National Infrastructure Development Bank Act of 2015

To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Bank, and for other purposes. 1. Short title This Act may be cited as the National Infrastructure Development Bank Act of 2015 2. Findings Congress finds the following: (1) Investment in infrastructure has always created jobs and economic growth for the United States and has been a key component of maintaining a global competitive edge for the United States. (2) The Erie Canal, the transcontinental railroad, the Hoover Dam, rural electrification, and the interstate highway system are all examples of investments in infrastructure that created the conditions for future economic growth. (3) According to the World Economic Forum Global Competitiveness Report, the United States ranks 16th overall in infrastructure. (4) According to the American Society of Civil Engineers, the current condition of the infrastructure in the United States earns a grade point average of D+, and an estimated $3,600,000,000,000 investment is needed by 2020 to meet adequate conditions. (5) According to the National Surface Transportation Policy and Revenue Study Commission, $225,000,000,000 is needed annually from all sources for the next 50 years to upgrade our surface transportation system to a state of good repair and create a more advanced system. (6) The Environmental Protection Agency projects that— (A) $334,200,000,000 is needed to invest in infrastructure improvements over 20 years to ensure the provision of safe water; and (B) $298,100,000,000 is needed for publicly owned wastewater systems-related infrastructure needs over 20 years. (7) According to the Edison Electric Institute, the electric power industry will need to invest $298,000,000,000 in the Nation’s transmission system in the next 20 years in order to maintain reliable service. (8) According to the Organization for Economic Cooperation and Development (OECD), the United States ranks 7th among OECD nations in wireless broadband and 16th among fixed broadband access per 100 inhabitants. (9) Although grant programs of the Government must continue to play a central role in financing the transportation, environment, energy, and telecommunications infrastructure needs of the United States, current and foreseeable demands on existing Federal, State, and local funding for infrastructure expansion exceed the resources to support these programs by margins wide enough to prompt serious concerns about the United States ability to sustain long-term economic development, productivity, and international competitiveness. (10) The capital markets, including central banks, pension funds, financial institutions, sovereign wealth funds, and insurance companies, have a growing interest in infrastructure investment. The establishment of a United States Government-owned institution that would provide this investment opportunity to finance qualifying infrastructure projects would attract needed capital for United States infrastructure development. 3. Definitions For purposes of this Act, the following definitions apply unless the context requires otherwise: (1) American Infrastructure Bond The term American Infrastructure Bond (2) Bank The term Bank (3) Board The term Board (4) Chief asset and liability management officer The term chief asset and liability management officer (5) Chief compliance officer The term chief compliance officer or CCO (6) Chief executive officer The term chief executive officer or CEO (7) Chief financial officer The term chief financial officer or CFO (8) Chief loan origination officer The term chief loan origination officer (9) Chief operations officer The term chief operations officer or COO (10) Chief risk officer The term chief risk officer or CRO (11) Chief treasury officer The term chief treasury officer (12) Development The terms development develop (A) preconstruction planning, feasibility review, permitting, design work, life-cycle maintenance planning, and other preconstruction activities; and (B) construction, reconstruction, rehabilitation, replacement, or expansion. (13) Direct loan The term direct loan 2 U.S.C. 661a (14) Disadvantaged community The term disadvantaged community (15) Energy infrastructure project The term energy infrastructure project (16) Entity The term entity (17) Environmental infrastructure project The term environmental infrastructure project (18) General counsel The term general counsel (19) Greenhouse gases The term greenhouse gases (A) Carbon dioxide. (B) Methane. (C) Nitrous oxide. (D) Sulfur hexafluoride. (E) Hydrofluorocarbons (F) Any perfluorocarbon. (G) Nitrogen trifluoride. (H) Any other anthropogenic gas designated as a greenhouse gas by the Environmental Protection Agency Administrator. (20) Infrastructure project The term infrastructure project (21) Loan guarantee The term loan guarantee 2 U.S.C. 661a (22) Public Benefit Bond The term Public Benefit Bond (A) the proceeds from the sale of the bond are to be used for expenditures incurred after the date of issuance with respect to any infrastructure project or other purpose, subject to such rules as the Bank may provide; (B) the bond is issued in registered form; (C) the bond has such terms, and carries interest in such an amount, as determined by the Bank; and (D) payments of interest and principal with respect to the bond is the obligation of the Bank and is backed by the full faith and credit of the United States. (23) Public-private partnership The term public-private partnership (A) (i) which is undertaking the development of all or part of an infrastructure project, which will have a public benefit, pursuant to requirements established in one or more contracts between the entity and a State or an instrumentality of a State; or (ii) the activities of which, with respect to such an infrastructure project, are subject to regulation by a State or any instrumentality of a State; and (B) which