I 
116TH CONGRESS 
2D SESSION 
H. R. 6422 
To facilitate efficient investments and financing of infrastructure projects 
and new job creation through the establishment of a National Infrastruc-
ture Bank, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 31, 2020 
Mr. DANNY K. DAVIS of Illinois (for himself and Mr. MOULTON) introduced 
the following bill; which was referred to the Committee on Energy and 
Commerce, and in addition to the Committees on Transportation and In-
frastructure, Financial Services, Education and Labor, Natural Re-
sources, and the Budget, for a period to be subsequently determined by 
the Speaker, in each case for consideration of such provisions as fall with-
in the jurisdiction of the committee concerned 
A BILL 
To facilitate efficient investments and financing of infrastruc-
ture projects and new job creation through the establish-
ment of a National Infrastructure 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 Bank Act of 2020’’. 
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) Throughout our Nation’s history, national 
banks have played a crucial role in financing our 
Nation’s public infrastructure, which in turn contrib-
uted to the United States becoming the world’s lead-
ing producing nation. 
(2) Canals, the Transcontinental Railroad, the 
Hoover Dam, rural electrification, and the national 
system of roads and bridges are all examples of in-
vestments in infrastructure that created the condi-
tions for improved productivity, job creation, and 
economic growth. 
(3) Four previous national banks financed such 
infrastructure, each according to a development 
plan: The First (1791–1811) and Second (1816– 
1836) Banks of the United States, President Lin-
coln’s national banking system, and President 
Franklin Roosevelt’s Reconstruction Finance Cor-
poration (1932–1957). 
(4) However, according to the American Society 
of Civil Engineers (ASCE) in a 2017 report, the 
current condition of the infrastructure in the United 
States earns a grade point average of D+, and an 
estimated $4,590,000,000,000 investment is needed 
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
by 2025 to bring the following systems to a state of 
good repair (amounts in parentheses): 
(A) 
Roads, 
bridges, 
and 
transit 
($2,042,000,000,000). 
(B) Electricity grids ($934,000,000,000). 
(C) Schools ($870,000,000,000). 
(D) Dams, levees, waterways, and ports 
($162,000,000,000). 
(E) Airports ($157,000,000,000). 
(F) Rail ($154,000,000,000). 
(G) Drinking water and wastewater sys-
tems ($150,000,000,000). 
(H) 
Public 
parks 
and 
recreation 
($114,000,000,000). 
(I) 
Hazardous 
and 
solid 
waste 
($7,000,000,000). 
(5) In addition, expanded investment is needed 
in new manufacturing centers, affordable housing, 
broadband access, science and technology drivers, to 
accommodate population growth and migration, and 
for other improvements in rural, urban, and low-in-
come areas that the private sector is not currently 
serving. 
(6) Although Federal grant programs, along 
with matching State and local funding, should con-
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
tinue to play a central role in financing infrastruc-
ture in the United States, current and foreseeable 
demands on existing Federal, State, and local budg-
ets exceed the resources to support these programs 
by a wide margin. ASCE estimates that funds are 
available for only about half of the infrastructure it 
currently monitors. Meanwhile, long-term savers, in-
cluding central banks, pension funds, corporations, 
sovereign wealth funds, and insurance companies, 
have a growing interest in infrastructure investment. 
(7) The establishment of a United States public 
deposit money bank would provide direct loans and 
other financing of up to $4,000,000,000,000 for 
qualifying infrastructure projects. Such funding 
would be adequate to finance all of the United 
States identified infrastructure needs, in all parts of 
the country, according to strategic plans. At the 
same time, it would return the United States to its 
most recent ‘‘golden age’’ when a National Infra-
structure Bank was in place (1933–1957), during 
which time total factor productivity advanced by 3.5 
percent per year, the economy grew on average 5.5 
percent per year, income inequality fell by one-third, 
and Federal and State tax receipts rose dramati-
cally. 
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
SEC. 3. DEFINITIONS. 
