I 

117TH CONGRESS 

1ST SESSION H. R. 3339 

To facilitate efficient investments and financing of infrastructure projects 

and new job creation through the establishment of a National Infrastructure Bank, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 19, 2021 

Mr. DANNY K. DAVIS of Illinois introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to 

the Committees on Ways and Means, Transportation and Infrastructure, 

Financial Services, Education and Labor, Natural Resources, and the 

Budget, for a period to be subsequently determined by the Speaker, in 

each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure 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; TABLE OF CONTENTS. 

4 (a) IN GENERAL.—This Act may be cited as the ‘‘Na5 tional Infrastructure Bank Act of 2021’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents of 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Findings. 

TITLE I—REVENUE PROVISIONS 

Sec. 101. Treatment of National Infrastructure Bank as a Government corporation exempt from tax. 

Sec. 102. Treatment of contributions to the National Infrastructure Bank as 

charitable contributions. 

Sec. 103. Temporary rule to allow a deduction for cash contributions to the National Infrastructure Bank by certain taxpayers who do not 

elect to itemize deductions. 

Sec. 104. Preferred dividends of National Infrastructure Bank excludible from 

gross income. 

TITLE II—ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 

BANK 

Sec. 201. Definitions. 

Sec. 202. Establishment of National Infrastructure Bank. 

Sec. 203. Purposes and authorizations. 

Sec. 204. Formation of regional economic accelerator planning groups. 

Sec. 205. Eligibility criteria for assistance from the bank. 

Sec. 206. Board of Directors. 

Sec. 207. Powers and limitations of the Board. 

Sec. 208. Executive committee. 

Sec. 209. Risk management committee. 

Sec. 210. Audit committee. 

Sec. 211. Personnel. 

Sec. 212. Special Inspector General for the National Infrastructure Bank. 

Sec. 213. Status and applicability of certain Federal and State laws. 

Sec. 214. Exemption from certain laws. 

Sec. 215. Audits; reports to President and Congress. 

Sec. 216. Budgetary effects. 

Sec. 217. Authorization of appropriations. 

3 SEC. 2. FINDINGS. 

4 Congress finds the following: 

5 (1) Throughout our Nation’s history, national 

6 banks have played a crucial role in financing most 

7 of our Nation’s public infrastructure. The largest 

8 banks included: The First (1791–1811) and Second 

9 (1816–1836) Banks of the United States, President 


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1 Lincoln’s national banking system, and President 

2 Franklin Delano Roosevelt’s Reconstruction Finance 

3 Corporation (1932–1957). 

4 (2) These national banks were enacted with 

5 broad bi-partisan support, and financed the con6 struction of: roads, turnpikes, bridges, and canals; 

7 the Transcontinental Railroad; the Hoover Dam; 

8 rural electrification; manufacturing start-ups; and 

9 rail, school, and farm improvements in every corner 

10 of our country. Investments created the conditions 

11 for improved productivity, economic growth, and job 

12 creation; helped lift us out of the Great Depression; 

13 and contributed to our victory in World War II. 

14 (3) The American Society of Civil Engineers 

15 (hereinafter referred to as ‘‘ASCE’’), in its 2021 Re16 port Card and Failure to Act Series, estimates that 

17 $6,109,000,000,000 is needed over the next ten 

18 years (2020–2029) to meet all of our country’s in19 frastructure needs. Of that amount, 

20 $3,483,000,000,000 is expected to be financed by: 

21 the Federal government through its normal budget 

22 appropriations process; and by States, counties, cit23 ies, utilities, and port and airport authorities 

24 through their general revenues, special taxes, user 

25 fees, and borrowing. Even with this spending, howVerDate Sep 11 2014 02:51 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3339.IH H3339

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1 ever, a financing gap of $2,626,000,000,000 re2 mains. To close this gap, our nation will need to in3 crease investment, by all levels of government, from 

4 2.5 percent to 3.5 percent of GDP by 2025. 

5 (4) ASCE estimates that the added 

6 $2,626,000,000,000 needed over a ten year period to 

7 bring systems up to a state of good repair is as fol8 lows (amounts in parentheses): 

9 (A) Roads, bridges, and transit 

10 ($1,035,000,000,000). 

11 (B) Drinking water, wastewater, and 

12 stormwater systems ($801,000,000,000). 

13 (C) Schools ($250,000,000,000). 

14 (D) Electricity generation, transmission, 

15 distribution ($197,000,000,000). 

16 (E) Aviation ($111,000,000,000). 

17 (F) Dams, levees, inland waterways, and 

18 ports ($109,000,000,000). 

19 (G) Passenger rail ($45,000,000,000). 

20 (H) Public parks and recreation 

21 ($78,000,000,000). 

22 (5) Expanded investment of at least 

23 $2,374,000,000,000 is needed for— 

24 (A) new affordable housing; a 9,000 mile 

25 high speed rail network; 


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1 (B) affordable and complete broadband ac2 cess; 

3 (C) major water projects; 

4 (D) science and technology drivers; 

5 (E) to accommodate population growth 

6 and save on energy use; and 

7 (F) improvements in rural, urban, and low8 income areas that the private sector is not cur9 rently serving. 

10 (6) Although Federal grant programs, along 

11 with matching State and local funding, should con12 tinue to play a coordinating role in financing infra13 structure in the United States, current and foresee14 able demands on existing Federal, State, and local 

15 budgets exceed the resources to support these pro16 grams by a wide margin. In addition, a severe eco17 nomic downturn in 2020, resulting in significant un18 employment, business losses, and public budget defi19 cits, has placed further limits on infrastructure 

20 spending. 

21 (7) The establishment of a United States public 

22 deposit money bank would provide direct loans and 

23 other financing of up to $5,000,000,000,000 for 

24 qualifying infrastructure projects without requiring 

25 additional Federal taxes or deficits. Such funding 


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1 would be adequate to finance all of the United 

2 States’ unfunded infrastructure needs, in all parts of 

3 the country, according to well-developed strategic 

4 plans. At the same time, it would return the United 

5 States to its most recent ‘‘golden age’’ when a Na6 tional Infrastructure Bank was in place (1933– 

7 1957), during which time total factor productivity 

8 advanced by 3.5 percent per year, the economy grew 

9 on average 5.5 percent per year, income inequality 

10 fell by one-third, and Federal and State tax receipts 

11 rose dramatically. 

12 TITLE I—REVENUE PROVISIONS 

13 SEC. 101. TREATMENT OF NATIONAL INFRASTRUCTURE 

14 BANK AS A GOVERNMENT CORPORATION EX15 EMPT FROM TAX. 

16 (a) IN GENERAL.—Section 501(l) of the Internal 

17 Revenue Code of 1986 is amended by adding at the end 

18 the following new paragraph: 

19 ‘‘(5) The National Infrastructure Bank estab20 lished under title II of the National Infrastructure 

21 Bank Act of 2021.’’. 

22 (b) EFFECTIVE DATE.—The amendment made by 

23 this section shall apply to taxable years ending after the 

24 date of the enactment of this Act. 


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1 SEC. 102. TREATMENT OF CONTRIBUTIONS TO THE NA2 TIONAL INFRASTRUCTURE BANK AS CHARI3 TABLE CONTRIBUTIONS. 

4 (a) IN GENERAL.—Section 170(c) of the Internal 

5 Revenue Code of 1986 is amended by inserting after para6 graph (5) the following new paragraph: 

7 ‘‘(6) The National Infrastructure Bank estab8 lished under title II of the National Infrastructure 

9 Bank Act of 2021.’’. 

10 (b) APPLICATION OF PERCENTAGE LIMITATION.— 

11 Section 170(b)(1)(A) of such Code is amended by striking 

12 ‘‘or’’ at the end of clause (viii), by inserting ‘‘or’’ at the 

13 end of clause (ix), and by inserting after clause (ix) the 

14 following new clause: 

15 ‘‘(x) the National Infrastructure Bank 

16 referred to in subsection (c)(6),’’. 

17 (c) EFFECTIVE DATE.—The amendments made by 

18 this section shall apply to taxable years ending after the 

19 date of the enactment of this Act. 


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1 SEC. 103. TEMPORARY RULE TO ALLOW A DEDUCTION FOR 

2 CASH CONTRIBUTIONS TO THE NATIONAL IN3 FRASTRUCTURE BANK BY CERTAIN TAX4 PAYERS WHO DO NOT ELECT TO ITEMIZE DE5 DUCTIONS. 

6 (a) IN GENERAL.—Section 170(p) of the Internal 

7 Revenue Code of 1986 is amended by adding at the end 

8 the following flush sentence: 

9 ‘‘The $300 or $600 dollar limitation otherwise in effect 

10 under the preceding sentence with respect to any taxpayer 

11 for any taxable year shall be increased by the amount of 

12 contributions made in cash by such taxpayer during such 

13 taxable year (determined without regard to subsections 

14 (b)(1)(G)(ii) and (d)(1)) to the National Infrastructure 

15 Bank referred to in subsection (c)(6).’’. 

16 (b) EFFECTIVE DATE.—The amendments made by 

17 this section shall apply to taxable years ending after the 

18 date of the enactment of this Act. 

