I 
114TH CONGRESS 
1ST SESSION H. R. 3337 
To facilitate efficient investments and financing of infrastructure projects 
and new job creation through the establishment of a National Infrastruc-
ture Development Bank, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 29, 2015 
Ms. DELAURO (for herself, Mr. BRENDAN F. BOYLE of Pennsylvania, Mrs. 
CAPPS, Mr. CARSON of Indiana, Mr. CARTWRIGHT, Ms. JUDY CHU of 
California, Mr. CICILLINE, Ms. CLARK of Massachusetts, Mr. CLAY, Mr. 
CONYERS, Ms. DELBENE, Mr. DESAULNIER, Mr. DEUTCH, Ms. 
DUCKWORTH, Mr. ELLISON, Ms. ESHOO, Ms. ESTY, Mr. FARR, Mr. 
FATTAH, Mr. GARAMENDI, Mr. AL GREEN of Texas, Mr. GENE GREEN 
of Texas, Mr. GRIJALVA, Mr. JOHNSON of Georgia, Mr. HECK of Wash-
ington, Mr. HIMES, Ms. NORTON, Mr. HONDA, Mr. HUFFMAN, Mr. 
ISRAEL, Ms. KAPTUR, Mr. KEATING, Ms. KUSTER, Mr. LANGEVIN, Mr. 
LARSEN of Washington, Mr. LARSON of Connecticut, Mrs. LAWRENCE, 
Ms. LEE, Mr. LIPINSKI, Ms. LOFGREN, Mr. LOWENTHAL, Mrs. LOWEY, 
Mr. LYNCH, Ms. MATSUI, Ms. MCCOLLUM, Mr. MCGOVERN, Mr. NOLAN, 
Ms. PINGREE, Mr. POCAN, Mr. PRICE of North Carolina, Mr. RICHMOND, 
Mr. RYAN of Ohio, Mr. SCHIFF, Mr. SCOTT of Virginia, Mr. SERRANO, 
Ms. SLAUGHTER, Ms. SPEIER, Mr. TAKANO, Mr. TONKO, Mr. VAN HOL-
LEN, Mr. VEASEY, Mr. WALZ, Mr. WELCH, Mr. YARMUTH, Ms. CLARKE 
of New York, Ms. BONAMICI, Ms. EDWARDS, Mr. COURTNEY, Mr. SAR-
BANES, Mr. AGUILAR, and Mr. CA´RDENAS) introduced the following bill; 
which was referred to the Committee on Energy and Commerce, and in 
addition to the Committees on Transportation and Infrastructure, Finan-
cial Services, and Ways and Means, for a period to be subsequently deter-
mined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To facilitate efficient investments and financing of infrastruc-
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
ture projects and new job creation through the establish-
ment of a National Infrastructure Development 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 ‘‘National Infrastruc-
ture Development Bank Act of 2015’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) Investment in infrastructure has always cre-
ated jobs and economic growth for the United States 
and has been a key component of maintaining a 
global competitive edge for the United States. 
(2) The Erie Canal, the transcontinental rail-
road, the Hoover Dam, rural electrification, and the 
interstate highway system are all examples of invest-
ments in infrastructure that created the conditions 
for future economic growth. 
(3) According to the World Economic Forum 
Global Competitiveness Report, the United States 
ranks 16th overall in infrastructure. 
(4) According to the American Society of Civil 
Engineers, the current condition of the infrastruc-
ture in the United States earns a grade point aver-
age of D+, and an estimated $3,600,000,000,000 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
investment is needed by 2020 to meet adequate con-
ditions. 
(5) According to the National Surface Trans-
portation Policy and Revenue Study Commission, 
$225,000,000,000 is needed annually from all 
sources for the next 50 years to upgrade our surface 
transportation system to a state of good repair and 
create a more advanced system. 
(6) The Environmental Protection Agency 
projects that— 
(A) $334,200,000,000 is needed to invest 
in infrastructure improvements over 20 years to 
ensure the provision of safe water; and 
(B) $298,100,000,000 is needed for pub-
licly owned wastewater systems-related infra-
structure needs over 20 years. 
