quirements established in one or more contracts 
between the entity and a State or an instru-
mentality of a State; or 
(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)). 
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(32) STATE.—The term ‘‘State’’ means any of 
the several States, 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. 
(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, or radio, including broadband, 
or to enhance security for such infrastructure. 
(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 freight 
rail systems. 
SEC. 4. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE 
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 
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‘‘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. 5. 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.— 
(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. 
(2) SUBSCRIPTION.—The capital stock shall be 
subscribed by— 
(A) public holders of outstanding Treasury 
securities of 3 years or greater maturity, or 
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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) 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. 
(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 dur-
ing a period of 20 years following finalization of a 
stock purchase agreement. Notwithstanding any 
other provision of law, a guarantee of redemption, to 
be included in the stock purchase agreement, shall 
impose upon the United States a contractual obliga-
tion to fund the redemption. Preferred shareholders 
shall have no voting rights in the Bank. 
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(2) DIVIDENDS ON PREFERRED STOCK.—The 
Bank shall pay dividends, semiannually, at a rate of 
2 percent per annum plus the annual rate of the 
Treasury security exchanged for the stock or 2 per-
cent per annum for paid-in capital. The stock pur-
chase agreement shall impose upon the United 
States a contractual obligation to fund the 2 percent 
portion of the dividend payment. 
(d) BORROWED CAPITAL.—The Bank is further au-
thorized to raise medium- to long-term, borrowed capital 
for projects needs, and short-term capital to meet its cash 
flow needs, by, respectively— 
(1) issuing Bonds, with a fixed 5 to 10 year 
maturity; and 
(2) maintaining a discount line of credit ac-
count with the Board of Governors of the Federal 
Reserve System. 
(e) DEPOSITS.—Once chartered as a national bank, 
the Bank shall accept deposits from individuals, corpora-
tions, or public entities, into transaction deposit accounts 
on its books, and pay interest on those deposits, in an 
amount deemed appropriate by the Board. 
(f) LOANS.— 
(1) IN
GENERAL.—The Bank shall provide 
loans, in accordance with this Act, to entities, or 
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(7) PROHIBITION
ON
OTHER
LOANS.—The 
Bank may not provide loans to consumers or any 
other loans not described under this Act. 
(g) CAPITAL
FOR LOAN DISBURSEMENTS.—Once 
chartered as a national bank, the Bank is authorized to 
create funds in a deposit account in a borrowers name, 
in accordance with the loan agreement, and each sched-
uled loan disbursement as it is made. The Bank shall draw 
up an Aggregate Loan Disbursement Plan, in consultation 
with 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 
infrastructure loans on normal loan terms, in a manner 
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to be determined by the Board. Any direct Federal con-
tributions from the budget for the purpose of subsidizing 
disadvantaged communities may also be added and uti-
lized via the Trust Fund. 
(i) GUARANTEES AND LOAN LOSS PROVISIONS.—In 
the event of any losses, as determined by the Board, in-
curred on loans, guarantees, and insurance extended 
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 obligation backed by the 
full faith and credit of the Government of the United 
States of America. 
(j) RESERVES.—The Bank shall maintain reserves 
against the Bank’s transaction accounts in such amount 
as the Board may determine appropriate, but not greater 
than 14 percent of the Banks’s total transaction accounts 
in excess of $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 it appropriate. 
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SEC. 6. FORMATION OF REGIONAL ECONOMIC ACCEL-
ERATOR PLANNING GROUPS. 
(a) IN GENERAL.—The Bank, through its branch of-
fices, shall facilitate the organization of at least 7 Regional 
Economic Accelerator Planning Groups, to be defined by 
common economic, demographic, and infrastructure link-
ages. 
