I 
119TH CONGRESS 
1ST SESSION H. R. 5356 
To facilitate efficient investments and financing of infrastructure projects 
and new job creation through the establishment of a National Infrastruc-
ture Bank, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 15, 2025 
Mr. DAVIS of Illinois (for himself, Mr. SMITH of Washington, Mr. ESPAILLAT, 
Mr. LYNCH, Mr. TONKO, Ms. PINGREE, Mr. MAGAZINER, Mr. CLEAVER, 
Mr. DELUZIO, Mr. GARAMENDI, Mr. MULLIN, Ms. VELA´ZQUEZ, Mr. 
FROST, Mr. LANDSMAN, Mr. SUOZZI, Mr. MCGOVERN, Mrs. RAMIREZ, 
Mr. AMO, Ms. TLAIB, Mr. KHANNA, Mr. THANEDAR, Ms. KAPTUR, Mr. 
JACKSON of Illinois, Mr. JOHNSON of Georgia, Mr. TORRES of New York, 
Mr. GOLDMAN of New York, Mr. NADLER, Mr. LATIMER, Mr. RYAN, Mr. 
GARCI´A of Illinois, Mr. EVANS of Pennsylvania, Mr. CARSON, and Ms. 
NORTON) introduced the following bill; which was referred to the Com-
mittee on Energy and Commerce, and in addition to the Committees on 
Ways and Means, Transportation and Infrastructure, Financial Services, 
Education and Workforce, Natural Resources, and the Budget, for a pe-
riod to be subsequently determined by the Speaker, in each case for con-
sideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To facilitate efficient investments and financing of infrastruc-
ture projects and new job creation through the establish-
ment of a National Infrastructure Bank, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) IN GENERAL.—This Act may be cited as the ‘‘Na-
tional Infrastructure Bank Act of 2025’’. 
(b) TABLE OF CONTENTS.—The table of contents of 
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 cor-
poration exempt from tax. 
Sec. 102. Treatment of contributions to the National Infrastructure Bank as 
charitable contributions. 
Sec. 103. 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. Relations with local financial institutions. 
Sec. 216. Audits; reports to President and Congress. 
Sec. 217. Budgetary effects. 
Sec. 218. Authorization of appropriations. 
SEC. 2. FINDINGS. 
Congress finds that— 
(1) throughout the history of the United States, 
national banks have played a crucial role in financ-
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ing most of the public infrastructure of the United 
States; 
(2) the largest national banks included— 
(A) the First Bank of the United States, 
from 1791 through 1811; 
(B) the Second Bank of the United States, 
from 1816 through 1836; 
(C) the national banking system instituted 
by President Lincoln; and 
(D) the Reconstruction Finance Corpora-
tion instituted by President Franklin Delano 
Roosevelt, from 1932 through 1957; 
(3) those national banks were enacted with 
broad bipartisan support, and financed the construc-
tion of roads, turnpikes, bridges, canals, the Trans-
continental Railroad, the Hoover Dam, rural elec-
trification, manufacturing startups, and rail, school, 
and farm improvements in every corner of the 
United States; 
(4) those infrastructure investments created the 
conditions for improved productivity, economic 
growth, and job creation, helped lift the United 
States out of the Great Depression, and contributed 
to victory in World War II; 
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(5) the American Society of Civil Engineers (re-
ferred to in this section as ‘‘ASCE’’), in its 2025 
Report Card estimates that $9,139,000,000,000 (not 
adjusted for inflation) is needed from 2024 to 2033 
to meet all of the infrastructure needs of the United 
States, and of that amount, $5,450,000,000,000 is 
expected to be financed by the Federal Government 
at continued appropriation levels, and by States, 
counties, cities, utilities, and port and airport au-
thorities through their general revenues, special 
taxes, user fees, and borrowing from capital mar-
kets; 
(6) even with the investments described in para-
graph (5), a financing gap of $3,689,000,000,000 
remains, and to close that gap, the United States 
will need to increase funding by all levels of govern-
ment, in order to improve infrastructure quality and 
resiliency, grow the economy faster, and maintain 
our international competitiveness; 
(7) ASCE further estimates that the added 
$3,689,000,000,000 needed over a 10-year period to 
bring systems up to a state of good repair in-
cludes— 
(A) $1,208,000,000,000 for roads, bridges, 
and transit; 
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(B) 
$1,015,000,000,000 
for 
drinking 
water, wastewater, and stormwater systems; 
