rectors of the Bank may reduce or increase the divi-
dends provided for new acquisitions of preferred 
stock in 1 or more of subparagraphs (A) through 
(D) of paragraph (2) for such periods of time as the 
directors determine appropriate. 
(5) PRIORITY AND OBLIGATION OF DIVIDEND 
PAYMENTS.—Dividend payments on the preferred 
stock shall have priority over other uses of interest 
payments received by the Bank on its capital stock 
holdings of Treasury securities, and any such divi-
dends owed in excess of the amount covered by these 
interest payments shall be guaranteed by the Bank 
in the stock purchase agreement. 
(d) BORROWED CAPITAL.— 
(1) IN GENERAL.—The Bank is further author-
ized to raise borrowed capital for projects needs, or 
to meet its cash flow needs, by— 
(A) issuing bonds, with a fixed 5- to 10- 
year maturity; 
(B) maintaining a permanent, revolving 
discount line of credit account with the Board 
of Governors of the Federal Reserve System; 
and 
(C) borrowing from other banks or whole-
sale capital markets, under repurchase or other 
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agreements, on a short-or medium-term basis, 
as determined by the chief financial officer and 
chief risk officers, with approval by the Board. 
(2) DEFINITION.—In this subsection, the term 
‘‘bond’’ means any bond issued in accordance with 
this Act— 
(A) the proceeds from the sale of which are 
to be used for expenditures incurred after the 
date of issuance with respect to any infrastruc-
ture project or other purpose, subject to such 
rules as the Bank may provide; 
(B) that is issued in registered form; 
(C) that has such terms, and carries inter-
est in such an amount, as determined by the 
Bank; and 
(D) for which the payment of interest and 
principal with respect to the bond is the obliga-
tion of the Bank, and is backed by the full faith 
and credit of the United States. 
(e) DEPOSITS.—Once chartered as a national bank, 
the Bank— 
(1) shall accept deposits from individuals, cor-
porations, public entities, or any other source, into 
transaction deposit accounts on its books, and pay 
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interest on those deposits, in an amount deemed ap-
propriate by the Board; 
(2) may deposit its funds in any bank or other 
financial institution; and 
(3) may utilize the services of electronic trans-
fer systems to transfer funds among any deposit ac-
counts. 
(f) LOANS.— 
(1) IN
GENERAL.—The Bank shall provide 
loans, in accordance with this Act, to entities, or 
enter into blended financing credit, for the financ-
ing, development, or operation of infrastructure 
projects. 
(2) LOAN MATURITY.—The maturity of loans 
should match, to the extent possible, the maturity 
periods of anticipated profitability, economic stim-
ulus, and projected useful life of projects financed by 
such loans. 
(3) LOAN LIMIT.—Total loans contracted by the 
Bank shall not exceed $5,000,000,000,000. 
(4) INTEREST CHARGES ON LOANS AND OTHER 
FEES.—The Bank— 
(A) shall charge fixed-rate interest, fees, 
premiums, or discounts based on the risk asso-
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ciated with a loan made by the Bank, taking 
into consideration— 
(i) the price of Treasury obligations of 
a similar maturity or 1.6 percent per 
annum, whichever is greater; 
(ii) the credit rating of the borrowing 
entity if expressly published, or an assess-
ment of the overall finances of the bor-
rowing entity indicating an ability to serv-
ice the loan; 
(iii) current and expected future eco-
nomic conditions, including expected im-
provements in the economy and the bor-
rowing entity’s finances resulting from the 
overall lending operations of the Bank; and 
(iv) whether the borrowing entity 
qualifies as a disadvantaged community, 
and an interest rate subsidy, subject to 
availability of funds; 
(B) may, in connection with a loan ex-
tended by the Bank, issue loan guarantees, in-
surance, coinsurance, and reinsurance to bor-
rowing entities, insurance companies, financial 
institutions, or others, or groups thereof, and 
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charge fees based on a similar risk analysis; 
and 
(C) may charge for the review of any 
project proposal in such amount as may be ap-
proved by the Board to cover the costs of such 
review. 
(5) REFINANCING.—Subject to a full audit of 
the project and borrower, and subject to Board re-
view, the Bank may extend the time limit for repay-
ment of a loan, through renewal, substitution of new 
obligations, or otherwise, with the maximum time for 
such renewal to be approved by the Board. The 
Bank may make such further loans as necessary for 
project completion, or to assure loan repayment. 
(6) LIMITATIONS ON LOANS.—The Bank may 
not— 
(A) provide loans to consumers or provide 
any other loans not described under this Act; or 
(B) engage in investment banking activi-
ties such as underwriting securities or trust 
management for customers. 
(g) CAPITAL
FOR LOAN DISBURSEMENTS.—Once 
chartered as a deposit-taking bank, the Bank is authorized 
to create funds in a deposit account in the name of a bor-
rower, in accordance with the loan agreement, as each 
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scheduled loan disbursement is made. The Bank shall 
draw up an aggregate loan disbursement plan, for the in-
formation of the Comptroller of the Currency and the 
Board of Governors of the Federal Reserve System. 
(h) NET EARNINGS.—After meeting current obliga-
tions, the Bank is authorized to use its earnings, and all 
moneys which have been or may hereafter be allocated to 
or borrowed by it, in the exercise of its functions. From 
those monies, the Bank shall set aside loan-loss provisions 
equal to a proportion of loan book value, as determined 
appropriate by the Board. Net earnings of the Bank, after 
setting aside loan-loss provisions and estimated forward 
cash flow needs, shall be used for the payment of dividends 
to the United States Treasury, in an annual amount to 
be determined by the Board. Any residual net earnings 
shall be deposited into a trust fund to subsidize loans for 
disadvantaged communities that are not able to repay in-
frastructure loans on normal loan terms, in a manner to 
be determined by the Board. Any direct Federal contribu-
tions from the budget for the purpose of subsidizing dis-
advantaged communities may also be added and utilized 
via the trust fund. 
