(6) To approve infrastructure loans financed in 
whole or in part, by the Bank, after receiving rec-
ommendations from the Executive Committee estab-
lished in section 208. 
(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. 
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(b) EMPLOYEE PROTECTIONS.—Prior to providing 
any financial assistance for an infrastructure project in-
volving reconstruction, rehabilitation, replacement, or ex-
pansion that may impact current employees on the project 
site, the interests of employees affected by the financial 
assistance shall comply with applicable Federal law as set 
out in section 215. 
(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. 208. 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 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-
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 205; 
(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 204, 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. 209. 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 213; 
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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. 210. 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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