(b) DUTIES.—The Regional Economic Accelerator 
Planning Groups may— 
(1) organize themselves by, and be composed of, 
State and local public sector officials, including 
through multijurisdictional or multistate agreements 
among agencies; 
(2) identify economic mega-regions, defined as 
hub cities, related towns and suburbs, manufac-
turing production corridors, and rural areas woven 
together into the communities where people of the 
United States live, work, and provide goods or serv-
ices for movement within the region, and to other re-
gions; 
(3) identify infrastructure needs and priorities 
for mega-regions, with input from the American So-
ciety of Civil Engineers, and other trade, business, 
and industrial associations; 
(4) develop regional economic accelerator plans, 
and a pipeline of infrastructure projects, and their 
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strategic placement, needed to improve supply 
chains, land use, and productivity within each mega- 
region, while seeking to include all communities; 
(5) define how such projects will create energy 
savings, environment improvements, jobs and wage 
improvements, 
regional 
economic 
growth, 
and 
growth in regional tax income; 
(6) identify where multijurisdictional agree-
ments should be enacted or strengthened to improve 
the development of infrastructure projects that cross 
jurisdictional lines (examples are transportation im-
provements along the northeast corridor, flood miti-
gation in midwestern States along the Missouri 
River, or development of a national high-speed rail 
grid); 
(7) identify where Federal, State, or local laws 
and regulations should be streamlined to reduce in-
frastructure project approval times, while maintain-
ing environmental and safety objectives, and work 
towards streamlining those laws and regulations; 
(8) seek public input on the broad outlines of 
each regional infrastructure development plan; 
(9) provide such plans to the Bank, to inform 
the Bank on its selection of infrastructure projects 
for financing; and 
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(10) assist entities formulating and submitting 
projects for consideration of Bank financing on the 
definition, scope, selection criteria, and others fac-
tors under section 7 that will be considered in the 
approval process. 
SEC. 7. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM THE 
BANK. 
(a) IN GENERAL.—Financial assistance shall be 
available from the Bank when the entity applying for such 
assistance has demonstrated to the satisfaction of the 
Board that the project for which such assistance is being 
sought meets the requirements of this Act. Any entity pro-
posing a project for which the use or purpose is private, 
and without public benefit, shall not be eligible for finan-
cial assistance from the Bank under this Act. 
(b) APPLICANTS.—The Bank shall accept applica-
tions for infrastructure projects for the designation of 
those projects that may receive financial assistance under 
this section for any infrastructure project having— 
(1) a public sponsor; and 
(2) local, regional, or national significance. 
(c) 
GUIDELINES
FOR
INFRASTRUCTURE 
PROJECTS.—The Executive Committee and the Board 
shall establish guidelines, and develop online application 
procedures, to assist applications of infrastructure 
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ing by union apprentice programs to train new 
hires; 
(E) a preference for projects in areas of 
high unemployment, or disadvantaged commu-
nities, including a workforce development plan 
to train workers in new skills; 
(F) environmental and public health bene-
fits including the reduction in greenhouse gases, 
and water and air pollution, and the removal of 
lead and other hazardous materials; 
(G) a demonstrated ability to contract for 
design, construction, operation, and mainte-
nance of the infrastructure project throughout 
its estimated useful life, including by defining 
project objectives and utilizing performance- 
based monitoring; 
(H) an understanding of the strategic im-
portance of bundling of projects, correctly 
sizing projects, and adopting value design and 
procurement procedures, so as to realize long- 
run cost savings from ‘‘dig, build, expand, or 
improve only once’’; 
(I) an understanding of the importance of 
innovative and state-of-the-art technologies that 
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achieve project reliability, efficiency, resiliency, 
security, and public safety; 
(J) in cases where infrastructure is pub-
licly or privately owned, a preference for 
projects that leverage Federal, State, local, and 
private financing, including public-private part-
nerships, or where companies can show that the 
additional capital could not be obtained from 
commercial sources; 
(K) a consideration of the costs and bene-
fits of preserving and repurposing existing in-
frastructure, in particular to mitigate against 
unemployment and bolster manufacturing in 
the United States; 
(L) integration of other qualified projects 
that may or could be done concurrently; 
(M) a categorical benefit; and 
(N) any other criteria as determined by the 
Board, with approval by the Board. 
(2) CATEGORICAL
BENEFIT.—In this sub-
section, the term ‘‘categorical benefit’’ means the 
following: 
(A) For any transportation infrastructure 
project: 
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(i) A reduction in surface and air 
traffic congestion, by road, transit, pas-
senger rail, freight rail, port or inland 
water travel, or air travel, as measured by 
reductions in transit, boarding, and total 
trip times. 
(ii) An anticipated increase in capac-
ity for existing and expected new ridership 
or transport use, including by high-speed 
rail. 
(iii) A reduction in risks from mainte-
nance decline, or structural failure, over 
the service life of the project. 