(i) LOAN-LOSS PROVISIONS AND FEDERAL CONTIN-
GENT LIABILITY.—In the event of any losses, as deter-
mined by the Board, incurred on loans, loan guarantees, 
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insurance, or for capital investment and dividend pay-
ments on stock issues under this Act, they shall be borne 
by the Bank out of its loan-loss provisions. Any losses in 
excess thereof shall be borne by the Secretary of the 
Treasury. That excess shall be considered a contingent ob-
ligation backed by the full faith and credit of the United 
States Government. 
(j) RESERVES.—The Bank shall maintain reserves 
against the transaction accounts of the Bank in such 
amount as the Board may determine appropriate, but not 
greater than 14 percent of the total transaction accounts 
of the Bank greater than $25,000,000. 
(k) BRANCHES.—The Bank shall establish an office 
of lending and deposit in each city that has a Federal re-
serve bank, via the internet, and in any other location 
where the Board determines appropriate. 
SEC. 204. FORMATION OF REGIONAL ECONOMIC ACCEL-
ERATOR PLANNING GROUPS. 
(a) IN GENERAL.—The Bank, through the branch of-
fices established under section 203(k), shall facilitate the 
organization of not fewer than 7 regional economic accel-
erator planning groups, which shall be defined by common 
economic, demographic, and infrastructure connectivities. 
(b) DUTIES.—The regional economic accelerator 
planning groups may— 
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(1) organize by, and be composed of, State and 
local public sector officials, including through multi-
jurisdictional or multistate agreements among agen-
cies; 
(2) identify economic megaregions, which shall 
consist of hub cities, related towns and suburbs, 
manufacturing production corridors, and rural areas 
woven together into the communities where people of 
the United States live, work, and provide goods or 
services for movement within the region, and to 
other regions; 
(3) identify infrastructure needs and priorities 
for economics megaregions, with input from the 
American Society of Civil Engineers, and other 
trade, business, and industrial associations; 
(4) develop regional economic accelerator plans, 
including a pipeline of infrastructure projects and 
the strategic placement of those infrastructure 
projects, needed to improve supply chains, land use, 
and productivity within each economic megaregion, 
while seeking to include all communities; 
(5) define how those infrastructure projects will 
create energy savings, improve the environment, im-
prove jobs and wages, create regional economic 
growth, and create growth in regional tax income; 
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(6) identify where multijurisdictional agree-
ments should be enacted or strengthened to improve 
the development of infrastructure projects that cross 
jurisdictional lines, such as transportation improve-
ments along the northeast corridor, flood mitigation, 
water management to relieve drought conditions in 
southwestern States, or development of a national 
high-speed rail grid; 
(7) identify Federal, State, or local laws and 
regulations that should be streamlined to reduce in-
frastructure project costs and approval times, while 
maintaining environmental and safety objectives, 
and work towards streamlining those laws and regu-
lations; 
(8) seek public input on the broad outlines of 
each regional infrastructure development plan; 
(9) provide the regional infrastructure develop-
ment plans to the Bank to inform the Bank on the 
selection of infrastructure projects for financing; and 
(10) assist entities formulating and submitting 
projects for consideration of Bank financing on the 
definition, scope, selection criteria, and other factors 
under section 205 that will be considered in the ap-
proval process. 
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SEC. 205. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 
THE BANK. 
(a) IN GENERAL.—Subject to subsection (e), the 
Bank may provide financial assistance to an entity for an 
infrastructure project if the project— 
(1) meets the criteria described in, and require-
ments of, this Act; 
(2) has local, regional, or national significance; 
and 
(3) is in the public interest. 
(b) APPLICATIONS.—To be considered for financial 
assistance from the Bank for an infrastructure project, an 
entity shall submit to the Bank an application at such 
time, in such manner, and containing such information as 
the Bank may require in accordance with subsection (c). 
(c) 
GUIDELINES
FOR
INFRASTRUCTURE 
PROJECTS.—The Executive Committee and the Board 
shall establish standard operating procedures and develop 
online application procedures for financial assistance from 
the Bank. 
(d) CRITERIA.— 
(1) IN
GENERAL.—The Board shall evaluate 
and rate each application received under subsection 
(b) based on the factors appropriate for the type of 
the infrastructure project, including— 
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(A) the consistency of the infrastructure 
project with a regional infrastructure develop-
ment plan that builds connectivity in the project 
area and beyond, so that maximum growth is 
achieved while leaving no community behind; 
(B) the results of a life-cycle projection of 
the benefits, as compared to costs, of the infra-
structure project that incorporates the factors 
described in subparagraphs (C) through (L); 
(C) the extent to which the infrastructure 
project would promote economic growth, includ-
ing private sector-led growth associated with 
the infrastructure project; 
(D) the extent to which the infrastructure 
project contributes to job creation, including 
fair and responsible employment practices and 
workforce development to train workers in new 
skills, including by union apprentice programs 
to train new hires; 
(E) the extent to which the infrastructure 
project provides environmental and public 
health benefits, including a reduction in green-
house gases, water pollution, and air pollution, 
and the removal of lead and other hazardous 
materials; 
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(F) whether the applicant has a dem-
onstrated ability to contract for design, con-
struction, operation, and maintenance of the in-
frastructure project throughout its estimated 
useful life, including by defining project objec-
tives, selecting experienced project managers, 
and utilizing performance-based monitoring; 
(G) whether the applicant has dem-
onstrated an understanding of the strategic im-
portance of bundling, sequencing, and correctly 
sizing projects, and adopting value design and 
procurement procedures, so as to realize long- 
term cost savings through a principle known as 
‘‘dig, build, expand, or improve only once’’; 
(H) whether the applicant has dem-
onstrated an understanding of the importance 
of innovative and state-of-the-art technologies 
that achieve project reliability, efficiency, resil-
iency, sustainability, security, and public safety; 
(I) the extent to which the infrastructure 
project preserves and repurposes existing infra-
structure and rationally connects to other cat-
egories of existing or planned infrastructure 
projects; 
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(J) the extent to which the infrastructure 
project promotes the domestic production of 
construction inputs needed for projects that re-
ceive financial assistance from the Bank; 
(K) a categorical benefit as described in 
paragraph (2); and 
(L) any other criteria as determined by the 
Board. 