(7) According to the Edison Electric Institute, 
the electric power industry will need to invest 
$298,000,000,000 in the Nation’s transmission sys-
tem in the next 20 years in order to maintain reli-
able service. 
(8) According to the Organization for Economic 
Cooperation and Development (OECD), the United 
States ranks 7th among OECD nations in wireless 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
broadband and 16th among fixed broadband access 
per 100 inhabitants. 
(9) Although grant programs of the Govern-
ment must continue to play a central role in financ-
ing the transportation, environment, energy, and 
telecommunications infrastructure needs of the 
United States, current and foreseeable demands on 
existing Federal, State, and local funding for infra-
structure expansion exceed the resources to support 
these programs by margins wide enough to prompt 
serious concerns about the United States ability to 
sustain long-term economic development, produc-
tivity, and international competitiveness. 
(10) The capital markets, including central 
banks, pension funds, financial institutions, sov-
ereign wealth funds, and insurance companies, have 
a growing interest in infrastructure investment. The 
establishment of a United States Government-owned 
institution that would provide this investment oppor-
tunity to finance qualifying infrastructure projects 
would attract needed capital for United States infra-
structure development. 
SEC. 3. DEFINITIONS. 
For purposes of this Act, the following definitions 
apply unless the context requires otherwise: 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(1) AMERICAN INFRASTRUCTURE BOND.—The 
term ‘‘American Infrastructure Bond’’ means a bond 
described under section 17. 
(2) BANK.—The term ‘‘Bank’’ means the Na-
tional Infrastructure Development Bank established 
under section 4(a). 
(3) BOARD.—The term ‘‘Board’’ means the Na-
tional Infrastructure Development Bank Board. 
(4) CHIEF ASSET AND LIABILITY MANAGEMENT 
OFFICER.—The term ‘‘chief asset and liability man-
agement officer’’ means the chief individual respon-
sible for coordinating the management of assets and 
liabilities of the Bank. 
(5) CHIEF COMPLIANCE OFFICER.—The term 
‘‘chief compliance officer or CCO’’ means the chief 
individual responsible for overseeing and managing 
the compliance and regulatory affairs issues of the 
Bank. 
(6) CHIEF
EXECUTIVE
OFFICER.—The term 
‘‘chief executive officer or CEO’’ means the indi-
vidual serving as the executive director of the bank. 
(7) CHIEF
FINANCIAL
OFFICER.—The term 
‘‘chief financial officer or CFO’’ means the chief in-
dividual responsible for managing the financial risks, 
planning, and reporting of the Bank. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(8) CHIEF LOAN ORIGINATION OFFICER.—The 
term ‘‘chief loan origination officer’’ means the chief 
individual responsible for the processing of new 
loans provided by the Bank. 
(9) CHIEF
OPERATIONS
OFFICER.—The term 
‘‘chief operations officer or COO’’ means the chief 
individual responsible for information technology and 
the day to day operations of the Bank. 
(10) CHIEF RISK OFFICER.—The term ‘‘chief 
risk officer or CRO’’ means the chief individual re-
sponsible for managing operational and compliance- 
related risks of the Bank. 
(11) CHIEF
TREASURY
OFFICER.—The term 
‘‘chief treasury officer’’ means the chief individual 
responsible for managing the Bank’s treasury oper-
ations. 
(12) DEVELOPMENT.—The terms ‘‘develop-
ment’’ and ‘‘develop’’ mean, with respect to an infra-
structure project, any— 
(A) preconstruction planning, feasibility re-
view, permitting, design work, life-cycle mainte-
nance planning, and other preconstruction ac-
tivities; and 
(B) construction, reconstruction, rehabili-
tation, replacement, or expansion. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(13) DIRECT LOAN.—The term ‘‘direct loan’’ 
has the same meaning as in section 502 of the Fed-
eral Credit Reform Act of 1990 (2 U.S.C. 661a). 