19 SEC. 104. PREFERRED DIVIDENDS OF NATIONAL INFRA20 STRUCTURE BANK EXCLUDIBLE FROM GROSS 

21 INCOME. 

22 (a) IN GENERAL.—Part III of subchapter B of chap23 ter 1 of the Internal Revenue Code of 1986 is amended 

24 by inserting after section 139I the following new section: 


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1 ‘‘SEC. 139J. PREFERRED DIVIDENDS OF NATIONAL INFRA2 STRUCTURE BANK. 

3 ‘‘Gross income shall not include any amount received 

4 as a dividend on preferred stock of the National Infra5 structure Bank pursuant to section 203(c) of the National 

6 Infrastructure Bank Act of 2021 (as in effect on the date 

7 of the enactment of this section).’’. 

8 (b) CLERICAL AMEDMENT.—The table of sections of 

9 such part is amended by inserting after the item relating 

10 to section 139I the following new item: 

‘‘Sec. 139J. Preferred dividends of National Infrastructure Bank.’’. 

11 (c) EFFECTIVE DATE.—The amendments made by 

12 this section shall apply to taxable years ending after the 

13 date of the enactment of this Act. 

14 TITLE II—ESTABLISHMENT OF 

15 NATIONAL INFRASTRUCTURE 

16 BANK 

17 SEC. 201. DEFINITIONS. 

18 For purposes of this title, the following definitions 

19 apply unless otherwise specified in this title: 

20 (1) BANK.—The term ‘‘Bank’’ means the Na21 tional Infrastructure Bank established under section 

22 202(a). 

23 (2) BLENDED FINANCING.—The term ‘‘blended 

24 financing’’ means financing provided through any 

25 combination of loans or bond financing, in cooperaVerDate Sep 11 2014 02:51 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H3339.IH H3339

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1 tion with private lenders or State revolving funds, 

2 that is integrated into a single agreement with a sin3 gle set of financial terms. 

4 (3) BOARD.—The term ‘‘Board’’ means the Na5 tional Infrastructure Bank Board. 

6 (4) BOND.—The terms ‘‘Bond’’ means any 

7 bond issued in accordance with this Act if— 

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

9 are to be used for expenditures incurred after 

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

12 such rules as the Bank may provide; 

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

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

15 interest in such an amount, as determined by 

16 the Bank; and 

17 (D) payments of interest and principal 

18 with respect to the bond is the obligation of the 

19 Bank, and is backed by the full faith and credit 

20 of the United States. 

21 (5) CHIEF ASSET AND LIABILITY MANAGEMENT

22 OFFICER.—The term ‘‘chief asset and liability man23 agement officer’’ means the chief individual respon24 sible for coordinating the management of assets and 

25 liabilities of the Bank. 


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1 (6) CHIEF COMPLIANCE OFFICER.—The terms 

2 ‘‘chief compliance officer’’ and ‘‘CCO’’ mean the 

3 chief individual responsible for overseeing and man4 aging the compliance and regulatory affairs of the 

5 Bank. 

6 (7) CHIEF EXECUTIVE OFFICER.—The terms 

7 ‘‘chief executive officer’’ and ‘‘CEO’’ mean the indi8 vidual serving as the executive director of the Bank. 

9 (8) CHIEF FINANCIAL OFFICER.—The terms 

10 ‘‘chief financial officer’’ and ‘‘CFO’’ mean the chief 

11 individual responsible for managing the financial 

12 risks, planning, and reporting of the Bank. 

13 (9) CHIEF LOAN ORIGINATION OFFICER.—The 

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

15 individual responsible for managing the processing 

16 of new loans provided by the Bank. 

17 (10) CHIEF OPERATIONS OFFICER.—The terms 

18 ‘‘chief operations officer’’ and ‘‘COO’’ mean the 

19 chief individual responsible for the retail operations 

20 of the Bank and its branches, including its adminis21 trative, human resource, and information technology 

22 systems. 

23 (11) CHIEF RISK OFFICER.—The terms ‘‘chief 

24 risk officer’’ and ‘‘CRO’’ mean the chief individual 


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1 responsible for managing operational and compli2 ance-related risks of the Bank. 

3 (12) CHIEF TREASURY OFFICER.—The term 

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

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

7 (13) COMMUNITY DEVELOPMENT INFRASTRUC8 TURE PROJECT.—The term ‘‘community develop9 ment infrastructure project’’ means any project for 

10 the development of affordable housing, schools, pub11 lic parks and recreation, libraries, or public facilities 

12 that train workers and build labor skills. 

13 (14) CONNECTIVITY.—The term ‘‘connectivity’’ 

14 means the linkages in transportation, energy, com15 munications, and community development infrastruc16 ture, as well as manufacturing and data centers, 

17 that tie geographic areas together into economic 

18 units, including networks of commuter routes, rail19 ways, shipping lanes, and internet cables, and are 

20 best expressed in map form. 

21 (15) COST BENEFIT ANALYSIS.—The term 

22 ‘‘cost benefit analysis’’ means the comparison of the 

23 stream of costs for a potential project over its useful 

24 lifetime, to its public benefits over that time, with 


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1 cost and benefit flows expressed on a common basis 

2 in terms of net present value. 

3 (16) DEVELOPMENT.—The terms ‘‘develop4 ment’’ and ‘‘develop’’ mean, with respect to an infra5 structure project, any— 

6 (A) preconstruction planning, feasibility re7 view for stand-alone projects or for bundled 

8 projects, permitting, design work, life-cycle 

9 maintenance planning, and other 

10 preconstruction activities; and 

11 (B) construction, reconstruction, rehabili12 tation, replacement, or expansion. 

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

14 has the meaning given the term in section 502 of the 

15 Federal Credit Reform Act of 1990 (2 U.S.C. 661a). 

16 (18) DISADVANTAGED COMMUNITY.—The term 

17 ‘‘disadvantaged community’’ means a county, city, or 

18 partial census tract area, with any of the following 

19 characteristics: 

20 (A) A median household income below 80 

21 percent of the State nonmetropolitan median 

22 household income. 

23 (B) Persistent rural poverty, in which 20 

24 percent or more of the population has been liv25 ing below the poverty line for the last 30 years. 


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1 (19) ENERGY INFRASTRUCTURE PROJECT.— 

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

3 project for energy transmission and distribution, en4 ergy generation as needed, energy efficiency en5 hancement for buildings, and energy storage. 

6 (20) ENTITY.—The term ‘‘entity’’ means— 

7 (A) a State, municipality, or other govern8 mental agency (including a political subdivision 

9 or any other instrumentality of a State or a re10 volving fund); 

11 (B) a publicly owned utility; 

12 (C) a public authority, corporation, or Fed13 eral agency; 

14 (D) a partnership (including a public-pri15 vate partnership); 

16 (E) a joint venture; or 

17 (F) a trust. 

18 (21) ENVIRONMENTAL INFRASTRUCTURE

19 PROJECT.—The term ‘‘environmental infrastructure 

20 project’’ means any project for the establishment, 

21 deferred maintenance, or enhancement, including se22 curity enhancement, of any drinking water and 

23 wastewater treatment facility, storm water manage24 ment system, flood gate, dam, levee, dredging, wet25 land restoration or other open space conservation, 


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1 infill development, solid waste disposal facility, haz2 ardous waste facility, or industrial site cleanup or 

3 remediation project. 

4 (22) GENERAL COUNSEL.—The term ‘‘general 

5 counsel’’ means the individual who serves as the 

6 chief lawyer for the Bank. 

7 (23) GREENHOUSE GASES.—The term ‘‘green8 house gases’’ means any man-made gas designated 

9 as a greenhouse gas by the Administrator of the En10 vironmental Protection Agency. 

11 (24) INFRASTRUCTURE PROJECT.—The term 

12 ‘‘infrastructure project’’ means any transportation, 

13 energy, environmental, telecommunications, commu14 nity development, or other infrastructure project for 

15 which a development plan is presented to the Bank 

16 for financing. It shall exclude military infrastruc17 ture. 

18 (25) LOAN GUARANTEE.—The term ‘‘loan guar19 antee’’ has the same meaning as in section 502 of 

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

21 661a). 

22 (26) PRODUCTIVITY.—The term ‘‘productivity’’ 

23 means the improved efficiency in the economy asso24 ciated with investments in public and private infra25 structure. It is calculated as the change in the value 


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1 of total production, minus the change in the value 

2 of inputs going into production. 

3 (27) PUBLIC BENEFIT.—The term ‘‘public ben4 efit’’ means the clear and measurable benefit to soci5 ety resulting from the public’s use of the infrastruc6 ture with respect to which a project is carried out, 

7 or the improvement such infrastructure provides 

8 in— 

9 (A) economic growth and productivity; 

10 (B) air and water quality; 

11 (C) energy savings; 

12 (D) high-wage jobs; 

13 (E) poverty reduction; or 

14 (F) increased Federal, State, and local rev15 enues. 

16 (28) PUBLIC-PRIVATE PARTNERSHIP.—The 

17 term ‘‘public-private partnership’’ means any enti18 ty— 

19 (A)(i) which is undertaking the develop20 ment of all or part of an infrastructure project, 

21 which will have a public benefit, pursuant to re22 quirements established in one or more contracts 

23 between the entity and a State or an instru24 mentality of a State; or 


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

2 such an infrastructure project, are subject to 

3 regulation by a State or any instrumentality of 

4 a State; and 

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

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

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

8 the entity is a nongovernmental entity. 