(2) CATEGORICAL
BENEFIT.—A categorical 
benefit referred to in paragraph (1)(K) is— 
(A) for a transportation infrastructure 
project— 
(i) a reduction in surface and air traf-
fic congestion, by road, transit, passenger 
rail, freight rail, port or inland water trav-
el, or air travel, as measured by reductions 
in transit, boarding, and total trip times; 
(ii) an anticipated increase in capacity 
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 infrastructure projects financed 
by the Bank; 
(vi) an increase in access to affordable 
transportation options, to improve access 
to jobs, affordable housing, schools, med-
ical services, food and other essential com-
munity services; or 
(vii) improvements in safety for users, 
passengers, and operators, as measured by 
a reduction in fatalities and serious inju-
ries; 
(B) for an 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 those 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; or 
(iv) environmental improvements from 
the removal of hazardous wastes or chem-
ical pollutants; 
(C) for an energy infrastructure project— 
(i) development of a system that pro-
vides for any of the smart grid functions 
described in section 1306(d) of the Energy 
Independence and Security Act of 2007 
(42 U.S.C. 17386(d)) (commonly known as 
a ‘‘smart grid’’), with modern security and 
resiliency systems; 
(ii) expansion of transmission and dis-
tribution capacity to cover new generation 
suppliers, including a macrogrid overlay to 
transport power from renewable sources, 
and new generation demand, including 
from global warming, or the electrification 
of vehicles or rail transport systems; 
(iii) enhancement of systems to bal-
ance electricity supply and demand, curtail 
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peak demand, restore power outages, or co-
ordinate 
operating 
procedures 
among 
power-supplying entities; or 
(iv) energy-efficient buildings, includ-
ing clean energy designated retrofits; 
(D) for a telecommunications infrastruc-
ture project— 
(i) completion of, or improvement in, 
broadband and wireless access and afford-
ability in rural and disadvantaged commu-
nities not served by the private sector; or 
(ii) improvement of the global tele-
communication satellite network; and 
(E) for a community development infra-
structure project— 
(i) promotion of economic growth and 
poverty reduction; 
(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 pub-
lic housing, or publicly assisted affordable 
housing, to provide long-term affordability 
in targeted, disadvantaged communities, 
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for families and persons with incomes 
equivalent to those currently assisted, and 
improvement in the physical condition of 
that housing; 
(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 work-
force development; or 
(v) improvements in national, State, 
and local parks and recreation facilities 
and related open space land management. 
(3) STIMULATION
OF
DOMESTIC
PRODUC-
TION.—If the Bank determines that any type of 
iron, steel, manufactured product, or construction 
material is not produced in the United States in suf-
ficient and reasonably available quantities or of a 
satisfactory quality to meet the infrastructure needs 
in the United States, the Bank may solicit loan ap-
plications for projects to increase or improve the do-
mestic production of that iron, steel, manufactured 
product, or construction material. 
(4) LENDER OF LAST RESORT.—In selecting in-
frastructure projects to receive financial assistance 
from the Bank, the Board shall also lend for— 
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(A) an infrastructure project in an area of 
high unemployment or a disadvantaged commu-
nity, including a workforce development plan to 
train workers in new skills and connect those 
workers with job openings financed by the 
Bank; and 
(B) an infrastructure project— 
(i) that leverages or complements 
Federal, State, local, and private financing; 
or 
(ii) for which the applicant dem-
onstrates that the additional capital could 
not be obtained from commercial sources 
at reasonable financing costs. 
(e) EXCLUSIONS.—The Bank may not provide finan-
cial assistance for any infrastructure project that sub-
sidizes or otherwise encourages the sale or lease of infra-
structure currently owned or controlled by an entity de-
scribed in subparagraphs (A) through (G) of section 
201(19), or will result in the private control or operation 
of infrastructure currently owned or controlled by such an 
entity under any agreement, including a public-private 
partnership. 
(f) EMPLOYEE PROTECTIONS.—The Bank may not 
provide financial assistance for an infrastructure project 
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involving reconstruction, rehabilitation, replacement, or 
expansion that may impact current employees on the 
project site, until the entity submitting an application for 
an infrastructure project certifies to the Bank that the 
entity is in compliance with section 213 with respect to 
the interests of employees affected by the financial assist-
ance. 
(g) EMERGENCY PROCEDURES.— 
(1) IN GENERAL.—During the period described 
in paragraph (2), the Board may waive such selec-
tion criteria and procedures as the Board determines 
to be necessary in order to provide loans more quick-
ly for infrastructure projects— 
(A) that reduce unemployment; 
(B) that address the backlog of critical, 
shovel-ready projects for which preliminary en-
gineering or permitting is already completed; or 
(C) that address a critical safety or other 
public need. 
(2) PERIOD DESCRIBED.—The period referred 
to in paragraph (1) is the period beginning on the 
date of enactment of this Act and ending on the 
later of— 
(A) 1 year after the date on which the 
Bank begins operations; and 
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(B) the date on which the Bank has pro-
vided a total of $500,000,000,000 in loans. 
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. 
(b) QUALIFICATIONS.—The members of the Board 
shall include individuals representing different regions of 
the United States, of whom— 
(1) 12 shall have not less than 15 years of in-
dustrial and engineering experience; 
(2) 1 shall be a representative of the AFL–CIO; 
(3) 2 shall be representatives of North Amer-
ica’s Building Trades Unions; 
(4) 2 shall be representatives of the Corps of 
Engineers; 
(5) 2 shall have State and local public sector 
experience; 
(6) 2 shall have finance experience; 
(7) 2 shall have economic development experi-
ence; and 
(8) 2 shall represent minority communities or 
disadvantaged communities. 
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(c) CHAIRPERSON AND VICE CHAIRPERSON.—At the 
time of appointment, the President shall designate— 
(1) 1 member of the Board to serve as chair-
person; and 
(2) 1 member of the Board to serve as vice 
chairperson. 
(d) TERMS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), each member shall be appointed for a 
term of 6 years. 
(2) INITIAL STAGGERED TERMS.—Of the initial 
members of the Board— 
(A) the chairperson and vice chairperson 
shall each be appointed for terms of 6 years; 
(B) 12 shall be appointed for a term of 4 
years; and 
(C) 11 shall be appointed for a term of 2 
years. 
