I 

115TH CONGRESS 

1ST SESSION H. R. 547 

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 

JANUARY 13, 2017 

Ms. DELAURO (for herself, Mr. TAKANO, Ms. KAPTUR, Ms. SLAUGHTER, Mr. 

DEUTCH, Ms. DELBENE, Ms. CLARK of Massachusetts, Mr. LARSEN of 

Washington, Ms. PINGREE, Ms. SPEIER, Ms. MOORE, Mr. HASTINGS, Mr. 

LARSON of Connecticut, Mr. SCHIFF, Mr. CARTWRIGHT, Mr. RYAN of 

Ohio, Ms. MATSUI, Mr. CICILLINE, Mr. PRICE of North Carolina, Mr. 

BRENDAN F. BOYLE of Pennsylvania, Mr. SERRANO, Ms. KELLY of Illinois, Mr. TONKO, Mr. LIPINSKI, Mr. KILDEE, Mr. RICHMOND, Mr. 

LOWENTHAL, Mr. WELCH, Mr. GARAMENDI, Ms. NORTON, Ms. 

BONAMICI, Ms. BORDALLO, Mrs. DINGELL, Mr. CARSON of Indiana, Mr. 

VEASEY, Mr. MICHAEL F. DOYLE of Pennsylvania, Mr. LANGEVIN, Mr. 

CA ́RDENAS, Ms. KUSTER of New Hampshire, Ms. SCHAKOWSKY, Mr. 

KEATING, Ms. SA ́NCHEZ, Mrs. LAWRENCE, Mr. FOSTER, Mr. ENGEL, Mr. 

POCAN, Mr. LYNCH, Mr. HECK, Ms. MCCOLLUM, Ms. MENG, Mr. SARBANES, Mr. LEVIN, Mr. PAYNE, Mr. HIMES, Mr. CONYERS, Ms. JUDY

CHU of California, Mr. SCOTT of Virginia, Mr. MCGOVERN, Ms. SHEAPORTER, Mrs. LOWEY, Mr. SHERMAN, Mr. ELLISON, Mr. GRIJALVA, Ms. 

WASSERMAN SCHULTZ, Ms. ESTY, Mr. DESAULNIER, Mr. COURTNEY, 

Mr. KILMER, Ms. VELA ́ZQUEZ, Ms. LEE, Mr. COHEN, Ms. ESHOO, Ms. 

CLARKE of New York, and Mr. BLUMENAUER) 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 infrastrucVerDate Sep 11 2014 01:21 Jan 27, 2017 Jkt 069200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H547.IH H547

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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 2017’’. 

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 11th 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) The Environmental Protection Agency 

4 projects that— 

5 (A) $384,200,000,000 is needed to invest 

6 in infrastructure improvements over 20 years to 

7 ensure the provision of safe water; and 

8 (B) $271,000,000,000 is needed for pub9 licly owned wastewater systems-related infra10 structure needs over 20 years. 

11 (6) According to the Edison Electric Institute, 

12 the electric power industry will need to invest 

13 $298,000,000,000 in the Nation’s transmission sys14 tem in the next 20 years in order to maintain reli15 able service. 

16 (7) Although grant programs of the Govern17 ment must continue to play a central role in financ18 ing the transportation, environment, energy, and 

19 telecommunications infrastructure needs of the 

20 United States, current and foreseeable demands on 

21 existing Federal, State, and local funding for infra22 structure expansion exceed the resources to support 

23 these programs by margins wide enough to prompt 

24 serious concerns about the United States ability to 


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1 sustain long-term economic development, produc2 tivity, and international competitiveness. 

3 (8) The capital markets, including central 

4 banks, pension funds, financial institutions, sov5 ereign wealth funds, and insurance companies, have 

6 a growing interest in infrastructure investment. The 

7 establishment of a United States Government-owned 

8 institution that would provide this investment oppor9 tunity to finance qualifying infrastructure projects 

10 would attract needed capital for United States infra11 structure development. 

12 SEC. 3. DEFINITIONS. 

13 For purposes of this Act, the following definitions 

14 apply unless the context requires otherwise: 

15 (1) AMERICAN INFRASTRUCTURE BOND.—The 

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

17 described under section 17. 

18 (2) BANK.—The term ‘‘Bank’’ means the Na19 tional Infrastructure Development Bank established 

20 under section 4(a). 

21 (3) BOARD.—The term ‘‘Board’’ means the Na22 tional Infrastructure Development Bank Board. 

