I 
117TH CONGRESS 
1ST SESSION H. R. 3722 
To establish the 21st Century American Infrastructure Bank, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 4, 2021 
Mr. SEAN PATRICK MALONEY of New York introduced the following bill; 
which was referred to the Committee on Transportation and Infrastruc-
ture, and in addition to the Committee on Financial Services, for a period 
to be subsequently determined by the Speaker, in each case for consider-
ation of such provisions as fall within the jurisdiction of the committee 
concerned 
A BILL 
To establish the 21st Century American Infrastructure Bank, 
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 ‘‘21st Century Infra-
structure Bank Act’’. 
SEC. 2. 21ST CENTURY AMERICAN INFRASTRUCTURE BANK. 
(a) ESTABLISHMENT.—There is hereby established a 
wholly owned Government corporation to be known as the 
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‘‘21st Century American Infrastructure Bank’’ (herein-
after referred to as the ‘‘Bank’’), which shall provide fi-
nancial assistance for qualified infrastructure projects, in 
accordance with the requirements of this section. 
(b) BOARD OF TRUSTEES.— 
(1) IN GENERAL.—The head of the Bank shall 
be a board of trustees (hereinafter referred to as the 
‘‘Board’’). 
(2) APPOINTMENT.—The Board shall consist of 
9 members who shall be appointed by the President, 
by and with the advice and consent of the Senate, 
and selected as follows: 
(A) 2 individuals from a list of at least 5 
individuals selected by the Speaker of the 
House of Representatives. 
(B) 2 individuals from a list of at least 5 
individuals selected by the minority leader of 
the House of Representatives. 
(C) 2 individuals from a list of at least 5 
individuals selected by the majority leader of 
the Senate. 
(D) 2 individuals from a list of at least 5 
individuals selected by the minority leader of 
the Senate. 
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(E) 1 individual selected at will by the 
President. 
(3) TERM.— 
(A) IN
GENERAL.—The members of the 
Board shall serve for a 6-year term, and no 
member may serve for more than 2 terms, but 
a member may continue to serve after the expi-
ration of a term until the successor member 
takes office. 
(B) STAGGERED TERMS.—The members of 
the Board shall serve staggered terms, with 1 
of the initial members of the Board serving for 
a term of 4 years and 2 each of the initial 
members of the Board serving for terms of 5, 
6, 7, and 8 years. 
(C) VACANCIES.—A vacancy in a position 
of a member of the Board shall be filled in the 
same manner in which the original position was 
filled. 
(4) COMPENSATION.—The members of the 
Board shall receive compensation at the rate of basic 
pay payable for level IV of the Executive Schedule 
under section 5315 of title 5, United States Code. 
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(5) CHAIR.—The members of the Board shall 
select one member to serve as the Chair of the 
Board. 
(6) CORPORATE GOVERNANCE.—The Securities 
and Exchange Commission shall issue corporate gov-
ernance standards with which the Board shall com-
ply, and such standards shall be as close as prac-
ticable to those standards required to be followed by 
the board of directors of an issuer listed on the New 
York Stock Exchange. 
(7) CONFLICTS OF INTEREST.—A member of 
the Board may not have a financial interest in— 
(A) a qualified infrastructure project re-
ceiving financial assistance from the Bank; or 
(B) an eligible infrastructure provider re-
ceiving financial assistance from the Bank, in-
cluding any municipal credit of a State, local, 
or Tribal government receiving financial assist-
ance from the Bank. 
(c) FINANCIAL ASSISTANCE.— 
(1) IN
GENERAL.—The Bank shall provide 
loans and bond guarantees to eligible infrastructure 
providers for qualified infrastructure projects and 
make equity investments in qualified infrastructure 
projects. 
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(2) APPLICATION.—A person wishing to receive 
financial assistance from the Bank with respect to a 
qualified infrastructure project shall submit an ap-
plication to the Bank in such form and containing 
such information as the Board may require. 
(3) 
PUBLIC
TRANSPORTATION
CAPITAL 
PROJECT REQUIREMENTS.—Any person receiving fi-
nancial assistance from the Bank in connection with 
a public transportation capital project (as such 
terms are defined under section 5302 of title 49, 
United States Code) shall, as a condition on the re-
ceipt of such financial assistance, comply with the 
grant requirements applicable to grants made under 
section 5309 of such title. 
(4) LIMITATION
ON
FINANCIAL
ASSISTANCE 
FOR STATE-OWNED ENTERPRISES.— 
(A) IN
GENERAL.—Financial assistance 
provided by the Bank may not be used in 
awarding a contract or subcontract to an entity 
that is owned or controlled by, is a subsidiary 
of, or is otherwise related legally or financially 
to a corporation based in a country that— 
(i) is identified as a nonmarket econ-
omy country (as defined in section 771(18) 
of the Tariff Act of 1930 (19 U.S.C. 
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1677(18))) as of the date of enactment of 
this Act; 
(ii) was identified by the United 
States Trade Representative in the most 
recent report required by section 182 of 
the Trade Act of 1974 (19 U.S.C. 2242) 
as a priority foreign country under sub-
section (a)(2) of that section; and 
(iii) is subject to monitoring by the 
Trade Representative under section 306 of 
the Trade Act of 1974 (19 U.S.C. 2416). 
(B) EXCEPTION.—For purposes of sub-
paragraph (A), the term ‘‘otherwise related le-
gally or financially’’ does not include a minority 
relationship or investment. 
(C) INTERNATIONAL AGREEMENTS.—This 
paragraph shall be applied in a manner con-
sistent with the obligations of the United States 
under international agreements. 
(5) COMPLIANCE WITH DAVIS-BACON ACT.—All 
laborers and mechanics employed by contractors and 
subcontractors on qualified infrastructure projects 
that receive financial assistance from the Bank shall 
be paid wages at rates not less than those prevailing 
on projects of a character similar in the locality as 
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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. 
(6) USE OF IRON, STEEL, AND MANUFACTURED 
GOODS IN INFRASTRUCTURE PROJECTS.— 
(A) BUY AMERICA.—None of the financial 
assistance provided by the Bank may be used 
for a qualified infrastructure project unless all 
of the iron, steel, and manufactured goods used 
for the construction, alteration, maintenance or 
repair of the project are produced in the United 
States. 
(B) EXCEPTION.—Subparagraph (A) shall 
not apply in any case or category of cases in 
which the Secretary of the Treasury finds 
that— 
(i) applying subparagraph (A) would 
be inconsistent with the public interest; 
(ii) iron, steel, and the relevant manu-
factured goods are not produced in the 
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United States in sufficient and reasonably 
available quantities and of a satisfactory 
quality; or 
(iii) inclusion of iron, steel, and manu-
factured goods produced in the United 
States will increase the cost of the overall 
qualified infrastructure project by more 
than 25 percent. 
(C) PUBLICATION
OF
WAIVERS.—If the 
Secretary of the Treasury determines that it is 
necessary to waive the application of subpara-
graph (A) based on a finding under subpara-
graph (B), the Secretary shall publish in the 
Federal Register a detailed written justification 
as to why the provision is being waived. 
(D) APPLICATION.—This paragraph shall 
be applied in a manner consistent with the 
United States obligations under international 
agreements. 
(E) CONSULTATIONS.—The Secretary of 
the Treasury shall consult with the Board and 
may consult with the Secretary of Transpor-
tation and other Federal Secretaries and Ad-
ministrators when applying this paragraph. 
(d) RISK MANAGEMENT COMMITTEE.— 
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