owns, leases, or operates, or will own, lease, or operate, the project in whole or in part, and at least one of the participants in the entity is a nongovernmental entity. (24) Revolving fund The term revolving fund (25) Secretary The term Secretary (26) Smart grid The term smart grid 42 U.S.C. 17386(d) (27) State The term State (28) Telecommunications infrastructure project The term telecommunications infrastructure project (29) Transportation infrastructure project The term transportation infrastructure project 4. Establishment of national infrastructure development bank (a) Establishment of national infrastructure development bank The National Infrastructure Development Bank is established as a wholly owned Government corporation subject to chapter 91 Government Corporation Control Act (b) Responsibility of the secretary The Secretary shall take such action as may be necessary to assist in implementing the establishment of the bank in accordance with this Act. (c) Conforming amendment Section 9101(3) of title 31, United States Code, is amended by inserting after subparagraph (N) the following: (O) the National Infrastructure Development Bank. . 5. Board of directors (a) In general The Bank shall have a Board of Directors consisting of 7 members appointed by the President and with the advice and consent of the Senate. (b) Qualifications The directors of the Board shall include individuals representing different regions of the United States and— (1) 2 of the directors shall have public sector experience; (2) 2 of the directors shall have private sector experience; and (3) 3 of the directors shall have finance experience. (c) Chairperson and vice chairperson As designated at the time of appointment, one of the directors of the Board shall be designated chairperson of the Board by the President and one shall be designated as vice chairperson of the Board by the President. (d) Terms (1) In general Except as provided in paragraph (2) and subsection (f), each director shall be appointed for a term of 6 years. (2) Initial staggered terms Of the initial members of the Board— (A) the chairperson and vice chairperson shall each be appointed for terms of 6 years; (B) 3 shall be appointed for a term of 4 years; and (C) 2 shall be appointed for a term of 2 years. (e) Congressional recommendations Not later than 30 days after the date of enactment of this Act, the majority leader of the Senate, the minority leader of the Senate, the Speaker of the House of Representatives, and the minority leader of the House of Representatives shall each submit a recommendation to the President for appointment of a member of the Board of Directors, after consultation with the appropriate committees of Congress. (f) Date of initial nominations The initial nominations by the President for appointment of directors to the Board shall be made not later than 60 days after the date of enactment of this Act. (g) Vacancies (1) In general A vacancy on the Board shall be filled in the manner in which the original appointment was made. (2) Appointment to replace during term Any director appointed to fill a vacancy occurring before the expiration of the term for which the director’s predecessor was appointed shall be appointed only for the remainder of the term. (3) Duration A director may serve after the expiration of that director’s term until a successor has taken office. (h) Quorum Four directors shall constitute a quorum. (i) Reappointment A director of the Board appointed by the President may be reappointed by the President in accordance with this section. (j) Per diem reimbursement Directors of the Board shall serve on a part-time basis and shall receive a per diem when engaged in the actual performance of Bank business, plus reasonable reimbursement for travel, subsistence, and other necessary expenses incurred in the performance of their duties. (k) Limitations A director of the Board may not participate in any review or decision affecting a project under consideration for assistance under this Act if the director has or is affiliated with a person who has an interest in such project. (l) Responsibilities The Board shall— (1) as soon as is practicable after the date on which the last director is appointed, establish an Executive Committee, Risk Management Committee and Audit Committee as prescribed by this Act; (2) not later than 180 days after the date on which the last director is appointed develop and approve the bylaws of the Bank, including bylaws for the regulation of the affairs and conduct of the business of the Bank, consistent with the purpose, goals, objectives, and policies set forth in this Act; (3) ensure that the Bank is at all times operated in a manner that is consistent with this Act, by— (A) monitoring and assessing the effectiveness of the Bank in achieving its strategic goals; (B) periodically reviewing internal policies submitted by the chief executive officer; (C) reviewing and approving annual business plans, annual budgets, and long-term strategies submitted by the chief executive officer; (D) reviewing and approving annual reports submitted by the chief executive officer; (E) reviewing risk management and audit practices of the Bank; and (F) reviewing and approving all changes to the organization of the Bank; and (4) establish such other criteria, requirements, or procedures as the Board may consider to be appropriate in carrying out this Act. (m) Meetings (1) Open to the public; notice All meetings of the Board held to conduct the business of the Bank shall be open to the public and shall be preceded by reasonable notice. (2) Initial meeting The Board shall meet not later than 90 days after the date on which the last director is appointed and otherwise at the call of the Chairperson. (3) Exception for closed meetings Pursuant to such rules as the Board may establish through their bylaws, the directors may close a meeting of the Board if, at the meeting, there is likely to be disclosed information which could adversely affect or lead to speculation relating to an infrastructure project under consideration for assistance under this Act or in financial or securities or commodities markets or institutions, utilities, or real estate. The determination to close any meeting of the Board shall be made in a meeting of the Board, open to the public, and preceded by reasonable notice. The Board shall prepare minutes of any meeting which is closed to the public and make such minutes available as soon as the considerations necessitating closing such meeting no longer apply. 