I 

117TH CONGRESS 

1ST SESSION H. R. 3722 

To establish the 21st Century American Infrastructure Bank, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 4, 2021 

Mr. SEAN PATRICK MALONEY of New York 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 21st Century American 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. 

4 This Act may be cited as the ‘‘21st Century Infra5 structure Bank Act’’. 

6 SEC. 2. 21ST CENTURY AMERICAN INFRASTRUCTURE BANK. 

7 (a) ESTABLISHMENT.—There is hereby established a 

8 wholly owned Government corporation to be known as the 


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1 ‘‘21st Century American Infrastructure Bank’’ (herein2 after referred to as the ‘‘Bank’’), which shall provide fi3 nancial assistance for qualified infrastructure projects, in 

4 accordance with the requirements of this section. 

5 (b) BOARD OF TRUSTEES.— 

6 (1) IN GENERAL.—The head of the Bank shall 

7 be a board of trustees (hereinafter referred to as the 

8 ‘‘Board’’). 

9 (2) APPOINTMENT.—The Board shall consist of 

10 9 members who shall be appointed by the President, 

11 by and with the advice and consent of the Senate, 

12 and selected as follows: 

13 (A) 2 individuals from a list of at least 5 

14 individuals selected by the Speaker of the 

15 House of Representatives. 

16 (B) 2 individuals from a list of at least 5 

17 individuals selected by the minority leader of 

18 the House of Representatives. 

19 (C) 2 individuals from a list of at least 5 

20 individuals selected by the majority leader of 

21 the Senate. 

22 (D) 2 individuals from a list of at least 5 

23 individuals selected by the minority leader of 

24 the Senate. 


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1 (E) 1 individual selected at will by the 

2 President. 

3 (3) TERM.— 

4 (A) IN GENERAL.—The members of the 

5 Board shall serve for a 6-year term, and no 

6 member may serve for more than 2 terms, but 

7 a member may continue to serve after the expi8 ration of a term until the successor member 

9 takes office. 

10 (B) STAGGERED TERMS.—The members of 

11 the Board shall serve staggered terms, with 1 

12 of the initial members of the Board serving for 

13 a term of 4 years and 2 each of the initial 

14 members of the Board serving for terms of 5, 

15 6, 7, and 8 years. 

16 (C) VACANCIES.—A vacancy in a position 

17 of a member of the Board shall be filled in the 

18 same manner in which the original position was 

19 filled. 

20 (4) COMPENSATION.—The members of the 

21 Board shall receive compensation at the rate of basic 

22 pay payable for level IV of the Executive Schedule 

23 under section 5315 of title 5, United States Code. 


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1 (5) CHAIR.—The members of the Board shall 

2 select one member to serve as the Chair of the 

3 Board. 

4 (6) CORPORATE GOVERNANCE.—The Securities 

5 and Exchange Commission shall issue corporate gov6 ernance standards with which the Board shall com7 ply, and such standards shall be as close as prac8 ticable to those standards required to be followed by 

9 the board of directors of an issuer listed on the New 

10 York Stock Exchange. 

11 (7) CONFLICTS OF INTEREST.—A member of 

12 the Board may not have a financial interest in— 

13 (A) a qualified infrastructure project re14 ceiving financial assistance from the Bank; or 

15 (B) an eligible infrastructure provider re16 ceiving financial assistance from the Bank, in17 cluding any municipal credit of a State, local, 

18 or Tribal government receiving financial assist19 ance from the Bank. 

20 (c) FINANCIAL ASSISTANCE.— 

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

22 loans and bond guarantees to eligible infrastructure 

23 providers for qualified infrastructure projects and 

24 make equity investments in qualified infrastructure 

25 projects. 


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1 (2) APPLICATION.—A person wishing to receive 

2 financial assistance from the Bank with respect to a 

3 qualified infrastructure project shall submit an ap4 plication to the Bank in such form and containing 

5 such information as the Board may require. 

6 (3) PUBLIC TRANSPORTATION CAPITAL

7 PROJECT REQUIREMENTS.—Any person receiving fi8 nancial assistance from the Bank in connection with 

9 a public transportation capital project (as such 

10 terms are defined under section 5302 of title 49, 

11 United States Code) shall, as a condition on the re12 ceipt of such financial assistance, comply with the 

13 grant requirements applicable to grants made under 

14 section 5309 of such title. 

15 (4) LIMITATION ON FINANCIAL ASSISTANCE

16 FOR STATE-OWNED ENTERPRISES.— 

17 (A) IN GENERAL.—Financial assistance 

18 provided by the Bank may not be used in 

19 awarding a contract or subcontract to an entity 

20 that is owned or controlled by, is a subsidiary 

21 of, or is otherwise related legally or financially 

22 to a corporation based in a country that— 

23 (i) is identified as a nonmarket econ24 omy country (as defined in section 771(18) 

25 of the Tariff Act of 1930 (19 U.S.C. 


