be borne by the Secretary of the Treasury. That excess 
shall be considered a contingent obligation backed by the 
full faith and credit of the Government of the United 
States of America. 
(j) RESERVES.—The Bank shall maintain reserves 
against the Bank’s transaction accounts in such amount 
as the Board may determine appropriate, but not greater 
than 14 percent of the Bank’s total transaction accounts 
in excess of $25,000,000. 
(k) BRANCHES.—The Bank shall establish an office 
of lending and deposit in each city that has a Federal re-
serve bank, via the internet, and in any other location 
where the Board determines it appropriate. 
SEC. 204. FORMATION OF REGIONAL ECONOMIC ACCEL-
ERATOR PLANNING GROUPS. 
(a) IN GENERAL.—The Bank, through its branch of-
fices, shall facilitate the organization of at least 7 Regional 
Economic Accelerator Planning Groups, to be defined by 
common economic, demographic, and infrastructure link-
ages. 
(b) DUTIES.—The Regional Economic Accelerator 
Planning Groups may— 
(1) organize themselves by, and be composed of, 
State and local public sector officials, including 
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through multijurisdictional or multistate agreements 
among agencies; 
(2) identify economic mega-regions, defined as 
hub cities, related towns and suburbs, manufac-
turing production corridors, and rural areas woven 
together into the communities where people of the 
United States live, work, and provide goods or serv-
ices for movement within the region, and to other re-
gions; 
(3) identify infrastructure needs and priorities 
for mega-regions, with input from the American So-
ciety of Civil Engineers, and other trade, business, 
and industrial associations; 
(4) develop regional economic accelerator plans, 
and a pipeline of infrastructure projects, and their 
strategic placement, needed to improve supply 
chains, land use, and productivity within each mega- 
region, while seeking to include all communities; 
(5) define how such projects will create energy 
savings, environment improvements, jobs and wage 
improvements, 
regional 
economic 
growth, 
and 
growth in regional tax income; 
(6) identify where multijurisdictional agree-
ments should be enacted or strengthened to improve 
the development of infrastructure projects that cross 
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jurisdictional lines (examples are transportation im-
provements along the northeast corridor, flood miti-
gation in midwestern States along the Missouri 
River, or development of a national high-speed rail 
grid); 
(7) identify where Federal, State, or local laws 
and regulations should be streamlined to reduce in-
frastructure project approval times, while maintain-
ing environmental and safety objectives, and work 
towards streamlining those laws and regulations; 
(8) seek public input on the broad outlines of 
each regional infrastructure development plan; 
(9) provide such plans to the Bank, to inform 
the Bank on its selection of infrastructure projects 
for financing; and 
(10) assist entities formulating and submitting 
projects for consideration of Bank financing on the 
definition, scope, selection criteria, and others fac-
tors under section 205 that will be considered in the 
approval process. 
SEC. 205. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 
THE BANK. 
(a) IN GENERAL.—Financial assistance shall be 
available from the Bank when the entity applying for such 
assistance has demonstrated to the satisfaction of the 
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Board that the project for which such assistance is being 
sought meets the requirements of this Act. Any entity pro-
posing a project for which the use or purpose is private, 
and without public benefit, shall not be eligible for finan-
cial assistance from the Bank under this Act. 
(b) APPLICANTS.—The Bank shall accept applica-
tions for infrastructure projects for the designation of 
those projects that may receive financial assistance under 
this section for any infrastructure project having— 
(1) a public sponsor; and 
(2) local, regional, or national significance. 
(c) 
GUIDELINES
FOR
INFRASTRUCTURE 
PROJECTS.—The Executive Committee and the Board 
shall establish standard operating procedures, and develop 
online application procedures, to assist applications of in-
frastructure projects under this section to develop applica-
tions for financial assistance under this section. 