(e) CONGRESSIONAL RECOMMENDATIONS.—Not later 
than 30 days after the date of enactment of this Act, the 
majority leader of the Senate, the minority leader of the 
Senate, the Speaker of the House of Representatives, and 
the minority leader of the House of Representatives shall 
each submit to the President a recommendation for ap-
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pointment of a member of the Board, after consultation 
with the appropriate committees of Congress. 
(f) DATE
OF INITIAL NOMINATIONS.—The initial 
nominations by the President for appointment of members 
to the Board shall be made not later than 60 days after 
the date of enactment of this Act. 
(g) VACANCIES.— 
(1) IN
GENERAL.—A vacancy on the Board 
shall be filled in the manner in which the original 
appointment was made. 
(2) 
APPOINTMENT
TO
REPLACE
DURING 
TERM.—A member of the Board appointed to fill a 
vacancy occurring before the expiration of the term 
for which the predecessor of the member was ap-
pointed shall be appointed only for the remainder of 
the term. 
(3) DURATION.—A member of the Board may 
serve after the expiration of the term of the member 
until a successor has taken office. 
(h) QUORUM.—At the time of any Board meeting, 75 
percent of the members confirmed by the Senate (rounded 
down to a whole number) shall constitute a quorum. 
(i) REAPPOINTMENT.—A member of the Board may 
be reappointed by the President in accordance with this 
section. 
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(j) PER DIEM REIMBURSEMENT.—Members of the 
Board shall serve on a part-time basis and shall receive 
a per diem when engaged in the actual performance of 
Bank business, plus reasonable reimbursement for travel, 
subsistence, and other necessary expenses incurred in the 
performance of their duties. 
(k) LIMITATIONS.—A member of the Board may not 
participate in any review or decision affecting a project 
under consideration for assistance under this Act if the 
member has, or is affiliated with a person who has, an 
interest in the project. 
(l) RESPONSIBILITIES.—The Board shall— 
(1) as soon as practicable after the date on 
which the last member is appointed, establish an Ex-
ecutive Committee, risk management committee and 
audit committee pursuant to this Act; 
(2) not later than 180 days after the date on 
which the last member is appointed, develop and ap-
prove the bylaws of the Bank, and publish those by-
laws in the Federal Register, including bylaws for 
the regulation of the affairs and conduct of the busi-
ness of the Bank, consistent with the purpose, goals, 
objectives, and policies described in this Act; 
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(3) ensure that the Bank is at all times oper-
ated in a manner that is consistent with this Act, 
by— 
(A) monitoring and assessing the effective-
ness of the Bank in achieving strategic goals; 
(B) periodically reviewing internal policies 
submitted by the chief executive officer; 
(C) reviewing and approving annual busi-
ness plans, annual budgets, and long-term 
strategies submitted by the chief executive offi-
cer; 
(D) reviewing and approving annual re-
ports submitted by the chief executive officer; 
(E) reviewing risk management and audit 
practices of the Bank; and 
(F) reviewing and approving all changes to 
the organization of the Bank; and 
(4) establishing such other criteria, require-
ments, and procedures as the Board may consider to 
be appropriate in carrying out this Act. 
(m) MEETINGS.— 
(1) OPEN TO THE PUBLIC; NOTICE.—All meet-
ings of the Board held to conduct the business of the 
Bank shall be open to the public and shall be pre-
ceded by reasonable notice. 
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(2) 
INITIAL
MEETING.—The 
Board 
shall 
meet— 
(A) not later than 90 days after the date 
on which the last member is appointed; and 
(B) at the call of the chairperson. 
(3) EXCEPTION FOR CLOSED MEETINGS.— 
(A) IN GENERAL.—Pursuant to such rules 
as the Board may establish through bylaws, the 
members may close a meeting of the Board if, 
at the meeting, there is likely to be disclosed in-
formation that could adversely affect or lead to 
speculation— 
(i) 
relating 
to 
an 
infrastructure 
project under consideration for assistance 
under this Act; or 
(ii) in financial, securities, or com-
modities markets or institutions, utilities, 
or real estate. 
(B) NOTICE.—The determination to close 
any meeting of the Board shall be made in a 
meeting of the Board, open to the public, and 
preceded by reasonable notice. 
(C) MINUTES.—The Board shall prepare 
minutes of any meeting that is closed to the 
public and make those minutes available as 
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soon as the considerations necessitating the clo-
sure of the meeting no longer apply. 
SEC. 207. POWERS AND LIMITATIONS OF THE BOARD. 
(a) POWERS.—In order to carry out the purposes of 
the Bank as described in this Act, the Board shall be re-
sponsible for the approval and monitoring of infrastruc-
ture projects, and shall have the following powers: 
(1) To make senior and subordinated direct 
loans on such terms as the Board may determine to 
be appropriate to assist in the financing or refi-
nancing of an infrastructure project. 
(2) Subject to the availability of funding, to de-
velop specialized loan programs, such as a disadvan-
taged communities loan program, or a community 
cooperative startup, that provide project financing 
on flexible repayment terms. 
(3) To make loan guarantees on such terms as 
the Board may determine to be appropriate to assist 
in the financing or refinancing of an infrastructure 
project. 
(4) To issue bonds to provide financing for in-
frastructure projects from amounts made available 
from the issuance of those bonds. 
(5) To make agreements and contracts with any 
entity in furtherance of the business of the Bank. 
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(6) To approve infrastructure loans financed in 
whole or in part by the Bank after receiving rec-
ommendations from the Executive Committee. 
(7) To monitor infrastructure projects financed 
in whole or in part by the Bank after receiving as-
sessments from the Executive Committee. 
(8) To sue and be sued in the Bank’s corporate 
capacity in any court of competent jurisdiction, ex-
cept that no attachment, injunction, or similar proc-
ess, may be issued against the property of the Bank 
or against the Bank with respect to such property. 
(9) To indemnify the members of the Board 
and officers of the Bank for liabilities arising out of 
the actions of the Board and officers of the Bank in 
such capacity, in accordance with, and subject to the 
limitations contained in, this Act. 
(10) To serve as the primary liaison between 
the Bank and Congress, the executive branch, and 
State and local governments, and to represent the 
interests of the Bank. 