(14) DISADVANTAGED COMMUNITY.—The term 
‘‘disadvantaged community’’ means a community 
with a median household income of less than 80 per-
cent of the statewide median household income for 
the State in which the community is located. 
(15) ENERGY
INFRASTRUCTURE
PROJECT.— 
The term ‘‘energy infrastructure project’’ means any 
project for energy transmission and distribution, en-
ergy efficiency enhancement for buildings, public 
housing, health facilities, schools, and energy stor-
age. 
(16) ENTITY.—The term ‘‘entity’’ means an in-
dividual, corporation, partnership (including a pub-
lic-private partnership), joint venture, trust, and a 
State or other governmental entity, including a polit-
ical subdivision or any other instrumentality of a 
State or a revolving fund. 
(17) 
ENVIRONMENTAL
INFRASTRUCTURE 
PROJECT.—The term ‘‘environmental infrastructure 
project’’ means any project for the establishment, 
maintenance, or enhancement of any drinking water 
and wastewater treatment facility, storm water man-
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
agement system, flood gate, dam, levee, dredging, 
open space management system, wetland restoration, 
infill development, solid waste disposal facility, haz-
ardous waste facility, or industrial site cleanup or 
remediation projects. 
(18) GENERAL COUNSEL.—The term ‘‘general 
counsel’’ means the individual who serves as the 
chief lawyer for the Bank. 
(19) GREENHOUSE GASES.—The term ‘‘green-
house gases’’ means any of the following: 
(A) Carbon dioxide. 
(B) Methane. 
(C) Nitrous oxide. 
(D) Sulfur hexafluoride. 
(E) Hydrofluorocarbons 
(F) Any perfluorocarbon. 
(G) Nitrogen trifluoride. 
(H) Any other anthropogenic gas des-
ignated as a greenhouse gas by the Environ-
mental Protection Agency Administrator. 
(20) INFRASTRUCTURE
PROJECT.—The term 
‘‘infrastructure project’’ means any energy, environ-
mental, telecommunications, or transportation infra-
structure project. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(21) LOAN GUARANTEE.—The term ‘‘loan guar-
antee’’ has the same meaning as in section 502 of 
the Federal Credit Reform Act of 1990 (2 U.S.C. 
661a). 
(22) PUBLIC BENEFIT BOND.—The term ‘‘Pub-
lic Benefit Bond’’ means any bond issued in accord-
ance with this Act if— 
(A) the proceeds from the sale of the bond 
are to be used for expenditures incurred after 
the date of issuance with respect to any infra-
structure project or other purpose, subject to 
such rules as the Bank may provide; 
(B) the bond is issued in registered form; 
(C) the bond has such terms, and carries 
interest in such an amount, as determined by 
the Bank; and 
(D) payments of interest and principal 
with respect to the bond is the obligation of the 
Bank and is backed by the full faith and credit 
of the United States. 
(23) 
PUBLIC-PRIVATE
PARTNERSHIP.—The 
term ‘‘public-private partnership’’ means any enti-
ty— 
(A)(i) which is undertaking the develop-
ment of all or part of an infrastructure project, 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
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. 
(24) REVOLVING FUND.—The term ‘‘revolving 
fund’’ means a fund or program established by a 
State or a political subdivision or other instrumen-
tality of a State, the principal activity of which is to 
make loans, commitments, or other financial accom-
modation available for the development of one or 
more categories of infrastructure projects. 
(25) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury or the designee 
of the Secretary. 
(26) 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 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
Energy Independence and Security Act of 2007 (42 
U.S.C. 17386(d)). 
(27) STATE.—The term ‘‘State’’ includes 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. 
(28) TELECOMMUNICATIONS INFRASTRUCTURE 
PROJECT.—The term ‘‘telecommunications infra-
structure project’’ means any project involving infra-
structure required to provide communications by 
wire or radio. 
(29) 
TRANSPORTATION
INFRASTRUCTURE 
PROJECT.—The term ‘‘transportation infrastructure 
project’’ means any project for the construction, 
maintenance, or enhancement of highways, roads, 
bridges, transit and intermodal systems, inland wa-
terways, commercial ports, airports, high speed rail 
and freight rail systems. 
