SEC. 14. APPLICABILITY OF CERTAIN STATE LAWS. 
The receipt by any entity of any assistance under this 
Act, directly or indirectly, and any financial assistance 
provided by any governmental entity in connection with 
such assistance under this Act shall be valid and lawful 
notwithstanding any State or local restrictions regarding 
extensions of credit or other benefits to private persons 
or entities, or other similar restrictions. 
SEC. 15. AUDITS; REPORTS TO PRESIDENT AND CONGRESS. 
(a) ACCOUNTING.—The books of account of the Bank 
shall be maintained in accordance with generally accepted 
accounting principles and shall be subject to an annual 
audit by independent public accountants appointed by the 
Board and of nationally recognized 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 
and capital securities outstanding at the end of 
such preceding fiscal year, with a statement of 
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the amounts issued and redeemed or paid dur-
ing such preceding fiscal year; and 
(C) the status of projects receiving funding 
or other assistance pursuant to this Act, includ-
ing disclosure of all entities with a development, 
ownership, or operational interest 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 
project, including a review of how effectively 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 publically accessible data-
base. 
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(2) AUDITS BY THE SECRETARY AND GAO.— 
The books and records of the Bank shall be main-
tained in accordance with recommended accounting 
practices and shall be open to inspection by the Sec-
retary and the Comptroller General of the United 
States. 
SEC. 16. CAPITALIZATION OF BANK. 
(a) AUTHORIZATION OF APPROPRIATION.—There is 
authorized to be appropriated to the Secretary for pur-
chase of the shares of the Bank $5,000,000,000 for each 
of fiscal years 2010, 2011, 2012, 2013, and 2014 with 
the aggregate representing 10 percent of the total sub-
scribed capital of the Bank. 
(b) CALLABLE CAPITAL.—Of the total subscribed 
capital of the Bank, 90 percent shall be callable capital 
subject to call from the Secretary only as and when re-
quired by the Bank to meet its obligations on borrowing 
of funds for inclusion in its ordinary capital resources or 
guarantees chargeable to such resources. 
(c) OUTSTANDING LOANS.—At any time, the aggre-
gate amount outstanding of bonds issued by the Bank 
shall not exceed 250 percent of its total subscribed capital. 
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SEC. 17. SUNSET. 
The Bank shall cease to exist 15 years after the date 
of enactment of this Act. 
Æ 
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