(1) IN GENERAL.—The Board shall establish a 
Risk Management Committee to establish the risk 
management policies to be used by the Bank. 
(2) EMPLOYEES.—The Board shall appoint em-
ployees to the Risk Management Committee who the 
Board has determined have significant and relevant 
experience in insurance underwriting and credit risk 
management. 
(e) FUNDING.— 
(1) INITIAL
CAPITALIZATION.—Out of any 
funds in the Treasury not otherwise appropriated, 
there is appropriated to the Board $50,000,000,000 
as an initial capitalization to carry out this Act. 
(2) BONDS.— 
(A) IN GENERAL.—The Board is author-
ized to issue, under such terms and limitations 
as the Board may establish by rule— 
(i) 
general-purpose 
infrastructure 
bonds, the proceeds of which shall be used 
to carry out this Act; and 
(ii) qualified infrastructure project- 
specific infrastructure bonds, the proceeds 
of which shall be used to provide financial 
assistance to the applicable qualified infra-
structure project. 
VerDate Sep 11 2014 
06:34 Jul 03, 2021
Jkt 019200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H3722.IH
H3722
pbinns on DSKJLVW7X2PROD with BILLS
(B) LIMITATION
ON
USE
OF
PROCEEDS 
FOR
ADMINISTRATIVE
EXPENSES.—Not more 
than 1 percent of the proceeds from the 
issuance of bonds described under subpara-
graph (A) may be used to pay for the adminis-
trative expenses of the Bank. 
(C) 
EXEMPTION
FROM
LOCAL
TAX-
ATION.—Bonds issued by the Bank, and the in-
terest on or credits with respect to such bonds, 
shall not be subject to taxation by any State, 
county, municipality, or local taxing authority. 
(f) REPORTS AND STUDIES.— 
(1) ANNUAL REPORT ON BANK ACTIVITIES.— 
The Board shall issue an annual report to the appli-
cable congressional committees describing the activi-
ties of the Bank during the previous year, including 
the evaluations of qualified infrastructure projects 
and the financing assistance provided with respect to 
such projects. 
(2) REPORT ON DOMESTICALLY SOURCED MA-
TERIALS, GOODS, AND PRODUCTS.—Not less often 
than every 2 years, the Board shall issue a report 
to the applicable congressional committees that de-
scribes, of the materials, goods, and products that 
were used to construct, or to support the construc-
VerDate Sep 11 2014 
06:34 Jul 03, 2021
Jkt 019200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H3722.IH
H3722
pbinns on DSKJLVW7X2PROD with BILLS
tion of, qualified infrastructure projects receiving fi-
nancial assistance from the Bank within the most 
recent 2 calendar years, the percentage of such ma-
terials, goods, and products that were created, 
sourced, or manufactured in the United States. 
(3) PUBLIC DATABASE OF FUNDED QUALIFIED 
INFRASTRUCTURE PROJECTS.—The Board shall de-
velop, maintain, and update a publicly available 
database containing descriptions of each qualified in-
frastructure project receiving financial assistance 
from the Bank, including the amount and form of 
financing. 
(4) STUDY ON BANK EFFECTIVENESS.— 
(A) STUDY.—The Board shall, every 2 
years, carry out a study to evaluate the effec-
tiveness of the financial assistance provided by 
the Bank. 
(B) REPORT.—The Board shall issue a re-
port to the applicable congressional committees 
containing all findings and determinations made 
in carrying out the study required under sub-
paragraph (A). 
(5) GAO STUDY.— 
(A) STUDY.—After the end of the 5-year 
period beginning on the date of enactment of 
VerDate Sep 11 2014 
06:34 Jul 03, 2021
Jkt 019200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H3722.IH
H3722
pbinns on DSKJLVW7X2PROD with BILLS
this Act, the Comptroller General of the United 
States shall carry out a study to evaluate the 
effectiveness of the financial assistance provided 
by the Bank. 
(B) REPORT.—The Comptroller General 
shall issue a report to the applicable congres-
sional committees containing all findings and 
determinations made in carrying out the study 
required under subparagraph (A). 
(g) DEFINITIONS.—In this section: 
(1) 
APPLICABLE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘applicable congressional commit-
tees’’ means the Committee on Transportation and 
Infrastructure of the House of Representatives and 
the Committee on Commerce, Science, and Trans-
portation of the Senate. 
(2) BANK.—The term ‘‘Bank’’ means the 21st 
Century American Infrastructure Bank. 
(3) BOARD.—The term ‘‘Board’’ means the 
board of trustees of the Bank. 
(4) ELIGIBLE
INFRASTRUCTURE
PROVIDER.— 
The term ‘‘eligible infrastructure provider’’ means a 
State, local government, Tribal government, corpora-
tion, nonprofit entity, public-private partnership, or 
VerDate Sep 11 2014 
06:34 Jul 03, 2021
Jkt 019200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H3722.IH
H3722
pbinns on DSKJLVW7X2PROD with BILLS
any other person who is or will be carrying out a 
qualified infrastructure project. 
(5) FINANCIAL ASSISTANCE.—With respect to a 
qualified infrastructure project, the term ‘‘financial 
assistance’’ means any loan or bond guarantee pro-
vided under this section with respect to such project, 
and any equity investment made under this section 
in such project 
(6) QUALIFIED INFRASTRUCTURE PROJECT.— 
The term ‘‘qualified infrastructure project’’ means a 
project— 
(A) sponsored by— 
(i) a State, local, or Tribal govern-
ment, or any political subdivision of such a 
government (including a transit agency or 
port authority); or 
(ii) a group of entities described under 
clause (i), including a metropolitan plan-
ning organization; 
(B) that is or will be owned by an entity 
described under subparagraph (A); and 
(C) that involves the construction, mainte-
nance, improvement, or repair of a transpor-
VerDate Sep 11 2014 
06:34 Jul 03, 2021
Jkt 019200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H3722.IH
H3722
pbinns on DSKJLVW7X2PROD with BILLS
tation, energy, water, communications, or edu-
cational facility. 
Æ 
VerDate Sep 11 2014 
06:34 Jul 03, 2021
Jkt 019200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6301
E:\BILLS\H3722.IH
H3722
pbinns on DSKJLVW7X2PROD with BILLS