23 (4) CHIEF ASSET AND LIABILITY MANAGEMENT

24 OFFICER.—The term ‘‘chief asset and liability man25 agement officer’’ means the chief individual responVerDate Sep 11 2014 01:21 Jan 27, 2017 Jkt 069200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H547.IH H547

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1 sible for coordinating the management of assets and 

2 liabilities of the Bank. 

3 (5) CHIEF COMPLIANCE OFFICER.—The term 

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

5 individual responsible for overseeing and managing 

6 the compliance and regulatory affairs issues of the 

7 Bank. 

8 (6) CHIEF EXECUTIVE OFFICER.—The term 

9 ‘‘chief executive officer or CEO’’ means the indi10 vidual serving as the executive director of the bank. 

11 (7) CHIEF FINANCIAL OFFICER.—The term 

12 ‘‘chief financial officer or CFO’’ means the chief in13 dividual responsible for managing the financial risks, 

14 planning, and reporting of the Bank. 

15 (8) CHIEF LOAN ORIGINATION OFFICER.—The 

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

17 individual responsible for the processing of new 

18 loans provided by the Bank. 

19 (9) CHIEF OPERATIONS OFFICER.—The term 

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

21 individual responsible for information technology and 

22 the day-to-day operations of the Bank. 

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

24 risk officer or CRO’’ means the chief individual reVerDate Sep 11 2014 00:20 Jan 28, 2017 Jkt 069200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H547.IH H547

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1 sponsible for managing operational and compliance2 related risks of the Bank. 

3 (11) CHIEF TREASURY OFFICER.—The term 

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

5 responsible for managing the Bank’s treasury oper6 ations. 

7 (12) DEVELOPMENT.—The terms ‘‘develop8 ment’’ and ‘‘develop’’ mean, with respect to an infra9 structure project, any— 

10 (A) preconstruction planning, feasibility re11 view, permitting, design work, life-cycle mainte12 nance planning, and other preconstruction ac13 tivities; and 

14 (B) construction, reconstruction, rehabili15 tation, replacement, or expansion. 

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

17 has the same meaning as in section 502 of the Fed18 eral Credit Reform Act of 1990 (2 U.S.C. 661a). 

19 (14) DISADVANTAGED COMMUNITY.—The term 

20 ‘‘disadvantaged community’’ means a community 

21 with a median household income of less than 80 per22 cent of the statewide median household income for 

23 the State in which the community is located. 

24 (15) ENERGY INFRASTRUCTURE PROJECT.— 

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


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1 project for energy transmission and distribution, en2 ergy efficiency enhancement for buildings, public 

3 housing, health facilities, schools, and energy stor4 age. 

5 (16) ENTITY.—The term ‘‘entity’’ means an in6 dividual, corporation, partnership (including a pub7 lic-private partnership), joint venture, trust, and a 

8 State or other governmental entity, including a polit9 ical subdivision or any other instrumentality of a 

10 State or a revolving fund. 

11 (17) ENVIRONMENTAL INFRASTRUCTURE

12 PROJECT.—The term ‘‘environmental infrastructure 

13 project’’ means any project for the establishment, 

14 maintenance, or enhancement of any drinking water 

15 and wastewater treatment facility, storm water man16 agement system, flood gate, dam, levee, dredging, 

17 open space management system, wetland restoration, 

18 infill development, solid waste disposal facility, haz19 ardous waste facility, or industrial site cleanup or 

20 remediation projects. 

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

22 counsel’’ means the individual who serves as the 

23 chief lawyer for the Bank. 

24 (19) GREENHOUSE GASES.—The term ‘‘green25 house gases’’ means any of the following: 


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1 (A) Carbon dioxide. 

2 (B) Methane. 

3 (C) Nitrous oxide. 

4 (D) Sulfur hexafluoride. 

5 (E) Hydrofluorocarbons. 

6 (F) Any perfluorocarbon. 

7 (G) Nitrogen trifluoride. 

8 (H) Any other anthropogenic gas des9 ignated as a greenhouse gas by the Environ10 mental Protection Agency Administrator. 

11 (20) INFRASTRUCTURE PROJECT.—The term 

12 ‘‘infrastructure project’’ means any energy, environ13 mental, telecommunications, or transportation infra14 structure project. 

15 (21) LOAN GUARANTEE.—The term ‘‘loan guar16 antee’’ has the same meaning as in section 502 of 

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

18 661a). 

19 (22) PUBLIC BENEFIT BOND.—The term ‘‘Pub20 lic Benefit Bond’’ means any bond issued in accord21 ance with this Act if— 

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

23 are to be used for expenditures incurred after 

24 the date of issuance with respect to any infraVerDate Sep 11 2014 00:20 Jan 28, 2017 Jkt 069200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H547.IH H547

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1 structure project or other purpose, subject to 

2 such rules as the Bank may provide; 

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

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

5 interest in such an amount, as determined by 

6 the Bank; and 

7 (D) payments of interest and principal 

8 with respect to the bond is the obligation of the 

9 Bank and is backed by the full faith and credit 

10 of the United States. 