(11) To exercise all other lawful powers that 
are necessary or appropriate to carry out, and are 
consistent with, the purposes of the Bank. 
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(b) COORDINATION WITH STATE AND LOCAL REGU-
LATORY AUTHORITIES.—The provision of financial assist-
ance by the Board pursuant to this Act shall not— 
(1) limit the right of any State or political sub-
division or other instrumentality of a State to ap-
prove or regulate rates of return on private equity 
invested in an infrastructure project; or 
(2) otherwise supersede any State law or regu-
lation applicable to an infrastructure project. 
(c) FEDERAL PERSONNEL REQUESTS.— 
(1) IN GENERAL.—The Board may request the 
detail, on a reimbursable basis, of personnel from 
other Federal agencies with specific expertise not 
available from within the Bank, including personnel 
with experience in the selection process for competi-
tive awards from— 
(A) the Corps of Engineers; 
(B) the Department of Transportation; 
(C) the Department of Labor; 
(D) the Department of Housing and 
Urban Development; 
(E) the Environmental Protection Agency; 
(F) the Department of the Treasury; 
(G) the Department of Commerce; and 
(H) other relevant Federal agencies. 
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(2) DETAIL.—The head of any Federal agen-
cy— 
(A) may detail, on a reimbursable basis, 
any personnel of the agency requested by the 
Board; and 
(B) 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, including— 
(1) the chief executive officer, who shall serve 
as the head of the Executive Committee; 
(2) the chief risk officer; 
(3) the chief operations officer; 
(4) the chief loan origination officer; 
(5) the chief compliance officer; 
(6) the chief financial officer; 
(7) the chief treasury officer; 
(8) the chief asset and liability management of-
ficer; and 
(9) the general counsel. 
(b) APPOINTMENTS.—A majority of the Board shall 
have the authority— 
(1) to appoint the members of the Executive 
Committee; and 
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(2) to define the duties of each member of the 
Executive Committee in accordance with this Act, 
the bylaws of the Bank, and requirements of the 
Board. 
(c) QUALIFICATIONS.—Each member of the Execu-
tive Committee and all loan origination officers of the 
Bank shall have extensive experience and expertise in re-
tail banking, and in 1 or more of the following: 
(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. 
(d) DUTIES OF CHIEF EXECUTIVE OFFICER.—The 
chief executive officer shall have responsibility for the de-
velopment and implementation of the strategy of the 
Bank, including— 
(1) the development and submission to the 
Board of the annual business plans and budget; 
(2) the development and submission to the 
Board of a long-term strategic infrastructure devel-
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opment plan that is consistent with regional plans 
presented to the Bank by regional economic accel-
erator planning groups established under section 
204; and 
(3) the development, revision, and submission 
to the Board of other internal policies of the Bank. 
(e) DUTIES OF EXECUTIVE COMMITTEE.—In order 
to carry out the purposes of the Bank, the Executive Com-
mittee shall— 
(1) establish and submit to the Board for ap-
proval disclosure and application procedures for enti-
ties 
submitting 
applications 
for 
infrastructure 
projects for assistance under this Act; 
(2) establish and submit to the Board for ap-
proval standardized terms and conditions, fee sched-
ules, or legal requirements of a contract or program 
to carry out this Act; 
(3) establish and submit to the Board for ap-
proval guidelines for the selection and approval of 
infrastructure projects and specific criteria for deter-
mining eligibility for project selection, subject to the 
general criteria provided in section 205; 
(4) accept for consideration project proposals 
from entities for the development of infrastructure 
projects in accordance with this Act; 
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(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 borrowing procedures and selection 
criteria of the Bank; 
(B) the development of a pipeline of 
projects suitable for financing that meet the se-
lection criteria developed by the Bank; 
(C) the development of specialized institu-
tional structures and cross-regional planning to 
help in the planning of complex projects; 
(D) best practices for design, construction, 
and management, 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-
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tracts, including through performance-based 
project delivery. 
(f) VACANCY.—A vacancy on the Executive Com-
mittee shall be filled in the manner in which the original 
appointment was made. 
(g) COMPENSATION.—The compensation of a mem-
ber of the Executive Committee shall be determined by 
the Board. 
(h) REMOVAL.—A member of the Executive Com-
mittee may be removed at the discretion of a majority of 
the Board. 
(i) TERM.—A member of the Executive Committee 
shall serve a term of 6 years and may be reappointed in 
accordance with this section. 
(j) LIMITATIONS.— 
(1) IN GENERAL.—During the period described 
in paragraph (2), a member of the Executive Com-
mittee may not— 
(A) hold any other public office; 
(B) have any interest in an infrastructure 
project considered by the Board; or 
(C) have any interest in an entity seeking 
financial assistance from the Bank for any in-
frastructure project. 
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(2) PERIOD DESCRIBED.—The period referred 
to in paragraph (1) is the period— 
(A) beginning on the date on which the 
member of the Executive Committee is ap-
pointed; and 
(B) ending on the date on which the mem-
ber ceases to serve on the Executive Committee. 
SEC. 209. RISK MANAGEMENT COMMITTEE. 
(a) ESTABLISHMENT.—The Board, in consultation 
with the chief loan origination officer, shall establish a risk 
management committee consisting of 5 members, headed 
by the chief risk officer. 
(b) APPOINTMENT.—A majority of the Board shall 
have the authority— 
(1) to appoint the members of the risk manage-
ment committee; and 
(2) to define the duties of the chief risk officer 
and each remaining member of the risk management 
committee in accordance with this Act, the bylaws of 
the Bank, and requirements of the Board. 
(c) QUALIFICATIONS.—Each member of the risk 
management committee shall have demonstrated experi-
ence and expertise in 1 or more of the following: 
(1) Treasury and asset and liability manage-
ment. 
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(2) Investment regulations. 
(3) Insurance. 
(4) Credit risk management and credit evalua-
tions. 
(5) Infrastructure development projects. 
(d) DUTIES OF CHIEF RISK OFFICER.—The chief 
risk officer shall— 
(1) have such functions, powers, and duties as 
may be prescribed by this Act, the bylaws of the 
Bank, and the Board; and 
(2) report directly to the Board. 