SEC. 4. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 
DEVELOPMENT BANK. 
(a) ESTABLISHMENT
OF NATIONAL INFRASTRUC-
TURE DEVELOPMENT BANK.—The National Infrastruc-
ture Development Bank is established as a wholly owned 
Government corporation subject to chapter 91 of title 31, 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
United States Code (commonly known as the ‘‘Govern-
ment Corporation Control Act’’), except as otherwise pro-
vided in this Act. 
(b) 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-
ance with this Act. 
(c) CONFORMING AMENDMENT.—Section 9101(3) of 
title 31, United States Code, is amended by inserting after 
subparagraph (N) the following: 
‘‘(O) the National Infrastructure Develop-
ment Bank.’’. 
SEC. 5. BOARD OF DIRECTORS. 
(a) IN GENERAL.—The Bank shall have a Board of 
Directors consisting of 7 members appointed by the Presi-
dent and with the advice and consent of the Senate. 
(b) QUALIFICATIONS.—The directors of the Board 
shall include individuals representing different regions of 
the United States and— 
(1) 2 of the directors shall have public sector 
experience; 
(2) 2 of the directors shall have private sector 
experience; and 
(3) 3 of the directors shall have finance experi-
ence. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(c) CHAIRPERSON AND VICE CHAIRPERSON.—As des-
ignated at the time of appointment, one of the directors 
of the Board shall be designated chairperson of the Board 
by the President and one shall be designated as vice chair-
person of the Board by the President. 
(d) TERMS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2) and subsection (f), each director shall be 
appointed for a term of 6 years. 
(2) INITIAL STAGGERED TERMS.—Of the initial 
members of the Board— 
(A) the chairperson and vice chairperson 
shall each be appointed for terms of 6 years; 
(B) 3 shall be appointed for a term of 4 
years; and 
(C) 2 shall be appointed for a term of 2 
years. 
(e) CONGRESSIONAL RECOMMENDATIONS.—Not later 
than 30 days after the date of enactment of this Act, the 
majority leader of the Senate, the minority leader of the 
Senate, the Speaker of the House of Representatives, and 
the minority leader of the House of Representatives shall 
each submit a recommendation to the President for ap-
pointment of a member of the Board of Directors, after 
consultation with the appropriate committees of Congress. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(f) DATE
OF INITIAL NOMINATIONS.—The initial 
nominations by the President for appointment of directors 
to the Board shall be made not later than 60 days after 
the date of enactment of this Act. 
(g) VACANCIES.— 
(1) IN
GENERAL.—A vacancy on the Board 
shall be filled in the manner in which the original 
appointment was made. 
(2) 
APPOINTMENT
TO
REPLACE
DURING 
TERM.—Any director appointed to fill a vacancy oc-
curring before the expiration of the term for which 
the director’s predecessor was appointed shall be ap-
pointed only for the remainder of the term. 
(3) DURATION.—A director may serve after the 
expiration of that director’s term until a successor 
has taken office. 
(h) QUORUM.—Four directors shall constitute a 
quorum. 
(i) REAPPOINTMENT.—A director of the Board ap-
pointed by the President may be reappointed by the Presi-
dent in accordance with this section. 
(j) PER DIEM REIMBURSEMENT.—Directors of the 
Board shall serve on a part-time basis and shall receive 
a per diem when engaged in the actual performance of 
Bank business, plus reasonable reimbursement for travel, 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
subsistence, and other necessary expenses incurred in the 
performance of their duties. 
(k) LIMITATIONS.—A director of the Board may not 
participate in any review or decision affecting a project 
under consideration for assistance under this Act if the 
director has or is affiliated with a person who has an inter-
est in such project. 
