the Federal Credit Reform Act of 1990 (2 U.S.C. 
661a). 
(28) PRODUCTIVITY.—The term ‘‘productivity’’ 
means the improved efficiency in the economy asso-
ciated with investments in public and private infra-
structure. It is calculated as the change in the value 
of total production, minus the change in the value 
of inputs going into production. 
(29) PUBLIC BENEFIT.—The term ‘‘public ben-
efit’’ means the clear and measurable benefit to soci-
ety resulting from the public’s use of the infrastruc-
ture with respect to which a project is carried out, 
or the improvement such infrastructure provides 
in— 
(A) economic growth and productivity; 
(B) air and water quality; 
(C) energy savings; 
(D) high-wage jobs; 
(E) poverty reduction; or 
(F) increased Federal, State, and local rev-
enues. 
(30) 
PUBLIC-PRIVATE
PARTNERSHIP.—The 
term ‘‘public-private partnership’’ means any enti-
ty— 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(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 
in part, and at least one of the participants in 
the entity is a nongovernmental entity. 
(31) REVOLVING FUND.—The term ‘‘revolving 
fund’’ (also called ‘‘component entity’’) means a 
fund or program established by a State or a political 
subdivision or other instrumentality of a State, the 
principal activity of which is to make loans, commit-
ments, or other financial accommodation available 
for the development of one or more categories of in-
frastructure projects. 
(32) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury. 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(33) 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)). 
(34) STATE.—The term ‘‘State’’ means any of 
the several States, 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. 
(35) TELECOMMUNICATIONS INFRASTRUCTURE 
PROJECT.—The term ‘‘telecommunications infra-
structure project’’ means any project involving infra-
structure required to provide communications by 
wire, fiber optic cable, satellite, or radio, including 
broadband, or to enhance security for such infra-
structure. 
(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 highways, roads, bridges, tran-
sit and intermodal systems, inland waterways, com-
mercial ports, airports, high-speed and passenger 
rail, and rail track systems. 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(37) TRUST FUND.—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. Trust fund 
receipts shall include those left over from net oper-
ations of the Bank, Federal grant disbursements, 
and philanthropic and other gifts from individuals 
and corporations as they become available. 
SEC. 202. ESTABLISHMENT OF NATIONAL INFRASTRUC-
TURE BANK. 
(a) ESTABLISHMENT
OF NATIONAL INFRASTRUC-
TURE BANK.—The National Infrastructure Bank is estab-
lished as a Government corporation subject to chapter 91 
of title 31, United States Code (commonly known as the 
‘‘Government Corporation Control Act’’), except as other-
wise provided in this Act. 
(b) CONFORMING AMENDMENT.—Section 9101(3) of 
title 31, United States Code, is amended by adding at the 
end the following: 
‘‘(Q) the National Infrastructure Bank.’’. 
(c) 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-
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
ance with this Act, including obtaining a national bank 
charter. 
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.— 
(1) IN GENERAL.—The National Infrastructure 
Bank shall raise capital stock, in an amount ap-
proved by the Board, but not to exceed to 
$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 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00021
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS