that are in the public interest in a manner that com-
plements existing Federal, State, local, and private fund-
ing sources for these projects and introduces a merit-based 
system for financing those projects, in order to mobilize 
significant private sector investment, create long-term 
jobs, and ensure United States competitiveness through 
a self-sustaining institution that limits the need for ongo-
ing Federal funding. 
SEC. 3. DEFINITIONS. 
In this Act: 
(1) BLIND
TRUST.—The term ‘‘blind trust’’ 
means a trust in which the beneficiary has no knowl-
edge of the specific holdings and no rights over how 
those holdings are managed by the fiduciary of the 
trust prior to the dissolution of the trust. 
(2) BOARD OF DIRECTORS.—The term ‘‘Board 
of Directors’’ means the Board of Directors of IFA. 
(3) CHAIRPERSON.—The term ‘‘Chairperson’’ 
means the Chairperson of the Board of Directors of 
IFA. 
(4) CHIEF
EXECUTIVE
OFFICER.—The term 
‘‘Chief Executive Officer’’ means the chief executive 
officer of IFA, appointed under section 103. 
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(5) COST.—The term ‘‘cost’’ has the meaning 
given the term in section 502 of the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661a). 
(6) 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). 
(7) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means— 
(A) an individual; 
(B) a corporation; 
(C) a partnership, including a public-pri-
vate partnership; 
(D) a joint venture; 
(E) a trust; 
(F) a State or any other governmental en-
tity, including a political subdivision or any 
other instrumentality of a State; or 
(G) a revolving fund. 
(8) ELIGIBLE INFRASTRUCTURE PROJECT.— 
(A) IN GENERAL.—The term ‘‘eligible in-
frastructure project’’ means the construction, 
consolidation, alteration, or repair of any of the 
following sectors: 
(i) Intercity passenger or freight rail 
lines, intercity passenger rail facilities or 
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equipment, and intercity freight rail facili-
ties or equipment. 
(ii) Intercity passenger bus facilities 
or equipment. 
(iii) Public transportation facilities or 
equipment. 
(iv) 
Highway 
facilities, 
including 
bridges and tunnels. 
(v) Airports and air traffic control 
systems. 
(vi) Port or marine terminal facilities, 
including approaches to marine terminal 
facilities or inland port facilities, and port 
or marine equipment, including fixed 
equipment to serve approaches to marine 
terminals or inland ports. 
(vii) 
Transmission 
or 
distribution 
pipelines. 
(viii) Inland waterways. 
(ix) Intermodal facilities or equipment 
related to 2 or more of the sectors de-
scribed in clauses (i) through (viii). 
(x) Water treatment and solid waste 
disposal facilities. 
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(xi) Storm water management sys-
tems. 
(xii) Dams and levees. 
(xiii) Facilities or equipment for en-
ergy transmission, distribution or storage. 
(B) AUTHORITY OF THE BOARD OF DIREC-
TORS TO MODIFY SECTORS.—The Board of Di-
rectors may make modifications, at the discre-
tion of the Board, to any of the sectors de-
scribed in subparagraph (A) by a vote of not 
fewer than 5 of the voting members of the 
Board of Directors. 
(9) IFA.—The term ‘‘IFA’’ means the Infra-
structure Financing Authority established under sec-
tion 101. 
(10) INVESTMENT-GRADE
RATING.—The term 
‘‘investment-grade rating’’ means a rating of BBB 
minus, Baa3, or higher assigned to an eligible infra-
structure project by a ratings agency. 
(11) LOAN GUARANTEE.—The term ‘‘loan guar-
antee’’ has the meaning given the term in section 
502 of the Federal Credit Reform Act of 1990 (2 
U.S.C. 661a). 
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(12) OTRA.—The term ‘‘OTRA’’ means the 
Office of Technical and Rural Assistance created 
pursuant to section 106. 
(13) 
PUBLIC-PRIVATE
PARTNERSHIP.—The 
term ‘‘public-private partnership’’ means any eligible 
entity— 
(A)(i) that is undertaking the development 
of all or part of an eligible infrastructure 
project that will have a measurable public ben-
efit, pursuant to requirements established in 1 
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 eligible infrastructure project, are sub-
ject to regulation by a State or any instrumen-
tality of a State; 
(B) that owns, leases, or operates or will 
own, lease, or operate, the project in whole or 
in part; and 
(C) the participants in which include not 
fewer than 1 nongovernmental entity with sig-
nificant investment and some control over the 
project or entity sponsoring the project vehicle. 