9 (29) REVOLVING FUND.—The term ‘‘revolving 

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

11 State or a political subdivision or other instrumen12 tality of a State, the principal activity of which is to 

13 make loans, commitments, or other financial accom14 modation available for the development of one or 

15 more categories of infrastructure projects. 

16 (30) SECRETARY.—The term ‘‘Secretary’’ 

17 means the Secretary of the Treasury. 

18 (31) SMART GRID.—The term ‘‘smart grid’’ 

19 means a system that provides for any of the smart 

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

21 Energy Independence and Security Act of 2007 (42 

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

23 (32) STATE.—The term ‘‘State’’ means any of 

24 the several States, the District of Columbia, Puerto 

25 Rico, Guam, American Samoa, the Virgin Islands, 


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1 the Commonwealth of Northern Mariana Islands, 

2 and any other territory of the United States. 

3 (33) TELECOMMUNICATIONS INFRASTRUCTURE

4 PROJECT.—The term ‘‘telecommunications infra5 structure project’’ means any project involving infra6 structure required to provide communications by 

7 wire, fiber optic cable, satellite, or radio, including 

8 broadband, or to enhance security for such infra9 structure. 

10 (34) TRANSPORTATION INFRASTRUCTURE

11 PROJECT.—The term ‘‘transportation infrastructure 

12 project’’ means any project for the construction, de13 ferred maintenance, or enhancement, including secu14 rity enhancement, of highways, roads, bridges, tran15 sit and intermodal systems, inland waterways, com16 mercial ports, airports, high speed rail, and rail 

17 track systems. 

18 (35) TRUST FUND.—The term ‘‘Trust Fund’’ 

19 means a delineated account in the books of the 

20 Bank, set up to receive and disburse grant money to 

21 fully or partially subsidize project loans to entities 

22 operating in disadvantaged communities. Trust fund 

23 receipts shall include those left over from net oper24 ations of the Bank, Federal grant disbursements, 


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1 and philanthropic and other gifts from individuals 

2 and corporations as they become available. 

3 SEC. 202. ESTABLISHMENT OF NATIONAL INFRASTRUC4 TURE BANK. 

5 (a) ESTABLISHMENT OF NATIONAL INFRASTRUC6 TURE BANK.—The National Infrastructure Bank is estab7 lished as a Government corporation subject to chapter 91 

8 of title 31, United States Code (commonly known as the 

9 ‘‘Government Corporation Control Act’’), except as other10 wise provided in this Act. 

11 (b) CONFORMING AMENDMENT.—Section 9101(3) of 

12 title 31, United States Code, is amended by adding at the 

13 end the following: 

14 ‘‘(Q) the National Infrastructure Bank.’’. 

15 (c) RESPONSIBILITY OF THE SECRETARY.—The Sec16 retary shall take such action as may be necessary to assist 

17 in implementing the establishment of the Bank in accord18 ance with this Act, including obtaining a national bank 

19 charter. 

20 SEC. 203. PURPOSES AND AUTHORIZATIONS. 

21 (a) PURPOSE.—The purpose of National Infrastruc22 ture Bank shall be to facilitate efficient, long-term financ23 ing of infrastructure projects, business and economic 

24 growth, and new job creation in the United States. 

25 (b) CAPITALIZATION.— 


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1 (1) IN GENERAL.—The National Infrastructure 

2 Bank shall raise capital stock, in an amount ap3 proved by the Board, but not to exceed to 

4 $500,000,000,000, to be held in the form of Treas5 ury securities. 

6 (2) SUBSCRIPTION.—The capital stock shall be 

7 subscribed by— 

8 (A) public holders of outstanding Treasury 

9 securities of 3 years or greater maturity, or 

10 outstanding municipal bonds of States or mu11 nicipalities of 5 years or greater maturity, who 

12 transfer such securities or bonds to the Bank in 

13 exchange for the capital stock; 

14 (B) paid-in share capital, paid in cash; and 

15 (C) the United States Treasury, as ‘‘on16 call’’ subscriber to the Bank, in an amount up 

17 to $100,000,000,000 in 30-year United States 

18 Treasury Bonds. 

19 (3) CAPITAL ADEQUACY RATIO.—The Bank 

20 shall maintain risk-based capital of no less than 10.0 

21 percent. 

22 (4) LIMITATION.—The Bank shall not purchase 

23 public debt of the United States, as newly issued, ex24 cept for the purpose of rolling over the existing 

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1 ceeds of cash purchases of the Bank’s preferred 

2 stock into Treasury securities. 

3 (c) PREFERRED STOCK.— 

4 (1) IN GENERAL.—All subscribed capital shall 

5 be exchanged for an equivalent in preferred stock, or 

6 shares, in the Bank, callable only by the Bank at the 

7 current market value of the shares during a period 

8 of 20 years following finalization of a stock purchase 

9 agreement. Notwithstanding any other provision of 

10 law, a guarantee of redemption at the then current 

11 market price of the shares shall be included in the 

12 stock purchase agreement along with a contractual 

13 obligation by the United States Treasury to fund the 

14 redemption. Preferred shareholders shall have no 

15 voting rights in the Bank. 

16 (2) DIVIDENDS ON PREFERRED STOCK.—The 

17 Bank shall pay dividends on its preferred stock 

18 semiannually at the following rates: 

19 (A) For stock acquired in exchange for 

20 Treasury securities by an individual, by an enti21 ty that is not exempt from tax under section 

22 501 of the Internal Revenue Code of 1986, or 

23 by the United States Treasury, the same an24 nual rate as the Treasury security exchanged 

25 for the stock. 


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1 (B) For stock acquired in exchange for se2 curities by an organization that is exempt from 

3 tax under section 501 of the Internal Revenue 

4 Code of 1986, the same annual rate as the 

5 Treasury security exchanged for the stock plus 

6 one half of one percent (0.5%). 

7 (C) For stock purchased in exchange for 

8 cash by an individual or an entity that is not 

9 exempt from tax under section 501 of the Inter10 nal Revenue Code of 1986, the same annual 

11 rate payable on Treasury bonds with a 30-year 

12 maturity purchased from the Treasury on the 

13 day the stock purchase agreement is finalized. 

14 (D) For stock purchased in exchange for 

15 cash by an organization that is exempt from tax 

16 under section 501 of the Internal Revenue Code 

17 of 1986, the same annual rate payable on 

18 Treasury bonds with a 30-year maturity on the 

19 day the stock purchase agreement is finalized 

20 plus one half of one percent (0.5%). 

21 (3) ACQUISITIONS FOR OTHER THAN CASH OR

22 TREASURY SECURITIES TREATED AS ACQUISITIONS

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1 sets shall be liquidated by the Bank and the pro2 ceeds treated as a cash purchase of stock. 

3 (4) AUTHORITY TO MODIFY RATES.—If the 

4 dividends provided for in paragraph (2) generate ei5 ther more or less investment in the Bank’s preferred 

6 stock than is needed to achieve and maintain the 

7 Bank’s desired capitalization, the Directors may re8 duce or increase the dividends provided for new ac9 quisitions of preferred stock in one or more of sub10 paragraphs (A) through (D) of paragraph (2) for 

11 such periods of time as the Directors determine ap12 propriate. 

13 (5) PRIORITY AND GUARANTEE OF DIVIDEND

14 PAYMENTS.—Dividend payments on the Bank’s pre15 ferred stock shall have priority over other uses of in16 terest payments received by the Bank on its capital 

17 stock holdings of Treasury securities, and any such 

18 dividends owed in excess of the amount covered by 

19 these interest payments shall be guaranteed by the 

20 United States in the stock purchase agreement. 

21 (d) BORROWED CAPITAL.—The Bank is further au22 thorized to raise borrowed capital for projects needs, or 

23 to meet its cash flow (liquidity) needs, by— 

24 (1) issuing Bonds, with a fixed 5 to 10 year 

25 maturity; and 


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1 (2) maintaining a permanent, revolving dis2 count line of credit account with the Board of Gov3 ernors of the Federal Reserve System. 

4 (e) DEPOSITS.—Once chartered as a national bank, 

5 the Bank shall accept deposits from individuals, corpora6 tions, or public entities, into transaction deposit accounts 

7 on its books, and pay interest on those deposits, in an 

8 amount deemed appropriate by the Board. 

9 (f) LOANS.— 

10 (1) IN GENERAL.—The Bank shall provide 

11 loans, in accordance with this Act, to entities, or 

12 enter into blended financing credit, for the financ13 ing, development, or operation of infrastructure 

14 projects. 

15 (2) LOAN MATURITY.—The maturity of loans 

16 should match, to the extent possible, the maturity 

17 periods of anticipated profitability, economic stim18 ulus, and projected useful life of projects financed by 

19 such loans. 

