I 
113TH CONGRESS 
2D SESSION 
H. R. 3939 
To amend the Internal Revenue Code of 1986 to jumpstart the sluggish 
economy, finance critical infrastructure investments, fight income inequal-
ity and create jobs, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 28, 2014 
Mr. NEAL introduced the following bill; which was referred to the Committee 
on Ways and Means, and in addition to the Committees on Transpor-
tation and Infrastructure and Education and the Workforce, 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 amend the Internal Revenue Code of 1986 to jumpstart 
the sluggish economy, finance critical infrastructure in-
vestments, fight income inequality and create jobs, 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; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Invest in United States Act of 2014’’. 
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(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—AMERICAN INFRASTRUCTURE FINANCING AUTHORITY 
Sec. 101. Findings and purpose. 
Sec. 102. Definitions. 
Subtitle A—American Infrastructure Financing Authority 
Sec. 111. Establishment and general authority of AIFA. 
Sec. 112. Voting members of the Board of Directors. 
Sec. 113. Chief Executive Officer of AIFA. 
Sec. 114. Powers and duties of the Board of Directors. 
Sec. 115. Senior management. 
Sec. 116. Special Inspector General for AIFA. 
Sec. 117. Other personnel. 
Sec. 118. Compliance. 
Subtitle B—Terms and Limitations on Direct Loans and Loan Guarantees 
Sec. 121. Eligibility criteria for assistance from AIFA and terms and limita-
tions of loans. 
Sec. 122. Loan terms and repayment. 
Sec. 123. Compliance and enforcement. 
Sec. 124. Audits; reports to the President and Congress. 
Subtitle C—Funding of AIFA 
Sec. 131. Fees. 
Sec. 132. Self-sufficiency of AIFA. 
Sec. 133. Funding. 
Sec. 134. Contract authority. 
TITLE II—TAX CREDIT EXTENSIONS 
Sec. 201. Permanent extension of new markets tax credit. 
Sec. 202. Build America Bonds made permanent. 
Sec. 203. Permanent extension of research credit; increase in alternative sim-
plified research credit. 
Sec. 204. Exempt-facility bonds for sewage and water supply facilities. 
Sec. 205. Repeal of alternative minimum tax on private activity bonds. 
TITLE III—SKILLS TRAINING 
Sec. 301. Job training tax credit. 
Sec. 302. Qualified Job Training Partnerships credit. 
TITLE IV—TRADE PROVISIONS 
Sec. 401. Findings; sense of Congress on applicability of trade authorities pro-
cedures to a bill implementing a trade and investment agree-
ment with the European Union. 
Sec. 402. Extension of trade adjustment assistance program. 
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TITLE V—MINIMUM WAGE INCREASE AND BUSINESS TAX RELIEF 
Sec. 501. Minimum wage increases. 
Sec. 502. Work Opportunity Credit made permanent. 
Sec. 503. Increased expensing limitations and treatment of certain real prop-
erty as section 179 property made permanent. 
Sec. 504. Permanent extension of treatment of qualified leasehold improvement 
property, qualified restaurant property, and qualified retail im-
provement property as 15-year property for purposes of depre-
ciation deduction. 
TITLE 
I—AMERICAN 
INFRA-
STRUCTURE FINANCING AU-
THORITY 
SEC. 101. FINDINGS AND PURPOSE. 
(a) FINDINGS.—Congress finds that— 
(1) infrastructure has always been a vital ele-
ment of the economic strength of the United States 
and a key indicator of the international leadership of 
the United States; 
(2) the Erie Canal, the Hoover Dam, the rail-
roads, and the interstate highway system are all tes-
taments to American ingenuity and have helped pro-
pel and maintain the United States as the world’s 
largest economy; 
(3) according to the World Economic Forum’s 
Global Competitiveness Report, the United States 
fell to second place in 2009, and dropped to fourth 
place overall in 2010, however, in the ‘‘Quality of 
overall infrastructure’’ category of the same report, 
the United States ranked twenty-third in the world; 
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(4) according to the World Bank’s 2010 Logis-
tic Performance Index, the capacity of countries to 
efficiently move goods and connect manufacturers 
and consumers with international markets is improv-
ing around the world, and the United States now 
ranks seventh in the world in logistics-related infra-
structure behind countries from both Europe and 
Asia; 
(5) according to a January 2009 report from 
the University of Massachusetts/Alliance for Amer-
ican Manufacturing entitled ‘‘Employment, Produc-
tivity and Growth,’’ infrastructure investment is a 
‘‘highly effective engine of job creation’’ such that 
$1,000,000,000 in new investment in infrastructure 
results in 18,000 total jobs; 
(6) 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 $2,200,000,000,000 in-
vestment is needed over the next 5 years to bring 
American infrastructure up to adequate condition; 
(7) 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 the United 
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States surface transportation system to a state of 
good repair and create a more advanced system; 
(8) the current infrastructure financing mecha-
nisms of the United States, both on the Federal and 
State level, will fail to meet current and foreseeable 
demands and will create large funding gaps; 
(9) traditional municipal bonds issued by State 
and local governments are proven to work and have 
been a part of the tax code for over 100 years, and 
additional infrastructure financing options can be 
created at the Federal level to complement the cur-
rent system to best meet infrastructure needs; 
(10) new, additional financing mechanisms 
should be targeted and quickly implemented to— 
(A) serve large in-State or cross jurisdic-
tion infrastructure projects, projects of regional 
or national significance, or projects that cross 
sector silos; 
(B) sufficiently catalyze private sector in-
vestment; or 
(C) ensure the optimal return on public re-
sources; 
(11) although grant programs of the United 
States Government must continue to play a central 
role in financing the transportation, environment, 
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and energy infrastructure needs of the United 
States, current and foreseeable demands on existing 
Federal, State, and local funding for infrastructure 
expansion clearly 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; 
(12) the capital markets, including pension 
funds, private equity funds, mutual funds, sovereign 
wealth funds, and other investors, have a growing 
interest in infrastructure investment and represent 
hundreds of billions of dollars of potential invest-
ment; and 
(13) the establishment of a United States Gov-
ernment-owned, independent, professionally managed 
institution that could provide credit support to quali-
fied infrastructure projects of regional and national 
significance, making transparent merit-based invest-
ment decisions based on the commercial viability of 
infrastructure projects, would catalyze the participa-
tion of significant private investment capital. 