(14) RATING AGENCY.—The term ‘‘rating agen-
cy’’ means a credit rating agency registered with the 
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Securities and Exchange Commission as a nationally 
recognized statistical rating organization (as defined 
in section 3(a) of the Securities Exchange Act of 
1934 (15 U.S.C. 78c(a))). 
(15) 
REGIONAL
INFRASTRUCTURE
ACCEL-
ERATOR.—The term ‘‘regional infrastructure accel-
erator’’ means an organization created by public sec-
tor 
agencies 
through 
a 
multijurisdictional 
or 
multistate agreement to provide technical assistance 
to local jurisdictions that will facilitate the imple-
mentation of innovative financing and procurement 
models to public infrastructure projects. 
(16) RURAL INFRASTRUCTURE PROJECT.—The 
term ‘‘rural infrastructure project’’— 
(A) has the same meaning given the term 
in section 601(15) of title 23, United States 
Code; and 
(B) includes any eligible infrastructure 
project sector described in clauses (i) through 
(xvii) of paragraph (8)(A) located in any area 
other than a city with a population of more 
than 250,000 inhabitants within the city limits. 
(17) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury or the designee 
of the Secretary of the Treasury. 
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appointment under this subsection, the President 
shall give consideration to the geographic areas of 
the United States in which the members of the 
Board of Directors live and work, particularly to en-
sure that the infrastructure priorities and concerns 
of each region of the country, including rural areas 
and small communities, are represented on the 
Board of Directors. 
(b) VOTING RIGHTS.—Each voting member of the 
Board of Directors shall have an equal vote in all decisions 
of the Board of Directors. 
(c) QUALIFICATIONS OF VOTING MEMBERS.—Each 
voting member of the Board of Directors shall— 
(1) be a citizen of the United States; and 
(2) have significant demonstrated expertise in— 
(A) the management and administration of 
a financial institution relevant to the operation 
of IFA; or 
(B) the financing, development, or oper-
ation of infrastructure projects, including in the 
evaluation and selection of eligible infrastruc-
ture projects based on the purposes, goals, and 
objectives of this Act. 
(d) TERMS.— 
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(1) IN
GENERAL.—Except as otherwise pro-
vided in this Act, each voting member of the Board 
of Directors shall be appointed for a term of 5 years. 
(2) INITIAL STAGGERED TERMS.—Of the voting 
members first appointed to the Board of Directors— 
(A) the initial Chairperson and 3 of the 
other voting members shall each be appointed 
for a term of 5 years; and 
(B) the remaining 3 voting members shall 
each be appointed for a term of 2 years. 
(3) DATE OF INITIAL NOMINATIONS.—The ini-
tial nominations for the appointment of all voting 
members of the Board of Directors shall be made 
not later than 60 days after the date of the enact-
ment of this Act. 
(4) BEGINNING OF TERM.—The term of each of 
the initial voting members appointed under this sec-
tion shall commence immediately upon the date of 
appointment, except that, for purposes of calculating 
the term limits specified in this subsection, the ini-
tial terms shall each be construed as beginning on 
January 22 of the year following the date of the ini-
tial appointment. 
(5) VACANCIES.— 
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(A) IN GENERAL.—A vacancy in the posi-
tion of a voting member of the Board of Direc-
tors shall be filled by the President, by and 
with the advice and consent of the Senate. 
(B) TERM.—A member appointed to fill a 
vacancy on the Board of Directors occurring be-
fore the expiration of the term for which the 
predecessor was appointed shall be appointed 
only for the remainder of that term. 
(e) MEETINGS.— 
(1) OPEN TO THE PUBLIC; NOTICE.—Except as 
provided in paragraph (3), all meetings of the Board 
of Directors shall be— 
(A) open to the public; and 
(B) preceded by reasonable public notice. 
(2) FREQUENCY.—The Board of Directors shall 
meet— 
(A) not later than 60 days after the date 
on which all members of the Board of Directors 
are first appointed; 
(B) at least quarterly after the date de-
scribed in subparagraph (A); and 
(C) at the call of the Chairperson or 3 vot-
ing members of the Board of Directors. 
