I 
113TH CONGRESS 
1ST SESSION H. R. 2553 
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 
JUNE 27, 2013 
Ms. DELAURO (for herself, Mr. ISRAEL, Mr. ELLISON, Mr. TIERNEY, Mr. 
CICILLINE, Mr. MCGOVERN, Ms. MENG, Mr. MAFFEI, Mr. TONKO, Ms. 
SLAUGHTER, Ms. SCHAKOWSKY, Mr. SARBANES, Mrs. CHRISTENSEN, Mr. 
BRALEY of Iowa, Mr. YARMUTH, Mr. RUSH, Ms. CHU, Ms. PINGREE of 
Maine, Mr. LARSON of Connecticut, Ms. NORTON, Mr. HONDA, Ms. 
ESHOO, Mr. LYNCH, Mr. WELCH, Mr. MICHAUD, Mr. SIRES, Ms. 
BORDALLO, Ms. SHEA-PORTER, Ms. SPEIER, Mr. LOWENTHAL, Mr. 
POCAN, Mr. TAKANO, Mr. RICHMOND, Ms. ESTY, Mr. COURTNEY, Mr. 
PASCRELL, Mr. DEUTCH, Mr. LANGEVIN, Ms. BONAMICI, Ms. MCCOL-
LUM, Mrs. CAPPS, Mr. BLUMENAUER, Mr. CONYERS, Mr. AL GREEN of 
Texas, Mr. WATT, Mr. MORAN, Mr. GRIJALVA, Ms. LEE of California, 
Mr. GARAMENDI, Mr. CARSON of Indiana, Mr. KEATING, Mr. VEASEY, 
Ms. DUCKWORTH, Mr. VAN HOLLEN, Ms. MATSUI, Mrs. KIRKPATRICK, 
Ms. LINDA T. SA´NCHEZ of California, Mr. LIPINSKI, Mr. HECK of Wash-
ington, Mr. SHERMAN, Mr. HIMES, Mr. PRICE of North Carolina, and 
Mr. FARR) introduced the following bill; which was referred to the Com-
mittee on Energy and Commerce, and in addition to the Committees on 
Transportation and Infrastructure, Financial Services, and Ways and 
Means, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To facilitate efficient investments and financing of infrastruc-
ture projects and new job creation through the establish-
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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 2013’’. 
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 14th 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 
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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) $334,800,000,000 is needed to invest 
in infrastructure improvements over 20 years to 
ensure the provision of safe water; and 
(B) $202,500,000,000 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 15th among OECD nations in fixed 
and wireless broadband access per 100 inhabitants. 
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(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: 
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(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. 
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(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. 
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(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-
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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. 
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(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, 
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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 
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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, 
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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. 
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(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. 
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(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, 
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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; 
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(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. 
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(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 
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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. 
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(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 in accordance with 
section 5333(b)(2) of title 49. 
(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. 
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(d) COORDINATION WITH STATE AND LOCAL REGU-
LATORY AUTHORITY.—The provision of financial assist-
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 
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may be prescribed by this Act, the bylaws of the Bank, 
or the Board. 
(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-
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cers shall have demonstrated experience and expertise in 
one or more of the following: 
(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; 
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(4) accept, for consideration, project proposals 
relating to the development of infrastructure 
projects, which meet the basic criteria established by 
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 
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(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 
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 
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(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
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; 
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(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; 
(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. 
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(3) Insurance. 
(4) Credit risk management and credit evalua-
tions. 
(5) Related disciplines. 
(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; 
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(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. 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; 
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(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. 
(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. 
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(j) TERM.—The CCO and other audit officers of the 
audit committee shall serve a 6-year term and may be re-
appointed in accordance with this section. 
(k) LIMITATIONS.—The CCO and other audit officers 
of the audit committee shall not— 
(1) hold any other public office; 
(2) have any interest in an infrastructure 
project considered by the Board; 
(3) have any interest in an investment institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from or 
investing in the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 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. 
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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 
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 
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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.— 
(A) IN
GENERAL.—The Executive Com-
mittee shall conduct an analysis that takes into 
account the economic, environmental, and social 
benefits, and costs of each project under consid-
eration for financial assistance under this Act, 
prioritizing projects that contribute to economic 
growth, lead to job creation, and are of regional 
or national significance. 