(C) $429,000,000,000 for schools and 
broadband access; 
(D) $578,000,000,000 for electricity gen-
eration, transmission, and distribution; 
(E) $113,000,000,000 for aviation; 
(F) $286,000,000,000 for dams, levees, in-
land waterways, and ports; 
(G) $32,000,000,000 for passenger rail; 
and 
(H) $44,000,000,000 for public parks and 
recreation; 
(8) 
expanded 
investment 
of 
at 
least 
$1,311,000,000,000 is also needed, including— 
(A) $320,000,000,000 for new affordable 
housing; 
(B) $791,000,000,000 for a 17,000-mile 
high-speed rail network; 
(C) $200,000,000,000 for major water 
supply projects; and 
(D) incorporated in each of the categories 
described in subparagraphs (A) through (C), 
science and technology drivers, resiliency fea-
tures, accommodation of population growth, en-
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ergy savings, and improvements in rural, urban, 
and low-income areas that the public and pri-
vate sectors are not fully serving now; 
(9) although Federal grant programs, along 
with matching State and local funding, should con-
tinue to play a coordinating role in financing infra-
structure in the United States, current and foresee-
able demands on existing Federal, State, and local 
budgets exceed the resources to support those pro-
grams by a wide margin; 
(10) a sharp bout of inflation in 2021 through 
2023, and a delay in the enactment of a robust, ade-
quately sized, 10-year lending plan to the period of 
2024 through 2033, should require a 40-percent in-
crease above real costs to ensure adequate funding 
in nominal dollars; 
(11) the establishment of a United States pub-
lic deposit bank would provide direct loans and other 
financing of up to $5,000,000,000,000 for qualifying 
infrastructure projects without requiring additional 
Federal taxes or deficits; and 
(12) that funding would— 
(A) be adequate to finance all of the un-
funded infrastructure needs of the United 
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States, in all parts of the country, according to 
well-developed strategic plans; and 
(B) return the United States to its most 
recent ‘‘golden age’’ when a National Infra-
structure Bank was in place, from 1933 to 
1957, during which time— 
(i) total factor productivity advanced 
by 3.5 percent per year; 
(ii) the economy grew, on average, 5.5 
percent per year; 
(iii) income inequality decreased by 
1⁄3; and 
(iv) Federal and State tax receipts 
rose dramatically. 
TITLE I—REVENUE PROVISIONS 
SEC. 101. TREATMENT OF NATIONAL INFRASTRUCTURE 
BANK AS A GOVERNMENT CORPORATION EX-
EMPT FROM TAX. 
(a) IN GENERAL.—Section 501(l) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following new paragraph: 
‘‘(5) The National Infrastructure Bank estab-
lished under title II of the National Infrastructure 
Bank Act of 2025.’’. 
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SEC. 103. PREFERRED DIVIDENDS OF NATIONAL INFRA-
STRUCTURE BANK EXCLUDIBLE FROM GROSS 
INCOME. 
(a) IN GENERAL.—Part III of subchapter B of chap-
ter 1 of the Internal Revenue Code of 1986 is amended 
by inserting after section 139I the following new section: 
‘‘SEC. 139J. PREFERRED DIVIDENDS OF NATIONAL INFRA-
STRUCTURE BANK. 
‘‘Gross income shall not include any amount received 
as a dividend on preferred stock of the National Infra-
structure Bank pursuant to section 203(c) of the National 
Infrastructure Bank Act of 2025 (as in effect on the date 
of the enactment of this section).’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
of such part is amended by inserting after the item relat-
ing to section 139I the following new item: 
‘‘Sec. 139J. Preferred dividends of National Infrastructure Bank.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
TITLE II—ESTABLISHMENT OF 
NATIONAL INFRASTRUCTURE 
BANK 
SEC. 201. DEFINITIONS. 
In this title: 
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(1) AFFORDABLE HOUSING.—The term ‘‘afford-
able housing’’ means housing that meets the criteria 
established under section 215 of the Cranston-Gon-
zalez National Affordable Housing Act (42 U.S.C. 
12745). 
(2) BANK.—The term ‘‘Bank’’ means the Na-
tional Infrastructure Bank established under section 
202(a). 
(3) BLENDED FINANCING.—The term ‘‘blended 
financing’’ means financing provided through any 
combination of loans or bond financing, in coopera-
tion with private lenders or State revolving funds, 
that is integrated into a single agreement with a sin-
gle set of financial terms. 
