I 
111TH CONGRESS 
1ST SESSION H. R. 2521 
To facilitate efficient investments and financing of infrastructure projects 
and new job creation through the establishment of a National Infrastruc-
ture Development Bank, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 20, 2009 
Ms. DELAURO (for herself, Mr. ELLISON, Mr. ISRAEL, Mr. WEINER, Ms. 
BORDALLO, Ms. HIRONO, Mr. DELAHUNT, Ms. SUTTON, Mr. RYAN of 
Ohio, Mr. WELCH, Ms. WOOLSEY, Mr. MCGOVERN, Ms. SCHAKOWSKY, 
Mr. DRIEHAUS, Mr. MCDERMOTT, Ms. BERKLEY, Mr. MASSA, Mr. 
COURTNEY, Mr. BLUMENAUER, Mr. FRANK of Massachusetts, Ms. 
MOORE of Wisconsin, Mr. VAN HOLLEN, Mr. ETHERIDGE, Mr. FATTAH, 
Mr. YARMUTH, Mr. LARSON of Connecticut, and Mr. FARR) introduced 
the following bill; which was referred to the Committee on Energy and 
Commerce, and in addition to the Committees on Transportation and In-
frastructure and Financial Services, for a period to be subsequently de-
termined 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 infrastruc-
ture projects and new job creation through the establish-
ment of a National Infrastructure Development 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, 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘National Infrastruc-
ture Development Bank Act of 2009’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) According to the American Society of Civil 
Engineers, the current condition of the infrastruc-
ture in the United States earns a grade point aver-
age of D, and an estimated $2,200,000,000,000 in-
vestment is needed over the next 5 years to meet 
adequate conditions. 
(2) According to the National Surface Trans-
portation 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. 
(3) According to the Federal Highway Adminis-
tration up to $131,700,000,000 must be invested 
annually for a 20-year period to improve bridge effi-
ciencies and the physical condition and operational 
performance of the highway system of the United 
States. 
(4) According to the Federal Transit Adminis-
tration, up to $21,800,000,000 must be invested an-
nually for a 20-year period to improve conditions 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
and performance of the major transit systems of the 
United States. 
(5) The Environmental Protection Agency 
projects that— 
(A) $183,600,000,000 is needed for instal-
lation and maintenance of drinking water trans-
mission and distribution systems through 2022; 
and 
(B) $202,500,000,000 is needed for pub-
licly owned wastewater systems-related infra-
structure needs through 2024. 
(6) According to the Edison Electric Institute, 
to maintain current levels of service given expected 
growth in demand, electric utilities need to invest an 
annual average of— 
(A) $28,000,000,000 for generation; 
(B) $12,000,000,000 for transmission; and 
(C) $34,000,000,000 for distribution of 
electricity. 
(7) According to the American Council on Re-
newable Energy, renewable energy could provide up 
to 635 gigawatts of new electricity generating capac-
ity by 2025—a substantial contribution and poten-
tially more than the Nation’s need for new capacity, 
VerDate Nov 24 2008 
02:02 May 28, 2009
Jkt 079200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
according to the United States Energy Information 
Administration. 
(8) According to the United States Green 
Building Council, United States buildings account 
for 38.9 percent of primary energy use, 38 percent 
of carbon emissions, and 72 percent of electricity 
consumption. 
(9) There are over 1,200,000 units of public 
housing nationwide, with an accumulated capital 
needs backlog of approximately $18,000,000,000, 
with an additional $2,000,000,000 accruing each 
year. 
(10) According to the Organization for Eco-
nomic Cooperation and Development (OECD), the 
United States ranks 15th among OECD nations in 
broadband access per 100 inhabitants. 
(11) Although grant programs of the Govern-
ment must continue to play a central role in financ-
ing the transportation, environment, energy, and 
telecommunications infrastructure needs of the 
United States, current and foreseeable demands on 
existing Federal, State, and local funding for infra-
structure expansion exceed the resources to support 
these programs by margins wide enough to prompt 
serious concerns about the United States’ ability to 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
sustain long-term economic development, produc-
tivity, and international competitiveness. 
(12) The capital markets, including central 
banks, pension funds, financial institutions, sov-
ereign 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 oppor-
tunity through high quality bond issues that would 
be used to finance qualifying infrastructure projects 
would attract needed capital for United States infra-
structure development. 
SEC. 3. DEFINITIONS. 