6. Powers and limitations of the Board (a) Powers In order to carry out the purposes of the Bank as set forth in this Act, the Board shall be responsible for monitoring and overseeing infrastructure projects and have the following powers: (1) To make senior and subordinated direct loans on such terms as the Board may determine, in the Board’s discretion, to be appropriate to assist in the financing or refinancing of an infrastructure project. (2) To make loan guarantees on such terms as the Board may determine, in the Board’s discretion, to be appropriate to assist in the financing or refinancing of an infrastructure project. (3) To issue Public Benefit Bonds, to provide financing to infrastructure projects from amounts made available from the issuance of such bonds. (4) To pay an interest subsidy on American Infrastructure Bonds to the issuer of such bonds. (5) To make agreements and contracts with any entity in furtherance of the business of the Bank. (6) To monitor and oversee infrastructure projects financed, in whole or in part, by the Bank. (7) To sue and be sued in the Bank’s corporate capacity in any court of competent jurisdiction, except that no attachment, injunction, or similar process, may be issued against the property of the Bank or against the Bank with respect to such property. (8) To indemnify the directors and officers of the Bank for liabilities arising out of the actions of the directors and officers in such capacity, in accordance with, and subject to the limitations contained in, this Act. (9) To serve as the primary liaison between the Bank and the Congress, the executive branch, and State and local governments, and to represent the Bank’s interests. (10) To exercise all other lawful powers which are necessary or appropriate to carry out, and are consistent with, the purposes of the Bank. (b) Limitations (1) Issuance of Public Benefit Bonds The Board may not issue any Public Benefit Bond without the prior consent of the Secretary. (2) Employee protections Prior to providing any financial assistance for an infrastructure project involving reconstruction, rehabilitation, replacement or expansion that may impact current employees on the project site, the interests of employees affected by the financial assistance shall be protected under arrangements the Secretary of Labor concludes are fair and equitable. (c) Actions consistent with self-Supporting entity status The Board shall conduct its business in a manner consistent with the requirements of this section. (d) Coordination with state and local regulatory authority The provision of financial assistance by the Board pursuant to this Act shall not be construed as— (1) limiting the right of any State or political subdivision or other instrumentality of a State to approve or regulate rates of return on private equity invested in a project; or (2) otherwise superseding any State law or regulation applicable to a project. (e) Federal personnel requests The Board shall have the power to request the detail, on a reimbursable basis, of personnel from other Federal agencies with specific expertise not available from within the Bank or elsewhere. The head of any Federal agency may detail, on a reimbursable basis, any personnel of such agency requested by the Board and shall not withhold unreasonably the detail of any personnel requested by the Board. 7. Executive committee (a) In general The Board shall establish an Executive Committee consisting of 9 members, headed by the chief executive officer of the Bank. (b) CEO A majority of the Board shall have the authority to appoint and reappoint the chief executive officer with such executive functions, powers, and duties as may be prescribed by this Act, the bylaws of the Bank, or the Board. (c) CEO responsibilities The CEO shall have responsibility for the development and implementation of the strategy of Bank, including— (1) the development and submission to the Board of the annual business plans and budget; (2) the development and submission to the Board of a long-term strategic plan; and (3) the development, revision, and submission to the Board of Directors of internal policies. (d) Other executive officers The Board shall appoint, remove, fix the compensation, and define duties of 8 other executive officers to serve on the Executive Committee as the— (1) chief compliance officer; (2) chief financial officer; (3) chief asset and liability management officer; (4) chief loan origination officer; (5) chief operations officer; (6) chief risk officer; (7) chief treasury officer; and (8) general counsel. (e) Qualifications The CEO shall have experience and expertise in finance and the other executive officers shall have demonstrated experience and expertise in one or more of the following: (1) Transportation infrastructure. (2) Environmental infrastructure. (3) Energy infrastructure. (4) Telecommunications infrastructure. (5) Economic development. (6) Workforce development. (7) Public health. (8) Private or public finance. (f) Duties In order to carry out the purposes of the Bank as set forth in this Act, the Executive Committee shall— (1) establish and submit to the Board disclosure and application procedures for entities nominating projects for assistance under this Act; (2) establish and submit to