(15) 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)). 
(16) STATE.—The term ‘‘State’’ means the sev-
eral States and the District of Columbia, Puerto 
Rico, Guam, American Samoa, the Virgin Islands, 
the Commonwealth of Northern Mariana Islands, 
and any other territory of the United States. 
(17) TELECOMMUNICATIONS INFRASTRUCTURE 
PROJECT.—The term ‘‘telecommunications infra-
structure project’’ means a project for infrastructure 
that facilitates the exchanging of information 
through electronic technologies, including voice, 
data, and video transmissions project. 
(18) 
TRANSPORTATION
INFRASTRUCTURE 
PROJECT.—The term ‘‘transportation infrastructure 
project’’ means a project for the construction, main-
tenance, or enhancement of highways, roads, 
bridges, transit and intermodal systems, inland wa-
terways, commercial ports, airports, high-speed rail 
and freight rail systems. 
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SEC. 3. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 
DEVELOPMENT BANK. 
(a) ESTABLISHMENT
OF NATIONAL INFRASTRUC-
TURE DEVELOPMENT BANK.—The National Infrastruc-
ture Development Bank is established as which shall be 
an independent establishment of the Federal Government, 
as defined in section 104 of title 5, United States Code. 
(b) RESPONSIBILITY OF THE SECRETARY.—The Sec-
retary of the Treasury shall take such actions as may be 
necessary to assist in implementing the establishment of 
the bank. 
SEC. 4. DIRECTOR; DEPUTY DIRECTOR. 
(a) IN GENERAL.—The Bank shall have Director and 
a Deputy Director, appointed by the President and with 
the advice and consent of the Senate. 
(b) DATE OF INITIAL NOMINATIONS.—The initial 
nominations by the President for appointment of the Di-
rector and Deputy Director shall be made not later than 
60 days after the date of enactment of this Act. 
(c) TERM.—The Director and the Deputy Director 
shall serve for a term of 10 years. 
(d) VACANCIES.— 
(1) IN GENERAL.—A vacancy of the Director or 
the Deputy Director shall be filled in the manner in 
which the original appointment was made. 
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(2) 
APPOINTMENT
TO
REPLACE
DURING 
TERM.—Any Director or Deputy Director appointed 
to fill a vacancy occurring before the expiration of 
the term for which the director’s predecessor was 
appointed shall be appointed only for the remainder 
of the term. 
(3) DURATION.—A Director may serve after the 
expiration of that director’s term until a successor 
has taken office. 
(e) REAPPOINTMENT.—A Director or Deputy Direc-
tor appointed by the President may be reappointed by the 
President in accordance with this section. 
(f) LIMITATIONS.—The Director or Deputy Director 
may not participate in any review or decision affecting a 
project under consideration for assistance under this Act 
if the Director has or is affiliated with a person who has 
an interest in such project. 
(g) RESPONSIBILITIES.—The Director shall— 
(1) as soon as is practicable, establish an Exec-
utive Committee, risk management committee and 
audit committee as prescribed by this Act; 
(2) not later than 180 days after the date on 
which the initial Director is appointed, develop and 
approve the bylaws of the Bank to determine the op-
erations and internal policies of the Bank, including 
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bylaws for the regulation of the affairs and conduct 
of the business of the Bank, consistent with the pur-
pose, goals, objectives, and policies set forth in this 
Act; 
(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 its 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) establish such other criteria, requirements, 
or procedures as the Director may consider to be ap-
propriate in carrying out this Act. 
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SEC. 5. POWERS AND LIMITATIONS OF THE DIRECTOR. 
(a) POWERS.—To carry out the purposes of the Bank 
as set forth in this Act, the Director shall be responsible 
for monitoring and overseeing infrastructure projects and 
have the following powers: 
(1) To review infrastructure projects rec-
ommended by the senior officials of the Bank and 
select infrastructure projects using a cost-benefit 
analysis. 
(2) To make senior and subordinated direct 
loans on such terms as the Director may determine, 
in the Director’s discretion, to be appropriate to as-
sist in the financing or refinancing of an infrastruc-
ture project. 
(3) To make loan guarantees on such terms as 
the Director may determine, in the Director’s discre-
tion, to be appropriate to assist in the financing or 
refinancing of an infrastructure project. 
