I 

112TH CONGRESS 

1ST SESSION H. R. 3259 

To establish the National Infrastructure Bank to provide financial assistance 

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

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 25, 2011 

Ms. FUDGE introduced the following bill; which was referred to the Committee 

on Transportation and Infrastructure, and in addition to the Committee 

on Financial Services, 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 establish the National Infrastructure Bank to provide 

financial assistance for qualified infrastructure projects 

selected by the Bank, and for other purposes. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘National Infrastruc5 ture Bank Act of 2011’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds that— 


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1 (1) according to the American Society of Civil 

2 Engineers— 

3 (A) the current condition of the infrastruc4 ture of the United States earns a grade point 

5 average of D and jeopardizes the prosperity and 

6 quality of life of the citizens of the United 

7 States; and 

8 (B) the number of deficient dams has risen 

9 to more than 4,000, including 1,819 high-haz10 ard potential dams. Over the past six years, for 

11 every deficient, high-hazard potential dam re12 paired, nearly two more were declared deficient. 

13 There are more than 85,000 dams in the 

14 United States, and the average age is just over 

15 51 years old. An additional investment of 

16 $12,000,000,000 over 10 years will be needed 

17 to eliminate the existing backlog of 4,095 defi18 cient dams; 

19 (2) according to the Federal Transit Adminis20 tration— 

21 (A) the United States needs to spend 

22 $15,100,000,000 (25 percent more) annually 

23 over the next 20 years to maintain the current 

24 conditions and performance of transit systems, 

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


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1 same time period more to make substantial im2 provements; and 

3 (B) the Nation’s public transit agencies 

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

5 to bring their rail systems to a state of good re6 pair; 

7 (3) according to the Department of Housing 

8 and Urban Development— 

9 (A) there is a critical shortage of afford10 able housing for very low-income individuals 

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

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

13 that they pay over one-half of their monthly in14 come on rent; and 

15 (B) there are over 1,200,000 units of pub16 lic housing nationwide, with an accumulated 

17 capital needs backlog of approximately 

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

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

20 (4) according to the Federal Highway Adminis21 tration— 

22 (A) 33 percent of all urban and rural 

23 roads in the United States are in poor, medi24 ocre, or fair condition; 


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

2 be expended each year for a period of not less 

3 than 20 years to improve the conditions of 

4 those urban and rural roads; 

5 (C) 24.8 percent of all bridges in the 

6 United States are— 

7 (i) structurally deficient; or 

8 (ii) functionally obsolete; and 

9 (D) approximately $3,000,000,000 in addi10 tional funds must be expended each year for a 

11 period of not less than 20 years to eliminate the 

12 deficiencies of those bridges; 

13 (5) according to Texas Transportation Insti14 tute, travel has increased 72 percent in big metro re15 gions while road capacity on freeways and major 

16 streets has grown by only 40 percent; 

17 (6) according to the Environmental Protection 

18 Agency— 

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

20 during the next 20 years to make necessary re21 pairs, replacements, and upgrades to the ap22 proximately 55,000 community drinking water 

23 systems of the United States; 

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

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1 nate the deficiencies of the wastewater systems 

2 of the United States; and 

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

4 of the Nation’s 25,000 sewage systems—includ5 ing those in major cities—have reported vio6 lating the Clean Water Act of 1975 by dumping 

7 untreated or partly treated human waste, 

8 chemicals and other hazardous materials into 

9 rivers and lakes and elsewhere; and 

10 (7) the infrastructure financing mechanisms of 

11 the United States do not adequately— 

12 (A) address infrastructure projects of re13 gional or national significance; 

14 (B) encourage an appropriate pooling of 

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

16 (C) provide transparency to ensure the op17 timal return on public resources. 

18 TITLE I—NATIONAL 

19 INFRASTRUCTURE BANK 

20 SEC. 101. DEFINITIONS. 

21 In this title, the following definitions shall apply: 

22 (1) BANK.—The term ‘‘Bank’’ means the ‘‘Na23 tional Infrastructure Bank’’ established under sec24 tion 102. 