(3) EXCEPTION FOR CLOSED MEETINGS.— 
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(A) IN GENERAL.—The voting members of 
the Board of Directors may, by majority vote, 
close a meeting to the public if, during the 
meeting to be closed, there is likely to be dis-
closed proprietary or sensitive information re-
garding an eligible infrastructure project under 
consideration for assistance under this Act. 
(B) AVAILABILITY
OF
MINUTES.—The 
Board of Directors shall prepare minutes of any 
meeting that is closed to the public, which min-
utes shall be made available as soon as prac-
ticable, but not later than 1 year after the date 
of the closed meeting, with any necessary 
redactions to protect any proprietary or sen-
sitive information. 
(4) QUORUM.—For purposes of meetings of the 
Board of Directors, 5 voting members of the Board 
of Directors shall constitute a quorum. 
(f) COMPENSATION
OF
MEMBERS.—Each voting 
member of the Board of Directors shall be compensated 
at a rate equal to the daily equivalent of the annual rate 
of basic pay prescribed for level III of the Executive 
Schedule under section 5314 of title 5, United States 
Code, for each day (including travel time) during which 
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the member is engaged in the performance of the duties 
of the Board of Directors. 
(g) CONFLICTS OF INTEREST.—A voting member of 
the Board of Directors may not participate in any review 
or decision affecting an eligible infrastructure project 
under consideration for assistance under this Act, if the 
member has or is affiliated with an entity who has a finan-
cial interest in that project. 
SEC. 103. CHIEF EXECUTIVE OFFICER. 
(a) IN GENERAL.—The Chief Executive Officer 
shall— 
(1) be a nonvoting member of the Board of Di-
rectors; 
(2) be responsible for all IFA activities; and 
(3) support the Board of Directors in accord-
ance with this Act and as the Board of Directors de-
termines to be necessary. 
(b) APPOINTMENT AND TENURE OF THE CHIEF EX-
ECUTIVE OFFICER.— 
(1) IN GENERAL.—The President shall appoint 
the Chief Executive Officer, by and with the advice 
and consent of the Senate. 
(2) TERM.—The Chief Executive Officer shall 
be appointed for a term of 6 years. 
(3) VACANCIES.— 
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(A) IN GENERAL.—Any vacancy in the of-
fice of the Chief Executive Officer shall be filled 
by the President, by and with the advice and 
consent of the Senate. 
(B) TERM.—The person appointed to fill a 
vacancy in the Chief Executive Officer position 
that occurs before the expiration of the term for 
which the predecessor was appointed shall be 
appointed only for the remainder of that term. 
(c) QUALIFICATIONS.—The Chief Executive Offi-
cer— 
(1) shall have significant expertise in manage-
ment and administration of a financial institution, 
or significant expertise in the financing and develop-
ment of infrastructure projects; and 
(2) may not— 
(A) hold any other public office; 
(B) have any financial interest in an eligi-
ble infrastructure project then being considered 
by the Board of Directors, unless that interest 
is placed in a blind trust; or 
(C) have any financial interest in an in-
vestment institution or its affiliates or any 
other entity seeking or likely to seek financial 
assistance for any eligible infrastructure project 
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from IFA, unless any such interest is placed in 
a blind trust for a term equal to the tenure of 
the service of the Chief Executive Officer plus 
2 additional years. 
(d) RESPONSIBILITIES.—The Chief Executive Officer 
shall have such executive functions, powers, and duties as 
may be prescribed by this Act, the bylaws of IFA, or the 
Board of Directors, including— 
(1) responsibility for the development and im-
plementation of the strategy of IFA, including— 
(A) the development and submission to the 
Board of Directors of the annual business plans 
and budget; 
(B) the development and submission to the 
Board of Directors of a long-term strategic 
plan; and 
(C) the development, revision, and submis-
sion to the Board of Directors of internal poli-
cies; and 
(2) responsibility for the management and over-
sight of the daily activities, decisions, operations, 
and personnel of IFA. 
(e) COMPENSATION.— 
(1) IN
GENERAL.—Any compensation assess-
ment or recommendation by the Chief Executive Of-
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ficer under this section shall be without regard to 
the provisions of chapter 51 or subchapter III of 
chapter 53 of title 5, United States Code. 