For purposes of this Act, the following definitions 
apply unless the context requires otherwise: 
(1) BANK.—The term ‘‘Bank’’ means the Na-
tional Infrastructure Development Bank established 
under section 4(a). 
(2) BOARD.—The term ‘‘Board’’ means the Na-
tional Infrastructure Development Bank Board. 
(3) CHIEF ASSET AND LIABILITY MANAGEMENT 
OFFICER.—The term ‘‘chief asset and liability man-
agement officer’’ means the chief individual respon-
sible for coordinating the management of assets and 
liabilities of the Bank. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(10) DEVELOPMENT.—The terms ‘‘develop-
ment’’ and ‘‘develop’’ mean, with respect to an infra-
structure project, any— 
(A) preconstruction planning, feasibility re-
view, permitting, design work, and other 
preconstruction activities; and 
(B) construction, reconstruction, rehabili-
tation, replacement, or expansion. 
(11) DISADVANTAGED COMMUNITY.—The term 
‘‘disadvantaged community’’ means a community 
with a median household income of less than 80 per-
cent of the statewide median household income for 
the State in which the community is located. 
(12) ENERGY
INFRASTRUCTURE
PROJECT.— 
The term ‘‘energy infrastructure project’’ means any 
project for energy transmission, energy efficiency en-
hancement for buildings, public housing, and 
schools, renewable energy, and energy storage. 
(13) ENTITY.—The term ‘‘entity’’ means an in-
dividual, corporation, partnership (including a pub-
lic-private partnership), joint venture, trust, and a 
State or other governmental entity, including a polit-
ical subdivision or any other instrumentality of a 
State or a revolving fund. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(14) 
ENVIRONMENTAL
INFRASTRUCTURE 
PROJECT.—The term ‘‘environmental infrastructure 
project’’ means any project for the establishment, 
maintenance, or enhancement of any drinking water 
and wastewater treatment facility, storm water man-
agement system, dam, levee, open space manage-
ment system, solid waste disposal facility, hazardous 
waste facility, or industrial site cleanup. 
(15) EXECUTIVE DIRECTOR.—The term ‘‘execu-
tive director’’ means the individual serving as the 
chief executive officer of the Bank. 
(16) GENERAL COUNSEL.—The term ‘‘general 
counsel’’ means the individual who serves as the 
chief lawyer for the Bank. 
(17) INFRASTRUCTURE
PROJECT.—The term 
‘‘infrastructure project’’ means any energy, environ-
mental, telecommunications, or transportation infra-
structure project. 
(18) PUBLIC BENEFIT BOND.—The term ‘‘pub-
lic benefit bond’’ means a bond issued with respect 
to an infrastructure project in accordance with this 
Act if— 
(A) the net spendable proceeds from the 
sale of the issue may be used for expenditures 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
incurred after the date of issuance with respect 
to the project, subject to the rules of the Bank; 
(B) the bond issued by the Bank is in reg-
istered form and meets the requirements of this 
Act and otherwise applicable law; 
(C) the term of each bond which is part of 
the issue is greater than 30 years; and 
(D) the payment of principal with respect 
to the bond is the obligation of the Bank. 
(19) 
PUBLIC-PRIVATE
PARTNERSHIP.—The 
term ‘‘public-private partnership’’ means any enti-
ty— 
(A)(i) which is undertaking the develop-
ment of all or part of an infrastructure project, 
which will have a public benefit, pursuant to re-
quirements established in one or more contracts 
between the entity and a State or an instru-
mentality 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 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
in part, and at least one of the participants in 
the entity is a nongovernmental entity. 
(20) 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-
modation available for the development of one or 
more categories of infrastructure projects. 
(21) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury or the designee 
of the Secretary. 
(22) SMART
GRID.—The term ‘‘smart grid’’ 
means a system that provides for any of the smart 
grid functions set forth in section 1306(d) of the 
Energy Independence and Security Act of 2007 (42 
U.S.C. 17386(d)). 
(23) SMART
GROWTH.—The term ‘‘smart 
growth’’ means growth in the center of a city to 
avoid urban sprawl. 
(24) STATE.—The term ‘‘State’’ includes the 
District of Columbia, Puerto Rico, Guam, American 
Samoa, the Virgin Islands, the Commonwealth of 
Northern Mariana Islands, and any other territory 
of the United States. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(25) TELECOMMUNICATIONS INFRASTRUCTURE 
PROJECT.—The term ‘‘telecommunications infra-
structure project’’ means any project involving infra-
structure required to provide communications by 
wire or radio. 