(e) DUTIES OF RISK MANAGEMENT COMMITTEE.— 
The risk management committee shall— 
(1) develop overarching financial, credit, and 
operational risk management guidelines and policies 
to be adhered to by the Bank; 
(2) develop conforming standards for loan 
agreements to ensure diversification of lending ac-
tivities by geographic region, infrastructure project 
type, and inclusion of rural and disadvantaged com-
munities; 
(3) ensure compliance with Federal and State 
laws referred to in section 213; 
(4) develop specific plans for all financial assist-
ance provided by the Bank, including subsidy pro-
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grams for disadvantaged communities and the inclu-
sion of minorities, women, and indigenous people, 
and disadvantaged business participation in infra-
structure projects financed by the Bank in accord-
ance with section 213; 
(5) monitor the overall financial, credit, and 
operational exposure of the Bank; 
(6) establish a standing subcommittee to per-
form regular credit evaluations and report on large 
infrastructure loans extended by the Bank to mon-
itor compliance with terms and attainment of per-
formance targets contained in loan agreements; and 
(7) provide financial recommendations to the 
Board for approval. 
(f) VACANCY.—A vacancy on the risk management 
committee shall be filled in the manner in which the origi-
nal appointment was made. 
(g) COMPENSATION.—The compensation of a mem-
ber of the risk management committee shall be determined 
by the Board. 
(h) REMOVAL.—A member of the risk management 
committee may be removed at the discretion of a majority 
of the Board. 
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(i) TERM.—A member of the risk management com-
mittee shall serve a term of 6 years and may be re-
appointed in accordance with this section. 
(j) LIMITATIONS.— 
(1) IN GENERAL.—During the period described 
in paragraph (2), a member of the risk management 
committee may not— 
(A) hold any other public office; 
(B) have any interest in an infrastructure 
project considered by the Board; or 
(C) have any interest in an investment in-
stitution, commercial bank, or other entity seek-
ing financial assistance from the Bank for any 
infrastructure project. 
(2) PERIOD DESCRIBED.—The period referred 
to in paragraph (1) is the period— 
(A) beginning on the date on which the 
member of the risk management committee is 
appointed; and 
(B) ending on the date on which the mem-
ber ceases to serve on the risk management 
committee. 
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SEC. 210. AUDIT COMMITTEE. 
(a) IN GENERAL.—The Bank shall establish an audit 
committee consisting of 5 members, headed by the chief 
compliance officer. 
(b) APPOINTMENT.—A majority of the Board shall 
have the authority— 
(1) to appoint the members of the audit com-
mittee; and 
(2) to define the duties of the chief compliance 
officer and each remaining member of the audit 
committee in accordance with this Act, the bylaws of 
the Bank, and requirements of the Board. 
(c) QUALIFICATIONS.—Each member of the audit 
committee shall have demonstrated experience and exper-
tise in 1 or more of the following: 
(1) Internal auditing. 
(2) Internal investigations. 
(3) Accounting practices. 
(4) Financing practices. 
(d) DUTIES OF CHIEF COMPLIANCE OFFICER.—The 
chief compliance officer shall— 
(1) have such functions, powers, and duties as 
may be prescribed by this Act, the bylaws of the 
Bank, and the Board; and 
(2) report directly to the Board. 
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(e) DUTIES OF AUDIT COMMITTEE.—The audit com-
mittee 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. 
(f) VACANCY.—A vacancy on the audit committee 
shall be filled in the manner in which the original appoint-
ment was made. 
(g) COMPENSATION.—The compensation of a mem-
ber of the audit committee shall be determined by the 
Board. 
(h) REMOVAL.—A member of the audit committee 
may be removed at the discretion of a majority of the 
Board. 
(i) TERM.—A member of the audit committee shall 
serve a term of 6 years and may be reappointed in accord-
ance with this section. 
(j) LIMITATIONS.— 
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(1) IN GENERAL.—During the period described 
in paragraph (2), a member of the audit committee 
may not— 
(A) hold any other public office; 
(B) have any interest in an infrastructure 
project considered by the Board; or 
(C) have any interest in an investment in-
stitution, commercial bank, or other entity seek-
ing financial assistance from the Bank for any 
infrastructure project. 
(2) PERIOD DESCRIBED.—The period referred 
to in paragraph (1) is the period— 
(A) beginning on the date on which the 
member of the audit committee is appointed; 
and 
(B) ending on the date on which the mem-
ber ceases to serve on the audit committee. 
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 the Board, Executive Committee, risk 
management committee, or audit committee, as applicable, 
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as necessary and prescribed by this Act, the bylaws of the 
Bank, and the Board. 
(b) NONDISCRIMINATION AND EQUAL OPPORTUNITY 
EMPLOYMENT.— 
(1) IN GENERAL.—The Bank shall not discrimi-
nate on the basis of race, religion, color, national or-
igin, age, physical or mental handicap or disability, 
medical condition, marital status, sex, sexual ori-
entation, gender identity, pregnancy, or ethnic or so-
cial origin against any employee or applicant for em-
ployment. 
(2) INCLUSIONS.—Paragraph (1) shall apply to, 
at a minimum, employment, upgrading, demotion or 
transfer, recruitment or recruitment advertising, lay-
off or termination, rates of pay or other forms of 
compensation, and selection for training, including 
apprenticeship. 
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 section as the ‘‘Special Inspector 
General’’) under subsection (b), there is established an Of-
fice of the Special Inspector General for the Bank. 
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(b) APPOINTMENT
OF INSPECTOR GENERAL; RE-
MOVAL.— 
(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 403(b) of title 5, United 
States Code. 
(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 
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United States in the nationwide administration of 
Federal law. 
(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 403(e) of title 5, United States Code. 
(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 chapter 4 of title 5, 
United States Code. 
(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 
406 of title 5, United States Code. 
(2) ADDITIONAL AUTHORITY.—The Special In-
spector General shall carry out the duties specified 
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in subsection (c)(1) in accordance with section 
404(b)(1) of title 5, United States Code. 
(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 
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grade GS–15 of the General Schedule by section 
5332 of such title. 