(b) PURPOSE.—The purpose of this title is to facili-
tate investment in, and long-term financing of, economi-
cally viable infrastructure projects of regional or national 
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significance in a manner that both complements existing 
Federal, State, local, and private funding sources for these 
projects and introduces a merit-based system for financing 
such projects, in order to mobilize significant private sec-
tor investment, create jobs, and ensure United States com-
petitiveness through a self-sustaining institution that lim-
its the need for ongoing Federal funding. 
SEC. 102. DEFINITIONS. 
For purposes of this title, the following definitions 
shall apply: 
(1) AIFA.—The term ‘‘AIFA’’ means the 
American Infrastructure Financing Authority estab-
lished under this title. 
(2) BLIND
TRUST.—The term ‘‘blind trust’’ 
means a trust in which the beneficiary has no knowl-
edge of the specific holdings and no rights over how 
those holdings are managed by the fiduciary of the 
trust prior to the dissolution of the trust. 
(3) BOARD OF DIRECTORS.—The term ‘‘Board 
of Directors’’ means Board of Directors of AIFA. 
(4) CHAIRPERSON.—The term ‘‘Chairperson’’ 
means the Chairperson of the Board of Directors of 
AIFA. 
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(5) CHIEF
EXECUTIVE
OFFICER.—The term 
‘‘Chief Executive Officer’’ means the Chief Executive 
Officer of AIFA, appointed under section 113. 
(6) COST.—The term ‘‘cost’’ has the same 
meaning as in section 502 of the Federal Credit Re-
form Act of 1990 (2 U.S.C. 661a). 
(7) DIRECT LOAN.—The term ‘‘direct loan’’ has 
the same meaning as in section 502 of the Federal 
Credit Reform Act of 1990 (2 U.S.C. 661a). 
(8) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means an individual, corporation, partnership 
(including a public-private partnership), joint ven-
ture, trust, State, or other governmental entity, in-
cluding a political subdivision or any other instru-
mentality of a State, or a revolving fund. 
(9) INFRASTRUCTURE PROJECT.— 
(A) IN GENERAL.—The term ‘‘eligible in-
frastructure project’’ means any transportation, 
water, or energy infrastructure project, or an 
aggregation of such infrastructure projects, as 
provided in this title. 
(B) TRANSPORTATION
INFRASTRUCTURE 
PROJECT.—The term ‘‘transportation infra-
structure project’’ means the construction, al-
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teration, or repair, including the facilitation of 
intermodal transit, of the following subsectors: 
(i) Highway or road. 
(ii) Bridge. 
(iii) Mass transit. 
(iv) Inland waterways. 
(v) Commercial ports. 
(vi) Airports. 
(vii) Air traffic control systems. 
(viii) Passenger rail, including high- 
speed rail. 
(ix) Freight rail systems. 
(C) WATER INFRASTRUCTURE PROJECT.— 
The term ‘‘water infrastructure project’’ means 
the construction, consolidation, alteration, or 
repair of the following subsectors: 
(i) Water waste treatment facility. 
(ii) Storm water management system. 
(iii) Dam. 
(iv) Solid waste disposal facility. 
(v) Levee. 
(vi) Open space management system. 
(D) 
ENERGY
INFRASTRUCTURE 
PROJECT.—The term ‘‘energy infrastructure 
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project’’ means the construction, alteration, or 
repair of the following subsectors: 
(i) Pollution reduced energy genera-
tion. 
(ii) Transmission and distribution. 
(iii) Storage. 
(iv) Energy efficiency enhancements 
for buildings, including public and com-
mercial buildings. 
(E) BOARD AUTHORITY TO MODIFY SUB-
SECTORS.—The Board of Directors may make 
modifications, at the discretion of the Board, to 
the subsectors described in this paragraph by a 
vote of not fewer than 5 of the voting members 
of the Board of Directors. 
(10) INVESTMENT-GRADE
RATING.—The term 
‘‘investment-grade rating’’ means a rating of BBB 
minus, Baa3, or higher assigned to an infrastructure 
project by a ratings agency. 
(11) 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). 
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(12) 
PUBLIC-PRIVATE
PARTNERSHIP.—The 
term ‘‘public-private partnership’’ means any eligible 
entity— 
(A)(i) which is undertaking the develop-
ment of all or part of an infrastructure project 
that 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; 
(B) which owns, leases, or operates or will 
own, lease, or operate, the project in whole or 
in part; and 
(C) the participants in which include not 
fewer than 1 nongovernmental entity with sig-
nificant investment and some control over the 
project or project vehicle. 
(13) RURAL INFRASTRUCTURE PROJECT.—The 
term ‘‘rural infrastructure project’’ means an infra-
structure project in a rural area, as that term is de-
fined in section 343(a)(13)(A) of the Consolidated 
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Farm and Rural Development Act (7 U.S.C. 
1991(a)(13)(A)). 
(14) SECRETARY.—Unless the context other-
wise requires, the term ‘‘Secretary’’ means the Sec-
retary of the Treasury or the designee thereof. 