(B) CRITERIA.—The criteria established 
pursuant to paragraph (1)(A) shall provide for 
the consideration of the following factors in 
considering eligibility for financial assistance 
under this Act: 
(i) The means by which development 
of the infrastructure project under consid-
eration is being financed, including— 
(I) the terms and conditions and 
financial structure of the proposed fi-
nancing; 
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(II) the credit worthiness and 
standing of the project sponsors, pro-
viders of equity, and cofinanciers; 
(III) the financial assumptions 
and projections on which the project 
is based; and 
(IV) the extent to which the in-
frastructure project maximizes invest-
ment from other sources. 
(ii) The likelihood that the provision 
of assistance by the Bank will cause such 
development to proceed more promptly and 
with lower costs for financing than would 
be the case without such assistance. 
(iii) The extent to which the provision 
of assistance by the Bank maximizes the 
level of private investment in the infra-
structure project while providing a public 
benefit. 
(C) DEDICATED REVENUE SOURCES.—Any 
financial 
assistance 
for 
an 
infrastructure 
project shall be repayable, in whole or in part, 
from dedicated revenue sources that also secure 
the infrastructure project obligations. 
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(D) 
AMOUNT
OF
FINANCIAL
ASSIST-
ANCE.—The amount of financial assistance 
under this Act shall not exceed the lesser of 50 
percent of the reasonably anticipated eligible in-
frastructure project costs. 
(c) PUBLIC INPUT.—In developing proposed infra-
structure project criteria and conducting reviews of infra-
structure project criteria for the Board, the Executive 
Committee shall seek input from the public including 
views related to— 
(1) the weight given to different factors to be 
taken into account; 
(2) measuring whether projects are meeting ap-
proved criteria; and 
(3) any other input considered by the Executive 
Committee and the public for the purposes of car-
rying out this Act. 
(d) FACTORS FOR SPECIFIC TYPES OF PROJECTS.— 
(1) 
TRANSPORTATION
INFRASTRUCTURE 
PROJECTS.—For any transportation infrastructure 
project, the Board shall consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
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training and employment opportunities for low 
income workers. 
(B) Reduction in greenhouse gases. 
(C) Reduction in surface and air traffic 
congestion. 
(D) Use of smart tolling, such as vehicle 
miles traveled and congestion pricing, for high-
way, road, and bridge projects. 
(E) Increased access to transportation op-
tions. 
(F) Increased safety of transportation sys-
tems for motorized and non-motorized users. 
(G) Public health benefits, including the 
removal of lead coatings or other hazardous 
chemicals and materials. 
(H) Reduction in risk of structural failure 
over the service life of the project. 
(2) 
ENVIRONMENTAL
INFRASTRUCTURE 
PROJECT.—For any environmental infrastructure 
project, the Board shall consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
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(B) Public health benefits, including the 
removal of lead coatings or other hazardous 
materials. 
(C) Pollution reductions. 
(D) Reductions in greenhouse gas. 
(E) Increased coastal and inland flood 
mitigation and protection. 
(F) Reduction in risk of structural failure 
over the service life of the project. 
(3) ENERGY INFRASTRUCTURE PROJECT.—For 
any energy infrastructure project, the Board shall 
consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
(B) Reduction in greenhouse gas. 
(C) Expanded use of renewable energy. 
(D) Development of a smart grid. 
(E) Energy efficient building, housing, and 
school modernization, including renewable en-
ergy designated retrofits. 
(F) In any case in which the project is also 
a public housing project— 
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(i) improvement of the physical shape 
and layout; 
(ii) environmental improvement; and 
(iii) mobility improvements for resi-
dents. 
(G) Public health benefits including the re-
moval of lead coatings or other hazardous 
chemicals and materials. 
(H) Reduction in risk of structural failure 
over the service life of the project. 
(4) TELECOMMUNICATIONS.—For any tele-
communications project, the Board shall consider 
the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
(B) The extent to which assistance ex-
pands or improves broadband and wireless serv-
ices in rural and disadvantaged communities. 