(26) 
TRANSPORTATION
INFRASTRUCTURE 
PROJECT.—The term ‘‘transportation infrastructure 
project’’ means any project for the construction, 
maintenance, or enhancement of highways, roads, 
bridges, transit and intermodal systems, inland wa-
terways, commercial ports, airports, high speed rail 
and freight rail systems. 
SEC. 4. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 
DEVELOPMENT BANK. 
(a) ESTABLISHMENT
OF NATIONAL INFRASTRUC-
TURE DEVELOPMENT BANK.—The National Infrastruc-
ture Development Bank is established as a wholly owned 
Government corporation subject to chapter 91 of title 31, 
United States Code (commonly known as the ‘‘Govern-
ment Corporation Control Act’’), except as otherwise pro-
vided in this Act. 
(b) RESPONSIBILITY OF THE SECRETARY.—The Sec-
retary shall take such action as may be necessary to assist 
in implementing the establishment of the bank in accord-
ance with this Act. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(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 Develop-
ment Bank.’’. 
SEC. 5. BOARD OF DIRECTORS. 
(a) IN GENERAL.—The Bank shall have a Board of 
Directors consisting of 5 members appointed by the Presi-
dent by 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; and 
(2) 3 of the directors shall have private sector 
experience. 
(c) CHAIRPERSON AND VICE CHAIRPERSON.—As des-
ignated 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 chair-
person of the Board by the President. 
(d) TERMS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2) and subsection (f), each director shall be 
appointed for a term of 6 years. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(2) INITIAL STAGGERED TERMS.—Of the initial 
members of the Board— 
(A) the chairperson and vice chairperson 
shall be appointed for terms of 6 years; 
(B) 1 shall be appointed for a term of 5 
years; 
(C) 1 shall be appointed for a term of 4 
years; and 
(D) 1 shall be appointed for a term of 3 
years. 
(e) 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. 
(f) 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 oc-
curring before the expiration of the term for which 
the director’s predecessor was appointed shall be ap-
pointed only for the remainder of the term. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(3) DURATION.—A director may serve after the 
expiration of that director’s term until a successor 
has taken office. 
(g) QUORUM.—Three directors shall constitute a 
quorum. 
(h) REAPPOINTMENT.—A director of the Board ap-
pointed by the President may be reappointed by the Presi-
dent in accordance with this section. 
(i) 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. 
(j) 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 inter-
est in such project. 
(k) POWERS AND LIMITATIONS OF THE BOARD.— 
(1) POWERS.—In order to carry out the pur-
poses of the Bank as set forth in this Act, the Board 
shall be responsible for monitoring and overseeing 
infrastructure projects and have the following pow-
ers: 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(A) To make senior and subordinated 
loans and purchase senior and subordinated 
debt securities and enter into a binding commit-
ment to make any such loan or purchase any 
such security, on such terms as the Board may 
determine, in the Board’s discretion, to be ap-
propriate, the proceeds of which are to be used 
to finance or refinance the development of one 
or more infrastructure projects. 
(B) To issue and sell debt securities of the 
Bank on such terms as the Board shall deter-
mine from time to time. 
(C) To issue public benefit bonds and to 
provide 
direct 
subsidies 
to 
infrastructure 
projects from amounts made available from the 
issuance of such bonds. 
(D) To make loan guarantees. 
(E) To make agreements and contracts 
with any entity in furtherance of the business 
of the Bank. 
(F) To borrow on the global capital market 
and lend to regional, State, and local entities, 
and commercial banks for the purpose of fund-
ing infrastructure projects. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(G) To purchase, pool, and sell infrastruc-
ture-related loans and securities on the global 
capital market. 
(H) To purchase in the open market any 
of the Bank’s outstanding obligations at any 
time and at any price. 
(I) To monitor and oversee infrastructure 
projects financed, in whole or in part, by the 
Bank. 
(J) To acquire, lease, pledge, exchange, 
and dispose of real and personal property and 
otherwise exercise all the usual incidents of 
ownership of property to the extent the exercise 
of such powers are appropriate to and con-
sistent with the purposes of the Bank. 
(K) To sue and be sued in the Bank’s cor-
porate capacity in any court of competent juris-
diction, 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. 
(L) To indemnify the directors and officers 
of the Bank for liabilities arising out of the ac-
tions of the directors and officers in such capac-
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
ity, in accordance with, and subject to the limi-
tations contained in, this Act. 