(4) To make agreements and contracts with any 
entity in furtherance of the business of the Bank. 
(5) To monitor and oversee infrastructure 
projects financed, in whole or in part, by the Bank. 
(6) To sue and be sued in the Bank’s capacity 
in any court of competent jurisdiction, except that 
no attachment, injunction, or similar process, may 
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be issued against the property of the Bank or 
against the Bank with respect to such property. 
(7) To indemnify the directors and senior offi-
cers of the Bank for liabilities arising out of the ac-
tions of the directors and senior officers in such ca-
pacity, in accordance with, and subject to the limita-
tions contained in, this Act. 
(8) To serve as the primary liaison between the 
Bank and the Congress, the executive branch, and 
State and local governments, and to represent the 
Bank’s interests. 
(9) To exercise all other lawful powers which 
are necessary or appropriate to carry out, and are 
consistent with, the purposes of the Bank. 
(b) COORDINATION WITH STATE AND LOCAL REGU-
LATORY AUTHORITY.—The provision of financial assist-
ance by the Director pursuant to this Act shall not be con-
strued as superseding any State law or regulation applica-
ble to a project. 
SEC. 6. SENIOR OFFICERS. 
(a) SENIOR OFFICERS OF THE BANK.—The Director 
shall appoint, remove, and define duties of 8 senior offi-
cers of the Bank as the— 
(1) chief compliance officer; 
(2) chief financial officer; 
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(3) chief asset and liability management officer; 
(4) chief loan origination officer; 
(5) chief operations officer; 
(6) chief risk officer; 
(7) chief treasury officer; and 
(8) general counsel. 
(b) QUALIFICATIONS.—Senior officers shall have 
demonstrated experience and expertise in 1 or more of the 
following: 
(1) Transportation infrastructure. 
(2) Environmental infrastructure. 
(3) Energy infrastructure. 
(4) Telecommunications infrastructure. 
(5) Economic development. 
(6) Workforce development. 
(7) Public health. 
(8) Private or public finance. 
(c) DUTIES.—In order to carry out the purposes of 
the Bank, the senior officers shall— 
(1) establish and submit to the Director disclo-
sure and application procedures for entities nomi-
nating projects for assistance under this Act; 
(2) establish and submit to the Director stand-
ardized terms and conditions, fee schedules, or legal 
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requirements of a contract or program to carry out 
this Act; 
(3) establish and submit to the Director guide-
lines for the selection and approval of projects and 
specific criteria for determining eligibility for project 
selection; 
(4) accept, for consideration, project proposals 
relating to the development of infrastructure 
projects and which are submitted by an entity; 
(5) provide recommendations to the Director 
and place project proposals on a list for consider-
ation for financial assistance from the Director; and 
(6) provide technical assistance, including pub-
lic-private partnership infrastructure project value 
for money assessments, long-term economic benefit 
projections, and contract evaluations, to entities re-
ceiving financing from the Bank and otherwise im-
plement decisions of the Director. 
(d) VACANCY.—A vacancy of a senior officer shall be 
filled in the manner in which the original appointment was 
made. 
(e) COMPENSATION.—The compensation of the senior 
officers shall be determined by the Director. 
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(f) TERM.—Each senior officer shall serve a 6-year 
term and may be reappointed in accordance with this sec-
tion. 
(g) LIMITATIONS.—A senior officer of the Bank shall 
not— 
(1) hold any other public office; 
(2) have any interest in any infrastructure 
project considered by the Bank; 
(3) have any interest in an investment institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from or 
investing in the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 7. RISK MANAGEMENT COMMITTEE. 
(a) ESTABLISHMENT OF RISK MANAGEMENT COM-
MITTEE.—The Director shall establish a risk management 
committee consisting of 5 members, headed by the chief 
risk officer. 
(b) APPOINTMENTS.—The Director shall have the au-
thority to appoint and reappoint the chief risk officer 
(hereinafter referred to as ‘‘CRO’’) of the Bank. 
(c) FUNCTIONS; DUTIES.— 
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(1) IN GENERAL.—The CRO shall have such 
functions, powers, and duties as may be prescribed 
by this Act, the bylaws of the Bank, and the Direc-
tor. The CRO shall report directly to the Director. 