20 (3) LOAN LIMIT.—Total loans contracted by the 

21 Bank shall not exceed $5,000,000,000,000. 

22 (4) INTEREST CHARGES ON LOANS AND OTHER

23 FEES.—The Bank— 

24 (A) shall charge fixed-rate-interest, fees, 

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1 ciated with a loan made by the Bank, taking 

2 into consideration— 

3 (i) the price of Treasury obligations of 

4 a similar maturity or 1.6 percent per 

5 annum, whichever is greater; 

6 (ii) the credit rating of the borrowing 

7 entity if expressly published, or an assess8 ment of the overall finances of the bor9 rowing entity indicating an ability to serv10 ice the loan; 

11 (iii) current and expected future eco12 nomic conditions, including expected im13 provements in the economy and the bor14 rowing entity’s finances resulting from the 

15 Bank’s overall lending operations; and 

16 (iv) whether or not the borrowing en17 tity qualifies as a disadvantaged commu18 nity, and an interest rate subsidy, subject 

19 to availability of funds; 

20 (B) may, in connection with a loan ex21 tended by the Bank, issue guarantees, insur22 ance, coinsurance, and reinsurance to borrowing 

23 entities, insurance companies, financial institu24 tions, or others, or groups thereof, and charge 

25 fees based on a similar risk analysis; and 


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1 (C) may charge for the review of any 

2 project proposal in such amount as may be ap3 proved by the Board to cover the costs of such 

4 review. 

5 (5) REFINANCING.—Subject to a full audit of 

6 the project and borrower, and subject to Board re7 view, the Bank may extend the time limit for repay8 ment of a loan, through renewal, substitution of new 

9 obligations, or otherwise, with the maximum time for 

10 such renewal to be approved by the Board. The 

11 Bank may make such further loans as necessary for 

12 project completion, or to assure loan repayment. 

13 (6) LIMITATIONS ON LOANS.—The Bank may 

14 not— 

15 (A) provide loans to consumers or provide 

16 any other loans not described under this Act; or 

17 (B) engage in investment banking activi18 ties such as underwriting securities or trust 

19 management for customers. 

20 (g) CAPITAL FOR LOAN DISBURSEMENTS.—Once 

21 chartered as a deposit-taking bank, the Bank is authorized 

22 to create funds in a deposit account in a borrowers name, 

23 in accordance with the loan agreement, as each scheduled 

24 loan disbursement as it is made. The Bank shall draw up 

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1 tion of the Comptroller of the Currency and the Board 

2 of Governors of the Federal Reserve System. 

3 (h) NET EARNINGS.—After meeting current obliga4 tions, the Bank is authorized to use its earnings, and all 

5 moneys which have been or may hereafter be allocated to 

6 or borrowed by it, in the exercise of its functions. From 

7 those monies, the Bank shall set aside loan loss provisions 

8 equal to a proportion of loan book value, as determined 

9 appropriate by the Board. Net earnings of the Bank, after 

10 setting aside loan loss provisions and estimated forward 

11 cash flow needs, shall be used for the payment of dividends 

12 to the United States Treasury, in an annual amount to 

13 be determined by the Board. Any residual net earnings 

14 shall be deposited into a Trust Fund to subsidize loans 

15 for disadvantaged communities that are not able to repay 

16 infrastructure loans on normal loan terms, in a manner 

17 to be determined by the Board. Any direct Federal con18 tributions from the budget for the purpose of subsidizing 

19 disadvantaged communities may also be added and uti20 lized via the Trust Fund. 

21 (i) GUARANTEES AND LOAN LOSS PROVISIONS.—In 

22 the event of any losses, as determined by the Board, in23 curred on loans, guarantees, and insurance extended 

24 under this Act, they shall be borne by the Bank out of 

25 its loan loss provisions. Any losses in excess thereof shall 


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1 be borne by the Secretary of the Treasury. That excess 

2 shall be considered a contingent obligation backed by the 

3 full faith and credit of the Government of the United 

4 States of America. 

5 (j) RESERVES.—The Bank shall maintain reserves 

6 against the Bank’s transaction accounts in such amount 

7 as the Board may determine appropriate, but not greater 

8 than 14 percent of the Bank’s total transaction accounts 

9 in excess of $25,000,000. 

10 (k) BRANCHES.—The Bank shall establish an office 

11 of lending and deposit in each city that has a Federal re12 serve bank, via the internet, and in any other location 

13 where the Board determines it appropriate. 

14 SEC. 204. FORMATION OF REGIONAL ECONOMIC ACCEL15 ERATOR PLANNING GROUPS. 

16 (a) IN GENERAL.—The Bank, through its branch of17 fices, shall facilitate the organization of at least 7 Regional 

18 Economic Accelerator Planning Groups, to be defined by 

19 common economic, demographic, and infrastructure link20 ages. 

21 (b) DUTIES.—The Regional Economic Accelerator 

22 Planning Groups may— 

23 (1) organize themselves by, and be composed of, 

24 State and local public sector officials, including 


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1 through multijurisdictional or multistate agreements 

2 among agencies; 

3 (2) identify economic mega-regions, defined as 

4 hub cities, related towns and suburbs, manufac5 turing production corridors, and rural areas woven 

6 together into the communities where people of the 

7 United States live, work, and provide goods or serv8 ices for movement within the region, and to other re9 gions; 

10 (3) identify infrastructure needs and priorities 

11 for mega-regions, with input from the American So12 ciety of Civil Engineers, and other trade, business, 

13 and industrial associations; 

14 (4) develop regional economic accelerator plans, 

15 and a pipeline of infrastructure projects, and their 

16 strategic placement, needed to improve supply 

17 chains, land use, and productivity within each mega18 region, while seeking to include all communities; 

19 (5) define how such projects will create energy 

20 savings, environment improvements, jobs and wage 

21 improvements, regional economic growth, and 

22 growth in regional tax income; 

23 (6) identify where multijurisdictional agree24 ments should be enacted or strengthened to improve 

25 the development of infrastructure projects that cross 


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1 jurisdictional lines (examples are transportation im2 provements along the northeast corridor, flood miti3 gation in midwestern States along the Missouri 

4 River, or development of a national high-speed rail 

5 grid); 

6 (7) identify where Federal, State, or local laws 

7 and regulations should be streamlined to reduce in8 frastructure project approval times, while maintain9 ing environmental and safety objectives, and work 

10 towards streamlining those laws and regulations; 

11 (8) seek public input on the broad outlines of 

12 each regional infrastructure development plan; 

13 (9) provide such plans to the Bank, to inform 

14 the Bank on its selection of infrastructure projects 

15 for financing; and 

16 (10) assist entities formulating and submitting 

17 projects for consideration of Bank financing on the 

18 definition, scope, selection criteria, and others fac19 tors under section 205 that will be considered in the 

20 approval process. 

21 SEC. 205. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 

22 THE BANK. 

23 (a) IN GENERAL.—Financial assistance shall be 

24 available from the Bank when the entity applying for such 

25 assistance has demonstrated to the satisfaction of the 


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1 Board that the project for which such assistance is being 

2 sought meets the requirements of this Act. Any entity pro3 posing a project for which the use or purpose is private, 

4 and without public benefit, shall not be eligible for finan5 cial assistance from the Bank under this Act. 

6 (b) APPLICANTS.—The Bank shall accept applica7 tions for infrastructure projects for the designation of 

8 those projects that may receive financial assistance under 

9 this section for any infrastructure project having— 

10 (1) a public sponsor; and 

11 (2) local, regional, or national significance. 

12 (c) GUIDELINES FOR INFRASTRUCTURE

13 PROJECTS.—The Executive Committee and the Board 

14 shall establish standard operating procedures, and develop 

15 online application procedures, to assist applications of in16 frastructure projects under this section to develop applica17 tions for financial assistance under this section. 

18 (d) CRITERIA.— 

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

20 as to whether to provide an infrastructure project 

21 with financial assistance, the Board shall evaluate 

22 and rate each applicant based on the factors appro23 priate for the type of the proposed infrastructure 

24 project, including— 


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1 (A) consistency of the project with a re2 gional infrastructure development plan that 

3 builds economic connectivity in the project area 

4 and beyond, so that maximum growth is 

5 achieved while leaving no community behind; 

6 (B) a life cycle projection of the benefits, 

7 as compared to costs, of the project, that incor8 porates the factors in subparagraphs (C) 

9 through (N) of this paragraph; 

10 (C) promotion of economic growth, includ11 ing private sector-led growth associated with 

12 the project; 

13 (D) job creation, including fair and respon14 sible employment practices, and a workforce de15 velopment to train workers in new skills, includ16 ing by union apprentice programs to train new 

17 hires; 

18 (E) a preference for projects in areas of 

19 high unemployment, or disadvantaged commu20 nities, including a workforce development plan 

21 to train workers in new skills; 

22 (F) environmental and public health bene23 fits including the reduction in greenhouse gases, 

24 and water and air pollution, and the removal of 

25 lead and other hazardous materials; 


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1 (G) a demonstrated ability to contract for 

2 design, construction, operation, and mainte3 nance of the infrastructure project throughout 

4 its estimated useful life, including by defining 

5 project objectives and utilizing performance6 based monitoring; 

7 (H) an understanding of the strategic im8 portance of bundling of projects, correctly 

9 sizing projects, and adopting value design and 

10 procurement procedures, so as to realize long11 run cost savings from ‘‘dig, build, expand, or 

12 improve only once’’; 

13 (I) an understanding of the importance of 

14 innovative and state-of-the-art technologies that 

15 achieve project reliability, efficiency, resiliency, 

16 sustainability, security, and public safety; 

17 (J) in cases where infrastructure is pub18 licly or privately owned, a preference for 

19 projects that leverage Federal, State, local, and 

20 private financing, including public-private part21 nerships, or where companies can show that the 

22 additional capital could not be obtained from 

23 commercial sources; 

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1 frastructure, in particular to mitigate against 

2 unemployment and bolster manufacturing in 

3 the United States; 

4 (L) integration of other qualified projects 

5 that may or should be done concurrently; 

6 (M) a categorical benefit; and 

7 (N) any other criteria as determined by the 

8 Board, with approval by the Board. 

9 (2) CATEGORICAL BENEFIT.—In this sub10 section, the term ‘‘categorical benefit’’ means the 

11 following: 

12 (A) For any transportation infrastructure 

13 project: 

14 (i) A reduction in surface and air 

15 traffic congestion, by road, transit, pas16 senger rail, freight rail, port or inland 

17 water travel, or air travel, as measured by 

18 reductions in transit, boarding, and total 

19 trip times. 