(2) CONSIDERATIONS.—The compensation as-
sessment or recommendation required under this 
subsection shall take into account merit principles, 
where applicable, as well as the education, experi-
ence, level of responsibility, geographic differences, 
and retention and recruitment needs in determining 
compensation of personnel. 
SEC. 104. POWERS AND DUTIES OF THE BOARD OF DIREC-
TORS. 
The Board of Directors shall— 
(1) as soon as practicable after the date on 
which all members are appointed, approve or dis-
approve senior management appointed by the Chief 
Executive Officer; 
(2) not later than 180 days after the date on 
which all members are appointed— 
(A) develop and approve the IFA bylaws, 
including bylaws for the regulation of the af-
fairs and conduct of the IFA business, con-
sistent with the purpose, goals, objectives, and 
policies set forth in this Act; 
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(B) establish subcommittees, including an 
audit committee that is composed solely of 
members of the Board of Directors, other than 
the Chief Executive Officer; 
(C) develop and approve, in consultation 
with senior management, a conflict-of-interest 
policy for the Board of Directors and for senior 
management; 
(D) approve or disapprove internal policies 
that the Chief Executive Officer shall submit to 
the Board of Directors, including— 
(i) policies regarding the loan applica-
tion and approval process, including appli-
cation procedures and project approval 
processes; and 
(ii) operational guidelines; and 
(E) approve or disapprove a 1-year busi-
ness plan and budget for IFA; 
(3) ensure that IFA is at all times operated in 
a manner that is consistent with this Act— 
(A) by monitoring and assessing the effec-
tiveness of IFA in achieving its strategic goals; 
(B) by reviewing and approving internal 
policies, annual business plans, annual budgets, 
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and long-term strategies submitted by the Chief 
Executive Officer; 
(C) by reviewing and approving annual re-
ports submitted by the Chief Executive Officer; 
(D) by engaging 1 or more external audi-
tors, as set forth in this Act; and 
(E) by reviewing and approving all changes 
to the organization of senior management; 
(4) appoint and fix, by a vote of not less than 
5 of the 7 voting members of the Board of Direc-
tors, and without regard to the provisions of chapter 
51 or subchapter III of chapter 53 of title 5, United 
States Code, the compensation and adjustments to 
compensation of all IFA personnel, provided that in 
appointing and fixing any compensation or adjust-
ments to compensation under this paragraph, the 
Board shall— 
(A) consult with, and seek to maintain 
comparability with, other comparable Federal 
personnel, as the Board of Directors may deter-
mine to be appropriate; 
(B) consult with the Office of Personnel 
Management; and 
(C) carry out those duties consistent with 
merit principles, where applicable, as well as the 
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education, experience, level of responsibility, ge-
ographic differences, comparability to private 
sector positions, and retention and recruitment 
needs in determining compensation of per-
sonnel; 
(5) serve as the primary liaison for IFA in 
interactions with Congress, the Secretary of Trans-
portation and other executive branch officials, and 
State and local governments, and to represent the 
interests of IFA in those interactions and others; 
(6) approve by a vote of not less than 5 of the 
7 voting members of the Board of Directors any 
changes to the bylaws or internal policies of IFA; 
(7) have the authority and responsibility— 
(A) to oversee entering into and carrying 
out such contracts, leases, cooperative agree-
ments, or other transactions as are necessary to 
carry out this Act; 
(B) to approve of the acquisition, lease, 
pledge, exchange, and disposal of real and per-
sonal property by IFA and otherwise approve 
the exercise by IFA of all of the usual incidents 
of ownership of property, to the extent that the 
exercise of those powers is appropriate to and 
consistent with the purposes of IFA; 
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(C) to determine the character of, and the 
necessity for, the obligations and expenditures 
of IFA, and the manner in which the obliga-
tions and expenditures will be incurred, allowed, 
and paid, subject to this Act and other Federal 
law specifically applicable to wholly owned Fed-
eral corporations; 
(D) to execute, in accordance with applica-
ble bylaws and regulations, appropriate instru-
ments; 
(E) to approve other forms of credit en-
hancement that IFA may provide to eligible 
projects, as long as the forms of credit enhance-
