I 
117TH CONGRESS 
1ST SESSION H. R. 3339 
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 
MAY 19, 2021 
Mr. DANNY K. DAVIS of Illinois introduced the following bill; which was re-
ferred to the Committee on Energy and Commerce, and in addition to 
the Committees on Ways and Means, Transportation and Infrastructure, 
Financial Services, Education and Labor, Natural Resources, and the 
Budget, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion 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; TABLE OF CONTENTS. 
(a) IN GENERAL.—This Act may be cited as the ‘‘Na-
tional Infrastructure Bank Act of 2021’’. 
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(b) TABLE OF CONTENTS.—The table of contents of 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Findings. 
TITLE I—REVENUE PROVISIONS 
Sec. 101. Treatment of National Infrastructure Bank as a Government cor-
poration exempt from tax. 
Sec. 102. Treatment of contributions to the National Infrastructure Bank as 
charitable contributions. 
Sec. 103. Temporary rule to allow a deduction for cash contributions to the Na-
tional Infrastructure Bank by certain taxpayers who do not 
elect to itemize deductions. 
Sec. 104. Preferred dividends of National Infrastructure Bank excludible from 
gross income. 
TITLE II—ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 
BANK 
Sec. 201. Definitions. 
Sec. 202. Establishment of National Infrastructure Bank. 
Sec. 203. Purposes and authorizations. 
Sec. 204. Formation of regional economic accelerator planning groups. 
Sec. 205. Eligibility criteria for assistance from the bank. 
Sec. 206. Board of Directors. 
Sec. 207. Powers and limitations of the Board. 
Sec. 208. Executive committee. 
Sec. 209. Risk management committee. 
Sec. 210. Audit committee. 
Sec. 211. Personnel. 
Sec. 212. Special Inspector General for the National Infrastructure Bank. 
Sec. 213. Status and applicability of certain Federal and State laws. 
Sec. 214. Exemption from certain laws. 
Sec. 215. Audits; reports to President and Congress. 
Sec. 216. Budgetary effects. 
Sec. 217. Authorization of appropriations. 
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) Throughout our Nation’s history, national 
banks have played a crucial role in financing most 
of our Nation’s public infrastructure. The largest 
banks included: The First (1791–1811) and Second 
(1816–1836) Banks of the United States, President 
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Lincoln’s national banking system, and President 
Franklin Delano Roosevelt’s Reconstruction Finance 
Corporation (1932–1957). 
(2) These national banks were enacted with 
broad bi-partisan support, and financed the con-
struction of: roads, turnpikes, bridges, and canals; 
the Transcontinental Railroad; the Hoover Dam; 
rural electrification; manufacturing start-ups; and 
rail, school, and farm improvements in every corner 
of our country. Investments created the conditions 
for improved productivity, economic growth, and job 
creation; helped lift us out of the Great Depression; 
and contributed to our victory in World War II. 
(3) The American Society of Civil Engineers 
(hereinafter referred to as ‘‘ASCE’’), in its 2021 Re-
port Card and Failure to Act Series, estimates that 
$6,109,000,000,000 is needed over the next ten 
years (2020–2029) to meet all of our country’s in-
frastructure 
needs. 
Of 
that 
amount, 
$3,483,000,000,000 is expected to be financed by: 
the Federal government through its normal budget 
appropriations process; and by States, counties, cit-
ies, utilities, and port and airport authorities 
through their general revenues, special taxes, user 
fees, and borrowing. Even with this spending, how-
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ever, a financing gap of $2,626,000,000,000 re-
mains. To close this gap, our nation will need to in-
crease investment, by all levels of government, from 
2.5 percent to 3.5 percent of GDP by 2025. 
(4) 
ASCE 
estimates 
that 
the 
added 
$2,626,000,000,000 needed over a ten year period to 
bring systems up to a state of good repair is as fol-
lows (amounts in parentheses): 
(A) 
Roads, 
bridges, 
and 
transit 
($1,035,000,000,000). 