11 (23) PUBLIC-PRIVATE PARTNERSHIP.—The 

12 term ‘‘public-private partnership’’ means any enti13 ty— 

14 (A)(i) which is undertaking the develop15 ment of all or part of an infrastructure project, 

16 which will have a public benefit, pursuant to re17 quirements established in one or more contracts 

18 between the entity and a State or an instru19 mentality of a State; or 

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

21 such an infrastructure project, are subject to 

22 regulation by a State or any instrumentality of 

23 a State; and 

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

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


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

2 the entity is a nongovernmental entity. 

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

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

5 State or a political subdivision or other instrumen6 tality of a State, the principal activity of which is to 

7 make loans, commitments, or other financial accom8 modation available for the development of one or 

9 more categories of infrastructure projects. 

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

11 means the Secretary of the Treasury or the designee 

12 of the Secretary. 

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

14 means a system that provides for any of the smart 

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

16 Energy Independence and Security Act of 2007 (42 

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

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

19 District of Columbia, Puerto Rico, Guam, American 

20 Samoa, the Virgin Islands, the Commonwealth of 

21 Northern Mariana Islands, and any other territory 

22 of the United States. 

23 (28) TELECOMMUNICATIONS INFRASTRUCTURE

24 PROJECT.—The term ‘‘telecommunications infra25 structure project’’ means any project involving infraVerDate Sep 11 2014 01:21 Jan 27, 2017 Jkt 069200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H547.IH H547

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1 structure required to provide communications by 

2 wire or radio. 

3 (29) TRANSPORTATION INFRASTRUCTURE

4 PROJECT.—The term ‘‘transportation infrastructure 

5 project’’ means any project for the construction, 

6 maintenance, or enhancement of highways, roads, 

7 bridges, transit and intermodal systems, inland wa8 terways, commercial ports, airports, high speed rail 

9 and freight rail systems. 

10 SEC. 4. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 

11 DEVELOPMENT BANK. 

12 (a) ESTABLISHMENT OF NATIONAL INFRASTRUC13 TURE DEVELOPMENT BANK.—The National Infrastruc14 ture Development Bank is established as a wholly owned 

15 Government corporation subject to chapter 91 of title 31, 

16 United States Code (commonly known as the ‘‘Govern17 ment Corporation Control Act’’), except as otherwise pro18 vided in this Act. 

19 (b) RESPONSIBILITY OF THE SECRETARY.—The Sec20 retary shall take such action as may be necessary to assist 

21 in implementing the establishment of the bank in accord22 ance with this Act. 

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

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

25 subparagraph (N) the following: 


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1 ‘‘(O) the National Infrastructure Develop2 ment Bank.’’. 

3 SEC. 5. BOARD OF DIRECTORS. 

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

5 Directors consisting of 7 members appointed by the Presi6 dent and with the advice and consent of the Senate. 

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

8 shall include individuals representing different regions of 

9 the United States and— 

10 (1) 2 of the directors shall have public sector 

11 experience; 

12 (2) 2 of the directors shall have private sector 

13 experience; and 

14 (3) 3 of the directors shall have finance experi15 ence. 

16 (c) CHAIRPERSON AND VICE CHAIRPERSON.—As des17 ignated at the time of appointment, one of the directors 

18 of the Board shall be designated chairperson of the Board 

19 by the President and one shall be designated as vice chair20 person of the Board by the President. 

21 (d) TERMS.— 

22 (1) IN GENERAL.—Except as provided in para23 graph (2) and subsection (f), each director shall be 

24 appointed for a term of 6 years. 


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

2 members of the Board— 

3 (A) the chairperson and vice chairperson 

4 shall each be appointed for terms of 6 years; 

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

6 years; and 

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

8 years. 

9 (e) CONGRESSIONAL RECOMMENDATIONS.—Not later 

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

11 majority leader of the Senate, the minority leader of the 

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

13 the minority leader of the House of Representatives shall 

14 each submit a recommendation to the President for ap15 pointment of a member of the Board of Directors, after 

16 consultation with the appropriate committees of Congress. 

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

18 nominations by the President for appointment of directors 

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

20 the date of enactment of this Act. 

21 (g) VACANCIES.— 

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

23 shall be filled in the manner in which the original 

24 appointment was made. 