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

2 board of directors of the Bank, established under 

3 section 103. 

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

5 means the Chairperson of the Board. 

6 (4) FINANCIAL ASSISTANCE.—The term ‘‘finan7 cial assistance’’ means a method used by the Bank 

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

9 principle, or negative interest rate loan to a qualified 

10 infrastructure project. 

11 (5) INFRASTRUCTURE PROJECT.— 

12 (A) IN GENERAL.—The term ‘‘infrastruc13 ture project’’ means the building, improvement, 

14 or increase in capacity of a basic installation, 

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

16 (i) a mass transit system that meets 

17 the criteria in subparagraph (B); 

18 (ii) a public housing property that is 

19 eligible to receive funding under section 24 

20 of the United States Housing Act of 1937 

21 (42 U.S.C. 1437v) and that meets the cri22 teria in subparagraph (B); 

23 (iii) a road or bridge that meets the 

24 criteria in subparagraph (B); 


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1 (iv) a drinking water system or a 

2 wastewater system that meets the criteria 

3 in subparagraph (B); 

4 (v) a freight or passenger rail project 

5 that meets the criteria in subparagraph 

6 (B); or 

7 (vi) an airport or air traffic control 

8 systems that meet the criteria in subpara9 graph (B). 

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

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

12 meets the criteria of this subparagraph if it 

13 serves any one or more of the objectives identi14 fied in paragraphs (1) through (9) of section 

15 101(c) of the Housing and Community Develop16 ment Act of 1974 (42 U.S.C. 5301(c)). 

17 (6) PUBLIC HOUSING.—The term ‘‘public hous18 ing’’ means a housing project receiving assistance 

19 under section 9 of the United States Housing Act of 

20 1937 (42 U.S.C. 1437g). 

21 (7) PUBLIC HOUSING AGENCY.—The term 

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

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

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


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1 (8) PUBLIC SPONSOR.—The term ‘‘public spon2 sor’’ includes a State or local government, an Indian 

3 tribe (as defined in section 4 of the Indian Self-De4 termination and Education Assistance Act (25 

5 U.S.C. 450b)), a public transportation agency, a 

6 public housing agency, a public infrastructure agen7 cy, or a consortium of those entities, including a 

8 public entity that has partnered with a private non9 profit or for-profit entity. 

10 (9) PUBLICLY-ASSISTED AFFORDABLE HOUS11 ING.—The term ‘‘publicly-assisted affordable hous12 ing’’ means the categories of housing specified in 

13 section 1335(a)(1)(B) of the Federal Housing En14 terprises Financial Safety and Soundness Act of 

15 1992 (12 U.S.C. 4565(a)(1)(B)). 

16 (10) QUALIFIED INFRASTRUCTURE PROJECT.— 

17 The term ‘‘qualified infrastructure project’’ means 

18 an infrastructure project designated by the Board as 

19 a qualified infrastructure project in accordance with 

20 section 105. 

21 (11) TRANSIT-ORIENTED DEVELOPMENT.—The 

22 term ‘‘transit-oriented development’’ means high23 density, walkable, mixed-use development (including 

24 commercial development, affordable housing, and 

25 market-rate housing) that is within walking distance 


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1 of and accessible to 1 or more public transportation 

2 facilities. 

3 SEC. 102. ESTABLISHMENT OF BANK. 

4 There is established the ‘‘National Infrastructure 

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

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

7 United States Code. 

8 SEC. 103. MANAGEMENT OF BANK. 

9 (a) BOARD OF DIRECTORS.— 

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

11 Bank shall be vested in a Board of Directors con12 sisting of 5 members, appointed by the President, by 

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

14 among individuals who are citizens of the United 

15 States. 

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

17 comprised of members with a diverse set of expertise 

18 in infrastructure project development and finance, 

19 including in— 

20 (A) transit infrastructure; 

21 (B) public housing infrastructure; 

22 (C) road and bridge infrastructure; 

23 (D) water infrastructure; 

24 (E) aviation infrastructure; 


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

3 (G) public finance. 