(15) SENIOR MANAGEMENT.—The term ‘‘senior 
management’’ means the Chief Financial Officer, 
Chief Risk Officer, Chief Compliance Officer, Gen-
eral Counsel, Chief Lending Officer, and Chief Oper-
ations Officer of AIFA established under section 
115, and such other officers as the Board of Direc-
tors may, by majority vote, add to senior manage-
ment. 
(16) 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. 
Subtitle A—American 
Infrastructure Financing Authority 
SEC. 111. ESTABLISHMENT AND GENERAL AUTHORITY OF 
AIFA. 
(a) ESTABLISHMENT OF AIFA.—The American In-
frastructure Financing Authority is established as a whol-
ly owned Government corporation. 
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(b) GENERAL AUTHORITY OF AIFA.—AIFA shall 
provide direct loans and loan guarantees to facilitate infra-
structure projects that are both economically viable and 
of regional or national significance, and shall have such 
other authority as is provided under this title. 
(c) INCORPORATION.— 
(1) IN GENERAL.—The Board of Directors first 
appointed shall be deemed the incorporator of AIFA, 
and the incorporation shall be held to have been ef-
fected from the date of the first meeting of the 
Board of Directors. 
(2) CORPORATE OFFICE.—AIFA shall— 
(A) maintain an office in Washington, DC; 
and 
(B) for purposes of venue in civil actions, 
be considered to be a resident of Washington, 
DC. 
(d) RESPONSIBILITY OF THE SECRETARY.—The Sec-
retary shall take such actions as may be necessary to as-
sist in implementing AIFA, and in carrying out the pur-
pose of this title. 
(e) RULE OF CONSTRUCTION.—Chapter 91 of title 
31, United States Code, does not apply to AIFA, unless 
otherwise specifically provided in this title. 
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SEC. 112. VOTING MEMBERS OF THE BOARD OF DIREC-
TORS. 
(a) VOTING MEMBERSHIP OF THE BOARD OF DIREC-
TORS.— 
(1) IN GENERAL.—AIFA shall have a Board of 
Directors consisting of 7 voting members appointed 
by the President, by and with the advice and consent 
of the Senate, not more than 4 of whom shall be 
from the same political party. 
(2) CHAIRPERSON.—One of the voting members 
of the Board of Directors shall be designated by the 
President to serve as Chairperson thereof. 
(3) CONGRESSIONAL RECOMMENDATIONS.—Not 
later than 30 days after the date of enactment of 
this Act, the majority leader of the Senate, the mi-
nority 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 appointment of 
a member of the Board of Directors, after consulta-
tion with the appropriate committees of Congress. 
(b) VOTING RIGHTS.—Each voting member of the 
Board of Directors shall have an equal vote in all decisions 
of the Board of Directors. 
(c) QUALIFICATIONS OF VOTING MEMBERS.—Each 
voting member of the Board of Directors shall— 
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(1) be a citizen of the United States; and 
(2) have significant demonstrated expertise in— 
(A) the management and administration of 
a financial institution relevant to the operation 
of AIFA; or 
(B) the financing, development, or oper-
ation of infrastructure projects. 
(d) TERMS.— 
(1) IN
GENERAL.—Except as otherwise pro-
vided in this title, each voting member of the Board 
of Directors shall be appointed for a term of 4 years. 
(2) INITIAL STAGGERED TERMS.—Of the voting 
members first appointed to the Board of Directors— 
(A) the initial Chairperson and 3 of the 
other voting members shall each be appointed 
for a term of 4 years; and 
(B) the remaining 3 voting members shall 
each be appointed for a term of 2 years. 
(3) DATE OF INITIAL NOMINATIONS.—The ini-
tial nominations for the appointment of all voting 
members of the Board of Directors shall be made 
not later than 60 days after the date of enactment 
of this Act. 
(4) BEGINNING OF TERM.—The term of each of 
the initial voting members appointed under this sec-
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tion shall commence immediately upon the date of 
appointment, except that, for purposes of calculating 
the term limits specified in this subsection, the ini-
tial terms shall each be construed as beginning on 
January 22 of the year following the date of the ini-
tial appointment. 
(5) VACANCIES.—A vacancy in the position of 
a voting member of the Board of Directors shall be 
filled by the President, and a member appointed to 
fill a vacancy on the Board of Directors occurring 
before the expiration of the term for which the pred-
ecessor was appointed shall be appointed only for 
the remainder of that term. 
(e) MEETINGS.— 
(1) OPEN TO THE PUBLIC; NOTICE.—Except as 
provided in paragraph (3), all meetings of the Board 
of Directors shall be— 
(A) open to the public; and 
(B) preceded by reasonable public notice. 
(2) FREQUENCY.—The Board of Directors shall 
meet not later than 60 days after the date on which 
all members of the Board of Directors are first ap-
pointed, at least quarterly thereafter, and otherwise 
at the call of either the Chairperson or 5 voting 
members of the Board of Directors. 
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(3) EXCEPTION FOR CLOSED MEETINGS.—The 
voting members of the Board of Directors may, by 
majority vote, close a meeting to the public if, dur-
ing the meeting to be closed, there is likely to be dis-
closed proprietary or sensitive information regarding 
an infrastructure project under consideration for as-
sistance under this title. The Board of Directors 
shall prepare minutes of any meeting that is closed 
to the public, and shall make such minutes available 
as soon as practicable, not later than 1 year after 
the date of the closed meeting, with any necessary 
redactions to protect any proprietary or sensitive in-
formation. 
(4) QUORUM.—For purposes of meetings of the 
Board of Directors, 5 voting members of the Board 
of Directors shall constitute a quorum. 
(f) COMPENSATION
OF
MEMBERS.—Each voting 
member of the Board of Directors shall be compensated 
at a rate equal to the daily equivalent of the annual rate 
of basic pay prescribed for level III of the Executive 
Schedule under section 5314 of title 5, United States 
Code, for each day (including travel time) during which 
the member is engaged in the performance of the duties 
of the Board of Directors. 