(2) RISK
MANAGEMENT
DUTIES.—The risk 
management committee shall— 
(A) create financial, credit, and operational 
risk management guidelines and policies to be 
adhered to by the Bank; 
(B) set guidelines to ensure diversification 
of lending activities by both geographic region 
and infrastructure project type; 
(C) create conforming standards for all fi-
nancial assistance provided by the Bank; 
(D) monitor financial, credit and oper-
ational exposure of the Bank; and 
(E) provide financial recommendations to 
the Director. 
(d) OTHER RISK MANAGEMENT OFFICERS.—The Di-
rector shall appoint, remove, and define the duties of 4 
other risk management officers to serve on the risk man-
agement committee. 
(e) QUALIFICATIONS.—The CRO and other risk man-
agement officers shall have demonstrated experience and 
expertise in one or more of the following: 
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(1) Treasury and asset and liability manage-
ment. 
(2) Investment regulations. 
(3) Insurance. 
(4) Credit risk management and credit evalua-
tions. 
(5) Related disciplines. 
(f) VACANCY.—A vacancy in the position of CRO and 
other risk management officers of the risk management 
committee shall be filled in the manner in which the origi-
nal appointment was made. 
(g) COMPENSATION.—The compensation of the CRO 
and other risk management officers of the risk manage-
ment committee shall be determined by the Director. 
(h) REMOVAL.—The CRO and other risk manage-
ment officers of the risk management committee may be 
removed at the discretion of the Director. 
(i) TERM.—The CRO and other risk management of-
ficers of the risk management committee shall serve a 6- 
year term and may be reappointed in accordance with this 
section. 
(j) LIMITATIONS.—The CRO and other risk manage-
ment officers of the risk management committee shall 
not— 
(1) hold any other public office; 
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(2) have any interest in an infrastructure 
project considered by the Bank; 
(3) have any interest in an investment institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from or 
investing in the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 8. AUDIT COMMITTEE; COMPLIANCE OFFICE. 
(a) IN GENERAL.—The Bank shall establish— 
(1) a compliance office to carry out oversight of 
the Bank’s compliance with sections 11 and 12; and 
(2) an audit committee consisting of 5 mem-
bers, headed by the chief compliance officer (herein-
after referred to as the ‘‘CCO’’) of the Bank. 
(b) APPOINTMENTS.—The Director shall have the au-
thority to appoint and reappoint the CCO of the Bank. 
(c) FUNCTIONS; DUTIES.—The CCO shall have such 
functions, powers, and duties as may be prescribed by one 
or more of the following: This Act, the bylaws of the Bank, 
and the Director. The CCO shall report directly to the 
Director. 
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(d) AUDIT DUTIES.—In order to carry out the pur-
poses of the Bank under this Act, the audit committee 
shall— 
(1) provide internal controls and internal audit-
ing activities for the Bank; 
(2) maintain responsibility for the accounting 
activities of the Bank; 
(3) issue financial reports of the Bank; and 
(4) complete reports with outside auditors and 
public accountants appointed by the Director. 
(e) OTHER AUDIT OFFICERS.—The Director shall 
appoint, remove and define the duties of 4 other audit offi-
cers to serve on the audit committee. 
(f) QUALIFICATIONS.—The CCO and other audit offi-
cers shall have demonstrated experience and expertise in 
1 or more of the following: 
(1) Internal auditing. 
(2) Internal investigations. 
(3) Accounting practices. 
(4) Financing practices. 
(g) VACANCY.—A vacancy in the position of CCO and 
other audit officers of the audit committee shall be filled 
in the manner in which the original appointment was 
made. 
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(h) COMPENSATION.—The compensation of the CCO 
and other audit officers of the audit committee shall be 
determined by the Director. 
(i) REMOVAL.—The CCO and other audit officers of 
the audit committee may be removed at the discretion of 
the Director. 
(j) TERM.—The CCO and other audit officers of the 
audit committee shall serve a 6-year term and may be re-
appointed in accordance with this section. 