(l) RESPONSIBILITIES.—The Board shall— 
(1) as soon as is practicable after the date on 
which the last director is appointed, establish an Ex-
ecutive Committee, Risk Management Committee 
and Audit Committee as prescribed by this Act; 
(2) not later than 180 days after the date on 
which the last director is appointed develop and ap-
prove the bylaws of the Bank, including bylaws for 
the regulation of the affairs and conduct of the busi-
ness of the Bank, consistent with the purpose, goals, 
objectives, and policies set forth in this Act; 
(3) ensure that the Bank is at all times oper-
ated in a manner that is consistent with this Act, 
by— 
(A) monitoring and assessing the effective-
ness of the Bank in achieving its strategic 
goals; 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(B) periodically reviewing internal policies 
submitted by the chief executive officer; 
(C) reviewing and approving annual busi-
ness plans, annual budgets, and long-term 
strategies submitted by the chief executive offi-
cer; 
(D) reviewing and approving annual re-
ports submitted by the chief executive officer; 
(E) reviewing risk management and audit 
practices of the Bank; and 
(F) reviewing and approving all changes to 
the organization of the Bank; and 
(4) establish such other criteria, requirements, 
or procedures as the Board may consider to be ap-
propriate in carrying out this Act. 
(m) MEETINGS.— 
(1) OPEN TO THE PUBLIC; NOTICE.—All meet-
ings of the Board held to conduct the business of the 
Bank shall be open to the public and shall be pre-
ceded by reasonable notice. 
(2) INITIAL MEETING.—The Board shall meet 
not later than 90 days after the date on which the 
last director is appointed and otherwise at the call 
of the Chairperson. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(3) EXCEPTION FOR CLOSED MEETINGS.—Pur-
suant to such rules as the Board may establish 
through their bylaws, the directors may close a 
meeting of the Board if, at the meeting, there is 
likely to be disclosed information which could ad-
versely affect or lead to speculation relating to an in-
frastructure project under consideration for assist-
ance under this Act or in financial or securities or 
commodities markets or institutions, utilities, or real 
estate. The determination to close any meeting of 
the Board shall be made in a meeting of the Board, 
open to the public, and preceded by reasonable no-
tice. The Board shall prepare minutes of any meet-
ing which is closed to the public and make such min-
utes available as soon as the considerations necessi-
tating closing such meeting no longer apply. 
SEC. 6. POWERS AND LIMITATIONS OF THE BOARD. 
(a) POWERS.—In order to carry out the purposes of 
the Bank as set forth in this Act, the Board shall be re-
sponsible for monitoring and overseeing infrastructure 
projects and have the following powers: 
(1) To make senior and subordinated direct 
loans on such terms as the Board may determine, in 
the Board’s discretion, to be appropriate to assist in 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
the financing or refinancing of an infrastructure 
project. 
(2) To make loan guarantees on such terms as 
the Board may determine, in the Board’s discretion, 
to be appropriate to assist in the financing or refi-
nancing of an infrastructure project. 
(3) To issue Public Benefit Bonds, to provide 
financing to infrastructure projects from amounts 
made available from the issuance of such bonds. 
(4) To pay an interest subsidy on American In-
frastructure Bonds to the issuer of such bonds. 
(5) To make agreements and contracts with any 
entity in furtherance of the business of the Bank. 
(6) To monitor and oversee infrastructure 
projects financed, in whole or in part, by the Bank. 
(7) To sue and be sued in the Bank’s corporate 
capacity in any court of competent jurisdiction, ex-
cept that no attachment, injunction, or similar proc-
ess, may be issued against the property of the Bank 
or against the Bank with respect to such property. 
(8) To indemnify the directors and officers of 
the Bank for liabilities arising out of the actions of 
the directors and officers in such capacity, in accord-
ance with, and subject to the limitations contained 
in, this Act. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(9) To serve as the primary liaison between the 
Bank and the Congress, the executive branch, and 
State and local governments, and to represent the 
Bank’s interests. 
(10) To exercise all other lawful powers which 
are necessary or appropriate to carry out, and are 
consistent with, the purposes of the Bank. 
(b) LIMITATIONS.— 
(1) ISSUANCE OF PUBLIC BENEFIT BONDS.— 
The Board may not issue any Public Benefit Bond 
without the prior consent of the Secretary. 
(2) EMPLOYEE
PROTECTIONS.—Prior to pro-
viding any financial assistance for an infrastructure 
project involving reconstruction, rehabilitation, re-
placement or expansion that may impact current em-
ployees on the project site, the interests of employees 
affected by the financial assistance shall be pro-
tected under arrangements the Secretary of Labor 
concludes are fair and equitable. 
(c) ACTIONS CONSISTENT WITH SELF-SUPPORTING 
ENTITY STATUS.—The Board shall conduct its business 
in a manner consistent with the requirements of this sec-
tion. 
(d) COORDINATION WITH STATE AND LOCAL REGU-
LATORY AUTHORITY.—The provision of financial assist-
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
ance by the Board pursuant to this Act shall not be con-
strued as— 
(1) limiting the right of any State or political 
subdivision or other instrumentality of a State to ap-
prove or regulate rates of return on private equity 
invested in a project; or 
(2) otherwise superseding any State law or reg-
ulation applicable to a project. 
(e) FEDERAL PERSONNEL REQUESTS.—The Board 
shall have the power to request the detail, on a reimburs-
able basis, of personnel from other Federal agencies with 
specific expertise not available from within the Bank or 
elsewhere. The head of any Federal agency may detail, 
on a reimbursable basis, any personnel of such agency re-
quested by the Board and shall not withhold unreasonably 
the detail of any personnel requested by the Board. 
SEC. 7. EXECUTIVE COMMITTEE. 
(a) IN GENERAL.—The Board shall establish an Ex-
ecutive Committee consisting of 9 members, headed by the 
chief executive officer of the Bank. 
(b) CEO.—A majority of the Board shall have the 
authority to appoint and reappoint the chief executive offi-
cer with such executive functions, powers, and duties as 
may be prescribed by this Act, the bylaws of the Bank, 
or the Board. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(c) CEO RESPONSIBILITIES.—The CEO shall have 
responsibility for the development and implementation of 
the strategy of Bank, including— 
(1) the development and submission to the 
Board of the annual business plans and budget; 
(2) the development and submission to the 
Board of a long-term strategic plan; and 
(3) the development, revision, and submission 
to the Board of Directors of internal policies. 
(d) OTHER EXECUTIVE OFFICERS.—The Board shall 
appoint, remove, fix the compensation, and define duties 
of 8 other executive officers to serve on the Executive 
Committee as the— 
(1) chief compliance officer; 
(2) chief financial officer; 
(3) chief asset and liability management officer; 
(4) chief loan origination officer; 
(5) chief operations officer; 
(6) chief risk officer; 
(7) chief treasury officer; and 
(8) general counsel. 
(e) QUALIFICATIONS.—The CEO shall have experi-
ence and expertise in finance and the other executive offi-
cers shall have demonstrated experience and expertise in 
one or more of the following: 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00021
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(1) Transportation infrastructure. 
(2) Environmental infrastructure. 
(3) Energy infrastructure. 
(4) Telecommunications infrastructure. 
(5) Economic development. 
(6) Workforce development. 
(7) Public health. 
(8) Private or public finance. 
(f) DUTIES.—In order to carry out the purposes of 
the Bank as set forth in this Act, the Executive Committee 
shall— 
(1) establish and submit to the Board disclo-
sure and application procedures for entities nomi-
nating projects for assistance under this Act; 
(2) establish and submit to the Board standard-
ized terms and conditions, fee schedules, or legal re-
quirements of a contract or program to carry out 
this Act; 
(3) establish and submit to the Board guide-
lines for the selection and approval of projects and 
specific criteria for determining eligibility for project 
selection; 
(4) accept, for consideration, project proposals 
relating to the development of infrastructure 
projects, which meet the basic criteria established by 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00022
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
the Executive Committee, and which are submitted 
by an entity; 
(5) provide recommendations to the Board and 
place project proposals accepted by the Executive 
Committee on a list for consideration for financial 
assistance from the Board; 
(6) recommend to the Board the percentage 
subsidy amount for an approved application for an 
American Infrastructure Bond, with such rec-
ommendation based on the strength of the related 
infrastructure project’s ability to meet the criteria 
described under section 11 and the ability of such 
project to attract private investment in an infra-
structure project’s early development stages; 
(7) provide technical assistance, including pub-
lic-private partnership infrastructure project value 
for money assessments, long-term economic benefit 
projections, and contract evaluations, to entities re-
ceiving financing from the Bank and otherwise im-
plement decisions of the Board; and 
(8) provide technical assistance to State and 
local governments who wish to have the Bank’s ap-
proval to issue American Infrastructure bonds. 