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(g) CONFLICTS OF INTEREST.—A voting member of 
the Board of Directors may not participate in any review 
or decision affecting an infrastructure project under con-
sideration for assistance under this title, if the member 
has or is affiliated with an entity who has a financial inter-
est in such project. 
SEC. 113. CHIEF EXECUTIVE OFFICER OF AIFA. 
(a) IN GENERAL.—The Chief Executive Officer of 
AIFA shall be a nonvoting member of the Board of Direc-
tors, who shall be responsible for all activities of AIFA, 
and shall support the Board of Directors as set forth in 
this title and as the Board of Directors deems necessary 
or appropriate. 
(b) APPOINTMENT AND TENURE OF THE CHIEF EX-
ECUTIVE OFFICER.— 
(1) IN GENERAL.—The President shall appoint 
the Chief Executive Officer, by and with the advice 
and consent of the Senate. 
(2) TERM.—The Chief Executive Officer shall 
be appointed for a term of 6 years. 
(3) VACANCIES.—Any vacancy in the office of 
the Chief Executive Officer shall be filled by the 
President, and the person appointed to fill a vacancy 
in that position occurring before the expiration of 
the term for which the predecessor was appointed 
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shall be appointed only for the remainder of that 
term. 
(c) QUALIFICATIONS.—The Chief Executive Offi-
cer— 
(1) shall have significant expertise in manage-
ment and administration of a financial institution, 
or significant expertise in the financing and develop-
ment of infrastructure projects; and 
(2) may not— 
(A) hold any other public office; 
(B) have any financial interest in an infra-
structure project then being considered by the 
Board of Directors, unless that interest is 
placed in a blind trust; or 
(C) have any financial interest in an in-
vestment institution or its affiliates or any 
other entity seeking or likely to seek financial 
assistance for any infrastructure project from 
AIFA, unless any such interest is placed in a 
blind trust for the tenure of the service of the 
Chief Executive Officer plus 2 additional years. 
(d) RESPONSIBILITIES.—The Chief Executive Officer 
shall have such executive functions, powers, and duties as 
may be prescribed by this title, the bylaws of AIFA, or 
the Board of Directors, including— 
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reasonably requested by the Chief Executive Of-
ficer; 
(C) assessing and recommending in the 
first instance, for ultimate approval or dis-
approval by the Board of Directors, compensa-
tion and adjustments to compensation of senior 
management and other personnel of AIFA as 
may be necessary for carrying out the functions 
of AIFA; 
(D) ensuring, in conjunction with the gen-
eral counsel of AIFA, that all activities of 
AIFA are carried out in compliance with appli-
cable law; 
(E) overseeing the involvement of AIFA in 
all projects, including— 
(i) developing eligible projects for 
AIFA financial assistance; 
(ii) determining the terms and condi-
tions of all financial assistance packages; 
(iii) 
monitoring 
all 
infrastructure 
projects assisted by AIFA, including re-
sponsibility for ensuring that the proceeds 
of any loan made, guaranteed, or partici-
pated in are used only for the purposes for 
which the loan or guarantee was made; 
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(iv) preparing and submitting for ap-
proval by the Board of Directors the docu-
ments required under paragraph (1); and 
(v) ensuring the implementation of de-
cisions of the Board of Directors; and 
(F) such other activities as may be nec-
essary or appropriate in carrying out this title. 
(e) COMPENSATION.— 
(1) IN
GENERAL.—Any compensation assess-
ment or recommendation by the Chief Executive Of-
ficer under this section shall be without regard to 
the provisions of chapter 51 or subchapter III of 
chapter 53 of title 5, United States Code. 
(2) CONSIDERATIONS.—The compensation as-
sessment or recommendation required under this 
subsection shall take into account merit principles, 
where applicable, as well as the education, experi-
ence, level of responsibility, geographic differences, 
and retention and recruitment needs in determining 
compensation of personnel. 
SEC. 114. POWERS AND DUTIES OF THE BOARD OF DIREC-
TORS. 