the Board standardized terms and conditions, fee schedules, or legal requirements of a contract or program to carry out this Act; (3) establish and submit to the Board guidelines for the selection and approval of projects and specific criteria for determining eligibility for project selection; (4) accept, for consideration, project proposals relating to the development of infrastructure projects, which meet the basic criteria established by the Executive Committee, and which are submitted by an entity; (5) provide recommendations to the Board and place project proposals accepted by the Executive Committee on a list for consideration for financial assistance from the Board; (6) recommend to the Board the percentage subsidy amount for an approved application for an American Infrastructure Bond, with such recommendation based on the strength of the related infrastructure project’s ability to meet the criteria described under section 11 and the ability of such project to attract private investment in an infrastructure project’s early development stages; (7) provide technical assistance, including public-private partnership infrastructure project value for money assessments, long-term economic benefit projections, and contract evaluations, to entities receiving financing from the Bank and otherwise implement decisions of the Board; and (8) provide technical assistance to State and local governments who wish to have the Bank’s approval to issue American Infrastructure bonds. (g) Vacancy A vacancy in the position of CEO and other executive officers of the Executive Committee shall be filled in the manner in which the original appointment was made. (h) Compensation The compensation of the CEO and other executive officers of the Executive Committee shall be determined by the Board. (i) Removal The CEO and other executive officers of the Executive Committee may be removed at the discretion of a majority of the Board. (j) Term The CEO and other executive officers of the Executive Committee shall serve a 6-year term and may be reappointed in accordance with this section. (k) Limitations The CEO and other executive officers of the Executive Committee shall not— (1) hold any other public office; (2) have any interest in an infrastructure project considered by the Board; (3) have any interest in an investment institution, commercial bank, or other entity seeking financial assistance for any infrastructure project from or investing in the Bank; and (4) have any such interest during the 2-year period beginning on the date such officer ceases to serve in such capacity. 8. Risk management committee (a) Establishment of risk management committee The Board shall establish a risk management committee consisting of 5 members, headed by the chief risk officer. (b) Appointments A majority of the Board shall have the authority to appoint and reappoint the CRO of the Bank. (c) Functions; duties (1) In general The CRO shall have such functions, powers, and duties as may be prescribed by one or more of the following: This Act, the bylaws of the Bank, and the Board. The CRO shall report directly to the Board. (2) Risk management duties In order to carry out the purposes of this Act, the risk management committee shall— (A) create financial, credit, and operational risk management guidelines and policies to be adhered to by the Bank; (B) set guidelines to ensure diversification of lending activities by both geographic region and infrastructure project type; (C) create conforming standards for all financial assistance provided by the Bank; (D) monitor financial, credit and operational exposure of the Bank; and (E) provide financial recommendations to the Board. (d) Duty with respect to American Infrastructure Bonds The risk management committee shall ensure that the aggregate amount of interest subsidies provided for American Infrastructure Bonds in a given calendar year do not exceed an amount equal to 28 percent of interest payable under all such bonds. (e) Other risk management officers The Board shall appoint, remove, fix the compensation, and define the duties of 4 other risk management officers to serve on the risk management committee. (f) Qualifications The CRO and other risk management officers shall have demonstrated experience and expertise in one or more of the following: (1) Treasury and asset and liability management. (2) Investment regulations. (3) Insurance. (4) Credit risk management and credit evaluations. (5) Related disciplines. (g) Vacancy A vacancy in the position of CRO and other risk management officers of the risk management committee shall be filled in the manner in which the original appointment was made. (h) Compensation The compensation of the CRO and other risk management officers of the risk management committee shall be determined by the Board. (i) Removal The CRO and other risk management officers of the risk management committee may be removed at the discretion of a majority of the Board. (j) Term The CRO and other risk management officers of the risk management committee shall serve a 6-year term and may be reappointed in accordance with this section. (k) Limitations The CRO and other risk management officers of the risk management committee shall not— (1) hold any other public office; (2) have any interest in an infrastructure project considered by the Board; (3) have any interest in an investment institution, commercial bank, or other entity seeking financial assistance for any infrastructure project from or investing in the Bank; and (4) have any such interest during the 2-year period beginning on the date such officer ceases to serve in such capacity. 