(iv) The coordination of improvements 
in commuter passenger operations, freight 
transport, and new community design, with 
the demographics of population, economic 
production, and trade hubs according to a 
regional infrastructure plan. 
(v) An overall decline in greenhouse 
gas emissions from surface and air trans-
portation projects financed by the Bank. 
(vi) An increase in access to afford-
able transportation options, including by 
low-income populations and the disabled. 
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(vii) Improvements in safety for users, 
passengers, and operators, as measured by 
a reduction in fatalities and serious inju-
ries. 
(B) For any environmental infrastructure 
project: 
(i) Increased coastal and inland flood 
mitigation and protection. 
(ii) Improvements in drinking water 
or wastewater systems, through the repair, 
expansion or replacement of such systems. 
(iii) A reduction in risk to any public 
infrastructure from structural failure, or 
damage, due to weather-related events or 
catastrophic wildfires. 
(iv) 
Environmental 
improvements 
from the removal of hazardous wastes. 
(C) For any energy infrastructure project: 
(i) Development of a smart grid, with 
modern security and resiliency systems. 
(ii) Expanded use of clean energy. 
(iii) Energy efficient buildings, includ-
ing clean energy designated retrofits. 
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(iv) Development of localized power 
generation, and its integration into the 
grid. 
(D) For any telecommunications project: 
(i) Completion or improvement in 
broadband and wireless access and services 
in rural and disadvantaged communities. 
(ii) Improvement of the global tele-
communication satellite network. 
(E) For any community development infra-
structure project: 
(i) Modernization of local land use 
policies, including those that promote tran-
sit-oriented development and location effi-
ciency. 
(ii) Expansion in the provision of pub-
lic housing, or publicly assisted affordable 
housing, to provide long-term affordability 
in targeted, disadvantaged communities, 
for families and persons with incomes 
equivalent to those currently assisted, and 
improvement in the physical condition of 
such housing. 
(iii) Replacement of schools that have 
reached their service lifetime; or expansion 
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of school facilities with growing popu-
lations, or to house new programs for 
workforce development. 
(iv) Improvements in National, State, 
and local parks and recreation facilities 
and related open space land management. 
SEC. 8. 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 directors of the Board 
shall include individuals representing different regions of 
the United States and— 
(1) 12 of the directors shall have at least 15 
years of industrial and engineering experience; 
(2) 1 director shall be from the AFL–CIO; 
(3) 2 of the directors shall be from North 
America’s Building Trades Unions; 
(4) 2 of the directors shall be from the United 
States Army Corp of Engineers; 
(5) 2 of the directors shall have State and local 
public sector experience; 
(6) 2 of the directors shall have finance experi-
ence; 
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the minority leader of the House of Representatives shall 
each submit a recommendation to the President for ap-
pointment of a member of the Board of Directors, after 
consultation with the appropriate committees of Congress. 
(f) DATE
OF INITIAL NOMINATIONS.—The initial 
nominations by the President for appointment of directors 
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.—Any director appointed to fill a vacancy oc-
curring before the expiration of the term for which 
the director’s predecessor was appointed shall be ap-
pointed 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. 
(h) QUORUM.—At the time of any Board meeting, 75 
percent of the directors confirmed by Congress (rounded 
down to a whole number) shall constitute a quorum. 
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(i) REAPPOINTMENT.—A director of the Board ap-
pointed by the President may be reappointed by the Presi-
dent in accordance with this section. 
(j) PER DIEM REIMBURSEMENT.—Directors 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 director of the Board 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 inter-
est in such project. 
(l) RESPONSIBILITIES.—The Board shall— 
(1) as soon as is practicable after the date on 
which the last director is appointed, establish an Ex-
ecutive Committee, Risk Management Committee 
and Audit Committee as prescribed by this Act; 
(2) not later than 180 days after the date on 
which the last director is appointed develop and ap-
prove the bylaws of the Bank, 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 set forth 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 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) establishing such other criteria, require-
ments, or 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 
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Bank shall be open to the public and shall be pre-
ceded by reasonable notice. 
(2) INITIAL MEETING.—The Board shall meet 
not later than 90 days after the date on which the 
last director is appointed and otherwise at the call 
of the Chairperson. 
