I 
118TH CONGRESS 
1ST SESSION 
H. R. 490 
To establish the Federal Infrastructure Bank to facilitate investment in, 
and the long-term financing of, economically viable United States infra-
structure projects that provide a public benefit, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 24, 2023 
Mr. WEBSTER of Florida introduced the following bill; which was referred to 
the Committee on Transportation and Infrastructure, and in addition to 
the Committees on Financial Services, and Ways and Means, for a period 
to be subsequently determined by the Speaker, in each case for consider-
ation of such provisions as fall within the jurisdiction of the committee 
concerned 
A BILL 
To establish the Federal Infrastructure Bank to facilitate 
investment in, and the long-term financing of, economi-
cally viable United States infrastructure projects that 
provide a public benefit, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Federal Infrastructure 
Bank Act of 2023’’. 
VerDate Sep 11 2014 
05:38 Feb 04, 2023
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H490.IH
H490
kjohnson on DSK79L0C42PROD with BILLS
SEC. 2. DEFINITIONS. 
For the purposes of this Act: 
(1) BANK.—The term ‘‘Bank’’ means the Fed-
eral Infrastructure Bank established under section 
4. 
(2) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means— 
(A) a corporation, limited liability com-
pany, or any other legally established corporate 
form; 
(B) a partnership, including a public-pri-
vate partnership; 
(C) a joint venture; 
(D) a trust; 
(E) a State; 
(F) any other governmental entity, includ-
ing a political subdivision or any other instru-
mentality of a State; 
(G) a revolving fund; or 
(H) a State infrastructure bank. 
(3) HOLDING COMPANY.—The term ‘‘Holding 
Company’’ means the ‘‘Federal Infrastructure Bank 
Holding Company’’ established under section 3. 
(4) INFRASTRUCTURE
PROJECT.—The term 
‘‘infrastructure project’’ means the construction, 
consolidation, alteration, operations, maintenance, or 
VerDate Sep 11 2014 
05:38 Feb 04, 2023
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H490.IH
H490
kjohnson on DSK79L0C42PROD with BILLS
repair of projects, which provide public benefit or 
use, in the following categories: 
(A) Highway and roadway facilities, in-
cluding bridges and tunnels. 
(B) Port or marine terminal facilities, in-
cluding approaches to marine terminal facilities 
or inland port facilities, and port or marine 
equipment including fixed equipment to serve 
approaches to marine terminals or inland ports. 
(C) Airports, heliports, vertiports, space-
ports, or air traffic control systems and facili-
ties. 
(D) Transmission or distribution pipelines. 
(E) Facilities or equipment for energy 
transmission, distribution, or storage. 
(F) Intercity passenger or freight rail 
lines, facilities, or equipment. 
(G) Intercity passenger bus facilities or 
equipment. 
(H) Public transportation facilities or 
equipment. 
(I) Inland waterways. 
(J) Intermodal facilities or equipment. 
VerDate Sep 11 2014 
05:38 Feb 04, 2023
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H490.IH
H490
kjohnson on DSK79L0C42PROD with BILLS
(K) Water treatment and solid waste dis-
posal facilities and associated infrastructure 
such as pipes. 
(L) Storm water management systems. 
(M) Dams and levees. 
(N) Any other infrastructure project which 
the Bank identifies as providing a public benefit 
with regards to infrastructure. 
(5) RISK-BASED
CAPITAL.—The term ‘‘risk- 
based capital’’ shall have the meaning given that 
term by the Board of Governors of the Federal Re-
serve System. 
(6) RURAL.—The term ‘‘rural’’ means any area 
not in a metropolitan statistical area with a popu-
lation of 50,000 or greater. 
(7) STATE.—The term ‘‘State’’ means each of 
the 50 several States of the United States, the Dis-
trict of Columbia, the Commonwealth of Puerto 
Rico, American Samoa, Guam, the United States 
Virgin Islands, the Commonwealth of the Northern 
Mariana Islands, and each federally recognized In-
dian Tribe. 
(8) STATE INFRASTRUCTURE BANK.—The term 
‘‘State infrastructure bank’’ means a State infra-
VerDate Sep 11 2014 
05:38 Feb 04, 2023
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H490.IH
H490
kjohnson on DSK79L0C42PROD with BILLS
structure bank or multi-State infrastructure bank 
established pursuant to— 
(A) section 350 of the National Highway 
System Designation Act of 1995; 
(B) section 1511(l) of the Transportation 
Equity Act for the 21st Century; 
(C) section 610 of title 23, United States 
Code; or 
(D) any State law as an agency, compo-
nent unit, or other governmental entity of the 
State. 
SEC. 3. SELECTION OF THE FORMATION AGENT. 