The Board of Directors shall— 
(1) as soon as is practicable after the date on 
which all members are appointed, approve or dis-
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approve senior management appointed by the Chief 
Executive Officer; 
(2) not later than 180 days after the date on 
which all members are appointed— 
(A) develop and approve the bylaws of 
AIFA, including bylaws for the regulation of 
the affairs and conduct of the business of 
AIFA, consistent with the purpose, goals, objec-
tives, and policies set forth in this title; 
(B) establish subcommittees, including an 
audit committee that is composed solely of 
members of the Board of Directors who are 
independent of the senior management of 
AIFA; 
(C) develop and approve, in consultation 
with senior management, a conflict-of-interest 
policy for the Board of Directors and for senior 
management; 
(D) approve or disapprove internal policies 
that the Chief Executive Officer shall submit to 
the Board of Directors, including— 
(i) policies regarding the loan applica-
tion and approval process, including— 
(I) disclosure and application 
procedures to be followed by entities 
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in the course of nominating infra-
structure projects for assistance under 
this title; 
(II) guidelines for the selection 
and approval of projects; 
(III) specific criteria for deter-
mining eligibility for project selection, 
consistent with subtitle B; and 
(IV) standardized terms and con-
ditions, fee schedules, or legal require-
ments of a contract or program, so as 
to carry out this title; and 
(ii) operational guidelines; and 
(E) approve or disapprove a 1-year busi-
ness plan and budget for AIFA; 
(3) ensure that AIFA is at all times operated 
in a manner that is consistent with this title, by— 
(A) monitoring and assessing the effective-
ness of AIFA in achieving its strategic goals; 
(B) periodically reviewing internal policies; 
(C) reviewing and approving annual busi-
ness plans, annual budgets, and long-term 
strategies submitted by the Chief Executive Of-
ficer; 
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(D) reviewing and approving annual re-
ports submitted by the Chief Executive Officer; 
(E) engaging one or more external audi-
tors, as set forth in this title; and 
(F) reviewing and approving all changes to 
the organization of senior management; 
(4) appoint and fix, by a vote of not fewer than 
5 voting members of the Board of Directors, and 
without regard to the provisions of chapter 51 or 
subchapter III of chapter 53 of title 5, United Sates 
Code, the compensation and adjustments to com-
pensation of all AIFA personnel, provided that in 
appointing and fixing any compensation or adjust-
ments to compensation under this paragraph, the 
Board shall— 
(A) consult with, and seek to maintain 
comparability with, other comparable Federal 
personnel, as the Secretary may deem appro-
priate; 
(B) consult with the Office of Personnel 
Management; and 
(C) carry out such duties consistent with 
merit principles, where applicable, as well as the 
education, experience, level of responsibility, ge-
ographic differences, and retention and recruit-
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ment needs in determining compensation of per-
sonnel; 
(5) establish such other criteria, requirements, 
or procedures as the Board of Directors may con-
sider to be appropriate in carrying out this title; 
(6) serve as the primary liaison for AIFA in 
interactions with Congress, the Executive Branch, 
and State and local governments, and to represent 
the interests of AIFA in such interactions and oth-
ers; 
(7) approve by a vote of not fewer than 5 voting 
members of the Board of Directors any changes to 
the bylaws or internal policies of AIFA; 
(8) have the authority and responsibility— 
(A) to oversee entering into and carry out 
such contracts, leases, cooperative agreements, 
or other transactions as are necessary to carry 
out this title with— 
(i) any Federal department or agency; 
(ii) any State, territory, or possession 
(or any political subdivision thereof, includ-
ing State infrastructure banks) of the 
United States; and 
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(iii) any individual, public-private 
partnership, firm, association, or corpora-
tion; 
(B) to approve of the acquisition, lease, 
pledge, exchange, and disposal of real and per-
sonal property by AIFA and otherwise approve 
the exercise by AIFA of all of the usual inci-
dents of ownership of property, to the extent 
that the exercise of such powers is appropriate 
to and consistent with the purposes of AIFA; 
(C) to determine the character of, and the 
necessity for, the obligations and expenditures 
of AIFA, and the manner in which the obliga-
tions and expenditures will be incurred, allowed, 
and paid, subject to this title and other Federal 
law specifically applicable to wholly owned Fed-
eral corporations; 
(D) to execute, in accordance with applica-
ble bylaws and regulations, appropriate instru-
ments; 
(E) to approve other forms of credit en-
hancement that AIFA may provide to eligible 
projects, as long as the forms of credit enhance-
ments are consistent with the purposes of this 
title and terms set forth in subtitle B; 
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(F) to exercise all other lawful powers that 
are necessary or appropriate to carry out, and 
are consistent with, the purposes of AIFA; 
(G) to sue or be sued in the corporate ca-
pacity of AIFA in any court of competent juris-
diction; 
(H) to indemnify the members of the 
Board of Directors and officers of AIFA for 
any liabilities arising out of the actions of the 
members and officers in such capacity, in ac-
cordance with, and subject to the limitations 
contained in this title; 
(I) to review all financial assistance pack-
ages to all eligible infrastructure projects, as 
submitted by the Chief Executive Officer and to 
approve, postpone, or deny the same by major-
ity vote; 
(J) to review all restructuring proposals 
submitted by the Chief Executive Officer, in-
cluding assignation, pledging, or disposal of the 
interest of AIFA in a project, including pay-
ment or income from any interest owned or held 
by AIFA, and to approve, postpone, or deny the 
same by majority vote; and 
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(K) to enter into binding commitments, as 
specified in approved financial assistance pack-
ages; 
(9) delegate to the Chief Executive Officer 
those duties that the Board of Directors deems ap-
propriate, to better carry out the powers and pur-
poses of the Board of Directors under this section; 
and 
(10) to approve a maximum aggregate amount 
of principal exposure of AIFA at any given time. 
SEC. 115. SENIOR MANAGEMENT. 
(a) IN GENERAL.—Senior management shall support 
the Chief Executive Officer in the discharge of the respon-
sibilities of the Chief Executive Officer. 
(b) APPOINTMENT OF SENIOR MANAGEMENT.—The 
Chief Executive Officer shall appoint such senior man-
agers as are necessary to carry out the purpose of AIFA, 
as approved by a majority vote of the voting members of 
the Board of Directors. 
(c) TERM.—Each member of senior management 
shall serve at the pleasure of the Chief Executive Officer 
and the Board of Directors. 
(d) REMOVAL OF SENIOR MANAGEMENT.—Any mem-
ber of senior management may be removed, either by a 
majority of the voting members of the Board of Directors 
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upon request by the Chief Executive Officer, or otherwise 
by vote of not fewer than 5 voting members of the Board 
of Directors. 
(e) SENIOR MANAGEMENT.— 
(1) IN
GENERAL.—Each member of senior 
management shall report directly to the Chief Exec-
utive Officer, other than the Chief Risk Officer, who 
shall report directly to the Board of Directors. 
(2) DUTIES AND RESPONSIBILITIES.— 
(A) CHIEF
FINANCIAL
OFFICER.—The 
Chief Financial Officer shall be responsible for 
all financial functions of AIFA, provided that, 
at the discretion of the Board of Directors, spe-
cific functions of the Chief Financial Officer 
may be delegated externally. 