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1 (2) APPOINTMENT TO REPLACE DURING

2 TERM.—Any director appointed to fill a vacancy oc3 curring before the expiration of the term for which 

4 the director’s predecessor was appointed shall be ap5 pointed only for the remainder of the term. 

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

7 expiration of that director’s term until a successor 

8 has taken office. 

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

10 quorum. 

11 (i) REAPPOINTMENT.—A director of the Board ap12 pointed by the President may be reappointed by the Presi13 dent in accordance with this section. 

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

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

16 a per diem when engaged in the actual performance of 

17 Bank business, plus reasonable reimbursement for travel, 

18 subsistence, and other necessary expenses incurred in the 

19 performance of their duties. 

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

21 participate in any review or decision affecting a project 

22 under consideration for assistance under this Act if the 

23 director has or is affiliated with a person who has an inter24 est in such project. 

25 (l) RESPONSIBILITIES.—The Board shall— 


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

2 which the last director is appointed, establish an Ex3 ecutive Committee, Risk Management Committee 

4 and Audit Committee as prescribed by this Act; 

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

6 which the last director is appointed develop and ap7 prove the bylaws of the Bank, including bylaws for 

8 the regulation of the affairs and conduct of the busi9 ness of the Bank, consistent with the purpose, goals, 

10 objectives, and policies set forth in this Act; 

11 (3) ensure that the Bank is at all times oper12 ated in a manner that is consistent with this Act, 

13 by— 

14 (A) monitoring and assessing the effective15 ness of the Bank in achieving its strategic 

16 goals; 

17 (B) periodically reviewing internal policies 

18 submitted by the chief executive officer; 

19 (C) reviewing and approving annual busi20 ness plans, annual budgets, and long-term 

21 strategies submitted by the chief executive offi22 cer; 

23 (D) reviewing and approving annual re24 ports submitted by the chief executive officer; 


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1 (E) reviewing risk management and audit 

2 practices of the Bank; and 

3 (F) reviewing and approving all changes to 

4 the organization of the Bank; and 

5 (4) establish such other criteria, requirements, 

6 or procedures as the Board may consider to be ap7 propriate in carrying out this Act. 

8 (m) MEETINGS.— 

9 (1) OPEN TO THE PUBLIC; NOTICE.—All meet10 ings of the Board held to conduct the business of the 

11 Bank shall be open to the public and shall be pre12 ceded by reasonable notice. 

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

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

15 last director is appointed and otherwise at the call 

16 of the Chairperson. 

17 (3) EXCEPTION FOR CLOSED MEETINGS.—Pur18 suant to such rules as the Board may establish 

19 through their bylaws, the directors may close a 

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

21 likely to be disclosed information which could ad22 versely affect or lead to speculation relating to an in23 frastructure project under consideration for assist24 ance under this Act or in financial or securities or 

25 commodities markets or institutions, utilities, or real 


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1 estate. The determination to close any meeting of 

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

3 open to the public, and preceded by reasonable no4 tice. The Board shall prepare minutes of any meet5 ing which is closed to the public and make such min6 utes available as soon as the considerations necessi7 tating closing such meeting no longer apply. 

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

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

10 the Bank as set forth in this Act, the Board shall be re11 sponsible for monitoring and overseeing infrastructure 

12 projects and have the following powers: 

13 (1) To make senior and subordinated direct 

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

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

16 the financing or refinancing of an infrastructure 

17 project. 

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

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

20 to be appropriate to assist in the financing or refi21 nancing of an infrastructure project. 

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

23 financing to infrastructure projects from amounts 

24 made available from the issuance of such bonds. 


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1 (4) To pay an interest subsidy on American In2 frastructure Bonds to the issuer of such bonds. 

3 (5) To make agreements and contracts with any 

4 entity in furtherance of the business of the Bank. 

5 (6) To monitor and oversee infrastructure 

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

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

8 capacity in any court of competent jurisdiction, ex9 cept that no attachment, injunction, or similar proc10 ess, may be issued against the property of the Bank 

11 or against the Bank with respect to such property. 

12 (8) To indemnify the directors and officers of 

13 the Bank for liabilities arising out of the actions of 

14 the directors and officers in such capacity, in accord15 ance with, and subject to the limitations contained 

16 in, this Act. 

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

18 Bank and the Congress, the executive branch, and 

19 State and local governments, and to represent the 

20 Bank’s interests. 

21 (10) To exercise all other lawful powers which 

22 are necessary or appropriate to carry out, and are 

23 consistent with, the purposes of the Bank. 