(M) To serve as the primary liaison be-
tween the Bank, Congress, the executive 
branch, and State and local governments and to 
represent the Bank’s interests. 
(N) To exercise all other lawful powers 
which are necessary or appropriate to carry out, 
and are consistent with, the purposes of the 
Bank. 
(2) LIMITATIONS.— 
(A) ISSUANCE OF DEBT SECURITY.—The 
Board may not issue any debt security without 
the prior consent of the Secretary. 
(B) ISSUANCE OF VOTING SECURITY.—The 
Board may not issue any voting security in the 
Bank to any entity other than the Secretary. 
(3) ACTIONS
CONSISTENT
WITH
SELF-SUP-
PORTING ENTITY STATUS.—The Board shall conduct 
its business in a manner consistent with the require-
ments of this section. 
(4) COORDINATION
WITH
STATE
AND
LOCAL 
REGULATORY AUTHORITY.—The provision of finan-
cial assistance by the Board pursuant to this Act 
shall not be construed as— 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(A) limiting the right of any State or polit-
ical subdivision or other instrumentality of a 
State to approve or regulate rates of return on 
private equity invested in a project; or 
(B) otherwise superseding any State law or 
regulation applicable to a project. 
(5) FEDERAL
PERSONNEL
REQUESTS.—The 
Board shall have the power to request the detail, on 
a reimbursable basis, of personnel from other Fed-
eral 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 de-
tail of any personnel requested by the Board. 
(l) MEETINGS.— 
(1) OPEN TO THE PUBLIC; NOTICE.—All meet-
ings of the Board held to conduct the business of the 
Bank shall be open to the public and shall be pre-
ceded by reasonable notice. 
(2) INITIAL MEETING.—The Board shall meet 
not later than 90 days after the date on which all 
directors of the Board are first appointed and other-
wise at the call of the Chairperson. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(3) EXCEPTION FOR CLOSED MEETINGS.—Pur-
suant 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 ad-
versely affect or lead to speculation relating to an in-
frastructure project under consideration for assist-
ance 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 no-
tice. The Board shall prepare minutes of any meet-
ing which is closed to the public and make such min-
utes available as soon as the considerations necessi-
tating closing such meeting no longer apply. 
SEC. 6. EXECUTIVE COMMITTEE. 
(a) IN GENERAL.—The Board shall have an executive 
committee consisting of 9 members, headed by the execu-
tive director of the Bank. 
(b) EXECUTIVE DIRECTOR.—A majority of the Board 
shall have the authority to appoint and reappoint the exec-
utive director. 
(c) CEO.—The executive director shall be the chief 
executive officer of the Bank, with such executive func-
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
tions, powers, and duties as may be prescribed by this Act, 
the bylaws of the Bank, or the Board. 
(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 executive director and 
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. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(f) DUTIES.—In order to carry out the purposes of 
the Bank as set forth in this Act, the executive committee 
shall— 
(1) establish disclosure and application proce-
dures for entities nominating projects for assistance 
under this Act; 
(2) accept, for consideration, project proposals 
relating to the development of infrastructure 
projects, which meet the basic criteria established by 
the Board, and which are submitted by an entity; 
(3) 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; 
(4) provide technical assistance to entities re-
ceiving financing from the Bank and otherwise im-
plement decisions of the Board. 
(g) VACANCY.—A vacancy in the position of executive 
director shall be filled in the manner in which the original 
appointment was made. 
(h) COMPENSATION.—The compensation of the exec-
utive director and other executive officers of the executive 
committee shall be determined by the Board. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00021
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(i) REMOVAL.—The executive director and other ex-
ecutive officers may be removed at the discretion of a ma-
jority of the Board. 
(j) TERM.—The executive director and other execu-
tive officers shall serve a 6-year term and may be re-
appointed in accordance with this section. 
(k) LIMITATIONS.—The executive director and other 
executive officers 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 institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from 
the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 7. RISK MANAGEMENT COMMITTEE. 
(a) ESTABLISHMENT OF RISK MANAGEMENT COM-
MITTEE.—The Bank shall establish a risk management 
committee consisting of 5 members, headed by the chief 
risk officer. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00022
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(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 manage-
ment 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 region and infra-
structure project type; 
(C) create conforming standards for infra-
structure finance securities; 
(D) monitor financial, credit and oper-
ational exposure of the Bank; and 
(E) provide financial recommendations to 
the Board. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00023
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(i) TERM.—The CRO and other risk management of-
ficers shall serve a 6-year term and may be reappointed 
in accordance with this section. 