(e) CONSIDERATION OF PROJECT PROPOSALS.— 
(1) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—Consideration of a project under this sec-
tion by the Executive Committee and the Board 
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shall be conducted with personnel on detail to the 
Bank from relevant Federal agencies among individ-
uals who are familiar with and experienced in the se-
lection 
criteria 
for 
competitive 
infrastructure 
projects. 
(2) FEES.—A fee may be charged for the re-
view of any project proposal in such amount as may 
be considered appropriate by the Executive Com-
mittee approved by the Board to cover the cost of 
such review. 
(f) DISCRETION OF BOARD.—Consistent with other 
provisions of this Act, any determination of the Board to 
provide assistance to any infrastructure project, and the 
manner in which such assistance is provided, including the 
terms, conditions, fees, and charges shall be at the sole 
discretion of the Board. 
(g) STATE AND LOCAL PERMITS REQUIRED.—The 
provision of assistance by the Board in accordance with 
this Act shall not be deemed to relieve any recipient of 
assistance or the related infrastructure project of any obli-
gation to obtain required State and local permits and ap-
provals. 
(h) ANNUAL REPORT.—An entity receiving assist-
ance from the Board shall make annual reports to the 
Board on the use of any such assistance, compliance with 
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the criteria set forth in this section, and a disclosure of 
all entities with a development, ownership, or operational 
interest in a infrastructure project assisted or proposed 
to be assisted under this Act. 
SEC. 12. EXEMPTION FROM LOCAL TAXATION. 
All bonds issued by the Bank, and the interest on 
or credits with respect to such bonds, shall not be subject 
to taxation by any State, county, municipality, or local 
taxing authority. 
SEC. 13. STATUS AND APPLICABILITY OF CERTAIN FED-
ERAL LAWS. 
(a) COMPLIANCE WITH DAVIS-BACON ACT.—All la-
borers and mechanics employed by contractors and sub-
contractors on infrastructure projects funded directly by 
or assisted in whole or in part by and through the Bank 
pursuant to this Act shall be paid wages at rates not less 
than those prevailing on projects of a character similar 
in the locality as determined by the Secretary of Labor 
in accordance with subchapter IV of chapter 31 of part 
A of title 40, United States Code. With respect to the 
labor standards specified in this section, the Secretary of 
Labor shall have the authority and functions set forth in 
Reorganization Plan Numbered 14 of 1950 (64 Stat. 
1267; 5 U.S.C. App.) and section 3145 of title 40, United 
States Code. 
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(b) NO PRIORITY AS A FEDERAL CLAIM.—The pri-
ority established in favor of the United States by section 
3713 of title 31, United States Code, shall not apply with 
respect to any indebtedness of the Bank. 
(c) EMPLOYEE PROTECTIVE ARRANGEMENTS.—Re-
cipients of any financial assistance authorized under this 
Act that funds public transportation capital projects, as 
defined in section 5302 of title 49, United States Code, 
must comply with the grant requirements described under 
section 5309 of such title. 
SEC. 14. COMPLIANCE WITH CERTAIN DOMESTIC CONTENT 
STATUTES. 
The financing provided for an infrastructure project 
shall be in accordance with the following statutory provi-
sions of the United States Code under the jurisdiction of 
the Department of Transportation: section 24305 of title 
49, United States Code (AMTRAK), section 313 of title 
23, United States Code (FHWA), section 5323(j) of title 
49, United States Code (FTA), section 24405 of title 49, 
United States Code (Intercity Rail Passenger Corpora-
tion) and sections 50101 and 50105 of title 49, United 
States Code (FAA). 
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SEC. 15. USE OF IRON, STEEL, AND MANUFACTURED GOODS 
IN INFRASTRUCTURE PROJECTS. 
(a) BUY AMERICA.—None of the financing provided 
for by the Bank may be used for a public infrastructure 
project unless all of the iron, steel, and manufactured 
goods used for the construction, alteration, maintenance 
or repair of the project are produced in the United States. 
(b) EXCEPTION.—Subsection (a) shall not apply in 
any case or category of cases in which the Secretary of 
the Treasury finds that— 
(1) applying subsection (a) would be incon-
sistent with the public interest; 
(2) iron, steel, and the relevant manufactured 
goods are not produced in the United States in suffi-
cient and reasonably available quantities and of a 
satisfactory quality; or 
(3) inclusion of iron, steel, and manufactured 
goods produced in the United States will increase 
the cost of the overall infrastructure project by more 
than 25 percent. 
