(j) TERM.—The CCO and other audit officers of the 
audit committee shall serve a 6-year term and may be re-
appointed in accordance with this section. 
(k) LIMITATIONS.—The CCO and other audit officers 
of the audit committee 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 or 
investing in 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. 211. PERSONNEL. 
(a) COMPENSATION; DUTIES.—The chairperson of 
the Board, chief executive officer, chief risk officer, and 
chief compliance officer shall appoint, remove, fix the com-
pensation of, and define the duties of such qualified per-
sonnel to serve under the Board, Executive Committee, 
risk management committee, or audit committee, as the 
case may be, as necessary and prescribed by this Act, the 
bylaws of the Bank, and the Board. 
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(b) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—Consideration of projects by the Executive 
Committee and the Board shall be conducted with per-
sonnel on detail to the Bank from United States Army 
Corps of Engineers, the Department of Transportation, 
the Department of Labor, the Department of Housing and 
Urban Development, the Environmental Protection Agen-
cy, the Department of the Treasury, the Department of 
Commerce, and other relevant departments and agencies 
from among individuals who are familiar with and experi-
enced in the selection criteria for competitive projects. The 
Bank shall reimburse those departments and agencies for 
the staff who are on detail to the Bank. 
SEC. 212. SPECIAL INSPECTOR GENERAL FOR THE NA-
TIONAL INFRASTRUCTURE BANK. 
(a) IN GENERAL.—Beginning on the date on which 
the President appoints a Special Inspector General for the 
Bank (referred to in this Act as the ‘‘Special Inspector 
General’’) under subsection (b), there is established an Of-
fice of the Special Inspector General for the Bank. 
(b) APPOINTMENT
OF INSPECTOR GENERAL; RE-
MOVAL.— 
(1) APPOINTMENT.—The Special Inspector 
General for the Bank shall be appointed by the 
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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 the 
Bank; 
(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.). 
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(e) PERSONNEL, FACILITIES, AND
OTHER
RE-
SOURCES.— 
(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. 
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(3) ABILITY TO CONTRACT FOR AUDITS, STUD-
IES, AND OTHER SERVICES.—The Special Inspector 
General may enter into contracts and other arrange-
ments for audits, studies, analyses, and other serv-
ices with public agencies and with private persons, 
and make such payments as may be necessary to 
carry out the duties of the Special Inspector Gen-
eral. 
(4) REQUEST FOR INFORMATION.— 
(A) IN
GENERAL.—Upon request of the 
Special Inspector General for information or as-
sistance from any department, agency, or other 
entity of the Federal Government, the head of 
that entity shall, insofar as is practicable and 
not in contravention of any existing law, furnish 
the information or assistance to the Special In-
spector General or an authorized designee. 
(B) REFUSAL TO COMPLY.—If information 
or assistance requested by the Special Inspector 
General is, in the judgment of the Special In-
spector General, unreasonably refused or not 
provided, the Special Inspector General shall re-
port the circumstances to the Secretary, with-
out delay. 
(f) REPORTS.— 
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(1) ANNUAL REPORT.—Not later than 1 year 
after the date on which the Special Inspector Gen-
eral is confirmed, and every calendar year thereafter, 
the Special Inspector General shall submit to the 
President and appropriate committees of Congress a 
report summarizing the activities of the Special In-
spector General during the previous 1-year period 
ending on the date on which such report is required. 
(2) PUBLIC
DISCLOSURES.—Nothing in this 
subsection authorizes the public disclosure of infor-
mation that is— 
(A) specifically prohibited from disclosure 
by any other provision of law; 
(B) specifically required by Executive order 
to be protected from disclosure in the interest 
of national defense or national security or in 
the conduct of foreign affairs; or 
(C) a part of an ongoing criminal inves-
tigation. 
SEC. 213. STATUS AND APPLICABILITY OF CERTAIN FED-
ERAL AND STATE LAWS. 
(a) NATIONAL BANK CHARTER.—As soon as prac-
ticable after being established, the Bank shall apply for 
a national bank charter. 