(k) LIMITATIONS.—The CCO and other audit officers 
of the audit committee shall not— 
(1) hold any other public office; 
(2) have any interest in an infrastructure 
project considered by the Bank; 
(3) have any interest in an investment institu-
tion, commercial bank, or other entity seeking finan-
cial assistance for any infrastructure project from or 
investing in the Bank; and 
(4) have any such interest during the 2-year pe-
riod beginning on the date such officer ceases to 
serve in such capacity. 
SEC. 9. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 
BANK. 
(a) IN GENERAL.—To be eligible for financial assist-
ance from the Bank, an infrastructure project— 
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(1) shall have a public benefit, as determined by 
the Director; and 
(2) may not have a sole use or purpose that is 
private. 
(b) ESTABLISHMENT OF PROJECT CRITERIA.— 
(1) IN GENERAL.—Consistent with the require-
ments of subsections (c) and (d), the Director shall 
approve— 
(A) criteria for determining eligibility for 
financial assistance established by the senior of-
ficers of the Bank; 
(B) revisions to criteria for determining 
eligibility for financial assistance established by 
the senior officers of the Bank; 
(C) the weight given to factors to be taken 
into account established by the senior officers of 
the Bank; 
(D) disclosure and application procedures 
to be followed by entities to nominate projects 
for assistance established by the senior officers 
of the Bank; and 
(E) such other criteria as the Director con-
siders appropriate. 
(2) FACTORS TO BE TAKEN INTO ACCOUNT.— 
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(A) IN GENERAL.—The senior officers of 
the Bank shall conduct an analysis that takes 
into account the economic, environmental, and 
social benefits, and costs of each project under 
consideration for financial assistance under this 
Act, prioritizing projects that contribute to eco-
nomic growth, lead to job creation, and are of 
regional or national significance. 
(B) CRITERIA.—The criteria established 
pursuant to paragraph (1)(A) shall provide for 
the consideration of the following factors in 
considering eligibility for financial assistance 
under this Act: 
(i) The means by which development 
of the infrastructure project under consid-
eration is being financed, including— 
(I) the terms and conditions and 
financial structure of the proposed fi-
nancing; 
(II) the credit worthiness and 
standing of the project sponsors, pro-
viders of equity, and cofinanciers; 
(III) the financial assumptions 
and projections on which the project 
is based; and 
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(IV) the extent to which the in-
frastructure project maximizes invest-
ment from other sources. 
(ii) The likelihood that the provision 
of assistance by the Bank will cause such 
development to proceed more promptly and 
with lower costs for financing than would 
be the case without such assistance. 
(iii) The extent to which the provision 
of assistance by the Bank maximizes the 
level of private investment in the infra-
structure project while providing a public 
benefit. 
(C) DEDICATED REVENUE SOURCES.—Any 
financial 
assistance 
for 
an 
infrastructure 
project shall be repayable, in whole or in part, 
from dedicated revenue sources that also secure 
the infrastructure project obligations. 
(D) 
AMOUNT
OF
FINANCIAL
ASSIST-
ANCE.—The amount of financial assistance 
under this Act shall be determined by the Di-
rector. 
(c) PUBLIC INPUT.—In developing proposed infra-
structure project criteria and conducting reviews of infra-
structure project criteria for the Director, the senior offi-
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cers of the Bank shall seek input from the public including 
views related to— 
(1) the weight given to different factors to be 
taken into account; 
(2) measuring whether projects are meeting ap-
proved criteria; and 
(3) any other input considered by such senior 
officers and the public for the purposes of carrying 
out this Act. 
(d) FACTORS FOR SPECIFIC TYPES OF PROJECTS.— 
(1) 
TRANSPORTATION
INFRASTRUCTURE 
PROJECTS.—For any transportation infrastructure 
project, the Director shall consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
(B) Reduction in greenhouse gases. 
(C) Reduction in surface and air traffic 
congestion. 
(D) Use of smart tolling, such as vehicle 
miles traveled and congestion pricing, for high-
way, road, and bridge projects. 
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(E) Increased access to transportation op-
tions. 
(F) Increased safety of transportation sys-
tems for motorized and non-motorized users. 
(G) Public health benefits, including the 
removal of lead coatings or other hazardous 
chemicals and materials. 