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

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

6 1812(a)(2)) shall apply to members of the Board of 

7 Directors of the Bank in the same manner as it ap8 plies to the Board of Directors of the Federal De9 posit Insurance Corporation. 

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

11 later than 90 days after the date on which all direc12 tors of the Board are first appointed, and otherwise 

13 at the call of the Chairperson. 

14 (5) DATE OF APPOINTMENTS.—The initial 

15 nominations to the Board shall be made not later 

16 than 60 days after the date of enactment of this 

17 title. 

18 (b) CHAIRPERSON AND VICE CHAIRPERSON.—The 

19 Chairperson and Vice Chairperson of the Board shall be 

20 appointed and shall serve in the same manner as is pro21 vided for members of the Federal Deposit Insurance Cor22 poration under section 2(b) of the Federal Deposit Insur23 ance Act (12 U.S.C. 1812(b)). 

24 (c) TERMS.— 


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1 (1) APPOINTED MEMBERS.—Except as provided 

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

3 be appointed for a term of 6 years. 

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

5 members of the Board— 

6 (A) the Chairperson and Vice Chairperson 

7 shall be appointed for a term of 6 years; 

8 (B) 1 member shall be appointed for a 

9 term of 5 years; 

10 (C) 1 member shall be appointed for a 

11 term of 4 years; and 

12 (D) 1 member shall be appointed for a 

13 term of 3 years. 

14 (3) INTERIM APPOINTMENTS.—Any member of 

15 the Board appointed to fill a vacancy occurring be16 fore the expiration of the term for which the prede17 cessor of such member was appointed shall be ap18 pointed only for the remainder of such term. 

19 (4) CONTINUATION OF SERVICE.—The Chair20 person, Vice Chairperson, and each other member of 

21 the Board may continue to serve after the expiration 

22 of the term of office to which such member was ap23 pointed, until a successor has been appointed. 


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

2 filled in the manner in which the original appointment was 

3 made. 

4 (e) INELIGIBILITY FOR OTHER OFFICES.— 

5 (1) RESTRICTION DURING SERVICE.—No mem6 ber of the Board may, during service on the 

7 Board— 

8 (A) be an officer or director of, or other9 wise be employed by, any entity engaged in or 

10 otherwise associated with an infrastructure 

11 project assisted or considered under this title; 

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

13 (C) hold any other elected or appointed 

14 public office. 

15 (2) POST SERVICE RESTRICTION.— 

16 (A) IN GENERAL.—No member of the 

17 Board may hold any office, position, or employ18 ment in any entity engaged in or otherwise as19 sociated with an infrastructure project assisted 

20 under this title during the 2-year period begin21 ning on the date on which such member ceases 

22 to serve on the Board. 

23 (B) EXCEPTION FOR MEMBERS WHO

24 SERVE FULL TERM.—The limitation contained 

25 in subparagraph (A) does not apply to any 


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1 member who has ceased to serve on the Board 

2 after serving the full term for which such mem3 ber was appointed. 

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

5 member of the Board shall certify under oath that 

6 such member has complied with this subsection, and 

7 such certification shall be filed with the secretary of 

8 the Board. 

9 SEC. 104. STAFF AND PERSONNEL MATTERS. 

10 (a) EXECUTIVE DIRECTOR.— 

11 (1) IN GENERAL.—The Chairperson may ap12 point and terminate, and fix the compensation of, an 

13 executive director of the Bank, in accordance with 

14 title 5, United States Code. 

15 (2) CONFIRMATION OF EXECUTIVE DIREC16 TOR.—The employment of an executive director shall 

17 be subject to confirmation by the Board. 

18 (3) QUALIFICATIONS OF EXECUTIVE DIREC19 TOR.—An individual appointed as the executive di20 rector under paragraph (1) shall have demonstrated 

21 expertise in infrastructure development and finance 

22 including— 

23 (A) transit infrastructure; 

24 (B) public housing infrastructure; 

25 (C) road and bridge infrastructure; 


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1 (D) water infrastructure; 

2 (E) aviation infrastructure; 

3 (F) freight or passenger rail infrastruc4 ture; or 

5 (G) public finance. 