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1 1677(18))) as of the date of enactment of 

2 this Act; 

3 (ii) was identified by the United 

4 States Trade Representative in the most 

5 recent report required by section 182 of 

6 the Trade Act of 1974 (19 U.S.C. 2242) 

7 as a priority foreign country under sub8 section (a)(2) of that section; and 

9 (iii) is subject to monitoring by the 

10 Trade Representative under section 306 of 

11 the Trade Act of 1974 (19 U.S.C. 2416). 

12 (B) EXCEPTION.—For purposes of sub13 paragraph (A), the term ‘‘otherwise related le14 gally or financially’’ does not include a minority 

15 relationship or investment. 

16 (C) INTERNATIONAL AGREEMENTS.—This 

17 paragraph shall be applied in a manner con18 sistent with the obligations of the United States 

19 under international agreements. 

20 (5) COMPLIANCE WITH DAVIS-BACON ACT.—All 

21 laborers and mechanics employed by contractors and 

22 subcontractors on qualified infrastructure projects 

23 that receive financial assistance from the Bank shall 

24 be paid wages at rates not less than those prevailing 

25 on projects of a character similar in the locality as 


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1 determined by the Secretary of Labor in accordance 

2 with subchapter IV of chapter 31 of part A of title 

3 40, United States Code. With respect to the labor 

4 standards specified in this section, the Secretary of 

5 Labor shall have the authority and functions set 

6 forth in Reorganization Plan Numbered 14 of 1950 

7 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of 

8 title 40, United States Code. 

9 (6) USE OF IRON, STEEL, AND MANUFACTURED

10 GOODS IN INFRASTRUCTURE PROJECTS.— 

11 (A) BUY AMERICA.—None of the financial 

12 assistance provided by the Bank may be used 

13 for a qualified infrastructure project unless all 

14 of the iron, steel, and manufactured goods used 

15 for the construction, alteration, maintenance or 

16 repair of the project are produced in the United 

17 States. 

18 (B) EXCEPTION.—Subparagraph (A) shall 

19 not apply in any case or category of cases in 

20 which the Secretary of the Treasury finds 

21 that— 

22 (i) applying subparagraph (A) would 

23 be inconsistent with the public interest; 

24 (ii) iron, steel, and the relevant manu25 factured goods are not produced in the 


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1 United States in sufficient and reasonably 

2 available quantities and of a satisfactory 

3 quality; or 

4 (iii) inclusion of iron, steel, and manu5 factured goods produced in the United 

6 States will increase the cost of the overall 

7 qualified infrastructure project by more 

8 than 25 percent. 

9 (C) PUBLICATION OF WAIVERS.—If the 

10 Secretary of the Treasury determines that it is 

11 necessary to waive the application of subpara12 graph (A) based on a finding under subpara13 graph (B), the Secretary shall publish in the 

14 Federal Register a detailed written justification 

15 as to why the provision is being waived. 

16 (D) APPLICATION.—This paragraph shall 

17 be applied in a manner consistent with the 

18 United States obligations under international 

19 agreements. 

20 (E) CONSULTATIONS.—The Secretary of 

21 the Treasury shall consult with the Board and 

22 may consult with the Secretary of Transpor23 tation and other Federal Secretaries and Ad24 ministrators when applying this paragraph. 

25 (d) RISK MANAGEMENT COMMITTEE.— 


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1 (1) IN GENERAL.—The Board shall establish a 

2 Risk Management Committee to establish the risk 

3 management policies to be used by the Bank. 

4 (2) EMPLOYEES.—The Board shall appoint em5 ployees to the Risk Management Committee who the 

6 Board has determined have significant and relevant 

7 experience in insurance underwriting and credit risk 

8 management. 

9 (e) FUNDING.— 

10 (1) INITIAL CAPITALIZATION.—Out of any 

11 funds in the Treasury not otherwise appropriated, 

12 there is appropriated to the Board $50,000,000,000 

13 as an initial capitalization to carry out this Act. 

14 (2) BONDS.— 

15 (A) IN GENERAL.—The Board is author16 ized to issue, under such terms and limitations 

17 as the Board may establish by rule— 

18 (i) general-purpose infrastructure 

19 bonds, the proceeds of which shall be used 

20 to carry out this Act; and 

21 (ii) qualified infrastructure project22 specific infrastructure bonds, the proceeds 

23 of which shall be used to provide financial 

24 assistance to the applicable qualified infra25 structure project. 


