I 
119TH CONGRESS 
1ST SESSION H. R. 4315 
To establish a Government corporation to provide loans and loan guarantees 
for infrastructure projects, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 10, 2025 
Mr. CARBAJAL (for himself and Mr. WEBSTER of Florida) introduced the fol-
lowing bill; which was referred to the Committee on Transportation and 
Infrastructure 
A BILL 
To establish a Government corporation to provide loans and 
loan guarantees for infrastructure projects, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘National Infrastruc-
ture Investment Corporation Act of 2025’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) According to the American Society of Civil 
Engineers 2025 Infrastructure Report, the current 
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condition of the infrastructure in the United States 
earns 
a 
grade 
of 
C 
and 
an 
estimated 
$3,700,000,000,000 is needed to have infrastructure 
in good working order. 
(2) Current and foreseeable demands on tradi-
tional funding for infrastructure expansion exceed 
the resources to support much-needed infrastructure 
programs. 
(3) As of April 19, 2019, the top 50 strategic 
infrastructure projects, including transportation, 
water and wastewater, ports and waterways, and 
telecommunications, totaled $289,370,000,000 in 
unmet needs. 
(4) Infrastructure needs are not limited to tra-
ditional roads and bridges but include a wide sector 
of basic, physical, and organizational structures and 
facilities that are needed for the effective and pro-
ductive operation of society. 
(5) Investment in infrastructure not only cre-
ates jobs and economic growth and is a key compo-
nent of maintaining a global competitive edge but is 
also fundamental to enhancing and preserving qual-
ity of life. 
(6) The establishment of a Government cor-
poration that provides loans supported by pension 
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funds to finance qualified infrastructure projects 
would attract needed supplemental capital for infra-
structure development. 
SEC. 3. ESTABLISHMENT. 
There is established a corporation to be known as the 
‘‘National Infrastructure Investment Corporation’’ (in this 
Act referred to as the ‘‘Corporation’’), which shall be a 
Government corporation as defined in section 103 of title 
5, United States Code, whose purpose shall be to finance 
infrastructure projects that are beyond the financing capa-
bilities of States and cities, including— 
(1) prioritizing projects in a fair and efficient 
manner; and 
(2) minimizing financial costs to the Federal 
Government. 
SEC. 4. BOARD OF DIRECTORS AND INSPECTOR GENERAL. 
(a) ESTABLISHMENT.—The management of the Cor-
poration shall be vested in a board of directors (in this 
Act referred to as the ‘‘Board’’). 
(b) MEMBERSHIP.—The Board shall be composed of 
7 members that meet the qualifications under subsection 
(c), consisting of— 
(1) 3 members appointed by the President, by 
and with the advice and consent of the Senate; 
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(2) 1 member appointed by the majority leader 
of the Senate; 
(3) 1 member appointed by the minority leader 
of the Senate; 
(4) 1 member appointed by the Speaker of the 
House of Representatives; and 
(5) 1 member appointed by the minority leader 
of the House of Representatives. 
(c) QUALIFICATIONS.—Each member of the Board 
shall— 
(1) be a citizen of the United States; 
(2) have significant demonstrated experience or 
expertise in— 
(A) infrastructure, and with respect to in-
frastructure, experience or expertise in— 
(i) heavy construction; 
(ii) labor; or 
(iii) government policy; 
(B) the financing, development, or oper-
ation of infrastructure projects, including the 
evaluation and selection of eligible projects; or 
(C) the management and administration of 
a financial institution that provides financing 
for infrastructure projects; and 
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(A) A vacancy shall be filled in the manner 
in which the original appointment was made. 
(B) Any Board member elected to fill a va-
cancy occurring before the expiration of the 
term for which the direct predecessor of the 
member was appointed shall be appointed only 
for the remainder of that term. 
(C) In accordance with subparagraph (B), 
a Board member may serve after the expiration 
of the term of the direct predecessor of the 
Board member until a successor has taken of-
fice. 
(g) RESPONSIBILITIES OF THE BOARD.—The respon-
sibilities of the Board are as follows: 
(1) Provide low-cost loans and loan guarantees 
to eligible applicants under section 5. 
(2) Develop strategic goals for the Corporation 
based on the purpose of the Corporation. 
(3) Monitor and assess the effectiveness of the 
Corporation in achieving such strategic goals. 
(4) Review and approve the annual business 
plans, annual budgets, and long-term strategies of 
and for infrastructure projects financed through the 
Corporation. 
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(5) Develop, review, and approve annual reports 
for the Corporation. 
(6) Employ at least 1 external auditor to con-
duct an annual audit of such infrastructure projects. 
(7) Employ individuals as necessary to carry 
out the provisions of this Act. 
(8) Determine the operations and internal poli-
cies of the Corporation. 
(h) INSPECTOR GENERAL.—The Board shall appoint 
an employee of the Corporation to be known as the ‘‘In-
spector General’’ whose duties shall include the following: 
(1) Conduct audits under section 6(b). 