20 (ii) An anticipated increase in capac21 ity for existing and expected new ridership 

22 or transport use, including by high-speed 

23 rail. 


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1 (iii) A reduction in risks from mainte2 nance decline, or structural failure, over 

3 the service life of the project. 

4 (iv) The coordination of improvements 

5 in commuter passenger operations, freight 

6 transport, and new community design, with 

7 the demographics of population, economic 

8 production, and trade hubs according to a 

9 regional infrastructure plan. 

10 (v) An overall decline in greenhouse 

11 gas emissions from surface and air trans12 portation projects financed by the Bank. 

13 (vi) An increase in access to afford14 able transportation options, including by 

15 low-income populations and the disabled. 

16 (vii) Improvements in safety for users, 

17 passengers, and operators, as measured by 

18 a reduction in fatalities and serious inju19 ries. 

20 (B) For any environmental infrastructure 

21 project: 

22 (i) Increased coastal and inland flood 

23 mitigation and protection. 

24 (ii) Improvements in drinking water, 

25 wastewater, or stormwater systems, 


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1 through the repair, expansion or replace2 ment of such systems. 

3 (iii) A reduction in risk to any public 

4 infrastructure from structural failure, or 

5 damage, due to weather-related events or 

6 catastrophic wildfires. 

7 (iv) Environmental improvements 

8 from the removal of hazardous wastes. 

9 (C) For any energy infrastructure project: 

10 (i) Development of a smart grid, with 

11 modern security and resiliency systems. 

12 (ii) Expanded use of clean energy. 

13 (iii) Energy efficient buildings, includ14 ing clean energy designated retrofits. 

15 (iv) Development of localized power 

16 generation, and its integration into the 

17 grid. 

18 (D) For any telecommunications project: 

19 (i) Completion or improvement in 

20 broadband and wireless access and afford21 ability in rural and disadvantaged commu22 nities that private companies do not serve. 

23 (ii) Improvement of the global tele24 communication satellite network. 


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1 (E) For any community development infra2 structure project: 

3 (i) Modernization of local land use 

4 policies, including those that promote tran5 sit-oriented development and location effi6 ciency. 

7 (ii) Expansion in the provision of pub8 lic housing, or publicly assisted affordable 

9 housing, to provide long-term affordability 

10 in targeted, disadvantaged communities, 

11 for families and persons with incomes 

12 equivalent to those currently assisted, and 

13 improvement in the physical condition of 

14 such housing. 

15 (iii) Replacement of schools that have 

16 reached their service lifetime; or expansion 

17 of school facilities with growing popu18 lations, or to house new programs for 

19 workforce development. 

20 (iv) Improvements in National, State, 

21 and local parks and recreation facilities 

22 and related open space land management. 

23 (e) EMERGENCY PROCEDURES.—During the Bank’s 

24 first year of operation, or until the Bank has provided a 

25 total of $500,000,000,000 in loans, the Board may relax 


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1 its selection criteria and procedures in favor of lending 

2 quickly for projects— 

3 (1) that reduce unemployment; 

4 (2) that address the backlog of critical, shovel5 ready projects for which preliminary engineering or 

6 permitting is already completed; or 

7 (3) where there is a critical safety or other pub8 lic need. 

9 SEC. 206. BOARD OF DIRECTORS. 

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

11 Directors consisting of 25 members appointed by the 

12 President by and with the advice and consent of the Sen13 ate. 

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

15 shall include individuals representing different regions of 

16 the United States and— 

17 (1) 12 of the directors shall have at least 15 

18 years of industrial and engineering experience; 

19 (2) 1 director shall be from the AFL–CIO; 

20 (3) 2 of the directors shall be from North 

21 America’s Building Trades Unions; 

22 (4) 2 of the directors shall be from the United 

23 States Army Corp of Engineers; 

24 (5) 2 of the directors shall have State and local 

25 public sector experience; 


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1 (6) 2 of the directors shall have finance experi2 ence; 

3 (7) 2 of the directors shall have economic devel4 opment experience; and 

5 (8) 2 director shall represent minority commu6 nities or disadvantaged communities. 

7 (c) CHAIRPERSON AND VICE CHAIRPERSON.—As des8 ignated at the time of appointment, one of the directors 

9 of the Board shall be designated chairperson of the Board 

10 by the President and one shall be designated as vice chair11 person of the Board by the President. 

12 (d) TERMS.— 

13 (1) IN GENERAL.—Except as provided in para14 graph (2), each director shall be appointed for a 

15 term of 6 years. 

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

17 members of the Board— 

18 (A) the chairperson and vice chairperson 

19 shall each be appointed for terms of 6 years; 

20 (B) 12 directors shall be appointed for a 

21 term of 4 years; and 

22 (C) 11 directors shall be appointed for a 

23 term of 2 years. 

24 (e) CONGRESSIONAL RECOMMENDATIONS.—Not later 

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


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1 majority leader of the Senate, the minority leader of the 

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

3 the minority leader of the House of Representatives shall 

4 each submit a recommendation to the President for ap5 pointment of a member of the Board of Directors, after 

6 consultation with the appropriate committees of Congress. 

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

8 nominations by the President for appointment of directors 

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

10 the date of enactment of this Act. 

11 (g) VACANCIES.— 

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

13 shall be filled in the manner in which the original 

14 appointment was made. 

15 (2) APPOINTMENT TO REPLACE DURING

16 TERM.—Any director appointed to fill a vacancy oc17 curring before the expiration of the term for which 

18 the director’s predecessor was appointed shall be ap19 pointed only for the remainder of the term. 

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

21 expiration of that director’s term until a successor 

22 has taken office. 

23 (h) QUORUM.—At the time of any Board meeting, 75 

24 percent of the directors confirmed by Congress (rounded 

25 down to a whole number) shall constitute a quorum. 


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1 (i) REAPPOINTMENT.—A director of the Board ap2 pointed by the President may be reappointed by the Presi3 dent in accordance with this section. 

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

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

6 a per diem when engaged in the actual performance of 

7 Bank business, plus reasonable reimbursement for travel, 

8 subsistence, and other necessary expenses incurred in the 

9 performance of their duties. 

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

11 participate in any review or decision affecting a project 

12 under consideration for assistance under this Act if the 

13 director has or is affiliated with a person who has an inter14 est in such project. 

15 (l) RESPONSIBILITIES.—The Board shall— 

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

17 which the last director is appointed, establish an Ex18 ecutive Committee, Risk Management Committee 

19 and Audit Committee as prescribed by this Act; 

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

21 which the last director is appointed develop and ap22 prove the bylaws of the Bank, and publish such by23 laws in the Federal Register, including bylaws for 

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1 ness of the Bank, consistent with the purpose, goals, 

2 objectives, and policies set forth in this Act; 

3 (3) ensure that the Bank is at all times oper4 ated in a manner that is consistent with this Act, 

5 by— 

6 (A) monitoring and assessing the effective7 ness of the Bank in achieving its strategic 

8 goals; 

9 (B) periodically reviewing internal policies 

10 submitted by the chief executive officer; 

11 (C) reviewing and approving annual busi12 ness plans, annual budgets, and long-term 

13 strategies submitted by the chief executive offi14 cer; 

15 (D) reviewing and approving annual re16 ports submitted by the chief executive officer; 

17 (E) reviewing risk management and audit 

18 practices of the Bank; and 

19 (F) reviewing and approving all changes to 

20 the organization of the Bank; and 

21 (4) establishing such other criteria, require22 ments, or procedures as the Board may consider to 

23 be appropriate in carrying out this Act. 

24 (m) MEETINGS.— 


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1 (1) OPEN TO THE PUBLIC; NOTICE.—All meet2 ings of the Board held to conduct the business of the 

3 Bank shall be open to the public and shall be pre4 ceded by reasonable notice. 

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

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

7 last director is appointed and otherwise at the call 

8 of the Chairperson. 

9 (3) EXCEPTION FOR CLOSED MEETINGS.—Pur10 suant to such rules as the Board may establish 

11 through their bylaws, the directors may close a 

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

13 likely to be disclosed information which could ad14 versely affect or lead to speculation relating to an in15 frastructure project under consideration for assist16 ance under this Act or in financial or securities or 

17 commodities markets or institutions, utilities, or real 

18 estate. The determination to close any meeting of 

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

20 open to the public, and preceded by reasonable no21 tice. The Board shall prepare minutes of any meet22 ing which is closed to the public and make such min23 utes available as soon as the considerations necessi24 tating closing such meeting no longer apply. 


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1 SEC. 207. POWERS AND LIMITATIONS OF THE BOARD. 