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

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

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

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

10 Bank. 

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

12 any other Federal agency shall detail employees to the 

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

14 SEC. 105. POWERS OF THE BANK BOARD. 

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

16 title— 

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

18 times and places, take such testimony, receive such 

19 evidence, and administer such oaths, as the Board 

20 considers advisable; and 

21 (2) require the attendance and testimony of 

22 such witnesses and the production of such books, 

23 records, correspondence, memoranda, papers, docu24 ments, tapes, and materials, as the Board considers 

25 advisable. 


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1 (b) WITNESS ALLOWANCES AND FEES.— 

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

3 United States Code, shall apply to a witness re4 quested or subpoenaed to appear at a hearing of the 

5 Board. 

6 (2) EXPENSES.—The per diem and mileage al7 lowances for a witness shall be paid from funds 

8 available to pay the expenses of the Board. 

9 (c) INFORMATION FROM FEDERAL AGENCIES.—The 

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

11 agency, such information as the Board considers necessary 

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

13 promptly respond to any such request for the provision 

14 of information. 

15 (d) INCORPORATION OF FEDERAL TRANSIT PROC16 ESSES FOR BOARD STATEMENTS.—Section 5334(l) of title 

17 49, United States Code, as added by section 3032 of the 

18 Federal Public Transportation Act of 2005 (Public Law 

19 109–59, 119 Stat. 1627), shall apply to statements of the 

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

21 section applies to statements of the Administrator of the 

22 Federal Transit Administration. 


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1 SEC. 106. QUALIFIED INFRASTRUCTURE PROJECT RAT2 INGS. 

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

4 and otherwise in accordance with this section, designate 

5 those qualified infrastructure projects that will receive fi6 nancial assistance under this title. 

7 (b) APPLICANTS.—The Bank shall accept applica8 tions of qualified infrastructure projects for the designa9 tion of those projects that may receive financial assistance 

10 under this section for any infrastructure project having— 

11 (1) a public sponsor; and 

12 (2) regional or national significance. 

13 (c) GUIDELINES FOR QUALIFIED INFRASTRUCTURE

14 PROJECTS.—The Executive Director and the Board shall 

15 establish guidelines to assist applications of qualified in16 frastructure projects under this title to develop applica17 tions for financial assistance under this section. 

18 (d) RATINGS.— 

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

20 as to which qualified infrastructure project would re21 ceive financial assistance, the Board shall evaluate 

22 and rate each applicant based on the factors appro23 priate for that type of infrastructure project, which 

24 shall include— 

25 (A) regional or national significance; 

26 (B) promotion of economic growth; 


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1 (C) a preference for projects in areas of 

2 high unemployment; 

3 (D) a preference for projects which sub4 stantially leverage State, local and private fi5 nancing, including public-private partnerships, 

6 for either the explicit cost of the project or for 

7 enhancements which increase the benefits of the 

8 project; 

9 (E) environmental benefits including re10 duction in carbon emissions, oil consumption, 

11 water pollution, and air pollution; 

12 (F) a demonstrated ability to operate and 

13 maintain the infrastructure project throughout 

14 its estimated useful life; 

15 (G) a life cycle projection of the project 

16 benefits, as compared to project costs; 

17 (H) an understanding of the importance of 

18 diverse investment in infrastructure in all re19 gions of the country; 

20 (I) a consideration of the benefits of pre21 serving and improving existing infrastructure as 

22 well as the benefits of creating new infrastruc23 ture; 

24 (J) categorical benefit; and 


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1 (K) any other criteria as determined by the 

2 Board with approval by the Board. 

3 (2) CATEGORICAL BENEFIT.—In this sub4 section, the term ‘‘categorical benefit’’ means— 

5 (A) for any transit project— 

6 (i) level of estimated new ridership; 

7 (ii) level of transit-oriented develop8 ment and economic development connected 

9 to project; 

10 (iii) ridership on existing infrastruc11 ture that is being rebuilt; 

12 (iv) reduction in traffic congestion; 

13 and 

14 (v) access provided to elderly, disabled 

15 and low-income populations; 

16 (B) for any public housing or publicly-as17 sisted affordable housing, which may include 