(c) PUBLICATION OF WAIVERS.—If the Secretary of 
the Treasury determines that it is necessary to waive the 
application of subsection (a) based on a finding under sub-
section (b), the Treasury Secretary shall publish in the 
Federal Register a detailed written justification as to why 
the provision is being waived. 
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(d) APPLICATION OF SECTION.—This section shall be 
applied in a manner consistent with the United States ob-
ligations under international agreements. 
(e) CONSULTATIONS.—The Secretary of the Treasury 
shall consult with the Board and may consult with the 
Secretary of Transportation and other Federal Secretaries 
and Administrators when applying this section. 
SEC. 16. AUDITS; REPORTS TO PRESIDENT AND CONGRESS. 
(a) ACCOUNTING.—The books of account of the Bank 
shall be maintained in accordance with generally accepted 
accounting principles and shall be subject to an annual 
audit by independent public accountants appointed by the 
Board and of nationally recognized standing. 
(b) REPORTS.— 
(1) BOARD.—The Board shall submit to the 
President and Congress, within 90 days after the 
last day of each fiscal year, a complete and detailed 
report with respect to the preceding fiscal year, set-
ting forth— 
(A) a summary of the Bank’s operations, 
for such preceding fiscal year; 
(B) a schedule of the Bank’s obligations 
outstanding at the end of such preceding fiscal 
year, with a statement of the amounts issued 
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and redeemed or paid during such preceding 
fiscal year; and 
(C) the status of infrastructure projects re-
ceiving funding or other assistance pursuant to 
this Act, including disclosure of all entities with 
a development, ownership, or operational inter-
est in such projects. 
(2) GAO.—Not later than 5 years after the 
date of enactment of this Act, the Comptroller Gen-
eral of the United States shall submit to Congress 
a report evaluating activities of the Bank for the fis-
cal years covered by the report that includes an as-
sessment of the impact and benefits of each funded 
infrastructure project, including a review of how ef-
fectively each project accomplished the goals 
prioritized by the Bank’s project criteria. 
(c) BOOKS AND RECORDS.— 
(1) IN
GENERAL.—The Bank shall maintain 
adequate books and records to support the financial 
transactions of the Bank with a description of finan-
cial transactions and infrastructure projects receiv-
ing funding, and the amount of funding for each 
project maintained on a publically accessible data-
base. 
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(2) PUBLIC
COMMENT
PERIOD.—The Bank 
shall post infrastructure financing agreements on 
the database providing 30 days for public comments 
before providing final financing for the infrastruc-
ture project. 
(3) AUDITS BY THE SECRETARY AND GAO.— 
The books and records of the Bank shall be main-
tained in accordance with recommended accounting 
practices and shall be open to inspection by the Sec-
retary and the Comptroller General of the United 
States. 
SEC. 17. AMERICAN INFRASTRUCTURE BOND. 
(a) IN GENERAL.—In the case of an American Infra-
structure Bond, the Bank shall pay (contemporaneously 
with each interest payment date under such bond) to the 
issuer of such bond (or to any person who makes such 
interest payments on behalf of the issuer) the applicable 
percentage of the interest payable under such bond on 
such date. 
(b) AMERICAN INFRASTRUCTURE BOND.— 
(1) IN GENERAL.—For purposes of this section, 
the term ‘‘American Infrastructure Bond’’ means 
any obligation (other than a private activity bond) 
if— 
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(A) the interest on such obligation would 
(but for this section) be excludable from gross 
income under section 103 of the Internal Rev-
enue Code of 1986; 
(B) such obligation would have been a 
qualified bond under section 54AA of such Code 
(determined without regard to subparagraphs 
(B) and (C) of subsection (d)(1) and subsection 
(g)(2)(B) thereof); 
(C) such obligation is approved under the 
American Infrastructure Bond program; and 
(D) the issuer makes an irrevocable elec-
tion to have this section apply. 