9. Audit Committee (a) In general The Bank shall establish an audit committee consisting of 5 members, headed by the chief compliance officer of the Bank. (b) Appointments A majority of the Board shall have the authority to appoint and reappoint the CCO of the Bank. (c) Functions; duties The CCO shall have such functions, powers, and duties as may be prescribed by one or more of the following: This Act, the bylaws of the Bank, and the Board. The CCO shall report directly to the Board. (d) Audit duties In order to carry out the purposes of the Bank under this Act, the audit committee shall— (1) provide internal controls and internal auditing activities for the Bank; (2) maintain responsibility for the accounting activities of the Bank; (3) issue financial reports of the Bank; and (4) complete reports with outside auditors and public accountants appointed by the Board. (e) Other audit officers The Board shall appoint, remove, fix the compensation, and define the duties of 4 other audit officers to serve on the audit committee. (f) Qualifications The CCO and other audit officers shall have demonstrated experience and expertise in one or more of the following: (1) Internal auditing. (2) Internal investigations. (3) Accounting practices. (4) Financing practices. (g) Vacancy A vacancy in the position of CCO and other audit officers of the audit committee shall be filled in the manner in which the original appointment was made. (h) Compensation The compensation of the CCO and other audit officers of the audit committee shall be determined by the Board. (i) Removal The CCO and other audit officers of the audit committee may be removed at the discretion of a majority of the Board. (j) Term The CCO and other audit officers of the audit committee shall serve a 6-year term and may be reappointed in accordance with this section. (k) Limitations The CCO and other audit officers of the audit committee shall not— (1) hold any other public office; (2) have any interest in an infrastructure project considered by the Board; (3) have any interest in an investment institution, commercial bank, or other entity seeking financial assistance for any infrastructure project from or investing in the Bank; and (4) have any such interest during the 2-year period beginning on the date such officer ceases to serve in such capacity. 10. Personnel The chairperson of the Board, chief executive officer, chief risk officer, and chief compliance officer shall appoint, remove, fix the compensation of, and define the duties of such qualified personnel to serve under the Board, Executive Committee, risk management committee, or audit committee, as the case may be, as necessary and prescribed by one or more of the following: This Act, the bylaws of the Bank, and the Board. 11. Eligibility criteria for assistance from Bank (a) In general Any entity proposing a project for which the use or purpose is private and without public benefit shall not be eligible for financial assistance from the Bank under this Act. No financial assistance shall be available from the Bank unless the entity for such assistance has demonstrated to the satisfaction of the Board that the project for which such assistance is being sought meets the requirements of this Act. (b) Establishment of project criteria (1) In general Consistent with the requirements of subsections (c) and (d), the Board shall approve— (A) criteria for determining eligibility for financial assistance established by the Executive Committee under this Act; (B) revisions to criteria for determining eligibility for financial assistance established by the Executive Committee under this Act; (C) the weight given to factors to be taken into account established by the Executive Committee; (D) disclosure and application procedures to be followed by entities to nominate projects for assistance established by the Executive Committee under this Act; and (E) such other criteria as the Board may consider to be appropriate for the purposes of carrying out this Act. (2) Factors to be taken into account (A) In general The Executive Committee shall conduct an analysis that takes into account the economic, environmental, and social benefits, and costs of each project under consideration for financial assistance under this Act, prioritizing projects that contribute to economic growth, lead to job creation, and are of regional or national significance. (B) Criteria The criteria established pursuant to paragraph (1)(A) shall provide for the consideration of the following factors in considering eligibility for financial assistance under this Act: (i) The means by which development of the infrastructure project under consideration is being financed, including— (I) the terms and conditions and financial structure of the proposed financing; (II) the credit worthiness and standing of the project sponsors, providers of equity, and cofinanciers; (III) the financial assumptions and projections on which the project is based; and (IV) the extent to which the infrastructure project maximizes investment from other sources. (ii) The likelihood that the provision of assistance by the Bank will cause such development to proceed more promptly and with lower costs for financing than would be the case without such assistance. (iii) The extent to which the provision of assistance by the Bank maximizes the level of private investment in the infrastructure project while providing a public benefit. (C) Dedicated revenue sources Any financial assistance for an infrastructure project shall be repayable, in whole or in part, from dedicated revenue sources that also secure the infrastructure project obligations. (D) Amount of financial assistance The amount of financial assistance under this Act shall not exceed the lesser of 50 percent of the reasonably anticipated eligible infrastructure project costs. (c) Public input In developing proposed infrastructure project criteria and conducting reviews of infrastructure project criteria for the Board, the Executive Committee shall seek input from the public including views related to— (1) the weight given to different factors to be taken into account; (2) measuring whether projects are meeting approved criteria; and (3) any other input considered by the Executive Committee and the public for the purposes of carrying out this Act. (d) Factors for specific types of projects (1) Transportation infrastructure projects For any transportation infrastructure project, the Board shall consider the following: (A) Job creation, including workforce development for women and minorities, responsible employment practices, and targeted job training and employment opportunities for low income workers. (B) Reduction in greenhouse gases. (C) Reduction in surface and air traffic congestion. (D) Use of smart tolling, such as vehicle miles traveled and congestion pricing, for highway, road, and bridge projects. (E) Increased access to transportation options. (F) Increased safety of transportation systems for motorized and non-motorized users. (G) Public health benefits, including the removal of lead coatings or other hazardous chemicals and materials. (H) Reduction in risk of structural failure over the service life of the project. (2) Environmental infrastructure project For any environmental infrastructure project, the Board shall consider the following: (A) Job creation, including workforce development for women and minorities, responsible employment practices, and targeted job training and employment opportunities for low income workers. (B) Public health benefits, including the removal of lead coatings or other hazardous materials. (C) Pollution reductions. (D) Reductions in greenhouse gas. (E) Increased coastal and inland flood mitigation and protection. (F) Reduction in risk of structural failure over the service life of the project. (3) Energy infrastructure project For any energy infrastructure project, the Board shall consider the following: (A) Job creation, including workforce development for women and minorities, responsible employment practices, and targeted job training and employment opportunities for low income workers. (B) Reduction in greenhouse gas. (C) Expanded use of renewable energy. (D) Development of a smart grid. (E) Energy efficient building, housing, and school modernization, including renewable energy designated retrofits. (F) In any case in which the project is also a public housing project— (i) improvement of the physical shape and layout; (ii) environmental improvement; and (iii) mobility improvements for residents. (G) Public health benefits including the removal of lead coatings or other hazardous chemicals and materials. (H) Reduction in risk of structural failure over the service life of the project. (4) Telecommunications For any telecommunications project, the Board shall consider the following: (A) Job creation, including workforce development for women and minorities, responsible employment practices, and targeted job training and employment opportunities for low income workers. (B) The extent to which assistance expands or improves broadband and wireless services in rural and disadvantaged communities. (e) Consideration of project proposals (1) Participation by other agency personnel Consideration of a project under this section by the Executive Committee and the Board shall be conducted with personnel on detail to the Bank from relevant Federal agencies among individuals who are familiar with and experienced in the selection criteria for competitive infrastructure projects. (2) Fees A fee may be charged for the review of any project proposal in such amount as may be considered appropriate by the Executive Committee approved by the Board to cover the cost of such review. (f) Discretion of board Consistent with other provisions of this Act, any determination of the Board to provide assistance to any infrastructure project, and the manner in which such assistance is provided, including the terms, conditions, fees, and charges shall be at the sole discretion of the Board. (g) State and local permits required The provision of assistance by the Board in accordance with this Act shall not be deemed to relieve any recipient of assistance or the related infrastructure project of any obligation to obtain required State and local permits and approvals. (h) Annual report An entity receiving assistance from the Board shall make annual reports to the Board on the use of any such assistance, compliance with the criteria set forth in this section, and a disclosure of all entities with a development, ownership, or operational interest in a infrastructure project assisted or proposed to be assisted under this Act. 12. Exemption from local taxation All bonds issued by the Bank, and the interest on or credits with respect to such bonds, shall not be subject to taxation by any State, county, municipality, or local taxing authority. 13. Status and applicability of certain Federal laws (a) Compliance with Davis-Bacon Act All laborers and mechanics employed by contractors and subcontractors on infrastructure projects funded directly by or assisted in whole or in part by and through the Bank pursuant to this Act shall be paid wages at rates not less than those prevailing on projects of a character similar in the locality as determined by the Secretary of Labor in accordance with subchapter IV of chapter 31 of part A of title 40, United States Code. With respect to the labor standards specified in this section, the Secretary of Labor shall have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title 40, United States Code. (b) No priority as a Federal claim The priority established in favor of the United States by section 3713 of title 31, United States Code, shall not apply with respect to any indebtedness of the Bank. (c) Compliance with grant requirements Recipients of financial assistance authorized under this Act that funds public transportation capital projects, as defined in section 5302 of title 49, United States Code, must comply with the grant requirements applicable to grants made under section 5309 of such title. 