(j) LIMITATIONS.—The CRO and other risk manage-
ment officers 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 institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from 
the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 8. AUDIT COMMITTEE. 
(a) IN GENERAL.—The Bank shall have 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, 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00025
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
and the Board. The CCO shall report directly to the 
Board. 
(d) AUDIT DUTIES.—In order to carry out the pur-
poses of the Bank under this Act, the audit committee 
shall— 
(1) provide internal controls and internal audit-
ing 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 ap-
point, 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 offi-
cers 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 or 
any other audit officer shall be filled in the manner in 
which the original appointment was made. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00026
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(h) COMPENSATION.—The compensation of the CCO 
and other audit officers shall be determined by the Board. 
(i) REMOVAL.—The CCO and other audit officers 
may be removed at the discretion of a majority of the 
Board. 
(j) TERM.—The CCO and other audit officers shall 
serve a 6-year term and may be reappointed in accordance 
with this section. 
(k) LIMITATIONS.—The CCO and other audit officers 
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 institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from 
the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 9. PERSONNEL. 
The chairperson of the Board, executive director, 
chief risk officer, and chief compliance officer shall ap-
point, remove, fix the compensation of, and define the du-
ties of such qualified personnel to serve under the Board, 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00027
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
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. 
SEC. 10. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 
BANK. 
(a) IN GENERAL.—No financial assistance shall be 
available under this Act from the Bank unless the appli-
cant for such assistance has demonstrated to the satisfac-
tion of the Board that the project for which such assist-
ance is being sought meets— 
(1) the requirements of this Act; and 
(2) any criteria established in accordance with 
this Act by the Board. 
(b) ESTABLISHMENT OF PROJECT CRITERIA.— 
(1) IN GENERAL.—Consistent with the require-
ments of subsections (c) and (d), the Board shall es-
tablish— 
(A) criteria for determining eligibility for 
financial assistance under this Act; 
(B) disclosure and application procedures 
to be followed by entities to nominate projects 
for assistance under this Act; and 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(C) such other criteria as the Board may 
consider to be appropriate for purposes of car-
rying out this Act. 
(2) FACTORS TO BE TAKEN INTO ACCOUNT.— 
(A) IN GENERAL.—The Bank shall con-
duct an analysis that takes into account the 
economic, environmental, social benefits, and 
costs of each project under consideration for fi-
nancial assistance under this Act, prioritizing 
projects that contribute to economic growth, 
lead to job creation, and are of regional or na-
tional 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 consid-
eration is being financed, including— 
(I) the terms and conditions and 
financial structure of the proposed fi-
nancing; and 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(II) the financial assumptions 
and projections on which the project 
is based. 
(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 infra-
structure project while providing a public 
benefit. 
(c) 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 de-
velopment for women and minorities, respon-
sible employment practices, and quality job 
training opportunities. 
(B) Reduction in carbon emissions. 
(C) Reduction in surface and air traffic 
congestion. 
(D) Smart growth in urban areas. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00030
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(E) Poverty and inequality reduction 
through targeted training and employment op-
portunities for low-income workers. 
(F) Use of smart tolling, such as vehicle 
miles traveled and congestion pricing, for high-
way, road, and bridge projects. 
(G) Public health benefits. 
(2) 
ENVIRONMENTAL
INFRASTRUCTURE 
PROJECT.—For any environmental infrastructure 
project, the Board shall consider the following: 
(A) Public health benefits. 
(B) Pollution reductions. 
(C) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and quality job 
training opportunities. 
(D) Poverty and inequality reduction 
through targeted training and employment op-
portunities for low-income workers. 
(3) ENERGY INFRASTRUCTURE PROJECT.—For 
any energy infrastructure project, the Board shall 
consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
sible employment practices, and quality job 
training opportunities. 
(B) Poverty and inequality reduction 
through targeted training and employment op-
portunities for low-income workers. 
(C) Reduction in carbon emissions. 
(D) Smart growth in urban areas. 
(E) Expanded use of renewable energy, in-
cluding hydroelectric, solar, and wind. 
(F) Development of a smart grid. 
(G) Energy efficient building, housing, and 
school modernization. 
(H) 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 resi-
dents. 
(I) Public health benefits. 