(3) ABILITY TO CONTRACT FOR AUDITS, STUD-
IES, AND OTHER SERVICES.—The Special Inspector 
General may enter into contracts and other arrange-
ments for audits, studies, analyses, and other serv-
ices with public agencies and with private persons, 
and make such payments as may be necessary to 
carry out the duties of the Special Inspector Gen-
eral. 
(4) REQUEST FOR INFORMATION.— 
(A) IN
GENERAL.—Upon request of the 
Special Inspector General for information or as-
sistance from any department, agency, or other 
entity of the Federal Government, the head of 
that entity shall, insofar as is practicable and 
not in contravention of any existing law, furnish 
the information or assistance to the Special In-
spector General or an authorized designee. 
(B) REFUSAL TO COMPLY.—If information 
or assistance requested by the Special Inspector 
General is, in the judgment of the Special In-
spector General, unreasonably refused or not 
provided, the Special Inspector General shall re-
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port the circumstances to the Secretary, with-
out delay. 
(f) REPORTS.— 
(1) ANNUAL REPORT.—Not later than 1 year 
after the date on which the Special Inspector Gen-
eral is confirmed, and every calendar year thereafter, 
the Special Inspector General shall submit to the 
President and appropriate committees of Congress a 
report summarizing the activities of the Special In-
spector General during the previous 1-year period 
ending on the date on which such report is required. 
(2) PUBLIC
DISCLOSURES.—Nothing in this 
subsection authorizes the public disclosure of infor-
mation that is— 
(A) specifically prohibited from disclosure 
by any other provision of law; 
(B) specifically required by Executive order 
to be protected from disclosure in the interest 
of national defense or national security or in 
the conduct of foreign affairs; or 
(C) a part of an ongoing criminal inves-
tigation. 
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SEC. 213. STATUS AND APPLICABILITY OF CERTAIN FED-
ERAL AND STATE LAWS. 
(a) COMPLIANCE
WITH
FEDERAL
AND
STATE 
LAWS.— 
(1) IN GENERAL.—The Bank, any entity that 
receives financial assistance from the Bank, and any 
contractor or subcontractor that receives funds from 
financial assistance provided by the Bank shall com-
ply with all applicable Federal and State laws, in-
cluding this section. 
(2) AGREEMENTS.—The Bank shall require 
that an entity that receives financial assistance from 
the Bank shall— 
(A) confirm compliance with applicable 
Federal and State laws in a loan agreement be-
tween the Bank and the entity; and 
(B) ensure, through a written agreement, 
that contractors and subcontractors used by the 
entity for an infrastructure project carried out 
with that financial assistance are in compliance 
with applicable Federal and State laws. 
(b) COMPLIANCE WITH DAVIS-BACON ACT.— 
(1) IN GENERAL.—All laborers and mechanics 
employed by contractors and subcontractors on in-
frastructure projects funded directly by or assisted 
in whole or in part by or through the Bank pursuant 
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to this Act shall be paid wages at rates not less than 
those prevailing on projects of a character similar in 
the locality as determined by the Secretary of Labor 
in accordance with subchapter IV of chapter 31 of 
title 40, United States Code. 
(2) LABOR STANDARDS.—With respect to the 
labor standards described in paragraph (1), the Sec-
retary of Labor shall have the authority and func-
tions set forth in Reorganization Plan Numbered 14 
of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 
3145 of title 40, United States Code. 
(c) COMPLIANCE WITH PROJECT LABOR AGREE-
MENTS.— 
(1) IN GENERAL.— 
(A) COVERED STATES.—Any recipient of 
financial assistance from the Bank in a covered 
State shall, for purposes of an infrastructure 
project funded by such financial assistance, be 
a party to a project labor agreement with an 
applicable labor organization. 
(B) STATES
THAT
ARE
NOT
COVERED 
STATES.—Any recipient of financial assistance 
from the Bank in a State that is not a covered 
State shall, for purposes of the infrastructure 
project funded by such financial assistance, per-
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mit voluntary collective bargaining with respect 
to becoming a party to a project labor agree-
ment. 
(2) DEFINITIONS.—For purposes of this sub-
section: 
(A) COVERED
STATES.—The term ‘‘cov-
ered State’’ means a State in which— 
(i) the laws of such State permit an 
entity to require project labor agreements; 
or 
(ii) the total amount of all construc-
tion contracts financed by the Bank in 
such State is not less than $35,000,000. 
(B) PROJECT
LABOR
AGREEMENT.—The 
term ‘‘project labor agreement’’ means a pre- 
hire collective bargaining agreement with one or 
more labor organizations that establishes the 
terms and conditions of employment for a spe-
cific construction project and is described in 
section 8(f) of the National Labor Relations 
Act (29 U.S.C. 158(f)). 
(d) BUY AMERICA REQUIREMENT.—Section 70914 of 
the Infrastructure Investment and Jobs Act (41 U.S.C. 
8301 note; Public Law 117–58) shall apply to the Bank, 
including financial assistance provided by the Bank. 
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(e) NONDISCRIMINATION.— 
(1) IN GENERAL.—For the purpose of applying 
the prohibitions against discrimination on the basis 
of age under the Age Discrimination Act of 1975 
(42 U.S.C. 6101 et seq.), of disability under section 
504 of the Rehabilitation Act of 1973 (29 U.S.C. 
794), on the basis of sex under title IX of the Edu-
cation Amendments of 1972 (20 U.S.C. 1681 et 
seq.), programs and activities funded or otherwise fi-
nancially assisted in whole or in part under this Act 
by the Bank, directly or indirectly, are considered to 
be education programs and activities receiving Fed-
eral financial assistance. 
(2) COMPLIANCE WITH CIVIL RIGHTS ACT OF 
1964.—The Bank, along with contractors and sub-
contractors on infrastructure projects funded di-
rectly by, or assisted in whole or in part by the 
Bank, shall comply with titles VI and VII of the 
Civil Rights Act of 1964 as to hiring and awarding 
contracts to build projects. The Bank shall imple-
ment such titles, in part, by including language in 
loan agreements to require contracted work financed 
in whole or in part by the Bank to include an equal 
opportunity clause as set out in section 60–1.4 of 
title 41 of the Code of Federal Regulations. 