(3) EXCEPTION FOR CLOSED MEETINGS.—Pur-
suant to such rules as the Board may establish 
through their bylaws, the directors may close a 
meeting of the Board if, at the meeting, there is 
likely to be disclosed information which could ad-
versely affect or lead to speculation relating to an in-
frastructure project under consideration for assist-
ance under this Act or in financial or securities or 
commodities markets or institutions, utilities, or real 
estate. 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 no-
tice. The Board shall prepare minutes of any meet-
ing which is closed to the public and make such min-
utes available as soon as the considerations necessi-
tating closing such meeting no longer apply. 
SEC. 9. POWERS AND LIMITATIONS OF THE BOARD. 
(a) POWERS.—In order to carry out the purposes of 
the Bank as set forth in this Act, the Board shall be re-
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sponsible for the approval and monitoring of infrastruc-
ture projects, and have the following powers: 
(1) To make senior and subordinated direct 
loans on such terms as the Board may determine, in 
the Board’s discretion, to be appropriate to assist in 
the financing or refinancing of an infrastructure 
project. 
(2) Subject to the availability of funding, as de-
termined by the Board, to develop specialized loan 
programs, such as a disadvantaged 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, in the Board’s discretion, 
to be appropriate to assist in the financing or refi-
nancing of an infrastructure project. 
(4) To issue Bonds, to provide financing to in-
frastructure projects from amounts made available 
from the issuance of such bonds. 
(5) To make agreements and contracts with any 
entity in furtherance of the business of the Bank. 
(6) To approve infrastructure loans financed in 
whole or in part, by the Bank, after receiving rec-
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ommendations from the Executive Committee estab-
lished in section 10. 
(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 directors and officers of 
the Bank for liabilities arising out of the actions of 
the directors and officers in such capacity, in accord-
ance with, and subject to the limitations contained 
in, this Act. 
(10) 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. 
(11) To exercise all other lawful powers which 
are necessary or appropriate to carry out, and are 
consistent with, the purposes of the Bank. 
(b) EMPLOYEE PROTECTIONS.—Prior to providing 
any financial assistance for an infrastructure project in-
volving reconstruction, rehabilitation, replacement, or ex-
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pansion that may impact current employees on the project 
site, the interests of employees affected by the financial 
assistance shall be protected under arrangements the Sec-
retary of Labor concludes are fair and equitable. 
(c) COORDINATION WITH STATE AND LOCAL REGU-
LATORY AUTHORITY.—The provision of financial assist-
ance by the Board pursuant to this Act shall not be con-
strued as— 
(1) limiting the right of any State or political 
subdivision or other instrumentality of a State to ap-
prove or regulate rates of return on private equity 
invested in a project; or 
(2) otherwise superseding any State law or reg-
ulation applicable to a project. 
(d) FEDERAL PERSONNEL REQUESTS.—The Board 
shall have the power to request the detail, on a reimburs-
able basis, of personnel from other Federal agencies with 
specific expertise not available from within the Bank or 
elsewhere. The head of any Federal agency may detail, 
on a reimbursable basis, any personnel of such agency re-
quested by the Board and shall not withhold unreasonably 
the detail of any personnel requested by the Board. 
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SEC. 10. EXECUTIVE COMMITTEE. 
(a) IN GENERAL.—The Board shall establish an Ex-
ecutive Committee consisting of 9 members, headed by the 
chief executive officer of the Bank. 
(b) CEO.—A majority of the Board shall have the 
authority to appoint and reappoint the chief executive offi-
cer with such executive functions, powers, and duties as 
may be prescribed by this Act, the bylaws of the Bank, 
or the Board. 
(c) CEO RESPONSIBILITIES.—The CEO shall have 
responsibility for the development and implementation of 
the strategy of 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-
opment plan that is consistent with regional plans as 
presented to the Bank by Regional Economic Accel-
erator Planning Groups; and 
(3) the development, revision, and submission 
to the Board of Directors of the Bank’s other inter-
nal policies. 
(d) OTHER EXECUTIVE OFFICERS.—The Board shall 
appoint, remove, fix the compensation, and define duties 
of 8 other executive officers to serve on the Executive 
Committee as the— 
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(1) chief risk officer; 
(2) chief operations officer; 
(3) chief loan origination officer; 
(4) chief compliance officer; 
(5) chief financial officer; 
(6) chief treasury officer; 
(7) chief asset and liability management officer; 
and 
(8) general counsel. 