24 (b) LIMITATIONS.— 


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1 (1) ISSUANCE OF PUBLIC BENEFIT BONDS.— 

2 The Board may not issue any Public Benefit Bond 

3 without the prior consent of the Secretary. 

4 (2) EMPLOYEE PROTECTIONS.—Prior to pro5 viding any financial assistance for an infrastructure 

6 project involving reconstruction, rehabilitation, re7 placement or expansion that may impact current em8 ployees on the project site, the interests of employees 

9 affected by the financial assistance shall be pro10 tected under arrangements the Secretary of Labor 

11 concludes are fair and equitable. 

12 (c) ACTIONS CONSISTENT WITH SELF-SUPPORTING

13 ENTITY STATUS.—The Board shall conduct its business 

14 in a manner consistent with the requirements of this sec15 tion. 

16 (d) COORDINATION WITH STATE AND LOCAL REGU17 LATORY AUTHORITY.—The provision of financial assist18 ance by the Board pursuant to this Act shall not be con19 strued as— 

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

21 subdivision or other instrumentality of a State to ap22 prove or regulate rates of return on private equity 

23 invested in a project; or 

24 (2) otherwise superseding any State law or reg25 ulation applicable to a project. 


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1 (e) FEDERAL PERSONNEL REQUESTS.—The Board 

2 shall have the power to request the detail, on a reimburs3 able basis, of personnel from other Federal agencies with 

4 specific expertise not available from within the Bank or 

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

6 on a reimbursable basis, any personnel of such agency re7 quested by the Board and shall not withhold unreasonably 

8 the detail of any personnel requested by the Board. 

9 SEC. 7. EXECUTIVE COMMITTEE. 

10 (a) IN GENERAL.—The Board shall establish an Ex11 ecutive Committee consisting of 9 members, headed by the 

12 chief executive officer of the Bank. 

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

14 authority to appoint and reappoint the chief executive offi15 cer with such executive functions, powers, and duties as 

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

17 or the Board. 

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

19 responsibility for the development and implementation of 

20 the strategy of Bank, including— 

21 (1) the development and submission to the 

22 Board of the annual business plans and budget; 

23 (2) the development and submission to the 

24 Board of a long-term strategic plan; and 


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1 (3) the development, revision, and submission 

2 to the Board of Directors of internal policies. 

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

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

5 of 8 other executive officers to serve on the Executive 

6 Committee as the— 

7 (1) chief compliance officer; 

8 (2) chief financial officer; 

9 (3) chief asset and liability management officer; 

10 (4) chief loan origination officer; 

11 (5) chief operations officer; 

12 (6) chief risk officer; 

13 (7) chief treasury officer; and 

14 (8) general counsel. 

15 (e) QUALIFICATIONS.—The CEO shall have experi16 ence and expertise in finance and the other executive offi17 cers shall have demonstrated experience and expertise in 

18 one or more of the following: 

19 (1) Transportation infrastructure. 

20 (2) Environmental infrastructure. 

21 (3) Energy infrastructure. 

22 (4) Telecommunications infrastructure. 

23 (5) Economic development. 

24 (6) Workforce development. 

25 (7) Public health. 


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1 (8) Private or public finance. 

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

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

4 shall— 

5 (1) establish and submit to the Board disclo6 sure and application procedures for entities nomi7 nating projects for assistance under this Act; 

8 (2) establish and submit to the Board standard9 ized terms and conditions, fee schedules, or legal re10 quirements of a contract or program to carry out 

11 this Act; 

12 (3) establish and submit to the Board guide13 lines for the selection and approval of projects and 

14 specific criteria for determining eligibility for project 

15 selection; 

16 (4) accept, for consideration, project proposals 

17 relating to the development of infrastructure 

18 projects, which meet the basic criteria established by 

19 the Executive Committee, and which are submitted 

20 by an entity; 

21 (5) provide recommendations to the Board and 

22 place project proposals accepted by the Executive 

23 Committee on a list for consideration for financial 

24 assistance from the Board; 


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1 (6) recommend to the Board the percentage 

2 subsidy amount for an approved application for an 

3 American Infrastructure Bond, with such rec4 ommendation based on the strength of the related 

5 infrastructure project’s ability to meet the criteria 

6 described under section 11 and the ability of such 

7 project to attract private investment in an infra8 structure project’s early development stages; 

9 (7) provide technical assistance, including pub10 lic-private partnership infrastructure project value 

11 for money assessments, long-term economic benefit 

12 projections, and contract evaluations, to entities re13 ceiving financing from the Bank and otherwise im14 plement decisions of the Board; and 

15 (8) provide technical assistance to State and 

16 local governments who wish to have the Bank’s ap17 proval to issue American Infrastructure bonds. 