(4) BOARD.—The term ‘‘Board’’ means the 
Board of Directors of the Bank established by sec-
tion 206. 
(5) CHIEF ASSET AND LIABILITY MANAGEMENT 
OFFICER.—The term ‘‘chief asset and liability man-
agement officer’’ means the individual responsible 
for coordinating the management of assets and li-
abilities of the Bank. 
(6) CHIEF COMPLIANCE OFFICER.—The term 
‘‘chief compliance officer’’ means the individual re-
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sponsible for overseeing and managing the compli-
ance and regulatory affairs of the Bank. 
(7) CHIEF
EXECUTIVE
OFFICER.—The term 
‘‘chief executive officer’’ means the individual serv-
ing as the executive director of the Bank. 
(8) CHIEF
FINANCIAL
OFFICER.—The term 
‘‘chief financial officer’’ means the individual respon-
sible for managing the financial risks, planning, and 
reporting of the Bank. 
(9) CHIEF LOAN ORIGINATION OFFICER.—The 
term ‘‘chief loan origination officer’’ means the indi-
vidual responsible for managing the processing of 
new loans provided by the Bank. 
(10) CHIEF OPERATIONS OFFICER.—The term 
‘‘chief operations officer’’ means the individual re-
sponsible for the retail operations of the Bank and 
the branches of the Bank, including the administra-
tive, human resource, and information technology 
systems of the Bank. 
(11) CHIEF RISK OFFICER.—The term ‘‘chief 
risk officer’’ means the individual responsible for 
managing operational and compliance-related risks 
of the Bank. 
(12) CHIEF
TREASURY
OFFICER.—The term 
‘‘chief treasury officer’’ means the individual respon-
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sible for managing the treasury operations of the 
Bank. 
(13) COMMUNITY DEVELOPMENT INFRASTRUC-
TURE.—The term ‘‘community development infra-
structure’’ means the development of affordable 
housing, 
transportation, 
water 
infrastructure, 
schools, affordable broadband, public parks and 
recreation, libraries, or public facilities that train 
workers and build labor skills. 
(14) CONNECTIVITY.—The term ‘‘connectivity’’, 
with respect to an infrastructure project, means the 
linkages in transportation, energy, communications, 
community development infrastructure, and manu-
facturing and data centers, that tie geographic areas 
together into economic units, including networks of 
commuter routes, railways, shipping lanes, and 
internet cables, including geomatic data collected by 
the Department of Transportation. 
(15) DEVELOP; 
DEVELOPMENT.—The terms 
‘‘develop’’ and ‘‘development’’, with respect to an in-
frastructure project, mean— 
(A) any preconstruction planning, feasi-
bility review for stand-alone projects or for bun-
dled projects, permitting, design work, life-cycle 
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maintenance 
planning, 
and 
other 
preconstruction activities; and 
(B) any construction, reconstruction, reha-
bilitation, replacement, or expansion. 
(16) DIRECT LOAN.—The term ‘‘direct loan’’ 
has the meaning given the term in section 502 of the 
Federal Credit Reform Act of 1990 (2 U.S.C. 661a). 
(17) DISADVANTAGED COMMUNITY.—The term 
‘‘disadvantaged community’’ means a community 
that is— 
(A) a low-income community; or 
(B) a federally recognized area of economic 
distress (as defined in section 100002 of the In-
frastructure Investment and Jobs Act (15 
U.S.C. 9501)). 
(18) ENERGY
INFRASTRUCTURE
PROJECT.— 
The term ‘‘energy infrastructure project’’ means a 
project that involves the construction of a new or 
upgraded energy generation, transmission, distribu-
tion, or storage facility. 
(19) ENTITY.—The term ‘‘entity’’ means— 
(A) a State or political subdivision of a 
State; 
(B) a unit of local government; 
(C) a publicly owned utility; 
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(D) a special purpose district, public au-
thority, public corporation, or cooperative au-
thorized to contract indebtedness; 
(E) an Indian Tribe; 
(F) a public trust; 
(G) an authority, agency, or instrumen-
tality of, or an entity owned by, 1 or more enti-
ties described in subparagraphs (A) through 
(F); 
(H) a group of entities described in sub-
paragraphs (A) through (G); 
(I) a private entity; and 
(J) a public-private partnership. 