(e) QUALIFICATIONS.—The CEO, as well as other ex-
ecutive officers, and all loan origination officers, shall have 
extensive experience and expertise in retail banking, and 
in one 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. 
(f) DUTIES.—In order to carry out the purposes of 
the Bank as set forth in this Act, the Executive Committee 
shall— 
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(1) establish and submit to the Board disclo-
sure and application procedures for entities nomi-
nating projects for assistance under this Act; 
(2) establish and submit to the Board standard-
ized terms and conditions, fee schedules, or legal re-
quirements of a contract or program to carry out 
this Act; 
(3) establish and submit to the Board guide-
lines for the selection and approval of projects and 
specific criteria for determining eligibility for project 
selection, subject to the general criteria provided in 
section 7; 
(4) accept, for consideration, project proposals 
relating to the development of infrastructure 
projects, which meet the basic criteria established by 
this Act and by the Executive Committee, and which 
are submitted by an entity; 
(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 6, joint 
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ventures, regional economic accelerator agencies, and 
other borrowing entities on— 
(A) the Bank’s borrowing procedures and 
selection criteria; 
(B) development of a pipeline of projects 
suitable for financing, that meet the selection 
criteria developed by the Bank; 
(C) development of specialized institutional 
structures, and cross-region planning, to help in 
the planning of complex projects; 
(D) best design, construction, and manage-
ment practices, 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-
tracts, including through performance-based 
project delivery. 
(g) VACANCY.—A vacancy in the position of CEO and 
other executive officers of the Executive Committee shall 
be filled in the manner in which the original appointment 
was made. 
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(h) COMPENSATION.—The compensation of the CEO 
and other executive officers of the Executive Committee 
shall be determined by the Board. 
(i) REMOVAL.—The CEO and other executive officers 
of the Executive Committee may be removed at the discre-
tion of a majority of the Board. 
(j) TERM.—The CEO and other executive officers of 
the Executive Committee shall serve a 6-year term and 
may be reappointed in accordance with this section. 
(k) LIMITATIONS.—The CEO and other executive of-
ficers of the Executive Committee shall not— 
(1) hold any other public office; 
(2) have any interest in an infrastructure 
project considered by the Board; 
(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. 11. RISK MANAGEMENT COMMITTEE. 
(a) ESTABLISHMENT OF RISK MANAGEMENT COM-
MITTEE.—The Board shall establish a risk management 
committee consisting of 5 members, headed by the chief 
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risk officer, with participation from the chief loan origina-
tion officer. 
(b) APPOINTMENTS.—A majority of the Board shall 
have the authority to appoint and reappoint the CRO of 
the Bank. 
(c) FUNCTIONS; DUTIES.— 
(1) IN GENERAL.—The CRO shall have such 
functions, powers, and duties as may be prescribed 
by one or more of the following: This Act, the by-
laws of the Bank, and the Board. The CRO shall re-
port directly to the Board. 
(2) RISK MANAGEMENT DUTIES.—In order to 
carry out the purposes of this Act, the risk manage-
ment committee shall— 
(A) create overarching financial, credit, 
and operational risk management guidelines 
and policies to be adhered to by the Bank; 
(B) create conforming standards for loan 
agreements to ensure diversification of lending 
activities by— 
(i) geographic region, infrastructure 
project type, and inclusion of disadvan-
taged and rural communities; and 
(ii) compliance with Federal and State 
laws referred to in section 15; 
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(C) create specific plans for all financial 
assistance provided by the Bank, including sub-
sidy programs for disadvantaged communities 
and project targeting for disadvantaged busi-
ness enterprises covered by section 47113 of 
title 49, United States Code; 
(D) monitor overall financial, credit, and 
operational exposure of the Bank; 
(E) create a standing subcommittee to per-
form regular credit evaluations and report on 
large infrastructure loans extended by the Bank 
that monitor compliance with terms, and attain-
ment of performance targets contained in loan 
agreements; and 
(F) provide financial recommendations to 
the Board for Board approval. 
(d) OTHER RISK MANAGEMENT OFFICERS.—The 
Board shall appoint, remove, fix the compensation, and 
define the duties of 4 other risk management officers to 
serve on the risk management committee. 
