the directors and officers in such capacity, in accord-
ance with, and subject to the limitations contained 
in, this Act. 
(10) 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. 
(11) To exercise all other lawful powers which 
are necessary or appropriate to carry out, and are 
consistent with, the purposes of the Bank. 
(b) EMPLOYEE PROTECTIONS.—Prior to providing 
any financial assistance for an infrastructure project in-
volving reconstruction, rehabilitation, replacement, or ex-
pansion that may impact current employees on the project 
site, the interests of employees affected by the financial 
assistance shall comply with applicable Federal law as set 
out in section 213. 
(c) 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 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00050
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(2) otherwise superseding any State law or reg-
ulation applicable to a project. 
(d) 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. 208. EXECUTIVE COMMITTEE. 
(a) IN GENERAL.—The Board shall establish an Ex-
ecutive Committee consisting of 9 members, headed by the 
chief executive officer of the Bank. 
(b) CEO.—A majority of the Board shall have the 
authority to appoint and reappoint the chief executive offi-
cer with such executive functions, powers, and duties as 
may be prescribed by this Act, the bylaws of the Bank, 
or the Board. 
(c) CEO RESPONSIBILITIES.—The CEO shall have 
responsibility for the development and implementation of 
the strategy of the Bank, including— 
(1) the development and submission to the 
Board of the annual business plans and budget; 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00051
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(2) the development and submission to the 
Board of a long-term strategic infrastructure devel-
opment plan that is consistent with regional plans as 
presented to the Bank by Regional Economic Accel-
erator Planning Groups; and 
(3) the development, revision, and submission 
to the Board of Directors of the Bank’s other inter-
nal 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 risk officer; 
(2) chief operations officer; 
(3) chief loan origination officer; 
(4) chief compliance officer; 
(5) chief financial officer; 
(6) chief treasury officer; 
(7) chief asset and liability management officer; 
and 
(8) general counsel. 
(e) QUALIFICATIONS.—The CEO, as well as other ex-
ecutive officers, and all loan origination officers, shall have 
extensive experience and expertise in retail banking, and 
in one or more of the following: 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00052
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(1) Transportation infrastructure. 
(2) Environmental infrastructure. 
(3) Energy infrastructure. 
(4) Telecommunications infrastructure. 
(5) Public housing and urban or rural develop-
ment. 
(6) Economic development. 
(7) Workforce development. 
(8) 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, subject to the general criteria provided in 
section 205; 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00053
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(4) accept, for consideration, project proposals 
relating to the development of infrastructure 
projects, which meet the basic criteria established by 
this Act and 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; and 
(6) establish a plan, and build capacity within 
the Bank, to provide technical assistance to State 
and local governments, regional economic accelerator 
planning groups established under section 204, joint 
ventures, regional economic accelerator agencies, and 
other borrowing entities on— 
(A) the Bank’s borrowing procedures and 
selection criteria; 
(B) development of a pipeline of projects 
suitable for financing, that meet the selection 
criteria developed by the Bank; 
(C) development of specialized institutional 
structures, and cross-region planning, to help in 
the planning of complex projects; 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00054
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(D) best design, construction, and manage-
ment practices, including those identified in 
global infrastructure databases; 
(E) contract evaluation methods, including 
procurement value-for-money options; and 
(F) institution strengthening relating to 
the management of projects and work con-
tracts, including through performance-based 
project delivery. 
(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; 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00055
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(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. 209. 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, with participation from the chief loan origina-
tion 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. 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00056
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(2) RISK MANAGEMENT DUTIES.—In order to 
carry out the purposes of this Act, the risk manage-
ment committee shall— 
(A) create overarching financial, credit, 
and operational risk management guidelines 
and policies to be adhered to by the Bank; 
(B) create conforming standards for loan 
agreements to ensure diversification of lending 
activities by— 
(i) geographic region, infrastructure 
project type, and inclusion of disadvan-
taged and rural communities; and 
(ii) compliance with Federal and State 
laws referred to in section 213; 
(C) create specific plans for all financial 
assistance provided by the Bank, including sub-
sidy programs for disadvantaged communities 
and the inclusion of minority, women, indige-
nous people, and disadvantaged business par-
ticipation in projects financed by the Bank in 
accordance with sections 201(18) and 213 of 
this Act; 
(D) monitor overall financial, credit, and 
operational exposure of the Bank; 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00057
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(E) create a standing subcommittee to per-
form regular credit evaluations and report on 
large infrastructure loans extended by the Bank 
that monitor compliance with terms, and attain-
ment of performance targets contained in loan 
agreements; and 
(F) provide financial recommendations to 
the Board for Board approval. 
(d) 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. 
(e) QUALIFICATIONS.—The CRO and other risk man-
agement officers shall have demonstrated experience and 
expertise in one or more of the following: 
(1) Treasury and asset and liability manage-
ment. 
(2) Investment regulations. 
(3) Insurance. 
(4) Credit risk management and credit evalua-
tions. 
(5) Infrastructure development projects. 
(f) VACANCY.—A vacancy in the position of CRO and 
other risk management officers of the risk management 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00058
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
committee shall be filled in the manner in which the origi-
nal appointment was made. 
(g) COMPENSATION.—The compensation of the CRO 
and other risk management officers of the risk manage-
ment committee shall be determined by the Board. 
(h) REMOVAL.—The CRO and other risk manage-
ment officers of the risk management committee may be 
removed at the discretion of a majority of the Board. 
(i) 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. 
(j) LIMITATIONS.—The CRO and other risk manage-
ment officers of the risk management committee shall 
not— 
(1) hold any other public office; 
(2) have any interest in an infrastructure 
project considered by the Board; 
(3) have any interest in an investment institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from or 
investing in the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00059
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
SEC. 210. 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 this 
Act, the bylaws of the Bank, and the Board. The CCO 
shall report directly to the Board. 