(2) APPLICABLE RULES.—For purposes of ap-
plying paragraph (1)— 
(A) for purposes of section 149(b) of such 
Code, an American Infrastructure Bond shall 
not be treated as federally guaranteed by rea-
son of the subsidy provided under subsection 
(a); 
(B) for purposes of section 148 of such 
Code, the yield on an American Infrastructure 
Bond shall be determined without regard to the 
subsidy provided under subsection (a); and 
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(C) a bond shall not be treated as an 
American Infrastructure Bond if the issue price 
has more than a de minimis amount (deter-
mined under rules similar to the rules of section 
1273(a)(3) of such Code) of premium over the 
stated principal amount of the bond. 
(c) INTEREST ON BONDS INCLUDED IN GROSS IN-
COME.—For purposes of the Internal Revenue Code of 
1986, interest on any American Infrastructure Bond shall 
be includible in gross income. 
(d) DEFINITIONS.—For purposes of this section— 
(1) INTEREST PAYMENT DATE.—The term ‘‘in-
terest payment date’’ means any date on which the 
holder of record of the American Infrastructure 
Bond is entitled to a payment of interest under such 
bond. 
(2) APPLICABLE PERCENTAGE.—The applicable 
percentage with respect to the interest subsidy pro-
vided for any bond under the American Infrastruc-
ture Bond program shall be a percentage rec-
ommended by the Executive Committee, reviewed by 
the risk management committee, and approved by 
the Board. 
(e) AMERICAN INFRASTRUCTURE BOND PROGRAM.— 
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(1) IN
GENERAL.—Not later than 180 days 
after the date of the enactment of this Act, the 
Board, in consultation with the Executive Com-
mittee, risk management committee, and the Sec-
retary of the Treasury, shall establish an American 
Infrastructure Bond program, under which the 
Board may— 
(A) approve bond issuances for purposes of 
this section, and 
(B) assign an applicable percentage with 
respect to any bond so approved. 
(2) APPLICATION.—Issuers may apply for the 
approval of a bond issuance for purposes of this sec-
tion, and any such application shall contain such in-
formation as the Executive Committee and the risk 
management committee may require in order to ac-
cept or reject an application and to assign an appli-
cable percentage to such bond. 
(3) CRITERIA.—Approval of an application and 
the applicable percentage subsidy assigned under the 
program shall be based on the ability of each project 
to meet the criteria established under section 8(d). 
(4) LIMITATIONS.— 
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(A) PER BOND SUBSIDY.—The applicable 
percentage with respect to any bond may not 
exceed 40 percent. 
(B) AGGREGATE
SUBSIDY
LIMITATION.— 
For any calendar year, the aggregate amount of 
interest subsidies provided under this section 
with respect to all American Infrastructure 
Bonds shall not exceed an amount equal to 28 
percent of interest payable under all such 
bonds. 
SEC. 
18. 
NATIONAL 
INFRASTRUCTURE 
DEVELOPMENT 
BANK TRUST FUND. 
(a) IN GENERAL.—There is established in the Treas-
ury of the United States a trust fund to be known as the 
‘‘National Infrastructure Development Bank Trust Fund’’ 
consisting of such amounts as may be appropriated to 
such trust fund as provided in this section. 
(b) TRANSFER TO TRUST FUND.—There are hereby 
appropriated to the National Infrastructure Development 
Bank Trust Fund such amount as the Secretary of the 
Treasury estimates is equivalent to the tax receipts attrib-
utable to interest payable under American Infrastructure 
Bonds. 
(c) EXPENDITURES FROM TRUST FUND.—Amounts 
in the National Infrastructure Development Bank Trust 
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Fund shall be available, as provided in appropriation Acts, 
only for purposes of the Secretary making transfers to the 
National Infrastructure Development Bank for infrastruc-
ture project assistance provided by the Bank under this 
Act. 
SEC. 19. AUTHORIZATION OF APPROPRIATIONS. 
There 
is 
authorized 
to 
be 
appropriated 
$5,000,000,000 for each of fiscal years 2014, 2015, 2016, 
2017, and 2018 to capitalize the Bank and to remain 
available until expended, of which not more than 
$25,000,000 for each of fiscal years 2014 and 2015, and 
not more than $50,000,000 for each fiscal year thereafter, 
may be used for administrative costs of the Bank. 
Æ 
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