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

19 other executive officers of the Executive Committee shall 

20 be filled in the manner in which the original appointment 

21 was made. 

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

23 and other executive officers of the Executive Committee 

24 shall be determined by the Board. 


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

2 of the Executive Committee may be removed at the discre3 tion of a majority of the Board. 

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

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

6 may be reappointed in accordance with this section. 

7 (k) LIMITATIONS.—The CEO and other executive of8 ficers of the Executive Committee shall not— 

9 (1) hold any other public office; 

10 (2) have any interest in an infrastructure 

11 project considered by the Board; 

12 (3) have any interest in an investment institu13 tion, commercial bank, or other entity seeking finan14 cial assistance for any infrastructure project from or 

15 investing in the Bank; and 

16 (4) have any such interest during the 2-year pe17 riod beginning on the date such officer ceases to 

18 serve in such capacity. 

19 SEC. 8. RISK MANAGEMENT COMMITTEE. 

20 (a) ESTABLISHMENT OF RISK MANAGEMENT COM21 MITTEE.—The Board shall establish a risk management 

22 committee consisting of 5 members, headed by the chief 

23 risk officer. 


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

2 have the authority to appoint and reappoint the CRO of 

3 the Bank. 

4 (c) FUNCTIONS; DUTIES.— 

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

6 functions, powers, and duties as may be prescribed 

7 by one or more of the following: This Act, the by8 laws of the Bank, and the Board. The CRO shall re9 port directly to the Board. 

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

11 carry out the purposes of this Act, the risk manage12 ment committee shall— 

13 (A) create financial, credit, and operational 

14 risk management guidelines and policies to be 

15 adhered to by the Bank; 

16 (B) set guidelines to ensure diversification 

17 of lending activities by both geographic region 

18 and infrastructure project type; 

19 (C) create conforming standards for all fi20 nancial assistance provided by the Bank; 

21 (D) monitor financial, credit and oper22 ational exposure of the Bank; and 

23 (E) provide financial recommendations to 

24 the Board. 


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1 (d) DUTY WITH RESPECT TO AMERICAN INFRA2 STRUCTURE BONDS.—The risk management committee 

3 shall ensure that the aggregate amount of interest sub4 sidies provided for American Infrastructure Bonds in a 

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

6 percent of interest payable under all such bonds. 

7 (e) OTHER RISK MANAGEMENT OFFICERS.—The 

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

9 define the duties of 4 other risk management officers to 

10 serve on the risk management committee. 

11 (f) QUALIFICATIONS.—The CRO and other risk man12 agement officers shall have demonstrated experience and 

13 expertise in one or more of the following: 

14 (1) Treasury and asset and liability manage15 ment. 

16 (2) Investment regulations. 

17 (3) Insurance. 

18 (4) Credit risk management and credit evalua19 tions. 

20 (5) Related disciplines. 

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

22 other risk management officers of the risk management 

23 committee shall be filled in the manner in which the origi24 nal appointment was made. 


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

2 and other risk management officers of the risk manage3 ment committee shall be determined by the Board. 

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

5 officers of the risk management committee may be re6 moved at the discretion of a majority of the Board. 

7 (j) TERM.—The CRO and other risk management of8 ficers of the risk management committee shall serve a 6- 

9 year term and may be reappointed in accordance with this 

10 section. 

11 (k) LIMITATIONS.—The CRO and other risk manage12 ment officers of the risk management committee shall 

13 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. 9. AUDIT COMMITTEE. 

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

3 committee consisting of 5 members, headed by the chief 

4 compliance officer of the Bank. 

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

6 have the authority to appoint and reappoint the CCO of 

7 the Bank. 

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

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

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

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

12 Board. 

13 (d) AUDIT DUTIES.—In order to carry out the pur14 poses of the Bank under this Act, the audit committee 

15 shall— 

16 (1) provide internal controls and internal audit17 ing activities for the Bank; 

18 (2) maintain responsibility for the accounting 

19 activities of the Bank; 

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

21 (4) complete reports with outside auditors and 

22 public accountants appointed by the Board. 

23 (e) OTHER AUDIT OFFICERS.—The Board shall ap24 point, remove, fix the compensation, and define the duties 

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


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•HR 547 IH

1 (f) QUALIFICATIONS.—The CCO and other audit offi2 cers shall have demonstrated experience and expertise in 

3 one or more of the following: 

4 (1) Internal auditing. 

5 (2) Internal investigations. 

6 (3) Accounting practices. 

7 (4) Financing practices. 

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

9 other audit officers of the audit committee shall be filled 

10 in the manner in which the original appointment was 

11 made. 