For purposes of this Act, the following definitions 
apply unless otherwise specified in this Act: 
(1) BANK.—The term ‘‘Bank’’ means the Na-
tional Infrastructure Bank established under section 
4(a). 
(2) BLENDED FINANCING.—The term ‘‘blended 
financing’’ means financing provided through any 
combination of loans or bond financing, in coopera-
tion with private lenders or State revolving funds, 
that is integrated into a single agreement with a sin-
gle set of financial terms. 
(3) BOARD.—The term ‘‘Board’’ means the Na-
tional Infrastructure Bank Board. 
(4) BOND.—The terms ‘‘Bond’’ means any 
bond issued in accordance 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 
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
(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. 
(5) 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. 
(6) CHIEF COMPLIANCE OFFICER.—The terms 
‘‘chief compliance officer’’ and ‘‘CCO’’ mean the 
chief individual responsible for overseeing and man-
aging the compliance and regulatory affairs of the 
Bank. 
(7) CHIEF
EXECUTIVE
OFFICER.—The terms 
‘‘chief executive officer’’ and ‘‘CEO’’ mean the indi-
vidual serving as the executive director of the Bank. 
(8) CHIEF
FINANCIAL
OFFICER.—The terms 
‘‘chief financial officer’’ and ‘‘CFO’’ mean the chief 
individual responsible for managing the financial 
risks, planning, and reporting of the Bank. 
(9) CHIEF LOAN ORIGINATION OFFICER.—The 
term ‘‘chief loan origination officer’’ means the chief 
individual responsible for managing the processing 
of new loans provided by the Bank. 
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
(10) CHIEF OPERATIONS OFFICER.—The terms 
‘‘chief operations officer’’ and ‘‘COO’’ mean the 
chief individual responsible for the retail operations 
of the Bank and its branches, including its adminis-
trative, human resource, and information technology 
systems. 
(11) CHIEF RISK OFFICER.—The terms ‘‘chief 
risk officer’’ and ‘‘CRO’’ mean the chief individual 
responsible for managing operational and compli-
ance-related risks of the Bank. 
(12) CHIEF
TREASURY
OFFICER.—The term 
‘‘chief treasury officer’’ means the chief individual 
responsible for managing the Bank’s treasury oper-
ations. 
(13) COMMUNITY DEVELOPMENT INFRASTRUC-
TURE
PROJECT.—The term ‘‘community develop-
ment infrastructure project’’ means any project for 
the development of affordable housing, schools, pub-
lic parks and recreation, libraries, or public facilities 
that train workers and build labor skills. 
(14) CONNECTIVITY.—The term ‘‘connectivity’’ 
means the linkages in transportation, energy, com-
munications, and community development infrastruc-
ture, as well as manufacturing and data centers, 
that tie geographic areas together into economic 
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
units, including networks of commuter routes, rail-
ways, shipping lanes, and internet cables, and are 
best expressed in map form. 
(15) COST
BENEFIT
ANALYSIS.—The term 
‘‘cost benefit analysis’’ means the comparison of the 
stream of costs for a potential project over its useful 
lifetime, to its public benefits over that time, with 
cost and benefit flows expressed on a common basis 
in terms of net present value. 
(16) DEVELOPMENT.—The terms ‘‘develop-
ment’’ and ‘‘develop’’ mean, with respect to an infra-
structure project, any— 
(A) preconstruction planning, feasibility re-
view for stand-alone projects or for bundled 
projects, permitting, design work, life-cycle 
maintenance 
planning, 
and 
other 
preconstruction activities; and 
(B) construction, reconstruction, rehabili-
tation, replacement, or expansion. 
(17) DIRECT LOAN.—The term ‘‘direct loan’’ 
has the meaning given the term in section 502 of the 
Federal Credit Reform Act of 1990 (2 U.S.C. 661a). 