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(b) COMPLIANCE WITH DAVIS-BACON ACT.—All la-
borers and mechanics employed by contractors and sub-
contractors on infrastructure projects funded directly by 
or assisted in whole or in part by and through the Bank 
pursuant 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 accordance with subchapter IV of chapter 31 of part 
A of title 40, United States Code. With respect to the 
labor standards specified in this section, the Secretary of 
Labor shall have the authority and functions set forth in 
Reorganization Plan Numbered 14 of 1950 (64 Stat. 
1267; 5 U.S.C. App.) and section 3145 of title 40, United 
States Code. 
(c) COMPLIANCE WITH PROJECT LABOR AGREE-
MENTS.—In States in which project labor agreements are 
authorized or encouraged (in which contractors enter into 
binding, pre-hire agreements with labor unions in the con-
struction industry), recipients of financial assistance made 
available under this Act must comply with such agree-
ments (in accordance with subsections (e) and (f) of sec-
tion 8 of the National Labor Relations Act (29 U.S.C. 
158) and Executive Order 13502). In States in which 
project labor agreements are prohibited by law to be re-
quired for a project, projects financed by the Bank pursu-
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ant to the Act shall permit voluntary collective bargaining 
of such agreements. 
(d) COMPLIANCE WITH CIVIL RIGHTS ACT
OF 
1964.—The Bank, along with contractors and subcontrac-
tors on infrastructure projects funded directly by, or as-
sisted in whole or in part by the Bank, shall comply with 
title VI of the Civil Rights Act of 1964 as to hiring and 
awarding contracts to build projects. 
(e) BUY AMERICA.—None of the financing provided 
by the Bank may be used for an infrastructure project 
unless all of the iron, steel, cement, and manufactured 
goods used in construction, alteration, maintenance, re-
pair, or equipping of the project are produced within the 
United States. During the application process for a loan 
under this Act, a request for a waiver to the requirements 
of the preceding sentence by reason of the public interest, 
or on account of unavailability or unsatisfactory quality 
of domestically produced goods, can be considered only if 
there is clear demonstration that jobs in the United States 
would not be lost due to the waiver. 
(f) COMPLIANCE
WITH
APPLICABLE
FEDERAL 
LAW.—Projects receiving financial assistance from the 
Bank shall comply with applicable provisions of Federal 
law and regulation, including— 
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(1) for transit, requirements that would apply 
to a project receiving funding under section 5307 or 
47113 of title 49, United States Code; 
(2) for public housing, requirements that would 
apply to a project receiving funding from a grant 
under section 24 of the United States Housing Act 
of 1937 (42 U.S.C. 1437v); 
(3) for publicly assisted affordable housing, re-
quirements that would apply to the preservation of 
such housing under other provisions of law gov-
erning such housing; 
(4) for roads and bridges, requirements that 
would apply to a project that receives funds under 
section 104(b)(3) of title 23, United States Code, or 
section 47113 of title 49, United States Code, and 
meets the goals under section 150(b) of title 23, 
United States Code; 
(5) for freight and passenger rail projects, re-
quirements that would apply to a project that re-
ceives funds under subtitle V of title 49, United 
States Code; 
(6) for airport and air traffic control projects, 
requirements that would apply to a project that re-
ceives funds under chapters 471 and 501 of title 49, 
United States Code, or section 47113 of such title; 
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(7) for water, requirements that would apply to 
a project grant or loan under— 
(A) section 103 of the Housing and Com-
munity Development Act of 1974 (42 U.S.C. 
5303); 
(B) section 1452 of the Public Health 
Service Act (42 U.S.C. 300j–12); or 
(C) section 601 of the Federal Water Pol-
lution Control Act (33 U.S.C. 1381), as that 
section applied before the beginning of fiscal 
year 1995; and 
(8) for rural development projects, requirements 
that would apply to a project financed by any of the 
following programs of the Department of Agri-
culture: 
(A) Rural Economic Development Loans & 
Grants. 