(20) 
ENVIRONMENTAL
INFRASTRUCTURE 
PROJECT.—The term ‘‘environmental infrastructure 
project’’ means any project for— 
(A) the establishment, deferred mainte-
nance, or enhancement, including security en-
hancement, of any drinking water and waste-
water treatment facility, stormwater manage-
ment system, flood gate, dam, levee, solid waste 
disposal facility, or hazardous waste facility; 
(B) dredging; 
(C) wetland restoration or other open 
space conservation; 
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(D) infill development; or 
(E) industrial site cleanup or remediation. 
(21) EXECUTIVE COMMITTEE.—The term ‘‘Ex-
ecutive Committee’’ means the Executive Committee 
of the Bank established under section 208(a). 
(22) FEDERALLY RECOGNIZED AREA OF ECO-
NOMIC DISTRESS.—The term ‘‘federally recognized 
area of economic distress’’ means— 
(A) a HUBZone (as defined in section 
31(b) of the Small Business Act (15 U.S.C. 
657a(b))); 
(B) an area that— 
(i) has been designated as an em-
powerment zone under section 1391 of the 
Internal Revenue Code of 1986; 
(ii) has been designated as a Promise 
Zone by the Secretary of Housing and 
Urban Development; or 
(iii) is a low- or moderate-income 
area, as determined by the Secretary of 
Housing and Urban Development; and 
(C) a qualified opportunity zone (as de-
fined in section 1400Z–1(a) of the Internal 
Revenue Code of 1986). 
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(23) GENERAL COUNSEL.—The term ‘‘general 
counsel’’ means the individual who serves as the 
chief lawyer for the Bank. 
(24) GREENHOUSE
GAS.—The term ‘‘green-
house gas’’ means— 
(A) carbon dioxide; 
(B) hydrofluorocarbons; 
(C) methane; 
(D) nitrous oxide; 
(E) perfluorocarbons; and 
(F) sulfur hexafluoride. 
(25) INFRASTRUCTURE
PROJECT.—The term 
‘‘infrastructure project’’ means any transportation 
infrastructure project, energy infrastructure project, 
environmental infrastructure project, telecommuni-
cations infrastructure project, community develop-
ment infrastructure project, or other infrastructure 
project for which a development plan is presented to 
the Bank for financing. 
(26) LOCAL
FINANCIAL
INSTITUTION.—The 
term ‘‘local financial institution’’ means— 
(A) a certified community development fi-
nancial institution (as defined in section 103 of 
the Riegle Community Development and Regu-
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latory Improvement Act of 1994 (12 U.S.C. 
4702)); 
(B) a credit union the deposits of which 
are insured under Federal or State law or are 
protected or guaranteed under State law; 
(C) a small bank and savings association 
or an intermediate bank or savings association 
(as those terms are defined in section 25.12 of 
title 12, Code of Federal Regulations (or a suc-
cessor regulation)); and 
(D) a State public bank. 
(27) LOW-INCOME
COMMUNITY.—The term 
‘‘low-income community’’ means any census block 
group in which 30 percent or more of the population 
are individuals with an annual household income 
equal to, or less than, the greater of— 
(A) an amount equal to 80 percent of the 
median income of the area in which the house-
hold is located, as reported by the Department 
of Housing and Urban Development; and 
(B) 200 percent of the Federal poverty 
line. 
(28) PRIVATE ENTITY.—The term ‘‘private en-
tity’’ means a corporation, partnership, company, or 
nonprofit organization. 
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(29) PRODUCTIVITY.—The term ‘‘productivity’’ 
means the improved efficiency in the economy asso-
ciated with investments in public and private infra-
structure, calculated as the difference between— 
(A) the change in the value of total pro-
duction; and 
(B) the change in the value of inputs going 
into production. 
(30) PUBLIC BENEFIT.—The term ‘‘public ben-
efit’’ means the clear and measurable benefit to soci-
ety resulting from the use of the infrastructure 
project by the public with respect to which a project 
is carried out, or the improvement the infrastructure 
project provides in— 
(A) economic growth and productivity; 
(B) air and water quality; 
(C) energy savings; 
(D) high-wage jobs; 
(E) poverty reduction; or 
(F) Federal, State, and local revenues. 
(31) 
PUBLIC-PRIVATE
PARTNERSHIP.—The 
term ‘‘public-private partnership’’ means an agree-
ment between an entity described in any of subpara-
graphs (A) through (H) of paragraph (19) and a 
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private entity to finance, build, and maintain or op-
erate an infrastructure project. 
