond shall 

12 not be treated as federally guaranteed by rea13 son of the subsidy provided under subsection 

14 (a); 

15 (B) for purposes of section 148 of such 

16 Code, the yield on an American Infrastructure 

17 Bond shall be determined without regard to the 

18 subsidy provided under subsection (a); and 

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

20 American Infrastructure Bond if the issue price 

21 has more than a de minimis amount (deter22 mined under rules similar to the rules of section 

23 1273(a)(3) of such Code) of premium over the 

24 stated principal amount of the bond. 


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1 (c) INTEREST ON BONDS INCLUDED IN GROSS IN2 COME.—For purposes of the Internal Revenue Code of 

3 1986, interest on any American Infrastructure Bond shall 

4 be includible in gross income. 

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

6 (1) INTEREST PAYMENT DATE.—The term ‘‘in7 terest payment date’’ means any date on which the 

8 holder of record of the American Infrastructure 

9 Bond is entitled to a payment of interest under such 

10 bond. 

11 (2) APPLICABLE PERCENTAGE.—The applicable 

12 percentage with respect to the interest subsidy pro13 vided for any bond under the American Infrastruc14 ture Bond program shall be a percentage rec15 ommended by the Executive Committee, reviewed by 

16 the risk management committee, and approved by 

17 the Board. 

18 (e) AMERICAN INFRASTRUCTURE BOND PROGRAM.— 

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

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

21 Board, in consultation with the Executive Com22 mittee, risk management committee, and the Sec23 retary of the Treasury, shall establish an American 

24 Infrastructure Bond program, under which the 

25 Board may— 


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1 (A) approve bond issuances for purposes of 

2 this section, and 

3 (B) assign an applicable percentage with 

4 respect to any bond so approved. 

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

6 approval of a bond issuance for purposes of this sec7 tion, and any such application shall contain such in8 formation as the Executive Committee and the risk 

9 management committee may require in order to ac10 cept or reject an application and to assign an appli11 cable percentage to such bond. 

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

13 the applicable percentage subsidy assigned under the 

14 program shall be based on the ability of each project 

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

16 (4) LIMITATIONS.— 

17 (A) PER BOND SUBSIDY.—The applicable 

18 percentage with respect to any bond may not 

19 exceed 40 percent. 

20 (B) AGGREGATE SUBSIDY LIMITATION.— 

21 For any calendar year, the aggregate amount of 

22 interest subsidies provided under this section 

23 with respect to all American Infrastructure 

24 Bonds shall not exceed an amount equal to 28 


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1 percent of interest payable under all such 

2 bonds. 

3 SEC. 18. NATIONAL INFRASTRUCTURE DEVELOPMENT 

4 BANK TRUST FUND. 

5 (a) IN GENERAL.—There is established in the Treas6 ury of the United States a trust fund to be known as the 

7 ‘‘National Infrastructure Development Bank Trust Fund’’ 

8 consisting of such amounts as may be appropriated to 

9 such trust fund as provided in this section. 

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

11 appropriated to the National Infrastructure Development 

12 Bank Trust Fund such amount as the Secretary of the 

13 Treasury estimates is equivalent to the tax receipts attrib14 utable to interest payable under American Infrastructure 

15 Bonds. 

16 (c) EXPENDITURES FROM TRUST FUND.—Amounts 

17 in the National Infrastructure Development Bank Trust 

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

19 only for purposes of the Secretary making transfers to the 

20 National Infrastructure Development Bank for infrastruc21 ture project assistance provided by the Bank under this 

22 Act. 

23 SEC. 19. AUTHORIZATION OF APPROPRIATIONS. 

24 There is authorized to be appropriated 

25 $5,000,000,000 for each of fiscal years 2015, 2016, 2017, 


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1 2018, and 2019 to capitalize the Bank and to remain 

2 available until expended, of which not more than 

3 $25,000,000 for each of fiscal years 2015 and 2016, and 

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

5 may be used for administrative costs of the Bank. 

Æ 


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