ments are consistent with the purposes of this 
Act and terms set forth in title II; 
(F) to exercise all other lawful powers 
which are necessary or appropriate to carry out, 
and are consistent with, the purposes of IFA; 
(G) to sue or be sued in the corporate ca-
pacity of IFA in any court of competent juris-
diction; 
(H) to indemnify the members of the 
Board of Directors and officers of IFA for any 
liabilities arising out of the actions of the mem-
bers and officers in that capacity, in accordance 
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with, and subject to the limitations contained in 
this Act; 
(I) to review all financial assistance pack-
ages to all eligible infrastructure projects, as 
submitted by the Chief Executive Officer and to 
approve, postpone, or deny the same by major-
ity vote; 
(J) to review all restructuring proposals 
submitted by the Chief Executive Officer, in-
cluding assignation, pledging, or disposal of the 
interest of IFA in a project, including payment 
or income from any interest owned or held by 
IFA, and to approve, postpone, or deny the 
same by majority vote; 
(K) to enter into binding commitments, as 
specified in approved financial assistance pack-
ages; 
(L) to determine whether— 
(i) to obtain a lien on the assets of an 
eligible entity that receives assistance 
under this Act; and 
(ii) to subordinate a lien under clause 
(i) to any other lien securing project obli-
gations; and 
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(M) to ensure a measurable public benefit 
in the selection of eligible infrastructure 
projects and to provide for reasonable public 
input in the selection of such projects; 
(8) delegate to the Chief Executive Officer 
those duties that the Board of Directors determines 
to be appropriate, to better carry out the powers and 
purposes of the Board of Directors under this sec-
tion; and 
(9) approve a maximum aggregate amount of 
principal exposure of IFA at any given time. 
SEC. 105. SENIOR MANAGEMENT. 
(a) IN GENERAL.—Senior management shall support 
the Chief Executive Officer in the discharge of the respon-
sibilities of the Chief Executive Officer. 
(b) APPOINTMENT OF SENIOR MANAGEMENT.—The 
Chief Executive Officer shall appoint such senior man-
agers as are necessary to carry out the purposes of IFA, 
as approved by a majority vote of the voting members of 
the Board of Directors, including a chief compliance offi-
cer, general counsel, chief operating officer, chief lending 
officer, and other positions as determined to be appro-
priate by the Chief Executive Officer and the Board of 
Directors. 
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(c) TERM.—Each member of senior management 
shall serve at the pleasure of the Chief Executive Officer 
and the Board of Directors. 
(d) REMOVAL OF SENIOR MANAGEMENT.—Any mem-
ber of senior management may be removed— 
(1) by a majority of the voting members of the 
Board of Directors at the request of the Chief Exec-
utive Officer; or 
(2) by a vote of not fewer than 5 voting mem-
bers of the Board of Directors. 
(e) SENIOR MANAGEMENT.— 
(1) IN
GENERAL.—Each member of senior 
management shall report directly to the Chief Exec-
utive Officer, other than the chief risk officer, who 
shall report directly to the Board of Directors. 
(2) CHIEF RISK OFFICER.—The chief risk offi-
cer shall be responsible for all functions of IFA re-
lating to— 
(A) the creation of financial, credit, and 
operational risk management guidelines and 
policies; 
(B) the establishment of guidelines to en-
sure diversification of lending activities by re-
gion, infrastructure project type, and project 
size; 
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(C) the creation of conforming standards 
for infrastructure finance agreements; 
(D) the monitoring of the financial, credit, 
and operational exposure of IFA; and 
(E) risk management and mitigation ac-
tions, including by reporting those actions, or 
recommendations of actions to be taken, di-
rectly to the Board of Directors. 
(f) CONFLICTS
OF INTEREST.—No individual ap-
pointed to senior management may— 
(1) hold any other public office; 
(2) have any financial interest in an eligible in-
frastructure project then being considered by the 
Board of Directors, unless that interest is placed in 
a blind trust; or 
(3) have any financial interest in an investment 
institution or its affiliates, IFA or its affiliates, or 
other entity then seeking or likely to seek financial 
assistance for any eligible infrastructure project 
from IFA, unless any such interest is placed in a 
blind trust during the term of service of that indi-
vidual in a senior management position, and for a 
period of 2 years thereafter. 