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(f) MINORITY, WOMEN, AND DISADVANTAGED BUSI-
NESS ENTERPRISE PARTICIPATION.—For each fiscal year, 
the Bank shall ensure that not less than 10 percent of 
the financial assistance provided by the Bank is expended 
through small business concerns owned and controlled by 
socially and economically disadvantaged individuals or 
qualified HUBZone small business concerns (as those 
terms are defined in section 47113(a) of title 49, United 
States Code). 
(g) LOCAL HIRING PREFERENCE.— 
(1) IN GENERAL.—In providing financial assist-
ance under this Act, the Bank shall ensure that re-
cipients of financial assistance from the Bank imple-
ment a local, rural, or other geographic or economic 
hiring preference relating to the use of labor for con-
struction of an infrastructure project funded by the 
assistance, including prehire agreements, subject to 
any applicable State and local laws, policies, and 
procedures, in partnership with a registered appren-
ticeship 
program 
(as 
defined 
in 
section 
3131(e)(3)(B) of the Internal Revenue Code of 
1986), if applicable, or with a State board or local 
board (as those terms are defined in section 3 of the 
Workforce Innovation and Opportunity Act (29 
U.S.C. 3102)). 
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(2) PRIORITY.—In carrying out paragraph (1), 
the Bank shall ensure that recipients of financial as-
sistance from the Bank give priority in hiring to— 
(A) individuals with a barrier to employ-
ment (as defined in section 3 of the Workforce 
Innovation and Opportunity Act (29 U.S.C. 
3102)), including ex-offenders and disabled in-
dividuals; 
(B) veterans; and 
(C) individuals that represent populations 
that are traditionally underrepresented in the 
infrastructure workforce, such as women and 
racial and ethnic minorities. 
(h) INFRASTRUCTURE PLANNING, COORDINATION 
AND NONDUPLICATION.—To the maximum extent prac-
ticable, the Bank shall ensure that activities of the Bank 
are coordinated with, and do not duplicate the efforts of, 
any Federal or State department or agency. 
(i) STATE AND LOCAL PERMITS.—The provision of 
financial assistance by the Bank with respect to an infra-
structure project does not relieve any recipient of the as-
sistance of any obligation to obtain required State and 
local permits and approvals with respect to the infrastruc-
ture project. 
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SEC. 214. EXEMPTION FROM CERTAIN LAWS. 
(a) NO BUDGET AUTHORITY FOR CONTRACTS OR 
LOANS.—Section 504(b) of the Federal Credit Reform Act 
of 1990 (2 U.S.C. 661c(b)) shall not apply to any contract 
or loan under this Act. 
(b) NO PRIORITY AS A FEDERAL CLAIM.—Section 
3713 of title 31, United States Code, shall not apply with 
respect to any indebtedness of the Bank. 
SEC. 215. RELATIONS WITH LOCAL FINANCIAL INSTITU-
TIONS. 
(a) COMPLEMENTARY PROVISION OF SERVICES.— 
(1) IN GENERAL.—Except as provided in sub-
section (b), the Bank— 
(A) shall conduct loan activities in partner-
ship with local financial institutions; and 
(B) shall not compete with local financial 
institutions. 
(2) PARTNERSHIP.—A partnership under para-
graph (1)(A) may include the participation of a local 
financial institution in loan requests, loan moni-
toring, or blended financing of project loans. 
(b) EXCEPTION.—The Bank may engage in loan ac-
tivities without partnering with a local financial institution 
if those loan activities are not offered or provided by local 
financial institutions in the jurisdiction in which the loan 
is being provided. 
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(c) BANK AS A CLEARINGHOUSE.—For local financial 
institutions that make the Bank a reserve depositary, the 
Bank may perform the functions and render the services 
of a clearinghouse, including all facilities for providing do-
mestic and foreign exchange, or rediscounting paper on 
such terms as the Board shall provide. 
SEC. 216. AUDITS; REPORTS TO PRESIDENT AND CON-
GRESS. 
(a) ACCOUNTING.—The books of account of the Bank 
shall be— 
(1) maintained in accordance with generally ac-
cepted accounting principles as used in the United 
States; and 
(2) subject to an annual audit by independent 
public accountants of nationally recognized standing, 
to be appointed by the Board. 
(b) REPORTS.— 
(1) BOARD.—Not later than 90 days after the 
end of each fiscal year, the Board shall submit to 
the President and Congress a complete and detailed 
report with respect to the preceding fiscal year that 
describes— 
(A) a summary of the operations of the 
Bank; 
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(B) a schedule of the obligations of the 
Bank that are outstanding at the end of that 
preceding fiscal year, with a statement of the 
amounts issued and redeemed or paid during 
that preceding fiscal year; and 
(C) the status of infrastructure projects 
that have received funding or other assistance 
pursuant to this Act, including disclosure of all 
entities with a development, ownership, or oper-
ational interest in those infrastructure 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 that in-
cludes an assessment of the impact and benefits of 
each funded infrastructure project, including a re-
view of how effectively each infrastructure project 
accomplished the goals prioritized by the project cri-
teria of the Bank. 
(c) BOOKS AND RECORDS.— 
(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 in-
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frastructure project maintained on a publicly acces-
sible database. 
(2) PUBLIC
COMMENT
PERIOD.—The Bank 
shall provide a period of not less than 30 days for 
public comment on each infrastructure financing 
agreement posted on the database referred to in 
paragraph (1) before providing final financing for 
the infrastructure project. 
(3) AUDITS BY THE SECRETARY AND GAO.— 
The books and records of the Bank shall be open to 
inspection by the Secretary and the Comptroller 
General of the United States. 
SEC. 217. BUDGETARY EFFECTS. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 
Act, submitted for printing in the Congressional Record 
by the Chairman of the House Budget Committee, pro-
vided that such statement has been submitted prior to the 
vote on passage. 
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SEC. 218. AUTHORIZATION OF APPROPRIATIONS. 
There is authorized to be appropriated $50,000,000 
for each of fiscal years 2025 and 2026 for the initial orga-
nization of the Bank, the Board, and Bank staff. 
Æ 
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