18 more than one building grouped into one pro19 posed project, provided that such housing will 

20 continue to provide long-term affordability for 

21 families and persons with incomes equivalent to 

22 those currently assisted— 

23 (i) improvement of the physical condi24 tion and layout of such housing; 


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1 (ii) increasing the energy efficiency 

2 and mitigating any health, safety or other 

3 hazardous conditions of such housing; 

4 (iii) exceeding minimum requirements 

5 for length of post-grant affordability period 

6 established under this section; 

7 (iv) exceeding minimum requirements 

8 for targeting of persons and families with 

9 incomes below 50 percent of area median 

10 income and with incomes below 30 percent 

11 of area median income; and 

12 (v) need for affordable housing for 

13 persons and families in the community or 

14 communities; 

15 (C) for any community development 

16 project, modernization of local land use policies, 

17 including those that promote transit-oriented 

18 development and location efficiency; 

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

20 project— 

21 (i) reduction in traffic congestion; and 

22 (ii) mobility and accessibility improve23 ments; 

24 (E) for any drinking water system or a 

25 wastewater system project— 


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1 (i) environmental benefits; 

2 (ii) improvements in the physical con3 dition of such systems; and 

4 (iii) need for expansion or replace5 ment of such systems; 

6 (F) for any intercity rail or freight trans7 portation project— 

8 (i) level of estimated ridership; 

9 (ii) reductions in delays due to rail 

10 congestion; 

11 (iii) improvements in trip times; 

12 (iv) favorable impact on air or high13 way congestion or capacity; and 

14 (v) new rail capacity created for addi15 tional train frequencies; and 

16 (G) for any airport or air traffic control 

17 project— 

18 (i) reductions in delays due to conges19 tion; 

20 (ii) improvements in trip times; and 

21 (iii) improvements that increase pas22 senger safety. 

23 (e) PROCESS AND PERSONNEL FOR CREATING RAT24 INGS PROCESS.— 


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1 (1) IN GENERAL.—The ratings processes de2 scribed in this section shall be subject to Federal no3 tice and rulemaking procedures. 

4 (2) PARTICIPATION BY OTHER AGENCY PER5 SONNEL.—The ratings, and development of the rat6 ings process, shall be conducted by the Bank in co7 ordination with personnel on detail to the Bank from 

8 the Department of Housing and Urban Develop9 ment, the Department of the Treasury, the Depart10 ment of Transportation, the United States Army 

11 Corps of Engineers, and other relevant departments 

12 and agencies from among individuals who are famil13 iar with and experienced in the selection criteria for 

14 competitive projects. The Bank shall reimburse 

15 those departments and agencies for the staff which 

16 are on detail to the Bank. 

17 (f) COMPLIANCE WITH OTHER APPLICABLE LAW.— 

18 Projects receiving financial assistance from the Bank 

19 under this section shall comply with applicable provisions 

20 of Federal law and regulations, including— 

21 (1) for transit, requirements that would apply 

22 to a project receiving funding under section 5307 of 

23 title 49, United States Code; 

24 (2) for public housing, requirements that would 

25 apply to a project receiving funding from a grant 


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1 under section 24 of the United States Housing Act 

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

3 (3) for publicly-assisted affordable housing, re4 quirements that would apply to the preservation of 

5 such housing under other provisions of law gov6 erning such housing; 

7 (4) for roads and bridges, requirements that 

8 would apply to a project that receives funds appor9 tioned under section 104(b)(3) of title 23, United 

10 States Code; 

11 (5) for freight and passenger rail projects, re12 quirements that would apply to a project that re13 ceives funds under subtitle V of title 49, United 

14 States Code; 

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

16 requirements that would apply to a project that re17 ceives funds apportioned under chapters 471 and 

18 501 of title 49, United States Code; and 

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

20 a project— 

21 (A) that receives funds through a grant or 

22 loan under— 

23 (i) section 103 of the Housing and 

24 Community Development Act of 1974 (42 

25 U.S.C. 5303); 


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1 (ii) section 1452 of the Public Health 

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

3 (iii) section 601 of the Federal Water 

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

5 that section applied before the beginning of 

6 fiscal year 1995; or 

7 (B) pursuant to section 605 of the Amer8 ican Recovery and Reinvestment Act of 2009 

9 (Public Law 111–5). 