(e) QUALIFICATIONS.—The CRO and other risk man-
agement officers shall have demonstrated experience and 
expertise in one 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. 
(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 Board. 
(h) REMOVAL.—The CRO and other risk manage-
ment officers of the risk management committee may be 
removed at the discretion of a majority of the Board. 
(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; 
(2) have any interest in an infrastructure 
project considered by the Board; 
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(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. 12. AUDIT COMMITTEE. 
(a) IN GENERAL.—The Bank shall establish an audit 
committee consisting of 5 members, headed by the chief 
compliance officer of the Bank. 
(b) APPOINTMENTS.—A majority of the Board shall 
have the authority 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 this 
Act, the bylaws of the Bank, and the Board. The CCO 
shall report directly to the Board. 
(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; 
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(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. 
(e) OTHER AUDIT OFFICERS.—The Board shall ap-
point, remove, fix the compensation, and define the duties 
of 4 other audit officers to serve on the audit committee. 
(f) QUALIFICATIONS.—The CCO and other audit offi-
cers shall have demonstrated experience and expertise in 
one 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. 
(h) COMPENSATION.—The compensation of the CCO 
and other audit officers of the audit committee shall be 
determined by the Board. 
(i) REMOVAL.—The CCO and other audit officers of 
the audit committee may be removed at the discretion of 
a majority of the Board. 
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(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 Board; 
(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. 13. 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 under the Board, Executive Committee, 
risk management committee, or audit committee, as the 
case may be, as necessary and prescribed by this Act, the 
bylaws of the Bank, and the Board. 
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(b) PARTICIPATION
BY
OTHER
AGENCY
PER-
SONNEL.—Consideration of projects by the Executive 
Committee and the Board shall be conducted with per-
sonnel on detail to the Bank from United States Army 
Corps of Engineers, the Department of Transportation, 
the Department of Housing and Urban Development, the 
Department of the Treasury, and other relevant depart-
ments and agencies from among individuals who are famil-
iar with and experienced in the selection criteria for com-
petitive projects. The Bank shall reimburse those depart-
ments and agencies for the staff who are on detail to the 
Bank. 
SEC. 14. 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 Act as the ‘‘Special Inspector 
General’’) under subsection (b), there is established an Of-
fice of the Special Inspector General for the Bank. 
(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. 
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(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 3(b) of the Inspector Gen-
eral Act of 1978 (5 U.S.C. App.). 
(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 
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 3(e) of the Inspector General Act of 
1978 (5 U.S.C. App.). 
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(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 the Inspector Gen-
eral Act of 1978 (5 U.S.C. App.). 
(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 
6 of the Inspector General Act of 1978 (5 U.S.C. 
App.). 
(2) ADDITIONAL AUTHORITY.—The Special In-
spector General shall carry out the duties specified 
in subsection (c)(1) in accordance with section 
4(b)(1) of the Inspector General Act of 1978 (5 
U.S.C. App.). 
(e) PERSONNEL, FACILITIES, AND
OTHER
RE-
SOURCES.— 
(1) ADDITIONAL OFFICERS.— 
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(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 
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-
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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-
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 
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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. 
SEC. 15. STATUS AND APPLICABILITY OF CERTAIN FED-
ERAL AND STATE LAWS. 
(a) NATIONAL BANK CHARTER.—As soon as prac-
ticable after being established, the Bank shall apply for 
a national bank charter. 
(b) COMPLIANCE WITH DAVIS-BACON ACT.—All la-
borers and mechanics employed by contractors and sub-
contractors on infrastructure projects funded directly by 
or assisted in whole or in part by and through the Bank 
pursuant to this Act shall be paid wages at rates not less 
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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 part 
A of title 40, United States Code. With respect to the 
labor standards specified in this section, 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. 
(c) COMPLIANCE WITH PROJECT LABOR AGREE-
MENTS.—In States in which project labor agreements are 
authorized or encouraged (in which contractors enter into 
binding, pre-hire agreements with labor unions in the con-
struction industry), recipients of financial assistance made 
available under this Act must comply with such agree-
ments (in accordance with subsections (e) and (f) of sec-
tion 8 of the National Labor Relations Act (29 U.S.C. 
