(L) integration of other qualified projects 
that may or should be done concurrently; 
(M) a categorical benefit; and 
(N) any other criteria as determined by the 
Board, with approval by the Board. 
(2) CATEGORICAL
BENEFIT.—In this sub-
section, the term ‘‘categorical benefit’’ means the 
following: 
(A) For any transportation infrastructure 
project: 
(i) A reduction in surface and air 
traffic congestion, by road, transit, pas-
senger rail, freight rail, port or inland 
water travel, or air travel, as measured by 
reductions in transit, boarding, and total 
trip times. 
(ii) An anticipated increase in capac-
ity for existing and expected new ridership 
or transport use, including by high-speed 
rail. 
(iii) A reduction in risks from mainte-
nance decline, or structural failure, over 
the service life of the project. 
(iv) The coordination of improvements 
in commuter passenger operations, freight 
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transport, and new community design, with 
the demographics of population, economic 
production, and trade hubs according to a 
regional infrastructure plan. 
(v) An overall decline in greenhouse 
gas emissions from surface and air trans-
portation projects financed by the Bank. 
(vi) An increase in access to afford-
able transportation options, to improve ac-
cess to jobs, affordable housing, schools, 
medical services, foods and other essential 
community services. 
(vii) Improvements in safety for users, 
passengers, and operators, as measured by 
a reduction in fatalities and serious inju-
ries. 
(B) For any environmental infrastructure 
project: 
(i) Increased coastal and inland flood 
mitigation and protection. 
(ii) Improvements in drinking water, 
wastewater, 
or 
stormwater 
systems, 
through the repair, expansion, or replace-
ment of such systems. 
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(iii) A reduction in risk to any public 
infrastructure from structural failure, or 
damage, due to weather-related events, 
cyber or physical attacks, or catastrophic 
wildfires. 
(iv) 
Environmental 
improvements 
from the removal of hazardous wastes or 
chemical pollutants. 
(C) For any energy infrastructure project 
not invested in by private companies: 
(i) Development of a smart grid, with 
modern security and resiliency systems. 
(ii) Expansion of transmission and 
distribution capacity to cover new genera-
tion suppliers, including a macrogrid over-
lay to transport power from renewable 
sources, and new generation demand, in-
cluding from global warming, or the elec-
trification of vehicles or rail transport sys-
tems. 
(iii) Enhancement of systems to bal-
ance electricity supply and demand, curtail 
peak demand, restore power outages, or co-
ordinate 
operating 
procedures 
among 
power supplying entities. 
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(iv) Energy efficient buildings, includ-
ing clean energy designated retrofits. 
(D) For any telecommunications project: 
(i) Completion or improvement in 
broadband and wireless access and afford-
ability in rural and disadvantaged commu-
nities that private companies do not serve. 
(ii) Improvement of the global tele-
communication satellite network. 
(E) For any community development infra-
structure project: 
(i) Promotion of economic growth to 
address persistent poverty. 
(ii) Modernization of local land use 
policies, including those that promote tran-
sit-oriented development and location effi-
ciency. 
(iii) Expansion in the provision of 
public housing, or publicly assisted afford-
able housing, to provide long-term afford-
ability in targeted, disadvantaged commu-
nities, for families and persons with in-
comes equivalent to those currently as-
sisted, and improvement in the physical 
condition of such housing. 
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(iv) Replacement of schools that have 
reached their service lifetime; or expansion 
of school facilities with growing popu-
lations, or to house new programs for 
workforce development. 
(v) Improvements in National, State, 
and local parks and recreation facilities 
and related open space land management. 
(e) EMERGENCY PROCEDURES.—During the Bank’s 
first year of operation, or until the Bank has provided a 
total of $500,000,000,000 in loans, the Board may relax 
its selection criteria and procedures in favor of lending 
quickly for projects— 
(1) that reduce unemployment; 
(2) that address the backlog of critical, shovel- 
ready projects for which preliminary engineering or 
permitting is already completed; or 
(3) where there is a critical safety or other pub-
lic need. 
SEC. 206. BOARD OF DIRECTORS. 
(a) IN GENERAL.—The Bank shall have a Board of 
Directors consisting of 25 members appointed by the 
President by and with the advice and consent of the Sen-
ate. 
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(b) QUALIFICATIONS.—The directors of the Board 
shall include individuals representing different regions of 
the United States and— 
(1) 12 of the directors shall have at least 15 
years of industrial and engineering experience; 
(2) 1 director shall be from the AFL–CIO; 
(3) 2 of the directors shall be from North 
America’s Building Trades Unions; 
(4) 2 of the directors shall be from the United 
States Army Corp of Engineers; 
(5) 2 of the directors shall have State and local 
public sector experience; 
(6) 2 of the directors shall have finance experi-
ence; 
(7) 2 of the directors shall have economic devel-
opment experience; and 
(8) 2 of the directors shall represent minority 
communities or disadvantaged communities. 
(c) CHAIRPERSON AND VICE CHAIRPERSON.—As des-
ignated at the time of appointment, one of the directors 
of the Board shall be designated chairperson of the Board 
by the President and one shall be designated as vice chair-
person of the Board by the President. 
(d) TERMS.— 
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