10 (g) AUTHORITY TO DETERMINE FUNDING.—Not11 withstanding any other provision of law, the Bank shall 

12 determine the appropriate Federal share of funds for each 

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

14 title. 

15 SEC. 107. FINANCIAL ASSISTANCE. 

16 (a) IN GENERAL.— 

17 (1) AUTHORIZATION.—The Board is authorized 

18 to provide financial assistance to public sponsors. 

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

20 of financial assistance provided under this section 

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

22 (b) TERMS AND CONDITIONS OF LOANS AND LOAN

23 GUARANTEES.—Loans made or guaranteed under this 

24 section shall be made pursuant to the Federal Credit Re25 form Act of 1990 (2 U.S.C. 661 et seq.) and on such 


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1 terms and conditions as the Executive Director may pre2 scribe, except that— 

3 (1) the Board shall allow credit to any prospec4 tive borrower to achieve the objectives of the Bank 

5 as defined in section 901 and when a credit subsidy 

6 is the most efficient way to meet those objectives on 

7 a borrower-by-borrower basis; 

8 (2) the final maturity of loans made or guaran9 teed within a period shall not exceed 35 years, or 90 

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

11 financed by the loan, whichever is less as determined 

12 by the Board; 

13 (3) no loan made or guaranteed shall be subor14 dinated to another debt contracted by the borrower 

15 or to any other claims against the borrowers in the 

16 event of bankruptcy, insolvency, or liquidation of the 

17 obligor; 

18 (4) direct loans and interest supplements on 

19 guaranteed loans shall be at an interest rate that is 

20 informed by reference to a benchmark interest rate 

21 (yield) on marketable Treasury securities with a 

22 similar maturity to the direct loans being made or 

23 the non-Federal loans being guaranteed; 

24 (5) the Board shall prescribe explicit standards 

25 for use in periodically assessing the credit risk of 


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1 new and existing direct loans or guaranteed loans, 

2 including a requirement that there is a reasonable 

3 assurance of repayment before extending credit as4 sistance; and 

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

6 the Board determines that the lender is responsible 

7 and that adequate provision is made for servicing 

8 the loan on reasonable terms and protecting the fi9 nancial interest of the United States. 

10 (c) REPAYMENT OF DIRECT LOANS.— 

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

12 repayment schedule for each loan made under his 

13 section based on the projected cash flows from 

14 project revenues and other repayment sources, which 

15 may include user fees, dedicated property or sales 

16 taxes, or other dedicated revenue sources approved 

17 by the Executive Director. 

18 (2) COMMENCEMENT.—Scheduled loan pay19 ments of principal or interest on a loan shall com20 mence not later than 5 years after the date of sub21 stantial completion of the project. 

22 (3) DEFERRED PAYMENTS.— 

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

24 the date of substantial completion of a project, 

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1 cated revenue sources of an eligible borrower 

2 are insufficient to make the scheduled loan re3 payments of principal and interest on a loan 

4 made under this section, the Executive Director 

5 may, subject to criteria established by the Exec6 utive Director and the Board, allow the eligible 

7 borrower to add unpaid principal and interest 

8 to the outstanding balance of the loan. 

9 (B) TREATMENT OF DEFERRED PAY10 MENTS.—Any payment deferred under this sec11 tion shall— 

12 (i) continue to accrue interest until 

13 fully repaid; and 

14 (ii) be scheduled to be amortized over 

15 the remaining term of the loan. 

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

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

18 to the Federal Government of making a loan under this 

19 section. 

20 (e) PAYMENT OF LOSSES.— 

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

22 a borrower under a guaranteed loan made under this 

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

24 further collection efforts and instituted such enforce25 ment proceedings as the Executive Director and 


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1 Board may require, the Board determines that the 

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

3 to such holder amounts specified in the guarantee 

4 contract. Upon making any such payment, the 

5 Board shall be subrogated to all the rights of the re6 cipient of the payment. The Board shall be entitled 

7 to recover from the borrower the amount of any pay8 ments made pursuant to any guarantee entered into 

9 under this section. 