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

3 the Bank as set forth in this Act, the Board shall be re4 sponsible for the approval and monitoring of infrastruc5 ture projects, and have the following powers: 

6 (1) To make senior and subordinated direct 

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

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

9 the financing or refinancing of an infrastructure 

10 project. 

11 (2) Subject to the availability of funding, as de12 termined by the Board, to develop specialized loan 

13 programs, such as a disadvantaged communities 

14 loan program, or a community cooperative startup, 

15 that provide project financing on flexible repayment 

16 terms. 

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

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

19 to be appropriate to assist in the financing or refi20 nancing of an infrastructure project. 

21 (4) To issue Bonds, to provide financing to in22 frastructure projects from amounts made available 

23 from the issuance of such bonds. 

24 (5) To make agreements and contracts with any 

25 entity in furtherance of the business of the Bank. 


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1 (6) To approve infrastructure loans financed in 

2 whole or in part, by the Bank, after receiving rec3 ommendations from the Executive Committee estab4 lished in section 208. 

5 (7) To monitor infrastructure projects financed 

6 in whole or in part, by the Bank, after receiving as7 sessments from the Executive Committee. 

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

9 capacity in any court of competent jurisdiction, ex10 cept that no attachment, injunction, or similar proc11 ess, may be issued against the property of the Bank 

12 or against the Bank with respect to such property. 

13 (9) To indemnify the directors and officers of 

14 the Bank for liabilities arising out of the actions of 

15 the directors and officers in such capacity, in accord16 ance with, and subject to the limitations contained 

17 in, this Act. 

18 (10) To serve as the primary liaison between 

19 the Bank and the Congress, the executive branch, 

20 and State and local governments, and to represent 

21 the Bank’s interests. 

22 (11) To exercise all other lawful powers which 

23 are necessary or appropriate to carry out, and are 

24 consistent with, the purposes of the Bank. 


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1 (b) EMPLOYEE PROTECTIONS.—Prior to providing 

2 any financial assistance for an infrastructure project in3 volving reconstruction, rehabilitation, replacement, or ex4 pansion that may impact current employees on the project 

5 site, the interests of employees affected by the financial 

6 assistance shall comply with applicable Federal law as set 

7 out in section 215. 

8 (c) COORDINATION WITH STATE AND LOCAL REGU9 LATORY AUTHORITY.—The provision of financial assist10 ance by the Board pursuant to this Act shall not be con11 strued as— 

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

13 subdivision or other instrumentality of a State to ap14 prove or regulate rates of return on private equity 

15 invested in a project; or 

16 (2) otherwise superseding any State law or reg17 ulation applicable to a project. 

18 (d) FEDERAL PERSONNEL REQUESTS.—The Board 

19 shall have the power to request the detail, on a reimburs20 able basis, of personnel from other Federal agencies with 

21 specific expertise not available from within the Bank or 

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

23 on a reimbursable basis, any personnel of such agency re24 quested by the Board and shall not withhold unreasonably 

25 the detail of any personnel requested by the Board. 


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1 SEC. 208. EXECUTIVE COMMITTEE. 

2 (a) IN GENERAL.—The Board shall establish an Ex3 ecutive Committee consisting of 9 members, headed by the 

4 chief executive officer of the Bank. 

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

6 authority to appoint and reappoint the chief executive offi7 cer with such executive functions, powers, and duties as 

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

9 or the Board. 

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

11 responsibility for the development and implementation of 

12 the strategy of the Bank, including— 

13 (1) the development and submission to the 

14 Board of the annual business plans and budget; 

15 (2) the development and submission to the 

16 Board of a long-term strategic infrastructure devel17 opment plan that is consistent with regional plans as 

18 presented to the Bank by Regional Economic Accel19 erator Planning Groups; and 

20 (3) the development, revision, and submission 

21 to the Board of Directors of the Bank’s other inter22 nal policies. 

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

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

25 of 8 other executive officers to serve on the Executive 

26 Committee as the— 


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1 (1) chief risk officer; 

2 (2) chief operations officer; 

3 (3) chief loan origination officer; 

4 (4) chief compliance officer; 

5 (5) chief financial officer; 

6 (6) chief treasury officer; 

7 (7) chief asset and liability management officer; 

8 and 

9 (8) general counsel. 

10 (e) QUALIFICATIONS.—The CEO, as well as other ex11 ecutive officers, and all loan origination officers, shall have 

12 extensive experience and expertise in retail banking, and 

13 in one or more of the following: 

14 (1) Transportation infrastructure. 

15 (2) Environmental infrastructure. 

16 (3) Energy infrastructure. 

17 (4) Telecommunications infrastructure. 

18 (5) Public housing and urban or rural develop19 ment. 

20 (6) Economic development. 

21 (7) Workforce development. 

22 (8) Public finance. 

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

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

25 shall— 


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1 (1) establish and submit to the Board disclo2 sure and application procedures for entities nomi3 nating projects for assistance under this Act; 

4 (2) establish and submit to the Board standard5 ized terms and conditions, fee schedules, or legal re6 quirements of a contract or program to carry out 

7 this Act; 

8 (3) establish and submit to the Board guide9 lines for the selection and approval of projects and 

10 specific criteria for determining eligibility for project 

11 selection, subject to the general criteria provided in 

12 section 205; 

13 (4) accept, for consideration, project proposals 

14 relating to the development of infrastructure 

15 projects, which meet the basic criteria established by 

16 this Act and by the Executive Committee, and which 

17 are submitted by an entity; 

18 (5) provide recommendations to the Board and 

19 place project proposals accepted by the Executive 

20 Committee on a list for consideration for financial 

21 assistance from the Board; and 

22 (6) establish a plan, and build capacity within 

23 the Bank, to provide technical assistance to State 

24 and local governments, regional economic accelerator 

25 planning groups established under section 204, joint 


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1 ventures, regional economic accelerator agencies, and 

2 other borrowing entities on— 

3 (A) the Bank’s borrowing procedures and 

4 selection criteria; 

5 (B) development of a pipeline of projects 

6 suitable for financing, that meet the selection 

7 criteria developed by the Bank; 

8 (C) development of specialized institutional 

9 structures, and cross-region planning, to help in 

10 the planning of complex projects; 

11 (D) best design, construction, and manage12 ment practices, including those identified in 

13 global infrastructure databases; 

14 (E) contract evaluation methods, including 

15 procurement value-for-money options; and 

16 (F) institution strengthening relating to 

17 the management of projects and work con18 tracts, including through performance-based 

19 project delivery. 

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

21 other executive officers of the Executive Committee shall 

22 be filled in the manner in which the original appointment 

23 was made. 


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

2 and other executive officers of the Executive Committee 

3 shall be determined by the Board. 

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

5 of the Executive Committee may be removed at the discre6 tion of a majority of the Board. 

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

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

9 may be reappointed in accordance with this section. 

10 (k) LIMITATIONS.—The CEO and other executive of11 ficers of the Executive Committee shall not— 

12 (1) hold any other public office; 

13 (2) have any interest in an infrastructure 

14 project considered by the Board; 

15 (3) have any interest in an investment institu16 tion, commercial bank, or other entity seeking finan17 cial assistance for any infrastructure project from or 

18 investing in the Bank; and 

19 (4) have any such interest during the 2-year pe20 riod beginning on the date such officer ceases to 

21 serve in such capacity. 

22 SEC. 209. RISK MANAGEMENT COMMITTEE. 

23 (a) ESTABLISHMENT OF RISK MANAGEMENT COM24 MITTEE.—The Board shall establish a risk management 

25 committee consisting of 5 members, headed by the chief 


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1 risk officer, with participation from the chief loan origina2 tion officer. 

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

4 have the authority to appoint and reappoint the CRO of 

5 the Bank. 

6 (c) FUNCTIONS; DUTIES.— 

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

8 functions, powers, and duties as may be prescribed 

9 by one or more of the following: This Act, the by10 laws of the Bank, and the Board. The CRO shall re11 port directly to the Board. 

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

13 carry out the purposes of this Act, the risk manage14 ment committee shall— 

15 (A) create overarching financial, credit, 

16 and operational risk management guidelines 

17 and policies to be adhered to by the Bank; 

18 (B) create conforming standards for loan 

19 agreements to ensure diversification of lending 

20 activities by— 

21 (i) geographic region, infrastructure 

22 project type, and inclusion of disadvan23 taged and rural communities; and 

24 (ii) compliance with Federal and State 

25 laws referred to in section 213; 


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1 (C) create specific plans for all financial 

2 assistance provided by the Bank, including sub3 sidy programs for disadvantaged communities 

4 and project targeting for disadvantaged busi5 ness enterprises covered by section 47113 of 

6 title 49, United States Code; 

7 (D) monitor overall financial, credit, and 

8 operational exposure of the Bank; 

9 (E) create a standing subcommittee to per10 form regular credit evaluations and report on 

11 large infrastructure loans extended by the Bank 

12 that monitor compliance with terms, and attain13 ment of performance targets contained in loan 

14 agreements; and 

15 (F) provide financial recommendations to 

16 the Board for Board approval. 

17 (d) OTHER RISK MANAGEMENT OFFICERS.—The 

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

19 define the duties of 4 other risk management officers to 

20 serve on the risk management committee. 

21 (e) QUALIFICATIONS.—The CRO and other risk man22 agement officers shall have demonstrated experience and 

23 expertise in one or more of the following: 

24 (1) Treasury and asset and liability manage25 ment. 