(2) Carry out, with respect to the Corporation, 
duties and responsibilities established under the In-
spector General Act of 1978 (5 U.S.C. App.). 
(3) Establish, maintain, and oversee such au-
dits as the Inspector General considers appropriate 
under this Act. 
SEC. 5. LOANS, LOAN GUARANTEES, AND BONDING. 
(a) GENERAL AUTHORITY.—The Corporation shall 
provide loans, loan guarantees, and bonds to eligible appli-
cants for infrastructure projects in the United States. 
(b) ELIGIBILITY REQUIREMENTS.—An applicant is 
eligible for a loan, loan guarantee, or bond under this sec-
tion if the applicant— 
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(1) submits a detailed letter of interest to the 
Corporation that— 
(A) describes the infrastructure project 
and the location, purpose, and cost of the 
project; 
(B) outlines the proposed financial plan 
with respect to such project, including the re-
quested loan, loan guarantee, or bond amount 
and the proposed obligor; 
(C) provides a status of environmental re-
view; and 
(D) summarizes the geographic area af-
fected by such project; and 
(2) meets the prerequisites for assistance and 
conditions for assistance described in subsections (g) 
and (h) of section 502 of the Railroad Revitalization 
and Regulatory Reform Act of 1976 (45 U.S.C. 
822(g) and (h)). 
(c) ELIGIBLE USES.—Loans, loan guarantees, and 
bonds provided under this section may be used only for 
eligible project costs (as defined in section 601(a)(2) of 
title 23, United States Code) for infrastructure projects, 
including transportation, energy, environment, and tele-
communications. 
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(d) CONSULTATION.—Prior to approving a loan, loan 
guarantee, or bond under this section, the Corporation 
shall require the applicant to consult with any member of 
the House of Representatives or member of the Senate 
whose district or State, respectively, is affected by the in-
frastructure project to ensure that such project is meri-
torious and to avoid any problems that may arise with re-
spect to such project. 
(e) TIMING.—A loan or bond provided under sub-
section (a) shall be structured with respect to the expected 
timing and duration of the construction and utility of an 
infrastructure project. 
(f) TIFIA.—Except as inconsistent with this Act, the 
Corporation shall provide for loans, loan guarantees, and 
bonds under this section in the same manner and subject 
to the same requirements as the Secretary of Transpor-
tation enters into loans and loan agreements under section 
602 of chapter 6 of title 23, United States Code, with re-
spect to the TIFIA program (as defined in section 601 
of such title). 
SEC. 6. AUDITS AND REPORTS. 
(a) REPORT TO CONGRESS.—Not later than 1 year 
after the date of enactment of this Act, and annually 
thereafter, the Board shall submit to Congress a report 
on the activities of the Corporation. 
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(b) ANNUAL AUDIT.—Not later than 1 year after the 
date of enactment of this Act, and annually thereafter, 
the Inspector General of the Corporation shall— 
(1) conduct an account audit of the Corpora-
tion; 
(2) conduct, supervise, and coordinate inves-
tigations of the business activities of the Corpora-
tion; 
(3) ensure that the Corporation is acting con-
sistent with this Act; and 
(4) submit the results of such audit to Con-
gress. 
(c) GAO AUDIT AND REPORT.—Not later than 5 
years after the date of enactment of this Act, and every 
5 years thereafter, the Comptroller General of the United 
States shall— 
(1) conduct an evaluation of the activities of the 
Corporation from the previous 5 fiscal years; and 
(2) submit to Congress a report containing the 
results of such evaluation, which shall include— 
(A) an assessment of the impact and bene-
fits of each infrastructure project financed 
through the Corporation; and 
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(B) a review of the effectiveness of such in-
frastructure project in accomplishing the goals 
of this Act. 
(d) APPLICATION WAITING PERIOD.—Before any 
loan or loan guarantee is awarded under this Act, the Cor-
poration shall submit to Congress a report describing the 
application for such loan or loan guarantee. The Corpora-
tion may not award the loan or loan agreement before the 
end of the 60-day period following the submission of such 
report to Congress. The Corporation may award the loan 
or loan agreement after such period unless Congress en-
acts a joint resolution disapproving the application with 
an explanation for such disapproval. 
(e) REJECTED APPLICATIONS.—An application that 
is rejected under subsection (d) shall not be resubmitted 
to the Corporation unless the basis for the disapproval of 
the application has been addressed by the resubmitted ap-
plication. 
SEC. 7. FUNDING. 
(a) PENSION FUND LOANS.—For purposes of paying 
for the administrative costs of the Corporation and to pro-
vide loans and loan guarantees for eligible infrastructure 
projects, the Board may accept loans during fiscal years 
2026 through 2030 from pension funds. 
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(b) LIMITATION.—The Board may not accept more 
than $5,000,000,000 in loans under subsection (a) during 
any single fiscal year. 
(c) ANNUAL PERCENTAGE RATE.—With respect to a 
loan described under subsection (a), the Board may not 
pay an annual percentage rate of less than 3 percent or 
more than 4 percent. 
Æ 
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