(g) VACANCY.—A vacancy in the position of CEO and 
other executive officers of the Executive Committee shall 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00023
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
be filled in the manner in which the original appointment 
was made. 
(h) COMPENSATION.—The compensation of the CEO 
and other executive officers of the Executive Committee 
shall be determined by the Board. 
(i) REMOVAL.—The CEO and other executive officers 
of the Executive Committee may be removed at the discre-
tion of a majority of the Board. 
(j) TERM.—The CEO and other executive officers of 
the Executive Committee shall serve a 6-year term and 
may be reappointed in accordance with this section. 
(k) LIMITATIONS.—The CEO and other executive of-
ficers of the Executive 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. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00024
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
SEC. 8. RISK MANAGEMENT COMMITTEE. 
(a) ESTABLISHMENT OF RISK MANAGEMENT COM-
MITTEE.—The Board shall establish a risk management 
committee consisting of 5 members, headed by the chief 
risk officer. 
(b) APPOINTMENTS.—A majority of the Board shall 
have the authority to appoint and reappoint the CRO of 
the Bank. 
(c) FUNCTIONS; DUTIES.— 
(1) IN GENERAL.—The CRO shall have such 
functions, powers, and duties as may be prescribed 
by one or more of the following: This Act, the by-
laws of the Bank, and the Board. The CRO shall re-
port directly to the Board. 
(2) RISK MANAGEMENT DUTIES.—In order to 
carry out the purposes of this Act, the risk manage-
ment committee shall— 
(A) create financial, credit, and operational 
risk management guidelines and policies to be 
adhered to by the Bank; 
(B) set guidelines to ensure diversification 
of lending activities by both geographic region 
and infrastructure project type; 
(C) create conforming standards for all fi-
nancial assistance provided by the Bank; 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00025
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(D) monitor financial, credit and oper-
ational exposure of the Bank; and 
(E) provide financial recommendations to 
the Board. 
(d) DUTY WITH RESPECT
TO AMERICAN INFRA-
STRUCTURE BONDS.—The risk management committee 
shall ensure that the aggregate amount of interest sub-
sidies provided for American Infrastructure Bonds in a 
given calendar year do not exceed an amount equal to 28 
percent of interest payable under all such bonds. 
(e) OTHER RISK MANAGEMENT OFFICERS.—The 
Board shall appoint, remove, fix the compensation, and 
define the duties of 4 other risk management officers to 
serve on the risk management committee. 
(f) QUALIFICATIONS.—The CRO and other risk man-
agement officers shall have demonstrated experience and 
expertise in one or more of the following: 
(1) Treasury and asset and liability manage-
ment. 
(2) Investment regulations. 
(3) Insurance. 
(4) Credit risk management and credit evalua-
tions. 
(5) Related disciplines. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00026
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(g) VACANCY.—A vacancy in the position of CRO and 
other risk management officers of the risk management 
committee shall be filled in the manner in which the origi-
nal appointment was made. 
(h) COMPENSATION.—The compensation of the CRO 
and other risk management officers of the risk manage-
ment committee shall be determined by the Board. 
(i) REMOVAL.—The CRO and other risk management 
officers of the risk management committee may be re-
moved at the discretion of a majority of the Board. 
(j) TERM.—The CRO and other risk management of-
ficers of the risk management committee shall serve a 6- 
year term and may be reappointed in accordance with this 
section. 
