(3) 1 member appointed by the minority leader 
of the Senate; 
(4) 1 member appointed by the Speaker of the 
House of Representatives; and 
(5) 1 member appointed by the minority leader 
of the House of Representatives. 
(c) QUALIFICATIONS.—Each member of the Board 
shall— 
(1) be a citizen of the United States; 
(2) have significant demonstrated experience or 
expertise in— 
(A) infrastructure, and with respect to in-
frastructure, experience or expertise in— 
(i) heavy construction; 
(ii) labor; or 
(iii) government policy; 
(B) the financing, development, or oper-
ation of infrastructure projects, including the 
evaluation and selection of eligible projects; or 
(C) the management and administration of 
a financial institution that provides financing 
for infrastructure projects; and 
(3) represent different geographic regions of the 
United States to ensure rural areas and small com-
munities are represented. 
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(d) INITIAL APPOINTMENTS.—Not later than 30 days 
after the date of enactment of this Act, the President and 
congressional leadership shall appoint the members of the 
Board in accordance with subsections (b) and (c). 
(e) CHAIR.—The Chair of the Board shall be des-
ignated by the President from among the members ap-
pointed under subsection (b). 
(f) TERMS.—Each member of the Board shall hold 
office for a term of 5 years, except as provided in the fol-
lowing paragraphs: 
(1) TERMS OF INITIAL APPOINTEES.—As des-
ignated by the President and congressional leader-
ship at the time of appointment— 
(A) the Chair shall be appointed for a term 
of 5 years; 
(B) the 4 members appointed by congres-
sional leadership shall be appointed for a term 
of 4 years; and 
(C) the 2 members appointed by the Presi-
dent shall be appointed for a term of 2 years. 
(2) VACANCIES.—Vacancies shall be filled ac-
cording to the following: 
(A) A vacancy shall be filled in the manner 
in which the original appointment was made. 
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(B) Any Board member elected to fill a va-
cancy occurring before the expiration of the 
term for which the direct predecessor of the 
member was appointed shall be appointed only 
for the remainder of that term. 
(C) In accordance with subparagraph (B), 
a Board member may serve after the expiration 
of the term of the direct predecessor of the 
Board member until a successor has taken of-
fice. 
(g) RESPONSIBILITIES OF THE BOARD.—The respon-
sibilities of the Board are as follows: 
(1) Provide low-cost loans and loan guarantees 
to eligible applicants under section 5. 
(2) Develop strategic goals for the Corporation 
based on the purpose of the Corporation. 
(3) Monitor and assess the effectiveness of the 
Corporation in achieving such strategic goals. 
(4) Review and approve the annual business 
plans, annual budgets, and long-term strategies of 
and for infrastructure projects financed through the 
Corporation. 
(5) Develop, review, and approve annual reports 
for the Corporation. 
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(6) Employ at least 1 external auditor to con-
duct an annual audit of such infrastructure projects. 
(7) Employ individuals as necessary to carry 
out the provisions of this Act. 
(8) Determine the operations and internal poli-
cies of the Corporation. 
(h) INSPECTOR GENERAL.—The Board shall appoint 
an employee of the Corporation to be known as the ‘‘In-
spector General’’ whose duties shall include the following: 
(1) Conduct audits under section 6(b). 
(2) Carry out, with respect to the Corporation, 
duties and responsibilities established under the In-
spector General Act of 1978 (5 U.S.C. App.). 
(3) Establish, maintain, and oversee such au-
dits as the Inspector General considers appropriate 
under this Act. 
SEC. 5. LOANS AND LOAN GUARANTEES. 
(a) GENERAL AUTHORITY.—The Corporation shall 
provide loans and loan guarantees to eligible applicants 
for infrastructure projects in the United States. 
(b) ELIGIBILITY REQUIREMENTS.—An applicant is 
eligible for a loan or loan guarantee under this section if 
the applicant— 
(1) submits a detailed letter of interest to the 
Corporation that— 
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(A) describes the infrastructure project 
and the location, purpose, and cost of the 
project; 
(B) outlines the proposed financial plan 
with respect to such project, including the re-
quested loan or loan guarantee amount and the 
proposed obligor; 
(C) provides a status of environmental re-
view; and 
(D) summarizes the geographic area af-
fected by such project; 
(2) meets the prerequisites for assistance and 
conditions for assistance described in subsections (g) 
and (h) of section 502 of the Railroad Revitalization 
and Regulatory Reform Act of 1976 (45 U.S.C. 