(B) CHIEF
RISK
OFFICER.—The Chief 
Risk Officer shall be responsible for all func-
tions of AIFA relating to— 
(i) the creation of financial, credit, 
and operational risk management guide-
lines and policies; 
(ii) the establishment of guidelines to 
ensure diversification of lending activities 
by region, infrastructure project type, and 
project size; 
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(iii) the creation of conforming stand-
ards for infrastructure finance agreements; 
(iv) the monitoring of the financial, 
credit, and operational exposure of AIFA; 
and 
(v) risk management and mitigation 
actions, including by reporting such ac-
tions, or recommendations of such actions 
to be taken, directly to the Board of Direc-
tors. 
(C) CHIEF
COMPLIANCE
OFFICER.—The 
Chief Compliance Officer shall be responsible 
for all functions of AIFA relating to internal 
audits, accounting safeguards, and the enforce-
ment of such safeguards and other applicable 
requirements. 
(D) GENERAL
COUNSEL.—The General 
Counsel shall be responsible for all functions of 
AIFA relating to legal matters and, in consulta-
tion with the Chief Executive Officer, shall be 
responsible for ensuring that AIFA complies 
with all applicable law. 
(E) CHIEF
OPERATIONS
OFFICER.—The 
Chief Operations Officer shall be responsible for 
all operational functions of AIFA, including 
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those relating to the continuing operations and 
performance of all infrastructure projects in 
which AIFA retains an interest and for all 
AIFA functions related to human resources. 
(F) CHIEF LENDING OFFICER.—The Chief 
Lending Officer shall be responsible for— 
(i) all functions of AIFA relating to 
the development of project pipeline, finan-
cial structuring of projects, credit analysis 
of infrastructure projects, selection of in-
frastructure projects to be reviewed by the 
Board of Directors, preparation of infra-
structure projects to be presented to the 
Board of Directors, and set aside for rural 
infrastructure projects; and 
(ii) the creation and management of— 
(I) a Center for Excellence to 
provide technical assistance to public 
sector borrowers in the development 
and 
financing 
of 
infrastructure 
projects; and 
(II) an Office of Rural Assistance 
to provide technical assistance in the 
development and financing of rural in-
frastructure projects. 
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(f) CHANGES TO SENIOR MANAGEMENT.—The Board 
of Directors, in consultation with the Chief Executive Offi-
cer, may alter the structure of the senior management of 
AIFA at any time to better accomplish the goals, objec-
tives, and purposes of AIFA, provided that the functions 
of the Chief Financial Officer set forth in subsection (e) 
remain separate from the functions of the Chief Risk Offi-
cer set forth in subsection (e). 
(g) CONFLICTS OF INTEREST.—No individual ap-
pointed to senior management may— 
(1) hold any other public office; 
(2) have any financial interest in an infrastruc-
ture project then being considered by the Board of 
Directors, unless that interest is placed in a blind 
trust; or 
(3) have any financial interest in an investment 
institution or its affiliates, AIFA or its affiliates, or 
other entity then seeking or likely to seek financial 
assistance for any infrastructure project from AIFA, 
unless any such interest is placed in a blind trust 
during the term of service of that individual in a 
senior management position, and for a period of 2 
years thereafter. 
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SEC. 116. SPECIAL INSPECTOR GENERAL FOR AIFA. 
(a) IN GENERAL.—During the first 5 operating years 
of AIFA, the Office of the Inspector General of the De-
partment of the Treasury shall have responsibility for 
AIFA. 
(b) OFFICE
OF
THE SPECIAL INSPECTOR GEN-
ERAL.—Effective 5 years after the date of enactment of 
the commencement of the operations of AIFA, there is es-
tablished the Office of the Special Inspector General for 
AIFA. 
(c) APPOINTMENT
OF INSPECTOR GENERAL; RE-
MOVAL.— 
(1) HEAD OF OFFICE.—The head of the Office 
of the Special Inspector General for AIFA shall be 
the Special Inspector General for AIFA (in this title 
referred to as the ‘‘Special Inspector General’’), who 
shall be appointed by the 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 
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be made as soon as is practicable after the effective 
date under subsection (b). 
(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 
under section 3(e) of the Inspector General Act of 
1978 (5 U.S.C. App.). 
(d) DUTIES.— 
(1) IN GENERAL.—It shall be the duty of the 
Special Inspector General to conduct, supervise, and 
coordinate audits and investigations of the business 
activities of AIFA. 
(2) OTHER SYSTEMS, PROCEDURES, AND CON-
TROLS.—The Special Inspector General shall estab-
lish, maintain, and oversee such systems, procedures, 
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and controls as the Special Inspector General con-
siders appropriate to discharge the duty under para-
graph (1). 
(3) ADDITIONAL DUTIES.—In addition to the 
duties specified in paragraphs (1) and (2), the In-
spector General shall also have the duties and re-
sponsibilities of inspectors general under the Inspec-
tor General Act of 1978. 
(e) 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. 
(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. 
(f) PERSONNEL, FACILITIES, 
AND
OTHER
RE-
SOURCES.— 
(1) ADDITIONAL OFFICERS.— 
(A) The Special Inspector General may se-
lect, appoint, and employ such officers and em-
ployees as may be necessary for carrying out 
the duties of the Special Inspector General, 
subject to the provisions of title 5, United 
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States Code, governing appointments in the 
competitive service, and the provisions of chap-
ter 51 and subchapter III of chapter 53 of such 
title, relating to classification and General 
Schedule pay rates. 
(B) The Special Inspector General may ex-
ercise the authorities of subsections (b) through 
(i) of section 3161 of title 5, United States 
Code (without 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. 
(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.— 
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(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 
such entity shall, insofar as is practicable and 
not in contravention of any existing law, furnish 
such information or assistance to the Special 
Inspector General, or an authorized designee. 