(B) Community Facilities Direct Loans & 
Grants. 
(C) Single- and Multi-Family Housing Re-
pair and Rental Assistance Loans & Grants. 
(D) Electric Infrastructure Loans & Loan 
Guarantees. 
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(E) Rural Broadband Access, and Tele-
communications Infrastructure Loans & Guar-
antees. 
(F) Water & Waste Disposal Loans & 
Grants. 
(g) AUTHORITY
TO DETERMINE FUNDING.—Not-
withstanding any other provision of law, the Bank shall 
determine the appropriate Federal share of funds, subject 
to loan approval by the Bank, and the availability of such 
Federal funding, for each project described in subsection 
(f) for purposes of this title. 
(h) STATE AND LOCAL PERMIT REQUIREMENTS.— 
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 infrastructure project of any 
obligation to obtain required State and local permits and 
approvals. 
SEC. 214. EXEMPTION FROM CERTAIN LAWS. 
(a) NO BUDGET AUTHORITY FOR CONTRACTS OR 
LOANS.—Section 504(b) of the Federal Credit Reform Act 
of 1990 (2 U.S.C. 661c(b)) requiring prior budget author-
ity shall not apply to any contract or loan under this Act. 
(b) NO PRIORITY AS A FEDERAL CLAIM.—The pri-
ority established in favor of the United States by section 
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3713 of title 31, United States Code, shall not apply with 
respect to any indebtedness of the Bank. 
SEC. 215. AUDITS; REPORTS TO PRESIDENT AND CON-
GRESS. 
(a) ACCOUNTING.—The books of account of the Bank 
shall be maintained in accordance with generally accepted 
accounting principles as used in the United States, and 
shall be subject to an annual audit by independent public 
accountants appointed by the Board and of nationally rec-
ognized standing. 
(b) REPORTS.— 
(1) BOARD.—The Board shall submit to the 
President and Congress, within 90 days after the 
last day of each fiscal year, a complete and detailed 
report with respect to the preceding fiscal year, set-
ting forth— 
(A) a summary of the Bank’s operations, 
for such preceding fiscal year; 
(B) a schedule of the Bank’s obligations 
outstanding at the end of such preceding fiscal 
year, with a statement of the amounts issued 
and redeemed or paid during such preceding 
fiscal year; and 
(C) the status of infrastructure projects re-
ceiving funding or other assistance pursuant to 
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this Act, including disclosure of all entities with 
a development, ownership, or operational inter-
est in such projects. 
(2) GAO.—Not later than 5 years after the 
date of enactment of this Act, the Comptroller Gen-
eral of the United States shall submit to Congress 
a report evaluating activities of the Bank for the fis-
cal years covered by the report that includes an as-
sessment of the impact and benefits of each funded 
infrastructure project, including a review of how ef-
fectively each project accomplished the goals 
prioritized by the Bank’s project criteria. 
(c) BOOKS AND RECORDS.— 
(1) IN
GENERAL.—The Bank shall maintain 
adequate books and records to support the financial 
transactions of the Bank with a description of finan-
cial transactions and infrastructure projects receiv-
ing funding, and the amount of funding for each 
project maintained on a publicly accessible database. 
(2) PUBLIC
COMMENT
PERIOD.—The Bank 
shall post infrastructure financing agreements on 
the database providing 30 days for public comments 
before providing final financing for the infrastruc-
ture project. 
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(3) AUDITS BY THE SECRETARY AND GAO.— 
The books and records of the Bank shall be open to 
inspection by the Secretary and the Comptroller 
General of the United States. 
SEC. 216. BUDGETARY EFFECTS. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 
Act, submitted for printing in the Congressional Record 
by the Chairman of the House Budget Committee, pro-
vided that such statement has been submitted prior to the 
vote on passage. 
SEC. 217. AUTHORIZATION OF APPROPRIATIONS. 
There is authorized to be appropriated $50,000,000 
for each of fiscal years 2021 and 2022 for the initial orga-
nization of the Bank, and its Directors and staff. 
Æ 
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