(H) Reduction in risk of structural failure 
over the service life of the project. 
(2) 
ENVIRONMENTAL
INFRASTRUCTURE 
PROJECT.—For any environmental infrastructure 
project, the Director shall consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
(B) Public health benefits, including the 
removal of lead coatings or other hazardous 
materials. 
(C) Pollution reductions. 
(D) Reductions in greenhouse gas. 
(E) Increased coastal and inland flood 
mitigation and protection. 
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(F) Reduction in risk of structural failure 
over the service life of the project. 
(3) ENERGY INFRASTRUCTURE PROJECT.—For 
any energy infrastructure project, the Board shall 
consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
(B) Reduction in greenhouse gas. 
(C) Expanded use of renewable energy. 
(D) Development of a smart grid. 
(E) Energy efficient building, housing, and 
school modernization, including renewable en-
ergy designated retrofits. 
(F) In any case in which the project is also 
a public housing project— 
(i) improvement of the physical shape 
and layout; 
(ii) environmental improvement; and 
(iii) mobility improvements for resi-
dents. 
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(G) Public health benefits including the re-
moval of lead coatings or other hazardous 
chemicals and materials. 
(H) Reduction in risk of structural failure 
over the service life of the project. 
(4) TELECOMMUNICATIONS.—For any tele-
communications infrastructure project, the Director 
shall consider the following: 
(A) Job creation, including workforce de-
velopment for women and minorities, respon-
sible employment practices, and targeted job 
training and employment opportunities for low 
income workers. 
(B) The extent to which assistance ex-
pands or improves broadband and wireless serv-
ices in rural and disadvantaged communities. 
(e) CONSIDERATION OF PROJECT PROPOSALS.— 
(1) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—Consideration of a project under this sec-
tion by the senior officers of the Bank and the Di-
rector shall be conducted with personnel on detail to 
the Bank from relevant Federal agencies among in-
dividuals who are familiar with and experienced in 
the selection criteria for competitive infrastructure 
projects. 
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(2) FEES.—A Bank may charge a fee for the 
review of any project proposal in such amount as 
may be considered appropriate by the senior officers 
of the Bank to cover the cost of such review and the 
Bank may spend fee amounts without further appro-
priation. 
(f) DISCRETION
OF DIRECTOR.—Consistent with 
other provisions of this Act, any determination of the Di-
rector to provide financial assistance to any infrastructure 
project, and the manner in which such assistance is pro-
vided, including the terms, conditions, fees, and charges 
shall be at the sole discretion of the Director. 
(g) STATE AND LOCAL PERMITS REQUIRED.—The 
provision of financial assistance by the Director in accord-
ance with this Act shall not be deemed to relieve any re-
cipient of financial assistance or the related infrastructure 
project of any obligation to obtain required State and local 
permits and approvals. 
(h) ANNUAL REPORT.—An entity receiving assist-
ance under this Act shall make annual reports to the Di-
rector on the use of any such assistance, compliance with 
the criteria set forth in this section, and a disclosure of 
all entities with a development, ownership, or operational 
interest in the infrastructure project assisted or proposed 
to be assisted under this Act. 
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SEC. 10. STATUS AND APPLICABILITY OF CERTAIN FED-
ERAL LAWS. 
(a) 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 and through the Bank pursu-
ant to this Act shall be paid wages at rates not less 
than those prevailing on projects of a character simi-
lar in the locality as determined by the Secretary of 
Labor in accordance with subchapter IV of chapter 
31 of part A of title 40, United States Code. With 
respect to the labor standards specified in this sec-
tion, the Secretary of Labor shall have the authority 
and functions 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. 
(2) APPLICATION
OF
LAW.—Notwithstanding 
paragraph (1), for any project carried out under 
chapter 53 of title 49, United States Code, section 
5333 of such section shall apply. 
(b) NO PRIORITY AS A FEDERAL CLAIM.—The pri-
ority established in favor of the United States by section 
3713 of title 31, United States Code, shall not apply with 
respect to any indebtedness of the Bank. 
VerDate Sep 11 2014 
22:40 Jan 28, 2025
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kjohnson on DSK7ZCZBW3PROD with $$_JOB