14. Compliance with certain domestic content statutes The financing provided for an infrastructure project shall be in accordance with the following statutory provisions of the United States Code under the jurisdiction of the Department of Transportation: section 24305 of title 49, United States Code (AMTRAK), section 313 of title 23, United States Code (FHWA), section 5323(j) of title 49, United States Code (FTA), section 24405 of title 49, United States Code (Intercity Rail Passenger Corporation) and sections 50101 and 50105 of title 49, United States Code (FAA). 15. Use of iron, steel, and manufactured goods in infrastructure projects (a) Buy America None of the financing provided for by the Bank may be used for a public infrastructure project unless all of the iron, steel, and manufactured goods used for the construction, alteration, maintenance or repair of the project are produced in the United States. (b) Exception Subsection (a) shall not apply in any case or category of cases in which the Secretary of the Treasury finds that— (1) applying subsection (a) would be inconsistent with the public interest; (2) iron, steel, and the relevant manufactured goods are not produced in the United States in sufficient and reasonably available quantities and of a satisfactory quality; or (3) inclusion of iron, steel, and manufactured goods produced in the United States will increase the cost of the overall infrastructure project by more than 25 percent. (c) Publication of waivers If the Secretary of the Treasury determines that it is necessary to waive the application of subsection (a) based on a finding under subsection (b), the Treasury Secretary shall publish in the Federal Register a detailed written justification as to why the provision is being waived. (d) Application of section This section shall be applied in a manner consistent with the United States obligations under international agreements. (e) Consultations The Secretary of the Treasury shall consult with the Board and may consult with the Secretary of Transportation and other Federal Secretaries and Administrators when applying this section. 16. Audits; reports to President and Congress (a) Accounting The books of account of the Bank shall be maintained in accordance with generally accepted accounting principles and shall be subject to an annual audit by independent public accountants appointed by the Board and of nationally recognized standing. (b) Reports (1) Board The Board shall submit to the President and Congress, within 90 days after the last day of each fiscal year, a complete and detailed report with respect to the preceding fiscal year, setting forth— (A) a summary of the Bank’s operations, for such preceding fiscal year; (B) a schedule of the Bank’s obligations outstanding at the end of such preceding fiscal year, with a statement of the amounts issued and redeemed or paid during such preceding fiscal year; and (C) the status of infrastructure projects receiving funding or other assistance pursuant to this Act, including disclosure of all entities with a development, ownership, or operational interest in such projects. (2) GAO Not later than 5 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to Congress a report evaluating activities of the Bank for the fiscal years covered by the report that includes an assessment of the impact and benefits of each funded infrastructure project, including a review of how effectively each project accomplished the goals prioritized by the Bank’s project criteria. (c) Books and records (1) In general The Bank shall maintain adequate books and records to support the financial transactions of the Bank with a description of financial transactions and infrastructure projects receiving funding, and the amount of funding for each project maintained on a publically accessible database. (2) Public comment period The Bank shall post infrastructure financing agreements on the database providing 30 days for public comments before providing final financing for the infrastructure project. (3) Audits by the secretary and GAO The books and records of the Bank shall be maintained in accordance with recommended accounting practices and shall be open to inspection by the Secretary and the Comptroller General of the United States. 17. American Infrastructure Bond (a) In general In the case of an American Infrastructure Bond, the Bank shall pay (contemporaneously with each interest payment date under such bond) to the issuer of such bond (or to any person who makes such interest payments on behalf of the issuer) the applicable percentage of the interest payable under such bond on such date. (b) American Infrastructure Bond (1) In general For purposes of this section, the term American Infrastructure Bond (A) the interest on such obligation would (but for this section) be excludable from gross income under section 103 (B) such obligation would have been a qualified bond under section 54AA of such Code (determined without regard to subparagraphs (B) and (C) of subsection (d)(1) and subsection (g)(2)(B) thereof); (C) such obligation is approved under the American Infrastructure Bond program; and (D) the issuer makes an irrevocable election to have this section apply. (2) Applicable rules For purposes of applying paragraph (1)— (A) for purposes of section 149(b) of such Code, an American Infrastructure Bond shall not be treated as federally guaranteed by reason of the subsidy provided under subsection (a); (B) for purposes of section 148 of such Code, the yield on an American Infrastructure Bond shall be determined without regard to the subsidy provided under subsection (a); and (C) a bond shall not be treated as an American Infrastructure Bond if the issue price has more than a de minimis amount (determined under rules similar to the rules of section 1273(a)(3) of such Code) of premium over the stated principal amount of the bond. (c) Interest on bonds included in gross income