(32) REVOLVING FUND.—The term ‘‘revolving 
fund’’ means a fund or program established by a 
State or a political subdivision or other instrumen-
tality of a State, the principal activity of which is to 
make loans, commitments, or other financial accom-
modations for the development of 1 or more cat-
egories of infrastructure projects. 
(33) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury. 
(34) STATE.—The term ‘‘State’’ means any of 
the several States, the District of Columbia, the 
Commonwealth of Puerto Rico, Guam, American 
Samoa, the United States Virgin Islands, the Com-
monwealth of the Northern Mariana Islands, and 
any other territory or possession of the United 
States. 
(35) TELECOMMUNICATIONS INFRASTRUCTURE 
PROJECT.—The term ‘‘telecommunications infra-
structure project’’ means any project involving infra-
structure required— 
(A) to provide communications by wire (in-
cluding fiber optic cable), wireless (including 
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satellite, microwave, or beam), internet, or radio 
(including broadband); or 
(B) to enhance performance and security 
for that infrastructure (including networks and 
artificial intelligence). 
(36) 
TRANSPORTATION
INFRASTRUCTURE 
PROJECT.—The term ‘‘transportation infrastructure 
project’’ means any project for the construction, de-
ferred maintenance, or enhancement, including secu-
rity enhancement, of a highway, road, bridge, transit 
or intermodal system, inland waterway, commercial 
port, airport, high-speed or passenger rail, or rail 
track system. 
(37) TRUST FUND.— 
(A) IN GENERAL.—The term ‘‘trust fund’’ 
means a delineated account in the books of the 
Bank, set up to receive and disburse grant 
money to fully or partially subsidize project 
loans to entities operating in disadvantaged 
communities. 
(B) INCLUSIONS.—The term ‘‘trust fund’’ 
includes any trust fund receipts remaining from 
net operations of the Bank, a Federal grant 
disbursement, or a philanthropic or other gift 
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from an individual or entity, as such a receipt 
becomes available. 
SEC. 202. ESTABLISHMENT OF NATIONAL INFRASTRUC-
TURE BANK. 
(a) ESTABLISHMENT
OF NATIONAL INFRASTRUC-
TURE BANK.—There is established a National Infrastruc-
ture Bank, which shall be a mixed-ownership Government 
corporation subject to chapter 91 of title 31, United States 
Code, except as otherwise provided in this Act. 
(b) CONFORMING AMENDMENT.—Section 9101(2) of 
title 31, United States Code, is amended by adding at the 
end the following: 
‘‘(K) the National Infrastructure Bank.’’. 
(c) NATIONAL BANK CHARTER.—This Act shall serve 
as the charter for the Bank. 
(d) RESPONSIBILITY OF THE SECRETARY.—The Sec-
retary shall take such action as may be necessary to assist 
in the establishment of the Bank in accordance with this 
Act. 
SEC. 203. PURPOSES AND AUTHORIZATIONS. 
(a) PURPOSE.—The purpose of National Infrastruc-
ture Bank shall be to facilitate efficient, long-term financ-
ing of infrastructure projects, business and economic 
growth, and new job creation in the United States. 
(b) CAPITALIZATION.— 
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(1) IN GENERAL.—The National Infrastructure 
Bank shall raise capital stock, in an amount ap-
proved 
by 
the 
Board, 
but 
not 
to 
exceed 
$500,000,000,000, to be held in the form of Treas-
ury securities. 
(2) SUBSCRIPTION.—The capital stock shall be 
subscribed by— 
(A) public holders of outstanding Treasury 
securities of 3 years or greater maturity, or 
outstanding municipal bonds of States or mu-
nicipalities of 5 years or greater maturity, who 
transfer such securities or bonds to the Bank in 
exchange for the capital stock; 
(B) paid-in share capital, paid in cash; and 
(C) the United States Treasury, as on-call 
subscriber to the Bank, in an amount up to 
$100,000,000,000 in 30-year United States 
Treasury bonds. 
(3) CAPITAL
ADEQUACY
RATIO.—The Bank 
shall maintain risk-based capital of no less than 10 
percent. 
(4) LIMITATION
ON
PURCHASE
OF
NEWLY 
ISSUED PUBLIC DEBT.—The Bank shall not pur-
chase public debt of the United States, as newly 
issued, except for the purpose of rolling over the ex-
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ssavage on LAPJG3WLY3PROD with BILLS
isting Treasury holdings of the Bank or to convert 
the proceeds of cash purchases of the preferred 
stock of the Bank into Treasury securities. 