(18) DISADVANTAGED COMMUNITY.—The term 
‘‘disadvantaged community’’ means a county, city, or 
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
partial census tract area, with any of the following 
characteristics: 
(A) A median household income below 80 
percent of the State nonmetropolitan median 
household income. 
(B) Persistent rural poverty, in which 20 
percent or more of the population has been liv-
ing below the poverty line for the last 30 years. 
(19) ENERGY
INFRASTRUCTURE
PROJECT.— 
The term ‘‘energy infrastructure project’’ means any 
project for energy transmission and distribution, en-
ergy generation as needed, energy efficiency en-
hancement for buildings, and energy storage. 
(20) ENTITY.—The term ‘‘entity’’ means a 
State, municipality, or other governmental agency 
(including a political subdivision or any other instru-
mentality of a State or a revolving fund), publicly 
owned utility, public authority or corporation, part-
nership (including a public-private partnership), 
joint venture, or trust. 
(21) 
ENVIRONMENTAL
INFRASTRUCTURE 
PROJECT.—The term ‘‘environmental infrastructure 
project’’ means any project for the establishment, 
deferred maintenance, or enhancement, including se-
curity enhancement, of any drinking water and 
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
wastewater treatment facility, storm water manage-
ment system, flood gate, dam, levee, dredging, wet-
land restoration or other open space conservation, 
infill development, solid waste disposal facility, haz-
ardous waste facility, or industrial site cleanup or 
remediation project. 
(22) GENERAL COUNSEL.—The term ‘‘general 
counsel’’ means the individual who serves as the 
chief lawyer for the Bank. 
(23) GREENHOUSE GASES.—The term ‘‘green-
house gases’’ means any man-made gas designated 
as a greenhouse gas by the Administrator of the En-
vironmental Protection Agency. 
(24) INFRASTRUCTURE
PROJECT.—The term 
‘‘infrastructure project’’ means any transportation, 
energy, environmental, telecommunications, commu-
nity development, or other infrastructure project for 
which a development plan is presented to the Bank 
for financing. It shall exclude military infrastruc-
ture. 
(25) 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). 
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
(26) PRODUCTIVITY.—The term ‘‘productivity’’ 
means the improved efficiency in the economy asso-
ciated with investments in public and private infra-
structure. It is calculated as the change in the value 
of total production, minus the change in the value 
of inputs going into production. 
(27) PUBLIC BENEFIT.—The term ‘‘public ben-
efit’’ means the clear and measurable benefit to soci-
ety resulting from the public’s use of the infrastruc-
ture with respect to which a project is carried out, 
or the improvement such infrastructure provides 
in— 
(A) economic growth and productivity; 
(B) air and water quality; 
(C) energy savings; 
(D) high-wage jobs; 
(E) poverty reduction; or 
(F) increased Federal, State, and local rev-
enues. 
(28) 
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, 
which will have a public benefit, pursuant to re-
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS
projects under this section to develop applications for fi-
nancial assistance under this section. 
(d) CRITERIA.— 
(1) IN GENERAL.—In making a determination 
as to whether to provide an infrastructure project 
with financial assistance, the Board shall evaluate 
and rate each applicant based on the factors appro-
priate for the type of the proposed infrastructure 
project, including— 
(A) consistency of the project with a re-
gional infrastructure development plan that 
builds economic connectivity in the project area 
and beyond, so that maximum growth is 
achieved while leaving no community behind; 
(B) a life cycle projection of the benefits, 
as compared to costs, of the project, that incor-
porates the factors in subparagraphs (C) 
through (N) of this paragraph; 
(C) promotion of economic growth, includ-
ing private sector-led growth associated with 
the project; 
(D) job creation, including fair and respon-
sible employment practices, and a workforce de-
velopment to train workers in new skills, includ-
VerDate Sep 11 2014 
22:19 Apr 13, 2020
Jkt 099200
PO 00000
Frm 00024
Fmt 6652
Sfmt 6201
E:\BILLS\H6422.IH
H6422
kjohnson on DSK79L0C42PROD with BILLS