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SEC. 106. OFFICE OF TECHNICAL AND RURAL ASSISTANCE. 
(a) IN GENERAL.—The Chief Executive Officer shall 
create and manage the Office of Technical and Rural As-
sistance within IFA. 
(b) DUTIES.—The OTRA shall— 
(1) in consultation with the Secretary of Trans-
portation and the heads of other relevant Federal 
agencies, as determined by the Chief Executive Offi-
cer, provide technical assistance to State and local 
governments and parties in public-private partner-
ships in the development and financing of eligible in-
frastructure projects, including rural infrastructure 
projects; 
(2) assist the entities described in paragraph 
(1) with coordinating loan and loan guarantee pro-
grams available through Federal agencies, including 
the Department of Transportation and other Federal 
agencies, as appropriate; 
(3) work with the entities described in para-
graph (1) to identify and develop a pipeline of 
projects suitable for financing through innovative 
project financing and performance based project de-
livery, including those projects with the potential for 
financing through IFA; and 
(4) establish a regional infrastructure accel-
erator demonstration program to assist the entities 
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described in paragraph (1) in developing improved 
infrastructure priorities and financing strategies, for 
the accelerated development of covered infrastruc-
ture projects, including those projects with the po-
tential for financing through IFA. 
(c) DESIGNATION OF REGIONAL INFRASTRUCTURE 
ACCELERATORS.—In carrying out the program estab-
lished pursuant to subsection (b)(4), the OTRA is author-
ized to designate regional infrastructure accelerators that 
shall— 
(1) serve a defined geographic area; and 
(2) act as a resource in such area to entities de-
scribed in subsection (b)(1), in accordance with this 
subsection. 
(d) APPLICATION PROCESS.—To be eligible for a des-
ignation under subsection (c), regional infrastructure ac-
celerators shall submit a proposal to the OTRA at such 
time, in such form, and containing such information as 
the OTRA determines is appropriate. 
(e) CONSIDERATIONS.—In evaluating proposals sub-
mitted pursuant to subsection (d), the OTRA shall con-
sider— 
(1) the need for geographic diversity among re-
gional infrastructure accelerators; and 
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(2) promoting investment in covered infrastruc-
ture projects, which shall include a plan— 
(A) to evaluate and promote innovative fi-
nancing methods for local projects, including 
the use of IFA; 
(B) to build capacity of governments to 
evaluate and structure projects involving the in-
vestment of private capital; 
(C) to provide technical assistance and in-
formation on best practices with respect to fi-
nancing such projects; 
(D) to increase transparency with respect 
to infrastructure project analysis and utilizing 
innovative financing for public infrastructure 
projects; 
(E) to deploy predevelopment capital pro-
grams designed to facilitate the creation of a 
pipeline of infrastructure projects available for 
investment; 
(F) to bundle smaller-scale and rural 
projects into larger proposals that may be more 
attractive for investment; and 
(G) to reduce transaction costs for public 
project sponsors. 
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(f) ANNUAL REPORT.—The OTRA shall submit an 
annual report to Congress that describes the findings and 
effectiveness of the infrastructure accelerator demonstra-
tion program. 
SEC. 107. SPECIAL INSPECTOR GENERAL FOR IFA. 
(a) IN GENERAL.— 
(1) INITIAL PERIOD.—During the 5-year period 
beginning on the date of the enactment of this Act, 
the Inspector General of the Department of the 
Treasury shall serve as the Special Inspector Gen-
eral for IFA in addition to the existing duties of the 
Inspector General of the Department of the Treas-
ury. 
(2) OFFICE OF THE SPECIAL INSPECTOR GEN-
ERAL.—Beginning on the day that is 5 years after 
the date of the enactment of this Act, there is estab-
lished the Office of the Special Inspector General for 
IFA. 
(b) APPOINTMENT
OF INSPECTOR GENERAL; RE-
MOVAL.— 
(1) HEAD OF OFFICE.—The head of the Office 
of the Special Inspector General for IFA shall be the 
Special Inspector General for IFA (referred to in 
this Act as the ‘‘Special Inspector General’’), who 
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shall be appointed by the President, by and with the 
advice and consent of the Senate. 
(2) BASIS
OF
APPOINTMENT.—The appoint-
ment of the Special Inspector General shall be made 
on the basis of integrity and demonstrated ability in 
accounting, auditing, financial analysis, law, man-
agement analysis, public administration, or inves-
tigations. 