(B) Drinking water, wastewater, and 
stormwater systems ($801,000,000,000). 
(C) Schools ($250,000,000,000). 
(D) Electricity generation, transmission, 
distribution ($197,000,000,000). 
(E) Aviation ($111,000,000,000). 
(F) Dams, levees, inland waterways, and 
ports ($109,000,000,000). 
(G) Passenger rail ($45,000,000,000). 
(H) 
Public 
parks 
and 
recreation 
($78,000,000,000). 
(5) 
Expanded 
investment 
of 
at 
least 
$2,374,000,000,000 is needed for— 
(A) new affordable housing; a 9,000 mile 
high speed rail network; 
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(B) affordable and complete broadband ac-
cess; 
(C) major water projects; 
(D) science and technology drivers; 
(E) to accommodate population growth 
and save on energy use; and 
(F) improvements in rural, urban, and low- 
income areas that the private sector is not cur-
rently serving. 
(6) Although Federal grant programs, along 
with matching State and local funding, should con-
tinue to play a coordinating role in financing infra-
structure in the United States, current and foresee-
able demands on existing Federal, State, and local 
budgets exceed the resources to support these pro-
grams by a wide margin. In addition, a severe eco-
nomic downturn in 2020, resulting in significant un-
employment, business losses, and public budget defi-
cits, has placed further limits on infrastructure 
spending. 
(7) The establishment of a United States public 
deposit money bank would provide direct loans and 
other financing of up to $5,000,000,000,000 for 
qualifying infrastructure projects without requiring 
additional Federal taxes or deficits. Such funding 
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would be adequate to finance all of the United 
States’ unfunded infrastructure needs, in all parts of 
the country, according to well-developed strategic 
plans. At the same time, it would return the United 
States to its most recent ‘‘golden age’’ when a Na-
tional Infrastructure 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 dramatically. 
TITLE I—REVENUE PROVISIONS 
SEC. 101. TREATMENT OF NATIONAL INFRASTRUCTURE 
BANK AS A GOVERNMENT CORPORATION EX-
EMPT FROM TAX. 
(a) IN GENERAL.—Section 501(l) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following new paragraph: 
‘‘(5) The National Infrastructure Bank estab-
lished under title II of the National Infrastructure 
Bank Act of 2021.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
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SEC. 102. TREATMENT OF CONTRIBUTIONS TO THE NA-
TIONAL INFRASTRUCTURE BANK AS CHARI-
TABLE CONTRIBUTIONS. 
(a) IN GENERAL.—Section 170(c) of the Internal 
Revenue Code of 1986 is amended by inserting after para-
graph (5) the following new paragraph: 
‘‘(6) The National Infrastructure Bank estab-
lished under title II of the National Infrastructure 
Bank Act of 2021.’’. 
(b) APPLICATION OF PERCENTAGE LIMITATION.— 
Section 170(b)(1)(A) of such Code is amended by striking 
‘‘or’’ at the end of clause (viii), by inserting ‘‘or’’ at the 
end of clause (ix), and by inserting after clause (ix) the 
following new clause: 
‘‘(x) the National Infrastructure Bank 
referred to in subsection (c)(6),’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
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SEC. 103. TEMPORARY RULE TO ALLOW A DEDUCTION FOR 
CASH CONTRIBUTIONS TO THE NATIONAL IN-
FRASTRUCTURE 
BANK 
BY 
CERTAIN 
TAX-
PAYERS WHO DO NOT ELECT TO ITEMIZE DE-
DUCTIONS. 
(a) IN GENERAL.—Section 170(p) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following flush sentence: 
‘‘The $300 or $600 dollar limitation otherwise in effect 
under the preceding sentence with respect to any taxpayer 
for any taxable year shall be increased by the amount of 
contributions made in cash by such taxpayer during such 
taxable year (determined without regard to subsections 
(b)(1)(G)(ii) and (d)(1)) to the National Infrastructure 
Bank referred to in subsection (c)(6).’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
SEC. 104. PREFERRED DIVIDENDS OF NATIONAL INFRA-
STRUCTURE BANK EXCLUDIBLE FROM GROSS 
INCOME. 