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1 (2) Investment regulations. 

2 (3) Insurance. 

3 (4) Credit risk management and credit evalua4 tions. 

5 (5) Infrastructure development projects. 

6 (f) VACANCY.—A vacancy in the position of CRO and 

7 other risk management officers of the risk management 

8 committee shall be filled in the manner in which the origi9 nal appointment was made. 

10 (g) COMPENSATION.—The compensation of the CRO 

11 and other risk management officers of the risk manage12 ment committee shall be determined by the Board. 

13 (h) REMOVAL.—The CRO and other risk manage14 ment officers of the risk management committee may be 

15 removed at the discretion of a majority of the Board. 

16 (i) TERM.—The CRO and other risk management of17 ficers of the risk management committee shall serve a 6- 

18 year term and may be reappointed in accordance with this 

19 section. 

20 (j) LIMITATIONS.—The CRO and other risk manage21 ment officers of the risk management committee shall 

22 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. 210. AUDIT COMMITTEE. 

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

10 committee consisting of 5 members, headed by the chief 

11 compliance officer of the Bank. 

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

13 have the authority to appoint and reappoint the CCO of 

14 the Bank. 

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

16 functions, powers, and duties as may be prescribed by this 

17 Act, the bylaws of the Bank, and the Board. The CCO 

18 shall report directly to the Board. 

19 (d) AUDIT DUTIES.—In order to carry out the pur20 poses of the Bank under this Act, the audit committee 

21 shall— 

22 (1) provide internal controls and internal audit23 ing activities for the Bank; 

24 (2) maintain responsibility for the accounting 

25 activities of the Bank; 


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1 (3) conduct internal investigations of the busi2 ness activities of the Bank; 

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

4 (5) complete reports with outside auditors and 

5 public accountants appointed by the Board. 

6 (e) OTHER AUDIT OFFICERS.—The Board shall ap7 point, remove, fix the compensation, and define the duties 

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

9 (f) QUALIFICATIONS.—The CCO and other audit offi10 cers shall have demonstrated experience and expertise in 

11 one or more of the following: 

12 (1) Internal auditing. 

13 (2) Internal investigations. 

14 (3) Accounting practices. 

15 (4) Financing practices. 

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

17 other audit officers of the audit committee shall be filled 

18 in the manner in which the original appointment was 

19 made. 

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

21 and other audit officers of the audit committee shall be 

22 determined by the Board. 

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

24 the audit committee may be removed at the discretion of 

25 a majority of the Board. 


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

2 audit committee shall serve a 6-year term and may be re3 appointed in accordance with this section. 

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

5 of the audit committee shall not— 

6 (1) hold any other public office; 

7 (2) have any interest in an infrastructure 

8 project considered by the Board; 

9 (3) have any interest in an investment institu10 tion, commercial bank, or other entity seeking finan11 cial assistance for any infrastructure project from or 

12 investing in the Bank; and 

13 (4) have any such interest during the 2-year pe14 riod beginning on the date such officer ceases to 

15 serve in such capacity. 

16 SEC. 211. PERSONNEL. 

17 (a) COMPENSATION; DUTIES.—The chairperson of 

18 the Board, chief executive officer, chief risk officer, and 

19 chief compliance officer shall appoint, remove, fix the com20 pensation of, and define the duties of such qualified per21 sonnel to serve under the Board, Executive Committee, 

22 risk management committee, or audit committee, as the 

23 case may be, as necessary and prescribed by this Act, the 

24 bylaws of the Bank, and the Board. 


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1 (b) PARTICIPATION BY OTHER AGENCY PER2 SONNEL.—Consideration of projects by the Executive 

3 Committee and the Board shall be conducted with per4 sonnel on detail to the Bank from United States Army 

5 Corps of Engineers, the Department of Transportation, 

6 the Department of Labor, the Department of Housing and 

7 Urban Development, the Environmental Protection Agen8 cy, the Department of the Treasury, the Department of 

9 Commerce, and other relevant departments and agencies 

10 from among individuals who are familiar with and experi11 enced in the selection criteria for competitive projects. The 

12 Bank shall reimburse those departments and agencies for 

13 the staff who are on detail to the Bank. 

14 SEC. 212. SPECIAL INSPECTOR GENERAL FOR THE NA15 TIONAL INFRASTRUCTURE BANK. 

16 (a) IN GENERAL.—Beginning on the date on which 

17 the President appoints a Special Inspector General for the 

18 Bank (referred to in this Act as the ‘‘Special Inspector 

19 General’’) under subsection (b), there is established an Of20 fice of the Special Inspector General for the Bank. 

21 (b) APPOINTMENT OF INSPECTOR GENERAL; RE22 MOVAL.— 

23 (1) APPOINTMENT.—The Special Inspector 

24 General for the Bank shall be appointed by the 


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1 President, by and with the advice and consent of the 

2 Senate. 

3 (2) BASIS OF APPOINTMENT.—The appoint4 ment of the Special Inspector General shall be made 

5 on the basis of integrity and demonstrated ability in 

6 accounting, auditing, financial analysis, law, man7 agement analysis, public administration, or inves8 tigations. 

9 (3) TIMING OF NOMINATION.—The nomination 

10 of an individual as Special Inspector General shall 

11 be made as soon as practicable after the date of en12 actment of this Act. 

13 (4) REMOVAL.—The Special Inspector General 

14 shall be removable from office in accordance with 

15 the provisions of section 3(b) of the Inspector Gen16 eral Act of 1978 (5 U.S.C. App.). 

17 (5) RULE OF CONSTRUCTION.—For purposes of 

18 section 7324 of title 5, United States Code, the Spe19 cial Inspector General shall not be considered an em20 ployee who determines policies to be pursued by the 

21 United States in the nationwide administration of 

22 Federal law. 

23 (6) RATE OF PAY.—The annual rate of basic 

24 pay of the Special Inspector General shall be the an25 nual rate of basic pay for an Inspector General 


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1 under section 3(e) of the Inspector General Act of 

2 1978 (5 U.S.C. App.). 

3 (c) DUTIES.—The Special Inspector General shall— 

4 (1) conduct, supervise, and coordinate audits 

5 and investigations of the business activities of the 

6 Bank; 

7 (2) establish, maintain, and oversee such sys8 tems, procedures, and controls as the Special Inspec9 tor General considers appropriate to discharge the 

10 duty under paragraph (1); and 

11 (3) carry out any other duties and responsibil12 ities of inspectors general under the Inspector Gen13 eral Act of 1978 (5 U.S.C. App.). 

14 (d) POWERS AND AUTHORITIES.— 

15 (1) IN GENERAL.—In carrying out the duties 

16 specified in subsection (c), the Special Inspector 

17 General shall have the authorities provided in section 

18 6 of the Inspector General Act of 1978 (5 U.S.C. 

19 App.). 

20 (2) ADDITIONAL AUTHORITY.—The Special In21 spector General shall carry out the duties specified 

22 in subsection (c)(1) in accordance with section 

23 4(b)(1) of the Inspector General Act of 1978 (5 

24 U.S.C. App.). 


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1 (e) PERSONNEL, FACILITIES, AND OTHER RE2 SOURCES.— 

3 (1) ADDITIONAL OFFICERS.— 

4 (A) IN GENERAL.—The Special Inspector 

5 General may select, appoint, and employ such 

6 officers and employees as may be necessary for 

7 carrying out the duties of the Special Inspector 

8 General, subject to the provisions of title 5, 

9 United States Code, governing appointments in 

10 the competitive service, and the provisions of 

11 chapter 51 and subchapter III of chapter 53 of 

12 such title, relating to classification and General 

13 Schedule pay rates. 

14 (B) EMPLOYMENT AND COMPENSATION.— 

15 The Special Inspector General may exercise the 

16 authorities of subsections (b) through (i) of sec17 tion 3161 of title 5, United States Code (with18 out regard to subsection (a) of that section). 

19 (2) RETENTION OF SERVICES.—The Special In20 spector General may obtain services as authorized by 

21 section 3109 of title 5, United States Code, at daily 

22 rates not to exceed the equivalent rate prescribed for 

23 grade GS–15 of the General Schedule by section 

24 5332 of such title. 


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1 (3) ABILITY TO CONTRACT FOR AUDITS, STUD2 IES, AND OTHER SERVICES.—The Special Inspector 

3 General may enter into contracts and other arrange4 ments for audits, studies, analyses, and other serv5 ices with public agencies and with private persons, 

6 and make such payments as may be necessary to 

7 carry out the duties of the Special Inspector Gen8 eral. 

9 (4) REQUEST FOR INFORMATION.— 

10 (A) IN GENERAL.—Upon request of the 

11 Special Inspector General for information or as12 sistance from any department, agency, or other 

13 entity of the Federal Government, the head of 

14 that entity shall, insofar as is practicable and 

15 not in contravention of any existing law, furnish 

16 the information or assistance to the Special In17 spector General or an authorized designee. 

18 (B) REFUSAL TO COMPLY.—If information 

19 or assistance requested by the Special Inspector 

20 General is, in the judgment of the Special In21 spector General, unreasonably refused or not 

22 provided, the Special Inspector General shall re23 port the circumstances to the Secretary, with24 out delay. 