(B) REFUSAL TO COMPLY.—Whenever in-
formation or assistance requested by the Spe-
cial Inspector General is, in the judgment of the 
Special Inspector General, unreasonably refused 
or not provided, the Special Inspector General 
shall report the circumstances to the Secretary 
of the Treasury, without delay. 
(g) REPORTS.— 
(1) ANNUAL REPORT.—Not later than 1 year 
after the confirmation of the Special Inspector Gen-
eral, and every calendar year thereafter, the Special 
Inspector General shall submit to the President a re-
port summarizing the activities of the Special In-
spector General during the previous 1-year period 
ending on the date of such report. 
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(2) PUBLIC
DISCLOSURES.—Nothing in this 
subsection shall be construed to authorize the public 
disclosure of information 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. 117. OTHER PERSONNEL. 
Except as otherwise provided in the bylaws of AIFA, 
the Chief Executive Officer, in consultation with the 
Board of Directors, shall appoint, remove, and define the 
duties of such qualified personnel as are necessary to carry 
out the powers, duties, and purpose of AIFA, other than 
senior management, who shall be appointed in accordance 
with section 124. 
SEC. 118. COMPLIANCE. 
The provision of assistance by the Board of Directors 
pursuant to this title shall not be construed as superseding 
any provision of State law or regulation otherwise applica-
ble to an infrastructure project. 
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Subtitle B—Terms and Limitations 
on Direct Loans and Loan Guar-
antees 
SEC. 121. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 
AIFA AND TERMS AND LIMITATIONS OF 
LOANS. 
(a) IN GENERAL.—Any project whose use or purpose 
is private and for which no public benefit is created shall 
not be eligible for financial assistance from AIFA under 
this title. Financial assistance under this title shall only 
be made available if the applicant for such assistance has 
demonstrated to the satisfaction of the Board of Directors 
that the infrastructure project for which such assistance 
is being sought— 
(1) is not for the refinancing of an existing in-
frastructure project; and 
(2) meets— 
(A) any pertinent requirements set forth in 
this title; 
(B) any criteria established by the Board 
of Directors or Chief Executive Officer in ac-
cordance with this title; and 
(C) the definition of a transportation infra-
structure project, water infrastructure project, 
or energy infrastructure project. 
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(b) CONSIDERATIONS.—The criteria established by 
the Board of Directors pursuant to this title shall provide 
adequate consideration of— 
(1) the economic, financial, technical, environ-
mental, and public benefits and costs of each infra-
structure project under consideration for financial 
assistance under this title, prioritizing infrastructure 
projects that— 
(A) contribute to regional or national eco-
nomic growth; 
(B) offer value for money to taxpayers; 
(C) demonstrate a clear public benefit; 
(D) lead to job creation; and 
(E) mitigate environmental concerns; 
(2) the means by which development of the in-
frastructure project under consideration is being fi-
nanced, including— 
(A) the terms, conditions, and structure of 
the proposed financing; 
(B) the credit worthiness and standing of 
the project sponsors, providers of equity, and 
cofinanciers; 
(C) the financial assumptions and projec-
tions on which the infrastructure project is 
based; and 
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(D) whether there is sufficient State or 
municipal political support for the successful 
completion of the infrastructure project; 
(3) the likelihood that the provision of assist-
ance by AIFA will cause such development to pro-
ceed more promptly and with lower costs for financ-
ing than would be the case without such assistance; 
(4) the extent to which the provision of assist-
ance by AIFA maximizes the level of private invest-
ment in the infrastructure project or supports a 
public-private partnership, while providing a signifi-
cant public benefit; 
(5) the extent to which the provision of assist-
ance by AIFA can mobilize the participation of other 
financing partners in the infrastructure project; 
(6) the technical and operational viability of the 
infrastructure project; 
(7) the proportion of financial assistance from 
AIFA; 
(8) the geographic location of the project in an 
effort to have geographic diversity of projects funded 
by AIFA; 
(9) the size of the project and its impact on the 
resources of AIFA; and 
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(10) the infrastructure sector of the project, in 
an effort to have projects from more than one sector 
funded by AIFA. 
(c) APPLICATION.— 
(1) IN GENERAL.—Any eligible entity seeking 
assistance from AIFA under this title for an eligible 
infrastructure project shall submit an application to 
AIFA at such time, in such manner, and containing 
such information as the Board of Directors or the 
Chief Executive Officer may require. 
(2) REVIEW OF APPLICATIONS.—AIFA shall re-
view applications for assistance under this title on 
an ongoing basis. The Chief Executive Officer, work-
ing with the senior management, shall prepare eligi-
ble infrastructure projects for review and approval 
by the Board of Directors. 
(3) DEDICATED REVENUE SOURCES.—The Fed-
eral credit instrument shall be repayable, in whole or 
in part, from tolls, user fees, or other dedicated rev-
enue sources that also secure the infrastructure 
project obligations. 
(d) ELIGIBLE INFRASTRUCTURE PROJECT COSTS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), to be eligible for assistance under this 
title, an infrastructure project shall have project 
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costs that are reasonably anticipated to equal or ex-
ceed $100,000,000. 
(2) RURAL
INFRASTRUCTURE
PROJECTS.—To 
be eligible for assistance under this title, a rural in-
frastructure project shall have project costs that are 
reasonably 
anticipated 
to 
equal 
or 
exceed 
$25,000,000. 
(e) LOAN ELIGIBILITY AND MAXIMUM AMOUNTS.— 
(1) IN GENERAL.—The amount of a direct loan 
or loan guarantee under this title shall not exceed 
the lesser of 50 percent of the reasonably anticipated 
eligible infrastructure project costs or, if the direct 
loan or loan guarantee does not receive an invest-
ment grade rating, the amount of the senior project 
obligations. 