822(g) and (h)). 
(c) ELIGIBLE USES.—Loans and loan guarantees 
provided under this section may be used only for eligible 
project costs (as defined in section 601(a)(2) of title 23, 
United States Code) for infrastructure projects, including 
transportation, energy, environment, and telecommuni-
cations. 
(d) CONSULTATION.—Prior to approving a loan or 
loan guarantee under this section, the Corporation shall 
require the applicant to consult with any member of the 
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House of Representatives or member of the Senate whose 
district or State, respectively, is affected by the infrastruc-
ture project to ensure that such project is meritorious and 
to avoid any problems that may arise with respect to such 
project. 
(e) TIMING.—A loan provided under subsection (a) 
shall be structured with respect to the expected timing and 
duration of the construction and utility of an infrastruc-
ture project. 
(f) TIFIA.—Except as inconsistent with this Act, the 
Corporation shall provide for loans and loan guarantees 
under this section in the same manner and subject to the 
same requirements as the Secretary of Transportation en-
ters into loans and loan agreements under section 602 of 
chapter 6 of title 23, United States Code, with respect 
to the TIFIA program (as defined in section 601 of such 
title). 
SEC. 6. AUDITS AND REPORTS. 
(a) REPORT TO CONGRESS.—Not later than one year 
after the date of enactment of this Act, and annually 
thereafter, the Board shall submit to Congress a report 
on the activities of the Corporation. 
(b) ANNUAL AUDIT.—Not later than one year after 
the date of enactment of this Act, and annually thereafter, 
the Inspector General of the Corporation shall— 
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(1) conduct an account audit of the Corpora-
tion; 
(2) conduct, supervise, and coordinate inves-
tigations of the business activities of the Corpora-
tion; 
(3) ensure that the Corporation is acting con-
sistent with this Act; and 
(4) submit the results of such audit to Con-
gress. 
(c) GAO AUDIT AND REPORT.—Not later than 5 
years after the date of enactment of this Act, and every 
5 years thereafter, the Comptroller General of the United 
States shall— 
(1) conduct an evaluation of the activities of the 
Corporation from the previous 5 fiscal years; and 
(2) submit to Congress a report containing the 
results of such evaluation, which shall include— 
(A) an assessment of the impact and bene-
fits of each infrastructure project financed 
through the Corporation; and 
(B) a review of the effectiveness of such in-
frastructure project in accomplishing the goals 
of this Act. 
(d) APPLICATION WAITING PERIOD.—Before any 
loan or loan guarantee is awarded under this Act, the Cor-
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poration shall submit to Congress a report describing the 
application for such loan or loan guarantee. The Corpora-
tion may not award the loan or loan agreement before the 
end of the 60-day period following the submission of such 
report to Congress. The Corporation may award the loan 
or loan agreement after such period unless Congress en-
acts a joint resolution disapproving the application with 
an explanation for such disapproval. 
(e) REJECTED APPLICATIONS.—An application that 
is rejected under subsection (d) shall not be resubmitted 
to the Corporation unless the basis for the disapproval of 
the application has been addressed by the resubmitted ap-
plication. 
SEC. 7. FUNDING. 
(a) PENSION FUND LOANS.—For purposes of paying 
for the administrative costs of the Corporation and to pro-
vide loans and loan guarantees for eligible infrastructure 
projects, the Board may accept loans during fiscal years 
2020 through 2024 from pension funds. 
(b) LIMITATION.—The Board may not accept more 
than $5,000,000,000 in loans under subsection (a) during 
any single fiscal year. 
(c) ANNUAL PERCENTAGE RATE.—With respect to a 
loan described under subsection (a), the Board may not 
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pay an annual percentage rate of less than 3 percent or 
more than 4 percent. 
Æ 
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