25 (f) REPORTS.— 


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1 (1) ANNUAL REPORT.—Not later than 1 year 

2 after the date on which the Special Inspector Gen3 eral is confirmed, and every calendar year thereafter, 

4 the Special Inspector General shall submit to the 

5 President and appropriate committees of Congress a 

6 report summarizing the activities of the Special In7 spector General during the previous 1-year period 

8 ending on the date on which such report is required. 

9 (2) PUBLIC DISCLOSURES.—Nothing in this 

10 subsection authorizes the public disclosure of infor11 mation that is— 

12 (A) specifically prohibited from disclosure 

13 by any other provision of law; 

14 (B) specifically required by Executive order 

15 to be protected from disclosure in the interest 

16 of national defense or national security or in 

17 the conduct of foreign affairs; or 

18 (C) a part of an ongoing criminal inves19 tigation. 

20 SEC. 213. STATUS AND APPLICABILITY OF CERTAIN FED21 ERAL AND STATE LAWS. 

22 (a) NATIONAL BANK CHARTER.—As soon as prac23 ticable after being established, the Bank shall apply for 

24 a national bank charter. 


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1 (b) COMPLIANCE WITH DAVIS-BACON ACT.—All la2 borers and mechanics employed by contractors and sub3 contractors on infrastructure projects funded directly by 

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

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

6 than those prevailing on projects of a character similar 

7 in the locality as determined by the Secretary of Labor 

8 in accordance with subchapter IV of chapter 31 of part 

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

10 labor standards specified in this section, the Secretary of 

11 Labor shall have the authority and functions set forth in 

12 Reorganization Plan Numbered 14 of 1950 (64 Stat. 

13 1267; 5 U.S.C. App.) and section 3145 of title 40, United 

14 States Code. 

15 (c) COMPLIANCE WITH PROJECT LABOR AGREE16 MENTS.—In States in which project labor agreements are 

17 authorized or encouraged (in which contractors enter into 

18 binding, pre-hire agreements with labor unions in the con19 struction industry), recipients of financial assistance made 

20 available under this Act must comply with such agree21 ments (in accordance with subsections (e) and (f) of sec22 tion 8 of the National Labor Relations Act (29 U.S.C. 

23 158) and Executive Order 13502). In States in which 

24 project labor agreements are prohibited by law to be re25 quired for a project, projects financed by the Bank pursuVerDate Sep 11 2014 02:51 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00064 Fmt 6652 Sfmt 6201 E:\BILLS\H3339.IH H3339

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1 ant to the Act shall permit voluntary collective bargaining 

2 of such agreements. 

3 (d) COMPLIANCE WITH CIVIL RIGHTS ACT OF

4 1964.—The Bank, along with contractors and subcontrac5 tors on infrastructure projects funded directly by, or as6 sisted in whole or in part by the Bank, shall comply with 

7 title VI of the Civil Rights Act of 1964 as to hiring and 

8 awarding contracts to build projects. 

9 (e) BUY AMERICA.—None of the financing provided 

10 by the Bank may be used for an infrastructure project 

11 unless all of the iron, steel, cement, and manufactured 

12 goods used in construction, alteration, maintenance, re13 pair, or equipping of the project are produced within the 

14 United States. During the application process for a loan 

15 under this Act, a request for a waiver to the requirements 

16 of the preceding sentence by reason of the public interest, 

17 or on account of unavailability or unsatisfactory quality 

18 of domestically produced goods, can be considered only if 

19 there is clear demonstration that jobs in the United States 

20 would not be lost due to the waiver. 

21 (f) COMPLIANCE WITH APPLICABLE FEDERAL

22 LAW.—Projects receiving financial assistance from the 

23 Bank shall comply with applicable provisions of Federal 

24 law and regulation, including— 


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1 (1) for transit, requirements that would apply 

2 to a project receiving funding under section 5307 or 

3 47113 of title 49, United States Code; 

4 (2) for public housing, requirements that would 

5 apply to a project receiving funding from a grant 

6 under section 24 of the United States Housing Act 

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

8 (3) for publicly assisted affordable housing, re9 quirements that would apply to the preservation of 

10 such housing under other provisions of law gov11 erning such housing; 

12 (4) for roads and bridges, requirements that 

13 would apply to a project that receives funds under 

14 section 104(b)(3) of title 23, United States Code, or 

15 section 47113 of title 49, United States Code, and 

16 meets the goals under section 150(b) of title 23, 

17 United States Code; 

18 (5) for freight and passenger rail projects, re19 quirements that would apply to a project that re20 ceives funds under subtitle V of title 49, United 

21 States Code; 

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

23 requirements that would apply to a project that re24 ceives funds under chapters 471 and 501 of title 49, 

25 United States Code, or section 47113 of such title; 


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

2 a project grant or loan under— 

3 (A) section 103 of the Housing and Com4 munity Development Act of 1974 (42 U.S.C. 

5 5303); 

6 (B) section 1452 of the Public Health 

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

8 (C) section 601 of the Federal Water Pol9 lution Control Act (33 U.S.C. 1381), as that 

10 section applied before the beginning of fiscal 

11 year 1995; and 

12 (8) for rural development projects, requirements 

13 that would apply to a project financed by any of the 

14 following programs of the Department of Agri15 culture: 

16 (A) Rural Economic Development Loans & 

17 Grants. 

18 (B) Community Facilities Direct Loans & 

19 Grants. 

20 (C) Single- and Multi-Family Housing Re21 pair and Rental Assistance Loans & Grants. 

22 (D) Electric Infrastructure Loans & Loan 

23 Guarantees. 


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1 (E) Rural Broadband Access, and Tele2 communications Infrastructure Loans & Guar3 antees. 

4 (F) Water & Waste Disposal Loans & 

5 Grants. 

6 (g) AUTHORITY TO DETERMINE FUNDING.—Not7 withstanding any other provision of law, the Bank shall 

8 determine the appropriate Federal share of funds, subject 

9 to loan approval by the Bank, and the availability of such 

10 Federal funding, for each project described in subsection 

11 (f) for purposes of this title. 

12 (h) STATE AND LOCAL PERMIT REQUIREMENTS.— 

13 The provision of assistance by the Board in accordance 

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

15 of assistance or the related infrastructure project of any 

16 obligation to obtain required State and local permits and 

17 approvals. 

18 SEC. 214. EXEMPTION FROM CERTAIN LAWS. 

19 (a) NO BUDGET AUTHORITY FOR CONTRACTS OR

20 LOANS.—Section 504(b) of the Federal Credit Reform Act 

21 of 1990 (2 U.S.C. 661c(b)) requiring prior budget author22 ity shall not apply to any contract or loan under this Act. 

23 (b) NO PRIORITY AS A FEDERAL CLAIM.—The pri24 ority established in favor of the United States by section 


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1 3713 of title 31, United States Code, shall not apply with 

2 respect to any indebtedness of the Bank. 

3 SEC. 215. AUDITS; REPORTS TO PRESIDENT AND CON4 GRESS. 

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

6 shall be maintained in accordance with generally accepted 

7 accounting principles as used in the United States, and 

8 shall be subject to an annual audit by independent public 

9 accountants appointed by the Board and of nationally rec10 ognized standing. 

11 (b) REPORTS.— 

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

13 President and Congress, within 90 days after the 

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

15 report with respect to the preceding fiscal year, set16 ting forth— 

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

18 for such preceding fiscal year; 

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

20 outstanding at the end of such preceding fiscal 

21 year, with a statement of the amounts issued 

22 and redeemed or paid during such preceding 

23 fiscal year; and 

24 (C) the status of infrastructure projects re25 ceiving funding or other assistance pursuant to 


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1 this Act, including disclosure of all entities with 

2 a development, ownership, or operational inter3 est in such projects. 

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

5 date of enactment of this Act, the Comptroller Gen6 eral of the United States shall submit to Congress 

7 a report evaluating activities of the Bank for the fis8 cal years covered by the report that includes an as9 sessment of the impact and benefits of each funded 

10 infrastructure project, including a review of how ef11 fectively each project accomplished the goals 

12 prioritized by the Bank’s project criteria. 

13 (c) BOOKS AND RECORDS.— 

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

15 adequate books and records to support the financial 

16 transactions of the Bank with a description of finan17 cial transactions and infrastructure projects receiv18 ing funding, and the amount of funding for each 

19 project maintained on a publicly accessible database. 

20 (2) PUBLIC COMMENT PERIOD.—The Bank 

21 shall post infrastructure financing agreements on 

22 the database providing 30 days for public comments 

23 before providing final financing for the infrastruc24 ture project. 


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

2 The books and records of the Bank shall be open to 

3 inspection by the Secretary and the Comptroller 

4 General of the United States. 

5 SEC. 216. BUDGETARY EFFECTS. 

6 The budgetary effects of this Act, for the purpose of 

7 complying with the Statutory Pay-As-You-Go Act of 2010, 

8 shall be determined by reference to the latest statement 

9 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 

10 Act, submitted for printing in the Congressional Record 

11 by the Chairman of the House Budget Committee, pro12 vided that such statement has been submitted prior to the 

13 vote on passage. 

14 SEC. 217. AUTHORIZATION OF APPROPRIATIONS. 

15 There is authorized to be appropriated $50,000,000 

16 for each of fiscal years 2021 and 2022 for the initial orga17 nization of the Bank, and its Directors and staff. 

Æ 


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