(2) MAXIMUM ANNUAL LOAN AND LOAN GUAR-
ANTEE VOLUME.—The aggregate amount of direct 
loans and loan guarantees made by AIFA in any 
single fiscal year may not exceed— 
(A) during the first 2 fiscal years of the 
operations of AIFA, $10,000,000,000; 
(B) during fiscal years 3 through 9 of the 
operations of AIFA, $20,000,000,000; or 
(C) during any fiscal year thereafter, 
$50,000,000,000. 
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(f) STATE AND LOCAL PERMITS REQUIRED.—The 
provision of assistance by the Board of Directors pursuant 
to this title shall not be deemed to relieve any recipient 
of such assistance, or the related infrastructure project, 
of any obligation to obtain required State and local per-
mits and approvals. 
SEC. 122. LOAN TERMS AND REPAYMENT. 
(a) IN GENERAL.—A direct loan or loan guarantee 
under this title with respect to an eligible infrastructure 
project shall be on such terms, subject to such conditions, 
and contain such covenants, representations, warranties, 
and requirements (including requirements for audits) as 
the Chief Executive Officer determines appropriate. 
(b) TERMS.—A direct loan or loan guarantee under 
this title— 
(1) shall— 
(A) be payable, in whole or in part, from 
tolls, user fees, or other dedicated revenue 
sources that also secure the senior project obli-
gations (such as availability payments and dedi-
cated State or local revenues); and 
(B) include a rate covenant, coverage re-
quirement, or similar security feature sup-
porting the project obligations; and 
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(2) may have a lien on revenues described in 
paragraph (1), subject to any lien securing project 
obligations. 
(c) BASE INTEREST RATE.—The base interest rate 
on a direct loan under this title shall be not less than the 
yield on United States Treasury obligations of a similar 
maturity to the maturity of the direct loan on the date 
of execution of the loan agreement. 
(d) RISK ASSESSMENT.—Before entering into an 
agreement for assistance under this title, the Chief Execu-
tive Officer, in consultation with the Director of the Office 
of Management and Budget and each rating agency pro-
viding a preliminary rating opinion letter under this sec-
tion, shall determine an appropriate Federal credit subsidy 
amount for each direct loan and loan guarantee, taking 
into account such letter, as well as any comparable market 
rates available for such a loan or loan guarantee, should 
any exist. 
(e) CREDIT FEE.—With respect to each agreement 
for assistance under this title, the Chief Executive Officer 
shall charge a credit fee to the recipient of such assistance 
to pay for, over time, all or a portion of the Federal credit 
subsidy determined under subsection (d), with the remain-
der paid by the account established for AIFA. In the case 
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of a direct loan, such credit fee shall be in addition to 
the base interest rate established under subsection (c). 
(f) MATURITY DATE.—The final maturity date of a 
direct loan or loan guaranteed by AIFA under this title 
shall be not later than 35 years after the date of substan-
tial completion of the infrastructure project, as determined 
by the Chief Executive Officer. 
(g) PRELIMINARY RATING OPINION LETTER.— 
(1) IN GENERAL.—The Chief Executive Officer 
shall require each applicant for assistance under this 
title to provide a preliminary rating opinion letter 
from at least 1 ratings agency, indicating that the 
senior obligations of the infrastructure project, 
which may be the Federal credit instrument, have 
the potential to achieve an investment-grade rating. 
(2) RURAL INFRASTRUCTURE PROJECTS.—With 
respect to a rural infrastructure project, a rating 
agency opinion letter described in paragraph (1) 
shall not be required, except that the loan or loan 
guarantee shall receive an internal rating score, 
using methods similar to the ratings agencies gen-
erated by AIFA, measuring the proposed direct loan 
or loan guarantee against comparable direct loans or 
loan guarantees of similar credit quality in a similar 
sector. 
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(h) INVESTMENT-GRADE RATING REQUIREMENT.— 
(1) LOANS AND LOAN GUARANTEES.—The exe-
cution of a direct loan or loan guarantee under this 
title shall be contingent on the senior obligations of 
the infrastructure project receiving an investment- 
grade rating. 
(2) RATING OF AIFA OVERALL PORTFOLIO.— 
The average rating of the overall portfolio of AIFA 
shall be not less than investment grade after 5 years 
of operation. 
(i) TERMS AND REPAYMENT OF DIRECT LOANS.— 
(1) SCHEDULE.—The Chief Executive Officer 
shall establish a repayment schedule for each direct 
loan under this title, based on the projected cash 
flow from infrastructure project revenues and other 
repayment sources. 
(2) COMMENCEMENT.—Scheduled loan repay-
ments of principal or interest on a direct loan under 
this title shall commence not later than 5 years after 
the date of substantial completion of the infrastruc-
ture project, as determined by the Chief Executive 
Officer of AIFA. 
(3) 
DEFERRED
PAYMENTS
OF
DIRECT 
LOANS.— 
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(A) AUTHORIZATION.—If, at any time 
after the date of substantial completion of an 
infrastructure project assisted under this title, 
the infrastructure project is unable to generate 
sufficient revenues to pay the scheduled loan re-
payments of principal and interest on the direct 
loan under this title, the Chief Executive Offi-
cer may allow the obligor to add unpaid prin-
cipal and interest to the outstanding balance of 
the direct loan, if the result would benefit the 
taxpayer. 
(B) INTEREST.—Any payment deferred 
under subparagraph (A) shall— 
(i) continue to accrue interest, in ac-
cordance with the terms of the obligation, 
until fully repaid; and 
(ii) be scheduled to be amortized over 
the remaining term of the loan. 
(C) CRITERIA.— 
(i) IN GENERAL.—Any payment defer-
ral under subparagraph (A) shall be con-
tingent on the infrastructure project meet-
ing criteria established by the Board of Di-
rectors. 
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