For purposes of the Internal Revenue Code of 1986, interest on any American Infrastructure Bond shall be includible in gross income. (d) Definitions For purposes of this section— (1) Interest payment date The term interest payment date (2) Applicable percentage The applicable percentage with respect to the interest subsidy provided for any bond under the American Infrastructure Bond program shall be a percentage recommended by the Executive Committee, reviewed by the risk management committee, and approved by the Board. (e) American Infrastructure Bond program (1) In general Not later than 180 days after the date of the enactment of this Act, the Board, in consultation with the Executive Committee, risk management committee, and the Secretary of the Treasury, shall establish an American Infrastructure Bond program, under which the Board may— (A) approve bond issuances for purposes of this section, and (B) assign an applicable percentage with respect to any bond so approved. (2) Application Issuers may apply for the approval of a bond issuance for purposes of this section, and any such application shall contain such information as the Executive Committee and the risk management committee may require in order to accept or reject an application and to assign an applicable percentage to such bond. (3) Criteria Approval of an application and the applicable percentage subsidy assigned under the program shall be based on the ability of each project to meet the criteria established under section 8(d). (4) Limitations (A) Per bond subsidy The applicable percentage with respect to any bond may not exceed 40 percent. (B) Aggregate subsidy limitation For any calendar year, the aggregate amount of interest subsidies provided under this section with respect to all American Infrastructure Bonds shall not exceed an amount equal to 28 percent of interest payable under all such bonds. 18. National Infrastructure Development Bank Trust Fund (a) In general There is established in the Treasury of the United States a trust fund to be known as the National Infrastructure Development Bank Trust Fund (b) Transfer to trust fund There are hereby appropriated to the National Infrastructure Development Bank Trust Fund such amount as the Secretary of the Treasury estimates is equivalent to the tax receipts attributable to interest payable under American Infrastructure Bonds. (c) Expenditures from trust fund Amounts in the National Infrastructure Development Bank Trust Fund shall be available, as provided in appropriation Acts, only for purposes of the Secretary making transfers to the National Infrastructure Development Bank for infrastructure project assistance provided by the Bank under this Act. 19. Authorization of appropriations There is authorized to be appropriated $5,000,000,000 for each of fiscal years 2015, 2016, 2017, 2018, and 2019 to capitalize the Bank and to remain available until expended, of which not more than $25,000,000 for each of fiscal years 2015 and 2016, and not more than $50,000,000 for each fiscal year thereafter, may be used for administrative costs of the Bank.

Summary: National Infrastructure Development Bank Act of 2015 Establishes the National Infrastructure Development Bank as a wholly owned government corporation. Makes the Bank's Board of Directors responsible for monitoring and overseeing energy, environmental, telecommunications, and transportation infrastructure projects. Authorizes the Board to: (1) make senior and subordinated direct loans and loan guarantees to assist in the financing or refinancing of an infrastructure project, (2) issue public benefit bonds and provide financing to infrastructure projects, and (3) pay an interest subsidy to the issuer of American Infrastructure Bonds. Requires the Board to establish an Executive Committee to establish requirements and make recommendations for project proposals to be considered for financial assistance. Requires the Bank to establish a Risk Management Committee, which shall: (1) create financial, credit, and operational risk management guidelines for the Bank; (2) set guidelines to ensure diversification of lending activities by geographic region and infrastructure project type; (3) create conforming standards for all financial assistance provided by the Bank; (4) monitor financial, credit, and operational exposure of the Bank; (5) provide financial recommendations to the Board; and (6) ensure that the aggregate amount of interest subsidies provided for American Infrastructure Bonds in a given calendar year does not exceed 28% of interest payable under all such Bonds. Requires the Bank to establish an audit committee. Requires the Board to approve criteria established by the Executive Committee for determining project eligibility for financial assistance. Sets forth criteria to be considered by the Board for each type of infrastructure project. Requires the Executive Committee to conduct an analysis that considers the economic, environmental, and social benefits and costs of each project under consideration, prioritizing projects that contribute to economic growth, lead to job creation, and are of regional or national significance. Requires any financial assistance for an infrastructure project to be repayable from dedicated revenue sources that also secure the infrastructure project obligations. Limits the amount of assistance under this Act to 50% of reasonably anticipated project costs. Exempts all bonds issued by the Bank from state or local government taxation. Sets forth requirements regarding compliance of assisted projects with wage rate, domestic content, and buy American statutes. Requires the Board to establish an American Infrastructure Bond program. Establishes in the Treasury the National Infrastructure Development Bank Trust Fund into which an amount estimated to equal the tax receipts attributable to interest payable under such Bonds is to be appropriated.