(4) TELECOMMUNICATIONS.—For any tele-
communications project, the Board shall consider 
the following: 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00032
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
(A) The extent to which assistance ex-
pands or improves broadband and wireless serv-
ices in rural and disadvantaged communities. 
(B) Poverty and inequality reduction 
through targeted training and employment op-
portunities for low-income workers. 
(C) Job creation, including work force de-
velopment for women and minorities, respon-
sible employment practices, and quality job 
training opportunities. 
(d) CONSIDERATION OF PROJECT PROPOSALS.— 
(1) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—Consideration of projects by the executive 
committee and the Board shall be conducted with 
personnel on detail to the Bank from relevant Fed-
eral agencies from among individuals who are famil-
iar with and experienced in the selection criteria for 
competitive projects. 
(2) FEES.—A fee may be charged for the re-
view of any project proposal in such amount as 
maybe considered appropriate by the executive com-
mittee to cover the cost of such review. 
(e) DISCRETION OF BOARD.—Consistent with other 
provisions of this Act, any determination of the Board to 
provide assistance to any project, and the manner in which 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00033
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
such assistance is provided, including the terms, condi-
tions, fees, and charges shall be at the sole discretion of 
the Board. 
(f) 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 project of any obligation to obtain 
required State and local permits and approvals. 
(g) 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 in-
terest in a project assisted or proposed to be assisted 
under this Act. 
SEC. 11. EXEMPTION FROM LOCAL TAXATION. 
All notes, debentures, bonds or other such obligations 
issued by the Bank, and the interest on or credits with 
respect to such bonds or other obligations, shall not be 
subject to taxation by any State, county, municipality, or 
local taxing authority. 
SEC. 12. STATUS AND APPLICABILITY OF CERTAIN FED-
ERAL LAWS; FULL FAITH AND CREDIT. 
(a) BUDGETING AND AUDITORS PRACTICES.—The 
Bank shall comply with all Federal laws regulating the 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00034
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
budgetary and auditing practices of a government corpora-
tion, except as otherwise provided in this Act. 
(b) FULL FAITH AND CREDIT.—Any bond or other 
obligation issued by the Bank under this Act shall be an 
obligation supported by the full faith and credit of the 
United States. 
(c) EFFECT
OF
AND EXEMPTIONS FROM OTHER 
LAWS.— 
(1) EXEMPT SECURITIES.—All debt securities 
and other obligations issued by the Bank pursuant 
to this Act shall be deemed to be exempt securities 
within the meaning of laws administered by the Se-
curities and Exchange Commission to the same ex-
tent as securities which are direct obligations of, or 
obligations fully guaranteed as to principal or inter-
est by, the United States. 
(2) OPEN
MARKET
OPERATIONS
AND
STATE 
TAX EXEMPT STATUS.—The obligations of the Bank 
shall be deemed to be obligations of the United 
States for the purposes of the provision designated 
as (b)(2) of the 2nd undesignated paragraph of sec-
tion 14 of the Federal Reserve Act (12 U.S.C. 355) 
and section 3124 of title 31, United States Code. 
(3) NO PRIORITY AS A FEDERAL CLAIM.—The 
priority established in favor of the United States by 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00035
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS
section 3713 of title 31, United States Code, shall 
not apply with respect to any indebtedness of the 
Bank. 
(d) FEDERAL RESERVE BANKS AS DEPOSITORIES, 
CUSTODIANS, AND FISCAL AGENTS.—The Federal reserve 
banks may act as depositaries for, or custodians or fiscal 
agents of, the Bank. 
(e) ACCESS
TO BOOK-ENTRY SYSTEM.—The Sec-
retary may authorize the Bank to use the book-entry sys-
tem of the Federal reserve system. 
SEC. 13. COMPLIANCE WITH DAVIS-BACON ACT. 
All laborers and mechanics employed by contractors 
and subcontractors on projects funded directly by or as-
sisted in whole or in part by and through the Bank pursu-
ant 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 accord-
ance with subchapter IV of chapter 31 of part A of title 
40, United States Code. With respect to the labor stand-
ards specified in this section, the Secretary of Labor shall 
have the authority and functions set forth in Reorganiza-
tion Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. 
App.) and section 3145 of title 40, United States Code. 
VerDate Nov 24 2008 
00:09 May 27, 2009
Jkt 079200
PO 00000
Frm 00036
Fmt 6652
Sfmt 6201
E:\BILLS\H2521.IH
H2521
smartinez on PROD1PC64 with BILLS