(d) CRITERIA.— 
(1) IN GENERAL.—In making a determination 
as to whether to provide an infrastructure project 
with financial assistance, the Board shall evaluate 
and rate each applicant based on the factors appro-
priate for the type of the proposed infrastructure 
project, including— 
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(A) consistency of the project with a re-
gional infrastructure development plan that 
builds economic connectivity in the project area 
and beyond, so that maximum growth is 
achieved while leaving no community behind; 
(B) a life cycle projection of the benefits, 
as compared to costs, of the project, that incor-
porates the factors in subparagraphs (C) 
through (N) of this paragraph; 
(C) promotion of economic growth, includ-
ing private sector-led growth associated with 
the project; 
(D) job creation, including fair and respon-
sible employment practices, and a workforce de-
velopment to train workers in new skills, includ-
ing by union apprentice programs to train new 
hires; 
(E) a preference for projects in areas of 
high unemployment, or disadvantaged commu-
nities, including a workforce development plan 
to train workers in new skills; 
(F) environmental and public health bene-
fits including the reduction in greenhouse gases, 
and water and air pollution, and the removal of 
lead and other hazardous materials; 
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(G) a demonstrated ability to contract for 
design, construction, operation, and mainte-
nance of the infrastructure project throughout 
its estimated useful life, including by defining 
project objectives and utilizing performance- 
based monitoring; 
(H) an understanding of the strategic im-
portance of bundling of projects, correctly 
sizing projects, and adopting value design and 
procurement procedures, so as to realize long- 
run cost savings from ‘‘dig, build, expand, or 
improve only once’’; 
(I) an understanding of the importance of 
innovative and state-of-the-art technologies that 
achieve project reliability, efficiency, resiliency, 
sustainability, security, and public safety; 
(J) in cases where infrastructure is pub-
licly or privately owned, a preference for 
projects that leverage Federal, State, local, and 
private financing, including public-private part-
nerships, or where companies can show that the 
additional capital could not be obtained from 
commercial sources; 
(K) a consideration of the costs and bene-
fits of preserving and repurposing existing in-
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frastructure, in particular to mitigate against 
unemployment and bolster manufacturing in 
the United States; 
(L) integration of other qualified projects 
that may or should be done concurrently; 
(M) a categorical benefit; and 
(N) any other criteria as determined by the 
Board, with approval by the Board. 
(2) CATEGORICAL
BENEFIT.—In this sub-
section, the term ‘‘categorical benefit’’ means the 
following: 
(A) For any transportation infrastructure 
project: 
(i) A reduction in surface and air 
traffic congestion, by road, transit, pas-
senger rail, freight rail, port or inland 
water travel, or air travel, as measured by 
reductions in transit, boarding, and total 
trip times. 
(ii) An anticipated increase in capac-
ity for existing and expected new ridership 
or transport use, including by high-speed 
rail. 
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(iii) A reduction in risks from mainte-
nance decline, or structural failure, over 
the service life of the project. 
(iv) The coordination of improvements 
in commuter passenger operations, freight 
transport, and new community design, with 
the demographics of population, economic 
production, and trade hubs according to a 
regional infrastructure plan. 
(v) An overall decline in greenhouse 
gas emissions from surface and air trans-
portation projects financed by the Bank. 
(vi) An increase in access to afford-
able transportation options, including by 
low-income populations and the disabled. 
(vii) Improvements in safety for users, 
passengers, and operators, as measured by 
a reduction in fatalities and serious inju-
ries. 
(B) For any environmental infrastructure 
project: 
(i) Increased coastal and inland flood 
mitigation and protection. 
(ii) Improvements in drinking water, 
wastewater, 
or 
stormwater 
systems, 
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through the repair, expansion or replace-
ment of such systems. 
(iii) A reduction in risk to any public 
infrastructure from structural failure, or 
damage, due to weather-related events or 
catastrophic wildfires. 
(iv) 
Environmental 
improvements 
from the removal of hazardous wastes. 
(C) For any energy infrastructure project: 
(i) Development of a smart grid, with 
modern security and resiliency systems. 
(ii) Expanded use of clean energy. 
(iii) Energy efficient buildings, includ-
ing clean energy designated retrofits. 
(iv) Development of localized power 
generation, and its integration into the 
grid. 
(D) For any telecommunications project: 
(i) Completion or improvement in 
broadband and wireless access and afford-
ability in rural and disadvantaged commu-
nities that private companies do not serve. 