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

13 and other audit officers of the audit committee shall be 

14 determined by the Board. 

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

16 the audit committee may be removed at the discretion of 

17 a majority of the Board. 

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

19 audit committee shall serve a 6-year term and may be re20 appointed in accordance with this section. 

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

22 of the audit committee shall not— 

23 (1) hold any other public office; 

24 (2) have any interest in an infrastructure 

25 project considered by the Board; 


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

4 investing in the Bank; and 

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

7 serve in such capacity. 

8 SEC. 10. PERSONNEL. 

9 The chairperson of the Board, chief executive officer, 

10 chief risk officer, and chief compliance officer shall ap11 point, remove, fix the compensation of, and define the du12 ties of such qualified personnel to serve under the Board, 

13 Executive Committee, risk management committee, or 

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

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

16 bylaws of the Bank, and the Board. 

17 SEC. 11. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 

18 BANK. 

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

20 which the use or purpose is private and without public 

21 benefit shall not be eligible for financial assistance from 

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

23 available from the Bank unless the entity for such assist24 ance has demonstrated to the satisfaction of the Board 


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•HR 547 IH

1 that the project for which such assistance is being sought 

2 meets the requirements of this Act. 

3 (b) ESTABLISHMENT OF PROJECT CRITERIA.— 

4 (1) IN GENERAL.—Consistent with the require5 ments of subsections (c) and (d), the Board shall ap6 prove— 

7 (A) criteria for determining eligibility for 

8 financial assistance established by the Executive 

9 Committee under this Act; 

10 (B) revisions to criteria for determining 

11 eligibility for financial assistance established by 

12 the Executive Committee under this Act; 

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

14 into account established by the Executive Com15 mittee; 

16 (D) disclosure and application procedures 

17 to be followed by entities to nominate projects 

18 for assistance established by the Executive 

19 Committee under this Act; and 

20 (E) such other criteria as the Board may 

21 consider to be appropriate for the purposes of 

22 carrying out this Act. 

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

24 (A) IN GENERAL.—The Executive Com25 mittee shall conduct an analysis that takes into 


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•HR 547 IH

1 account the economic, environmental, and social 

2 benefits, and costs of each project under consid3 eration for financial assistance under this Act, 

4 prioritizing projects that contribute to economic 

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

6 or national significance. 

7 (B) CRITERIA.—The criteria established 

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

9 the consideration of the following factors in 

10 considering eligibility for financial assistance 

11 under this Act: 

12 (i) The means by which development 

13 of the infrastructure project under consid14 eration is being financed, including— 

15 (I) the terms and conditions and 

16 financial structure of the proposed fi17 nancing; 

18 (II) the credit worthiness and 

19 standing of the project sponsors, pro20 viders of equity, and cofinanciers; 

21 (III) the financial assumptions 

22 and projections on which the project 

23 is based; and 


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•HR 547 IH

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 01:21 Jan 27, 2017 Jkt 069200 PO 00000 Frm 00033 Fmt 6652 Sfmt 6201 E:\BILLS\H547.IH H547

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•HR 547 IH

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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•HR 547 IH

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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•HR 547 IH

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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•HR 547 IH

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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•HR 547 IH

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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•HR 547 IH

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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•HR 547 IH

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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•HR 547 IH

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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•HR 547 IH

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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•HR 547 IH

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 publicly accessible database. 

19 (2) PUBLIC COMMENT PERIOD.—The Bank 

20 shall post infrastructure financing agreements on 

21 the database providing 30 days for public comments 

22 before providing final financing for the infrastruc23 ture project. 

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

25 The books and records of the Bank shall be mainVerDate Sep 11 2014 00:20 Jan 28, 2017 Jkt 069200 PO 00000 Frm 00043 Fmt 6652 Sfmt 6201 E:\BILLS\H547.IH H547

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1 tained in accordance with recommended accounting 

2 practices and shall be open to inspection by the Sec3 retary and the Comptroller General of the United 

4 States. 

5 SEC. 17. AMERICAN INFRASTRUCTURE BOND. 

6 (a) IN GENERAL.—In the case of an American Infra7 structure Bond, the Bank shall pay (contemporaneously 

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

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

10 interest payments on behalf of the issuer) the applicable 

11 percentage of the interest payable under such bond on 

12 such date. 