(a) IN GENERAL.—Part III of subchapter B of chap-
ter 1 of the Internal Revenue Code of 1986 is amended 
by inserting after section 139I the following new section: 
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‘‘SEC. 139J. PREFERRED DIVIDENDS OF NATIONAL INFRA-
STRUCTURE BANK. 
‘‘Gross income shall not include any amount received 
as a dividend on preferred stock of the National Infra-
structure Bank pursuant to section 203(c) of the National 
Infrastructure Bank Act of 2021 (as in effect on the date 
of the enactment of this section).’’. 
(b) CLERICAL AMEDMENT.—The table of sections of 
such part is amended by inserting after the item relating 
to section 139I the following new item: 
‘‘Sec. 139J. Preferred dividends of National Infrastructure Bank.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
TITLE II—ESTABLISHMENT OF 
NATIONAL INFRASTRUCTURE 
BANK 
SEC. 201. DEFINITIONS. 
For purposes of this title, the following definitions 
apply unless otherwise specified in this title: 
(1) BANK.—The term ‘‘Bank’’ means the Na-
tional Infrastructure Bank established under section 
202(a). 
(2) BLENDED FINANCING.—The term ‘‘blended 
financing’’ means financing provided through any 
combination of loans or bond financing, in coopera-
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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 
(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. 
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(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. 
(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 
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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 
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 
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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 
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. 
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(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) a State, municipality, or other govern-
mental agency (including a political subdivision 
or any other instrumentality of a State or a re-
volving fund); 
(B) a publicly owned utility; 
(C) a public authority, corporation, or Fed-
eral agency; 
(D) a partnership (including a public-pri-
vate partnership); 
(E) a joint venture; or 
(F) a 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 
wastewater treatment facility, storm water manage-
ment system, flood gate, dam, levee, dredging, wet-
land restoration or other open space conservation, 
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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). 
(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 
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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-
quirements established in one or more contracts 
between the entity and a State or an instru-
mentality of a State; or 
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(ii) the activities of which, with respect to 
such an infrastructure project, are subject to 
regulation by a State or any instrumentality of 
a State; and 
(B) which owns, leases, or operates, or will 
own, lease, or operate, the project in whole or 
in part, and at least one of the participants in 
the entity is a nongovernmental entity. 
(29) REVOLVING FUND.—The term ‘‘revolving 
fund’’ means a fund or program established by a 
State or a political subdivision or other instrumen-
tality of a State, the principal activity of which is to 
make loans, commitments, or other financial accom-
modation available for the development of one or 
more categories of infrastructure projects. 
(30) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury. 
(31) SMART
GRID.—The term ‘‘smart grid’’ 
means a system that provides for any of the smart 
grid functions set forth in section 1306(d) of the 
Energy Independence and Security Act of 2007 (42 
U.S.C. 17386(d)). 
(32) STATE.—The term ‘‘State’’ means any of 
the several States, the District of Columbia, Puerto 
Rico, Guam, American Samoa, the Virgin Islands, 
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the Commonwealth of Northern Mariana Islands, 
and any other territory of the United States. 
(33) TELECOMMUNICATIONS INFRASTRUCTURE 
PROJECT.—The term ‘‘telecommunications infra-
structure project’’ means any project involving infra-
structure required to provide communications by 
wire, fiber optic cable, satellite, or radio, including 
broadband, or to enhance security for such infra-
structure. 
(34) 
TRANSPORTATION
INFRASTRUCTURE 
PROJECT.—The term ‘‘transportation infrastructure 
project’’ means any project for the construction, de-
ferred maintenance, or enhancement, including secu-
rity enhancement, of highways, roads, bridges, tran-
sit and intermodal systems, inland waterways, com-
mercial ports, airports, high speed rail, and rail 
track systems. 