(5) ASSESSMENTS AND PHASE-IN OF LIMITA-
TION ON CAPITAL STOCK.—The accumulation of cap-
ital stock of the Bank shall be limited— 
(A) to no more than $150,000,000,000 by 
the end of its first full fiscal year of operations, 
following the end of which fiscal year the Board 
of Governors of the Federal Reserve System 
shall conduct an assessment of the operations 
of the Bank and report to Congress and the 
Board of the Bank concerning the ways in 
which the Bank is succeeding or falling short in 
fulfilling the purposes of this Act; 
(B) to no more than $300,000,000,000 by 
the end of its third full fiscal year, following the 
end of which fiscal year the Board of Governors 
of the Federal Reserve System shall conduct 
another assessment of the operations of the 
Bank and submit similar reports to those speci-
fied in subparagraph (A), noting in particular 
the adequacy of the response of the Bank to 
criticisms and recommendations included in the 
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ssavage on LAPJG3WLY3PROD with BILLS
assessment conducted pursuant to subpara-
graph (A); 
(C) to no more than $500,000,000,000 by 
the end of its fifth full fiscal year, following the 
end of which fiscal year the Board of Governors 
of the Federal Reserve System shall conduct 
another assessment of the operations of the 
Bank and submit similar reports to those speci-
fied in subparagraphs (A) and (B), noting in 
particular the adequacy of the response of the 
Bank to criticisms and recommendations in-
cluded in the assessments conducted pursuant 
to subparagraphs (A) and (B); and 
(D) thereafter to the full amount set forth 
in paragraph (1), with the Board of Governors 
of the Federal Reserve System conducting peri-
odic assessments of the operations of the Bank 
and submitting similar reports to those speci-
fied in subparagraphs (A) through (C) following 
the end of each fifth fiscal year beginning with 
the tenth full fiscal year of the Bank. 
(c) PREFERRED STOCK.— 
(1) IN GENERAL.—All subscribed capital shall 
be exchanged for an equivalent in preferred stock, or 
shares, in the Bank, callable only by the Bank at the 
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current market value of the shares during a period 
of 20 years following finalization of a stock purchase 
agreement. Notwithstanding any other provision of 
law, a guarantee of redemption at the then current 
market price of the shares shall be included in the 
stock purchase agreement. Preferred shareholders 
shall have no voting rights in the Bank. 
(2) DIVIDENDS ON PREFERRED STOCK.—The 
Bank shall pay dividends on its preferred stock 
semiannually at the following rates: 
(A) For stock acquired in exchange for 
Treasury securities by an individual, by an enti-
ty that is not exempt from tax under section 
501 of the Internal Revenue Code of 1986, or 
by the United States Treasury, the same an-
nual rate as the Treasury security exchanged 
for the stock. 
(B) For stock acquired in exchange for se-
curities by an organization that is exempt from 
tax under section 501 of the Internal Revenue 
Code of 1986, the same annual rate as the 
Treasury security exchanged for the stock plus 
1⁄2 percent. 
(C) For stock purchased in exchange for 
cash by an individual or an entity that is not 
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exempt from tax under section 501 of the Inter-
nal Revenue Code of 1986 and for stock ac-
quired in exchange for municipal bonds, the 
same annual rate payable on Treasury bonds 
with a 30-year maturity purchased from the 
Treasury on the day the stock purchase agree-
ment is finalized. 
(D) For stock purchased in exchange for 
cash by an organization that is exempt from tax 
under section 501 of the Internal Revenue Code 
of 1986, the same annual rate payable on 
Treasury bonds with a 30-year maturity on the 
day the stock purchase agreement is finalized 
plus 1⁄2 percent. 
(3) ACQUISITIONS FOR OTHER THAN CASH OR 
TREASURY SECURITIES TREATED AS ACQUISITIONS 
FOR CASH.—For stock acquired in exchange for non- 
cash assets other than Treasury securities, the as-
sets shall be liquidated by the Bank and the pro-
ceeds treated as a cash purchase of stock. 
(4) AUTHORITY
TO
MODIFY
RATES.—If the 
dividends provided for in paragraph (2) generate 
more or less investment in the preferred stock of the 
Bank than is needed to achieve and maintain the de-
sired level of capital investment in the Bank, the di-
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