10 (2) ENFORCEMENT.—The Attorney General 

11 shall take such action as may be appropriate to en12 force any right accruing to the United States as a 

13 result of the issuance of any guarantee under this 

14 section. 

15 (3) FORBEARANCE.—Nothing in this section 

16 shall be construed to preclude any forbearance for 

17 the benefit of the borrower which may be agreed 

18 upon by the parties to the guaranteed loan and ap19 proved by the Board, provided that budget authority 

20 for any resulting subsidy costs as defined under the 

21 Federal Credit Reform Act of 1990 is available. 

22 (4) RIGHT OF DISPOSITION.—Notwithstanding 

23 any other provision of law relating to the acquisition, 

24 handling, or disposal of property by the United 

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1 tion to complete, recondition, reconstruct, renovate, 

2 repair, maintain, operate, or sell any property ac3 quired by him pursuant to the provisions of this 

4 title. 

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

6 Board is authorized to make grants according to the cri7 teria set forth under section 105. A grant under this sec8 tion shall constitute no more than 20 percent of the total 

9 value of a infrastructure project. 

10 SEC. 108. AUTHORIZATION OF APPROPRIATION. 

11 There are authorized to be appropriated 

12 $5,000,000,000 for each fiscal year through 2015 to the 

13 Bank for cost of direct loans and loan guarantees made 

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

15 amounts appropriated, not more than 15 percent shall be 

16 available for forgiveness of loan principal or negative inter17 est rate loans. 

18 SEC. 109. ADMINISTRATIVE PROVISIONS. 

19 (a) INSPECTOR GENERAL.— 

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

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

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

23 Chairperson of the National Infrastructure 

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

25 Deposit Insurance Corporation;’’; and 


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

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

4 (2) EXECUTIVE SCHEDULE LEVEL IV.—Section 

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

6 inserting after the item relating to the Inspector 

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

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

9 (b) COMPENSATION OF BOARD MEMBERS.— 

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

11 United States Code, is amended by inserting after 

12 the item relating to the Chairman of the Board of 

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

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

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

16 United States Code, is amended by inserting after 

17 the item relating to the Inspector General of the 

18 Federal Deposit Insurance Corporation, the fol19 lowing: 

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


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1 TITLE II—CONGRESSIONAL 

2 OVERSIGHT 

3 SEC. 201. REPORT; DATABASE. 

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

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

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

8 on Financial Services of the House of Representatives a 

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

10 year covered by the report, relating to— 

11 (1) the evaluations of qualified infrastructure 

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

14 Act; and 

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

17 Housing and Community Development Act of 1974, 

18 as added by this Act. 

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

20 and update a publicly accessible database that contains— 

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

23 the Bank under this Act— 

24 (A) by project mode or modes; 

25 (B) by project location; 


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1 (C) by project sponsor or sponsors; 

2 (D) by project total cost; 

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

5 (F) by the financial assistance from each 

6 of the members of the public sponsor; 

7 (2) the amount of financial assistance that each 

8 qualified infrastructure project receives from the 

9 Bank under this Act; and 

10 (3) the form of financial assistance that each 

11 qualified infrastructure project receives from the 

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

14 Act. 

15 SEC. 202. GAO REPORT. 

16 Not later than 3 years after the date of enactment 

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

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

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

21 evaluating the activities of the Bank for the fiscal years 

22 covered by the report, including— 

23 (1) the evaluations of qualified infrastructure 

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1 munity Development Act of 1974, as added by this 

2 Act; and 

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

5 and Community Development Act of 1974, as added 

6 by this Act. 

7 SEC. 203. TESTIMONY BEFORE COMMITTEE. 

8 Not later than 1 year after the date of enactment 

9 of this Act, the Executive Director shall provide testimony 

10 before the Committee on Banking, Housing, and Urban 

11 Affairs of the Senate and the Committee on Financial 

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

Æ 


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