(35) TRUST FUND.—The term ‘‘Trust Fund’’ 
means a delineated account in the books of the 
Bank, set up to receive and disburse grant money to 
fully or partially subsidize project loans to entities 
operating in disadvantaged communities. Trust fund 
receipts shall include those left over from net oper-
ations of the Bank, Federal grant disbursements, 
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and philanthropic and other gifts from individuals 
and corporations as they become available. 
SEC. 202. ESTABLISHMENT OF NATIONAL INFRASTRUC-
TURE BANK. 
(a) ESTABLISHMENT
OF NATIONAL INFRASTRUC-
TURE BANK.—The National Infrastructure Bank is estab-
lished as a Government corporation subject to chapter 91 
of title 31, United States Code (commonly known as the 
‘‘Government Corporation Control Act’’), except as other-
wise provided in this Act. 
(b) CONFORMING AMENDMENT.—Section 9101(3) of 
title 31, United States Code, is amended by adding at the 
end the following: 
‘‘(Q) the National Infrastructure Bank.’’. 
(c) RESPONSIBILITY OF THE SECRETARY.—The Sec-
retary shall take such action as may be necessary to assist 
in implementing the establishment of the Bank in accord-
ance with this Act, including obtaining a national bank 
charter. 
SEC. 203. PURPOSES AND AUTHORIZATIONS. 
(a) PURPOSE.—The purpose of National Infrastruc-
ture Bank shall be to facilitate efficient, long-term financ-
ing of infrastructure projects, business and economic 
growth, and new job creation in the United States. 
(b) CAPITALIZATION.— 
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(1) IN GENERAL.—The National Infrastructure 
Bank shall raise capital stock, in an amount ap-
proved by the Board, but not to exceed to 
$500,000,000,000, to be held in the form of Treas-
ury securities. 
(2) SUBSCRIPTION.—The capital stock shall be 
subscribed by— 
(A) public holders of outstanding Treasury 
securities of 3 years or greater maturity, or 
outstanding municipal bonds of States or mu-
nicipalities of 5 years or greater maturity, who 
transfer such securities or bonds to the Bank in 
exchange for the capital stock; 
(B) paid-in share capital, paid in cash; and 
(C) the United States Treasury, as ‘‘on- 
call’’ subscriber to the Bank, in an amount up 
to $100,000,000,000 in 30-year United States 
Treasury Bonds. 
(3) CAPITAL
ADEQUACY
RATIO.—The Bank 
shall maintain risk-based capital of no less than 10.0 
percent. 
(4) LIMITATION.—The Bank shall not purchase 
public debt of the United States, as newly issued, ex-
cept for the purpose of rolling over the existing 
Treasury holdings of the Bank or to convert the pro-
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ceeds of cash purchases of the Bank’s preferred 
stock into Treasury securities. 
(c) PREFERRED STOCK.— 
(1) IN GENERAL.—All subscribed capital shall 
be exchanged for an equivalent in preferred stock, or 
shares, in the Bank, callable only by the Bank at the 
current market value of the shares during a period 
of 20 years following finalization of a stock purchase 
agreement. Notwithstanding any other provision of 
law, a guarantee of redemption at the then current 
market price of the shares shall be included in the 
stock purchase agreement along with a contractual 
obligation by the United States Treasury to fund the 
redemption. Preferred shareholders shall have no 
voting rights in the Bank. 
(2) DIVIDENDS ON PREFERRED STOCK.—The 
Bank shall pay dividends on its preferred stock 
semiannually at the following rates: 
(A) For stock acquired in exchange for 
Treasury securities by an individual, by an enti-
ty that is not exempt from tax under section 
501 of the Internal Revenue Code of 1986, or 
by the United States Treasury, the same an-
nual rate as the Treasury security exchanged 
for the stock. 
VerDate Sep 11 2014 
02:51 Jul 02, 2021
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