13 (b) AMERICAN INFRASTRUCTURE BOND.— 

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

15 the term ‘‘American Infrastructure Bond’’ means 

16 any obligation (other than a private activity bond) 

17 if— 

18 (A) the interest on such obligation would 

19 (but for this section) be excludable from gross 

20 income under section 103 of the Internal Rev21 enue Code of 1986; 

22 (B) such obligation would have been a 

23 qualified bond under section 54AA of such Code 

24 (determined without regard to subparagraphs 


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•HR 547 IH

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

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

3 (C) such obligation is approved under the 

4 American Infrastructure Bond program; and 

5 (D) the issuer makes an irrevocable elec6 tion to have this section apply. 

7 (2) APPLICABLE RULES.—For purposes of ap8 plying paragraph (1)— 

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

10 Code, an American Infrastructure Bond shall 

11 not be treated as federally guaranteed by rea12 son of the subsidy provided under subsection 

13 (a); 

14 (B) for purposes of section 148 of such 

15 Code, the yield on an American Infrastructure 

16 Bond shall be determined without regard to the 

17 subsidy provided under subsection (a); and 

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

19 American Infrastructure Bond if the issue price 

20 has more than a de minimis amount (deter21 mined under rules similar to the rules of section 

22 1273(a)(3) of such Code) of premium over the 

23 stated principal amount of the bond. 

24 (c) INTEREST ON BONDS INCLUDED IN GROSS IN25 COME.—For purposes of the Internal Revenue Code of 


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•HR 547 IH

1 1986, interest on any American Infrastructure Bond shall 

2 be includible in gross income. 

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

4 (1) INTEREST PAYMENT DATE.—The term ‘‘in5 terest payment date’’ means any date on which the 

6 holder of record of the American Infrastructure 

7 Bond is entitled to a payment of interest under such 

8 bond. 

9 (2) APPLICABLE PERCENTAGE.—The applicable 

10 percentage with respect to the interest subsidy pro11 vided for any bond under the American Infrastruc12 ture Bond program shall be a percentage rec13 ommended by the Executive Committee, reviewed by 

14 the risk management committee, and approved by 

15 the Board. 

16 (e) AMERICAN INFRASTRUCTURE BOND PROGRAM.— 

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

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

19 Board, in consultation with the Executive Com20 mittee, risk management committee, and the Sec21 retary of the Treasury, shall establish an American 

22 Infrastructure Bond program, under which the 

23 Board may— 

24 (A) approve bond issuances for purposes of 

25 this section, and 


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•HR 547 IH

1 (B) assign an applicable percentage with 

2 respect to any bond so approved. 

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

4 approval of a bond issuance for purposes of this sec5 tion, and any such application shall contain such in6 formation as the Executive Committee and the risk 

7 management committee may require in order to ac8 cept or reject an application and to assign an appli9 cable percentage to such bond. 

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

11 the applicable percentage subsidy assigned under the 

12 program shall be based on the ability of each project 

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

14 (4) LIMITATIONS.— 

15 (A) PER BOND SUBSIDY.—The applicable 

16 percentage with respect to any bond may not 

17 exceed 40 percent. 

18 (B) AGGREGATE SUBSIDY LIMITATION.— 

19 For any calendar year, the aggregate amount of 

20 interest subsidies provided under this section 

21 with respect to all American Infrastructure 

22 Bonds shall not exceed an amount equal to 28 

23 percent of interest payable under all such 

24 bonds. 


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•HR 547 IH

1 SEC. 18. NATIONAL INFRASTRUCTURE DEVELOPMENT 

2 BANK TRUST FUND. 

3 (a) IN GENERAL.—There is established in the Treas4 ury of the United States a trust fund to be known as the 

5 ‘‘National Infrastructure Development Bank Trust Fund’’ 

6 consisting of such amounts as may be appropriated to 

7 such trust fund as provided in this section. 

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

9 appropriated to the National Infrastructure Development 

10 Bank Trust Fund such amount as the Secretary of the 

11 Treasury estimates is equivalent to the tax receipts attrib12 utable to interest payable under American Infrastructure 

13 Bonds. 

14 (c) EXPENDITURES FROM TRUST FUND.—Amounts 

15 in the National Infrastructure Development Bank Trust 

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

17 only for purposes of the Secretary making transfers to the 

18 National Infrastructure Development Bank for infrastruc19 ture project assistance provided by the Bank under this 

20 Act. 

21 SEC. 19. AUTHORIZATION OF APPROPRIATIONS. 

22 There is authorized to be appropriated 

23 $5,000,000,000 for each of fiscal years 2017, 2018, 2019, 

24 2020, and 2021 to capitalize the Bank and to remain 

25 available until expended, of which not more than 

26 $25,000,000 for each of fiscal years 2017 and 2018, and 


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•HR 547 IH

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

2 may be used for administrative costs of the Bank. 

Æ 


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