158) and Executive Order 13502). In States in which 
project labor agreements are prohibited by law to be re-
quired for a project, projects financed by the Bank pursu-
ant to the Act shall permit voluntary collective bargaining 
of such agreements. 
(d) COMPLIANCE WITH CIVIL RIGHTS ACT
OF 
1964.—The Bank, along with contractors and subcontrac-
tors on infrastructure projects funded directly by, or as-
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sisted in whole or in part by the Bank, shall comply with 
title VI of the Civil Rights Act of 1964 as to hiring and 
awarding contracts to build projects. 
(e) BUY AMERICA.—None of the financing provided 
by the Bank may be used for an infrastructure project 
unless all of the iron, steel, cement, and manufactured 
goods used in construction, alteration, maintenance, re-
pair, or equipping of the project are produced within the 
United States. During the application process for a loan 
under this Act, a request for a waiver to the requirements 
of the preceding sentence by reason of the public interest, 
or on account of unavailability or unsatisfactory quality 
of domestically produced goods, can be considered only if 
there is clear demonstration that jobs in the United States 
would not be lost due to the waiver. 
(f) COMPLIANCE
WITH
APPLICABLE
FEDERAL 
LAW.—In any case in which a project receives pooled fi-
nancial assistance from both the Bank and the Federal 
Government, such project shall comply with applicable 
provisions of Federal law and regulation, including— 
(1) for transit, requirements that would apply 
to a project receiving funding under section 5307 or 
47113 of title 49, United States Code; 
(2) for public housing, requirements that would 
apply to a project receiving funding from a grant 
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under section 24 of the United States Housing Act 
of 1937 (42 U.S.C. 1437v); 
(3) for publicly assisted affordable housing, re-
quirements that would apply to the preservation of 
such housing under other provisions of law gov-
erning such housing; 
(4) for roads and bridges, requirements that 
would apply to a project that receives funds under 
section 104(b)(3) of title 23, United States Code, or 
section 47113 of title 49, United States Code, and 
meets the goals under section 150(b) of title 23, 
United States Code; 
(5) for freight and passenger rail projects, re-
quirements that would apply to a project that re-
ceives funds under subtitle V of title 49, United 
States Code; 
(6) for airport and air traffic control projects, 
requirements that would apply to a project that re-
ceives funds under chapters 471 and 501 of title 49, 
United States Code, or section 47113 of such title; 
(7) for water, requirements that would apply to 
a project grant or loan under— 
(A) section 103 of the Housing and Com-
munity Development Act of 1974 (42 U.S.C. 
5303); 
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(B) section 1452 of the Public Health 
Service Act (42 U.S.C. 300j–12); or 
(C) section 601 of the Federal Water Pol-
lution Control Act (33 U.S.C. 1381), as that 
section applied before the beginning of fiscal 
year 1995; and 
(8) for rural development projects, requirements 
that would apply to a project financed by any of the 
following programs of the Department of Agri-
culture: 
(A) Rural Economic Development Loans & 
Grants. 
(B) Community Facilities Direct Loans & 
Grants. 
(C) Single- and Multi-Family Housing Re-
pair and Rental Assistance Loans & Grants. 
(D) Electric Infrastructure Loans & Loan 
Guarantees. 
(E) Rural Broadband Access, and Tele-
communications Infrastructure Loans & Guar-
antees. 
(F) Water & Waste Disposal Loans & 
Grants. 
(g) AUTHORITY TO DETERMINE FUNDING.—Not-
withstanding any other provision of law, the Bank shall 
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determine the appropriate Federal share of funds, subject 
to loan approval by the Bank, and the availability of such 
Federal funding, for each project described in subsection 
(f) for purposes of this title. 
(h) STATE AND LOCAL PERMIT REQUIREMENTS.— 
The provision of assistance by the Board in accordance 
with this Act shall not be deemed to relieve any recipient 
of assistance or the related infrastructure project of any 
obligation to obtain required State and local permits and 
approvals. 
SEC. 16. 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)) requiring prior budget author-
ity shall not apply to any contract or loan under this Act. 
(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. 
(c) FROM LOCAL TAXATION.—All bonds issued by 
the Bank, and the interest on or credits with respect to 
such bonds, shall not be subject to taxation by any State, 
county, municipality, or local taxing authority. 
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