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1 (B) LIMITATION ON USE OF PROCEEDS

2 FOR ADMINISTRATIVE EXPENSES.—Not more 

3 than 1 percent of the proceeds from the 

4 issuance of bonds described under subpara5 graph (A) may be used to pay for the adminis6 trative expenses of the Bank. 

7 (C) EXEMPTION FROM LOCAL TAX8 ATION.—Bonds issued by the Bank, and the in9 terest on or credits with respect to such bonds, 

10 shall not be subject to taxation by any State, 

11 county, municipality, or local taxing authority. 

12 (f) REPORTS AND STUDIES.— 

13 (1) ANNUAL REPORT ON BANK ACTIVITIES.— 

14 The Board shall issue an annual report to the appli15 cable congressional committees describing the activi16 ties of the Bank during the previous year, including 

17 the evaluations of qualified infrastructure projects 

18 and the financing assistance provided with respect to 

19 such projects. 

20 (2) REPORT ON DOMESTICALLY SOURCED MA21 TERIALS, GOODS, AND PRODUCTS.—Not less often 

22 than every 2 years, the Board shall issue a report 

23 to the applicable congressional committees that de24 scribes, of the materials, goods, and products that 

25 were used to construct, or to support the construcVerDate Sep 11 2014 06:34 Jul 03, 2021 Jkt 019200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H3722.IH H3722

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1 tion of, qualified infrastructure projects receiving fi2 nancial assistance from the Bank within the most 

3 recent 2 calendar years, the percentage of such ma4 terials, goods, and products that were created, 

5 sourced, or manufactured in the United States. 

6 (3) PUBLIC DATABASE OF FUNDED QUALIFIED

7 INFRASTRUCTURE PROJECTS.—The Board shall de8 velop, maintain, and update a publicly available 

9 database containing descriptions of each qualified in10 frastructure project receiving financial assistance 

11 from the Bank, including the amount and form of 

12 financing. 

13 (4) STUDY ON BANK EFFECTIVENESS.— 

14 (A) STUDY.—The Board shall, every 2 

15 years, carry out a study to evaluate the effec16 tiveness of the financial assistance provided by 

17 the Bank. 

18 (B) REPORT.—The Board shall issue a re19 port to the applicable congressional committees 

20 containing all findings and determinations made 

21 in carrying out the study required under sub22 paragraph (A). 

23 (5) GAO STUDY.— 

24 (A) STUDY.—After the end of the 5-year 

25 period beginning on the date of enactment of 


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1 this Act, the Comptroller General of the United 

2 States shall carry out a study to evaluate the 

3 effectiveness of the financial assistance provided 

4 by the Bank. 

5 (B) REPORT.—The Comptroller General 

6 shall issue a report to the applicable congres7 sional committees containing all findings and 

8 determinations made in carrying out the study 

9 required under subparagraph (A). 

10 (g) DEFINITIONS.—In this section: 

11 (1) APPLICABLE CONGRESSIONAL COMMIT12 TEES.—The term ‘‘applicable congressional commit13 tees’’ means the Committee on Transportation and 

14 Infrastructure of the House of Representatives and 

15 the Committee on Commerce, Science, and Trans16 portation of the Senate. 

17 (2) BANK.—The term ‘‘Bank’’ means the 21st 

18 Century American Infrastructure Bank. 

19 (3) BOARD.—The term ‘‘Board’’ means the 

20 board of trustees of the Bank. 

21 (4) ELIGIBLE INFRASTRUCTURE PROVIDER.— 

22 The term ‘‘eligible infrastructure provider’’ means a 

23 State, local government, Tribal government, corpora24 tion, nonprofit entity, public-private partnership, or 


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1 any other person who is or will be carrying out a 

2 qualified infrastructure project. 

3 (5) FINANCIAL ASSISTANCE.—With respect to a 

4 qualified infrastructure project, the term ‘‘financial 

5 assistance’’ means any loan or bond guarantee pro6 vided under this section with respect to such project, 

7 and any equity investment made under this section 

8 in such project 

9 (6) QUALIFIED INFRASTRUCTURE PROJECT.— 

10 The term ‘‘qualified infrastructure project’’ means a 

11 project— 

12 (A) sponsored by— 

13 (i) a State, local, or Tribal govern14 ment, or any political subdivision of such a 

15 government (including a transit agency or 

16 port authority); or 

17 (ii) a group of entities described under 

18 clause (i), including a metropolitan plan19 ning organization; 

20 (B) that is or will be owned by an entity 

21 described under subparagraph (A); and 

22 (C) that involves the construction, mainte23 nance, improvement, or repair of a transporVerDate Sep 11 2014 06:34 Jul 03, 2021 Jkt 019200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\H3722.IH H3722

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1 tation, energy, water, communications, or edu2 cational facility. 

Æ 


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