(k) LIMITATIONS.—The CRO and other risk manage-
ment officers of the risk management 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 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00027
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 9. AUDIT COMMITTEE. 
(a) IN GENERAL.—The Bank shall establish an audit 
committee consisting of 5 members, headed by the chief 
compliance officer of the Bank. 
(b) APPOINTMENTS.—A majority of the Board shall 
have the authority to appoint and reappoint the CCO of 
the Bank. 
(c) FUNCTIONS; DUTIES.—The CCO shall have such 
functions, powers, and duties as may be prescribed by one 
or more of the following: This Act, the bylaws of the Bank, 
and the Board. The CCO shall report directly to the 
Board. 
(d) AUDIT DUTIES.—In order to carry out the pur-
poses of the Bank under this Act, the audit committee 
shall— 
(1) provide internal controls and internal audit-
ing activities for the Bank; 
(2) maintain responsibility for the accounting 
activities of the Bank; 
(3) issue financial reports of the Bank; and 
(4) complete reports with outside auditors and 
public accountants appointed by the Board. 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(e) OTHER AUDIT OFFICERS.—The Board shall ap-
point, remove, fix the compensation, and define the duties 
of 4 other audit officers to serve on the audit committee. 
(f) QUALIFICATIONS.—The CCO and other audit offi-
cers shall have demonstrated experience and expertise in 
one or more of the following: 
(1) Internal auditing. 
(2) Internal investigations. 
(3) Accounting practices. 
(4) Financing practices. 
(g) VACANCY.—A vacancy in the position of CCO and 
other audit officers of the audit committee shall be filled 
in the manner in which the original appointment was 
made. 
(h) COMPENSATION.—The compensation of the CCO 
and other audit officers of the audit committee shall be 
determined by the Board. 
(i) REMOVAL.—The CCO and other audit officers of 
the audit committee may be removed at the discretion of 
a majority of the Board. 
(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— 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
(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. 10. PERSONNEL. 
The chairperson of the Board, chief executive officer, 
chief risk officer, and chief compliance officer shall ap-
point, remove, fix the compensation of, and define the du-
ties of such qualified personnel to serve under the Board, 
Executive Committee, risk management committee, or 
audit committee, as the case may be, as necessary and 
prescribed by one or more of the following: This Act, the 
bylaws of the Bank, and the Board. 
SEC. 11. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 
BANK. 
(a) IN GENERAL.—Any entity proposing a project for 
which the use or purpose is private and without public 
benefit shall not be eligible for financial assistance from 
the Bank under this Act. No financial assistance shall be 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00030
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
available from the Bank unless the entity for such assist-
ance has demonstrated to the satisfaction of the Board 
that the project for which such assistance is being sought 
meets the requirements of this Act. 
(b) ESTABLISHMENT OF PROJECT CRITERIA.— 
(1) IN GENERAL.—Consistent with the require-
ments of subsections (c) and (d), the Board shall ap-
prove— 
(A) criteria for determining eligibility for 
financial assistance established by the Executive 
Committee under this Act; 
(B) revisions to criteria for determining 
eligibility for financial assistance established by 
the Executive Committee under this Act; 
(C) the weight given to factors to be taken 
into account established by the Executive Com-
mittee; 
(D) disclosure and application procedures 
to be followed by entities to nominate projects 
for assistance established by the Executive 
Committee under this Act; and 
(E) such other criteria as the Board may 
consider to be appropriate for the purposes of 
carrying out this Act. 
(2) FACTORS TO BE TAKEN INTO ACCOUNT.— 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6201
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS
2018, and 2019 to capitalize the Bank and to remain 
available until expended, of which not more than 
$25,000,000 for each of fiscal years 2015 and 2016, and 
not more than $50,000,000 for each fiscal year thereafter, 
may be used for administrative costs of the Bank. 
Æ 
VerDate Sep 11 2014 
02:53 Aug 05, 2015
Jkt 049200
PO 00000
Frm 00049
Fmt 6652
Sfmt 6301
E:\BILLS\H3337.IH
H3337
smartinez on DSK4TPTVN1PROD with BILLS