(d) AUDIT DUTIES.—In order to carry out the pur-
poses of the Bank under this Act, the audit committee 
shall— 
(1) provide internal controls and internal audit-
ing activities for the Bank; 
(2) maintain responsibility for the accounting 
activities of the Bank; 
(3) conduct internal investigations of the busi-
ness activities of the Bank; 
(4) issue financial reports of the Bank; and 
(5) 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. 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00060
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(f) QUALIFICATIONS.—The CCO and other audit offi-
cers shall have demonstrated experience and expertise in 
one or more of the following: 
(1) Internal auditing. 
(2) Internal investigations. 
(3) Accounting practices. 
(4) Financing practices. 
(g) VACANCY.—A vacancy in the position of CCO and 
other audit officers of the audit committee shall be filled 
in the manner in which the original appointment was 
made. 
(h) COMPENSATION.—The compensation of the CCO 
and other audit officers of the audit committee shall be 
determined by the Board. 
(i) REMOVAL.—The CCO and other audit officers of 
the audit committee may be removed at the discretion of 
a majority of the Board. 
(j) TERM.—The CCO and other audit officers of the 
audit committee shall serve a 6-year term and may be re-
appointed in accordance with this section. 
(k) LIMITATIONS.—The CCO and other audit officers 
of the audit committee shall not— 
(1) hold any other public office; 
(2) have any interest in an infrastructure 
project considered by the Board; 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00061
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(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. 211. PERSONNEL. 
(a) COMPENSATION; DUTIES.—The chairperson of 
the Board, chief executive officer, chief risk officer, and 
chief compliance officer shall appoint, remove, fix the com-
pensation of, and define the duties of such qualified per-
sonnel to serve under the Board, Executive Committee, 
risk management committee, or audit committee, as the 
case may be, as necessary and prescribed by this Act, the 
bylaws of the Bank, and the Board. 
(b) NONDISCRIMINATION AND EQUAL OPPORTUNITY 
EMPLOYMENT.—The Bank shall not discriminate, on the 
basis of a person’s race, religion, color, national origin, 
age, physical or mental handicap or disability, medical 
condition, marital status, sex, sexual orientation, gender 
identity, pregnancy, or ethnic or social origin against any 
employee or applicant for employment. This action shall 
include, but not be limited to, employment, upgrading, de-
motion or transfer, recruitment or recruitment adver-
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00062
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
tising; layoff or termination; rates of pay or other forms 
of compensation; and selection of training, including ap-
prenticeship. 
(c) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—Consideration of projects by the Executive 
Committee and the Board shall be conducted with per-
sonnel on detail to the Bank from United States Army 
Corps of Engineers, the Department of Transportation, 
the Department of Labor, the Department of Housing and 
Urban Development, the Environmental Protection Agen-
cy, the Department of the Treasury, the Department of 
Commerce, and other relevant departments and agencies 
from among individuals who are familiar with and experi-
enced in the selection criteria for competitive projects. The 
Bank shall reimburse those departments and agencies for 
the staff who are on detail to the Bank. 
SEC. 212. SPECIAL INSPECTOR GENERAL FOR THE NA-
TIONAL INFRASTRUCTURE BANK. 
(a) IN GENERAL.—Beginning on the date on which 
the President appoints a Special Inspector General for the 
Bank (referred to in this Act as the ‘‘Special Inspector 
General’’) under subsection (b), there is established an Of-
fice of the Special Inspector General for the Bank. 
(b) APPOINTMENT
OF INSPECTOR GENERAL; RE-
MOVAL.— 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00063
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(1) APPOINTMENT.—The Special Inspector 
General for the Bank 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 
be made as soon as practicable after the date of en-
actment of this Act. 
(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. 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00064
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
(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.). 
(c) DUTIES.—The Special Inspector General shall— 
(1) conduct, supervise, and coordinate audits 
and investigations of the business activities of the 
Bank; 
(2) establish, maintain, and oversee such sys-
tems, procedures, and controls as the Special Inspec-
tor General considers appropriate to discharge the 
duty under paragraph (1); and 
(3) carry out any other duties and responsibil-
ities of inspectors general under the Inspector Gen-
eral Act of 1978 (5 U.S.C. App.). 
(d) 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 (5 U.S.C. 
App.). 
(2) ADDITIONAL AUTHORITY.—The Special In-
spector General shall carry out the duties specified 
in subsection (c)(1) in accordance with section 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00065
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS
4(b)(1) of the Inspector General Act of 1978 (5 
U.S.C. App.). 
(e) PERSONNEL, FACILITIES, AND
OTHER
RE-
SOURCES.— 
(1) ADDITIONAL OFFICERS.— 
(A) IN GENERAL.—The Special Inspector 
General may select, appoint, and employ such 
officers and employees as may be necessary for 
carrying out the duties of the Special Inspector 
General, subject to the provisions of title 5, 
United States Code, governing appointments in 
the competitive service, and the provisions of 
chapter 51 and subchapter III of chapter 53 of 
such title, relating to classification and General 
Schedule pay rates. 
(B) EMPLOYMENT AND COMPENSATION.— 
The Special Inspector General may exercise the 
authorities of subsections (b) through (i) of sec-
tion 3161 of title 5, United States Code (with-
out 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 
VerDate Sep 11 2014 
01:38 Jul 14, 2023
Jkt 039200
PO 00000
Frm 00066
Fmt 6652
Sfmt 6201
E:\BILLS\H4052.IH
H4052
kjohnson on DSK79L0C42PROD with BILLS