(a) IN GENERAL.—Within 60 days of the date of en-
actment of this Act, the Secretary of the Treasury, in con-
sultation with the Chairman of the Board of Governors 
of the Federal Reserve System, shall select a Formation 
Agent which shall— 
(1) make and file with the Secretary of the 
Treasury an organization certificate for the Bank in 
accordance with such rules and regulations as the 
Secretary may prescribe, including the establishment 
of the Holding Company; and 
(2) have significant experience in infrastructure 
and infrastructure finance. 
VerDate Sep 11 2014 
05:38 Feb 04, 2023
Jkt 039200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H490.IH
H490
kjohnson on DSK79L0C42PROD with BILLS
(b) ESTABLISHMENT
OF
THE
FEDERAL
INFRA-
STRUCTURE BANK HOLDING COMPANY.—Within 30 days 
after being selected under subsection (a), the Formation 
Agent shall establish the Federal Infrastructure Bank 
Holding Company, prescribe the governing structure of 
the Holding Company, and establish the Federal Infra-
structure Bank Holding Company Board of Directors, 
which shall— 
(1) initially consist of 7 members; 
(2) be elected by the shareholders of the Hold-
ing Company; 
(3) serve 4-year terms, only 2 of which may be 
consecutive; 
(4) within the limitations of law and regulation, 
determine and sign the articles of association that 
govern the operations of the Holding Company, and 
have the power to adopt, amend, and repeal bylaws 
governing the performance of the powers and duties 
granted to or imposed upon the Holding Company 
by law; and 
(5) select and effect the appointment of quali-
fied persons to fill the office of the Chief Executive 
Officer of the Bank and such other offices as may 
be provided for in the bylaws of the Holding Com-
pany and the Federal Infrastructure Bank. 
VerDate Sep 11 2014 
05:38 Feb 04, 2023
Jkt 039200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H490.IH
H490
kjohnson on DSK79L0C42PROD with BILLS
(c) EARNINGS AND RESERVES NOT GOVERNMENT 
FUNDS.—The earnings and reserves of the Holding Com-
pany shall be the sole property of the Holding Company 
and are not Government funds or public funds. 
(d) TREATMENT OF SHAREHOLDERS OF THE FORMA-
TION AGENT.—The Formation Agent shall issue equity se-
curities of the Holding Company to each shareholder of 
the Formation Agent, in an amount that the Formation 
Agent determines has a value equal to the value of equity 
securities of the Formation Agent held by such share-
holder upon the establishment of the Holding Company. 
SEC. 4. ESTABLISHMENT OF THE FEDERAL INFRASTRUC-
TURE BANK. 
(a) IN GENERAL.—The Formation Agent shall estab-
lish the Federal Infrastructure Bank as a Delaware cor-
poration and the Bank shall be a wholly owned subsidiary 
of the Holding Company. 
(b) FEDERAL BANKING CHARTER.—The Comptroller 
of the Currency shall grant a national bank charter to the 
Bank. 
(c) REGIONAL OFFICES.—Within 5 years of the date 
of enactment of this Act, the Bank shall establish regional 
offices for the purpose of focusing on infrastructure 
projects in different areas of the United States. 
VerDate Sep 11 2014 
05:38 Feb 04, 2023
Jkt 039200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H490.IH
H490
kjohnson on DSK79L0C42PROD with BILLS
(d) BOARD OF DIRECTORS.—The Board of Directors 
of the Holding Company established under section 3 shall 
be the initial Board of Directors of the Bank. 
(e) EARNINGS AND RESERVES NOT GOVERNMENT 
FUNDS.—The earnings and reserves of the Bank are not 
Government funds or public funds. 
SEC. 5. FUNCTIONS OF THE BANK. 
(a) IN GENERAL.—The Bank shall provide equity in-
vestments, direct loans, indirect loans, and loan guaran-
tees to eligible entities for the planning, pre-development, 
design, construction, operations or maintenance of rev-
enue-producing infrastructure projects in the United 
States with sufficient revenue sources and guarantees to 
support the interest and principal payments to the Bank. 
(b) SUPPORT FOR RURAL PROJECTS.—Not less than 
10 percent of the dollar amount of loans, equity invest-
ments, and loan guarantees provided by the Bank shall 
be with respect to infrastructure projects in rural areas. 
(c) LEVERAGING BANK INVESTMENTS.—The Bank 
shall attempt to cross subsidize non-revenue infrastructure 
projects with revenue generating infrastructure projects to 
diversify the loan portfolio. 
(d) NO COMMERCIAL OR INVESTMENT BANKING AC-
TIVITIES.—Notwithstanding any other provision of law, 
the Bank is prohibited from— 
VerDate Sep 11 2014 
05:38 Feb 04, 2023
Jkt 039200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H490.IH
H490
kjohnson on DSK79L0C42PROD with BILLS