(ii) Improvement of the global tele-
communication satellite network. 
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(E) For any community development infra-
structure project: 
(i) Modernization of local land use 
policies, including those that promote tran-
sit-oriented development and location effi-
ciency. 
(ii) Expansion in the provision of pub-
lic housing, or publicly assisted affordable 
housing, to provide long-term affordability 
in targeted, disadvantaged communities, 
for families and persons with incomes 
equivalent to those currently assisted, and 
improvement in the physical condition of 
such housing. 
(iii) Replacement of schools that have 
reached their service lifetime; or expansion 
of school facilities with growing popu-
lations, or to house new programs for 
workforce development. 
(iv) Improvements in National, State, 
and local parks and recreation facilities 
and related open space land management. 
(e) EMERGENCY PROCEDURES.—During the Bank’s 
first year of operation, or until the Bank has provided a 
total of $500,000,000,000 in loans, the Board may relax 
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its selection criteria and procedures in favor of lending 
quickly for projects— 
(1) that reduce unemployment; 
(2) that address the backlog of critical, shovel- 
ready projects for which preliminary engineering or 
permitting is already completed; or 
(3) where there is a critical safety or other pub-
lic need. 
SEC. 206. BOARD OF DIRECTORS. 
(a) IN GENERAL.—The Bank shall have a Board of 
Directors consisting of 25 members appointed by the 
President by and with the advice and consent of the Sen-
ate. 
(b) QUALIFICATIONS.—The directors of the Board 
shall include individuals representing different regions of 
the United States and— 
(1) 12 of the directors shall have at least 15 
years of industrial and engineering experience; 
(2) 1 director shall be from the AFL–CIO; 
(3) 2 of the directors shall be from North 
America’s Building Trades Unions; 
(4) 2 of the directors shall be from the United 
States Army Corp of Engineers; 
(5) 2 of the directors shall have State and local 
public sector experience; 
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(6) 2 of the directors shall have finance experi-
ence; 
(7) 2 of the directors shall have economic devel-
opment experience; and 
(8) 2 director shall represent minority commu-
nities or disadvantaged communities. 
(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), 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) 12 directors shall be appointed for a 
term of 4 years; and 
(C) 11 directors 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 
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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 ap-
pointment 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 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. 
(3) DURATION.—A director may serve after the 
expiration of that director’s term until a successor 
has taken office. 
(h) QUORUM.—At the time of any Board meeting, 75 
percent of the directors confirmed by Congress (rounded 
down to a whole number) shall constitute a quorum. 
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(i) REAPPOINTMENT.—A director of the Board ap-
pointed by the President may be reappointed by the Presi-
dent 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 inter-
est 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 Ex-
ecutive 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 ap-
prove the bylaws of the Bank, and publish such by-
laws in the Federal Register, including bylaws for 
the regulation of the affairs and conduct of the busi-
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ness 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 oper-
ated in a manner that is consistent with this Act, 
by— 
(A) monitoring and assessing the effective-
ness of the Bank in achieving its strategic 
goals; 
(B) periodically reviewing internal policies 
submitted by the chief executive officer; 
(C) reviewing and approving annual busi-
ness plans, annual budgets, and long-term 
strategies submitted by the chief executive offi-
cer; 
(D) reviewing and approving annual re-
ports 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) establishing such other criteria, require-
ments, or procedures as the Board may consider to 
be appropriate in carrying out this Act. 
(m) MEETINGS.— 
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(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 the 
last director is appointed and otherwise at the call 
of the Chairperson. 
(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. 
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SEC. 207. 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 re-
sponsible for the approval and monitoring of infrastruc-
ture 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) Subject to the availability of funding, as de-
termined by the Board, to develop specialized loan 
programs, such as a disadvantaged communities 
loan program, or a community cooperative startup, 
that provide project financing on flexible repayment 
terms. 
(3) 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 refi-
nancing of an infrastructure project. 
(4) To issue Bonds, to provide financing to in-
frastructure projects from amounts made available 
from the issuance of such bonds. 
(5) To make agreements and contracts with any 
entity in furtherance of the business of the Bank. 
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