(3) TIMING OF NOMINATION.—The nomination 
of an individual as Special Inspector General shall 
be made as soon as practicable after the date of en-
actment of this Act. 
(4) REMOVAL.—The Special Inspector General 
shall be removable from office in accordance with 
the provisions of section 3(b) of the Inspector Gen-
eral Act of 1978 (5 U.S.C. App.). 
(5) RULE OF CONSTRUCTION.—For purposes of 
section 7324 of title 5, United States Code, the Spe-
cial Inspector General shall not be considered an em-
ployee who determines policies to be pursued by the 
United States in the nationwide administration of 
Federal law. 
(6) RATE OF PAY.—The annual rate of basic 
pay of the Special Inspector General shall be the an-
nual rate of basic pay for an Inspector General 
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under section 3(e) of the Inspector General Act of 
1978 (5 U.S.C. App.). 
(c) DUTIES.—The Special Inspector General shall— 
(1) conduct, supervise, and coordinate audits 
and investigations of the business activities of IFA; 
(2) establish, maintain, and oversee such sys-
tems, procedures, and controls as the Special Inspec-
tor General considers appropriate to discharge the 
duty under paragraph (1); and 
(3) carry out any other duties and responsibil-
ities of inspectors general under the Inspector Gen-
eral Act of 1978 (5 U.S.C. App.). 
(d) POWERS AND AUTHORITIES.— 
(1) IN GENERAL.—In carrying out the duties 
specified in subsection (c), the Special Inspector 
General shall have the authorities provided in section 
6 of the Inspector General Act of 1978 (5 U.S.C. 
App.). 
(2) ADDITIONAL AUTHORITY.—The Special In-
spector General shall carry out the duties specified 
in subsection (c)(1) in accordance with section 
4(b)(1) of the Inspector General Act of 1978 (5 
U.S.C. App.). 
(e) PERSONNEL, FACILITIES, AND
OTHER
RE-
SOURCES.— 
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(1) ADDITIONAL OFFICERS.— 
(A) IN GENERAL.—The Special Inspector 
General may select, appoint, and employ such 
officers and employees as may be necessary for 
carrying out the duties of the Special Inspector 
General, subject to the provisions of title 5, 
United States Code, governing appointments in 
the competitive service, and the provisions of 
chapter 51 and subchapter III of chapter 53 of 
such title, relating to classification and General 
Schedule pay rates. 
(B) EMPLOYMENT AND COMPENSATION.— 
The Special Inspector General may exercise the 
authorities of subsections (b) through (i) of sec-
tion 3161 of title 5, United States Code (with-
out regard to subsection (a) of that section). 
(2) RETENTION OF SERVICES.—The Special In-
spector General may obtain services as authorized by 
section 3109 of title 5, United States Code, at daily 
rates not to exceed the equivalent rate prescribed for 
grade GS–15 of the General Schedule by section 
5332 of such title. 
(3) ABILITY TO CONTRACT FOR AUDITS, STUD-
IES, AND OTHER SERVICES.—The Special Inspector 
General may enter into contracts and other arrange-
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(C) the ability of the eligible infrastructure 
project to support the loan or loan guarantee; 
and 
(D) the total amount of the loan or loan 
guarantee. 
SEC. 302. SELF-SUFFICIENCY OF IFA. 
The Chief Executive Officer, to the extent prac-
ticable, shall take actions consistent with this Act to make 
IFA a self-sustaining entity, with administrative costs and 
Federal credit subsidy costs fully funded by fees and risk 
premiums on loans and loan guarantees. 
SEC. 303. FUNDING. 
(a) AUTHORIZATION OF APPROPRIATIONS.— 
(1) IN GENERAL.—There is authorized to be 
appropriated to IFA to make direct loans and loan 
guarantees under this Act $10,000,000,000, which 
shall remain available until expended. 
(2) ADMINISTRATIVE COSTS.—Of the amounts 
appropriated pursuant to paragraph (1), IFA may 
expend, for administrative costs, not more than— 
(A) $25,000,000 for each of the fiscal 
years 2021 and 2022; and 
(B) not more than $50,000,000 for fiscal 
year 2023. 
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