(c) COMPLIANCE WITH GRANT REQUIREMENTS.— 
Recipients of 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 applicable to 
grants made under section 5309 of such title. 
SEC. 11. DOMESTIC CONTENT STATUTES. 
(a) IN GENERAL.—The financing provided for an in-
frastructure project shall be in accordance with the fol-
lowing statutory provisions of the United States Code 
under the jurisdiction of the Department of Transpor-
tation, as applicable to the project: 
(1) Section 24305 of title 49, United States 
Code. 
(2) Section 313 of title 23, United States Code. 
(3) Section 5323(j) of title 49, United States 
Code. 
(4) Section 24405 of title 49, United States 
Code. 
(5) Sections 50101 and 50105 of title 49, 
United States Code. 
(b) USE
OF IRON, STEEL, AND MANUFACTURED 
GOODS IN INFRASTRUCTURE PROJECTS.—For any infra-
structure project financed under this Act that is not cov-
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ered under subsection (a), the following requirements shall 
apply: 
(1) BUY AMERICA.—No amount loaned or guar-
anteed by the Bank may be used for a public infra-
structure project unless all of the iron, steel, and 
manufactured goods used for the construction, alter-
ation, maintenance or repair of the project are pro-
duced in the United States. 
(2) EXCEPTION.—Paragraph (1) shall not 
apply in any case or category of cases in which the 
chief compliance officer of the Bank finds that— 
(A) applying paragraph (1) would be in-
consistent with the public interest; 
(B) iron, steel, and the relevant manufac-
tured goods are not produced in the United 
States in sufficient and reasonably available 
quantities and of a satisfactory quality; or 
(C) inclusion of iron, steel, and manufac-
tured goods produced in the United States will 
increase the cost of the overall infrastructure 
project by more than 25 percent. 
(3) PUBLICATION
OF
WAIVERS.—If the Sec-
retary of the Treasury determines that it is nec-
essary to waive the application of paragraph (1) 
based on a finding under paragraph (2), the Treas-
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ury Secretary shall publish in the Federal Register 
a detailed written justification as to why the provi-
sion is being waived. 
(4) APPLICATION
OF
SECTION.—This section 
shall be applied in a manner consistent with the 
United States obligations under international agree-
ments. 
(5) CONSULTATIONS.—The Director may con-
sult with the Secretary of Transportation and other 
Federal Secretaries and Administrators when apply-
ing this section. 
SEC. 12. 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 an independent public accountant appointed by 
the Director and of nationally recognized standing. 
(b) REPORTS.— 
(1) DIRECTOR.—The Director 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; 
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(B) a schedule of the Bank’s obligations 
outstanding at the end of such preceding fiscal 
year, with a statement of the amounts issued 
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— 
(A) an assessment of the impact and bene-
fits of each funded infrastructure project, in-
cluding a review of how effectively each project 
accomplished the goals prioritized by the 
Bank’s project criteria; and 
(B) an assessment of the Bank’s funding 
mechanisms in comparison with other available 
funding mechanisms, with a focus on ensuring 
self-sustainability of the Bank. 
(c) BOOKS AND RECORDS.— 
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(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 publicly accessible database. 
(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. 13. AUTHORIZATION OF APPROPRIATIONS. 
There 
is 
authorized 
to 
be 
appropriated 
$5,000,000,000 for each of fiscal years 2027 through 
2031 to capitalize the Bank and to remain available until 
expended. 
Æ 
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