grade GS–15 of the General Schedule by section 
5332 of such title. 
(3) ABILITY TO CONTRACT FOR AUDITS, STUD-
IES, AND OTHER SERVICES.—The Special Inspector 
General may enter into contracts and other arrange-
ments for audits, studies, analyses, and other serv-
ices with public agencies and with private persons, 
and make such payments as may be necessary to 
carry out the duties of the Special Inspector Gen-
eral. 
(4) REQUEST FOR INFORMATION.— 
(A) IN
GENERAL.—Upon request of the 
Special Inspector General for information or as-
sistance from any department, agency, or other 
entity of the Federal Government, the head of 
that entity shall, insofar as is practicable and 
not in contravention of any existing law, furnish 
the information or assistance to the Special In-
spector General or an authorized designee. 
(B) REFUSAL TO COMPLY.—If information 
or assistance requested by the Special Inspector 
General is, in the judgment of the Special In-
spector General, unreasonably refused or not 
provided, the Special Inspector General shall re-
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port the circumstances to the Secretary, with-
out delay. 
(f) REPORTS.— 
(1) ANNUAL REPORT.—Not later than 1 year 
after the date on which the Special Inspector Gen-
eral is confirmed, and every calendar year thereafter, 
the Special Inspector General shall submit to the 
President and appropriate committees of Congress a 
report summarizing the activities of the Special In-
spector General during the previous 1-year period 
ending on the date on which such report is required. 
(2) PUBLIC
DISCLOSURES.—Nothing in this 
subsection authorizes the public disclosure of infor-
mation that is— 
(A) specifically prohibited from disclosure 
by any other provision of law; 
(B) specifically required by Executive order 
to be protected from disclosure in the interest 
of national defense or national security or in 
the conduct of foreign affairs; or 
(C) a part of an ongoing criminal inves-
tigation. 
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SEC. 213. STATUS AND APPLICABILITY OF CERTAIN FED-
ERAL AND STATE LAWS. 
(a) 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 
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 in any State where a construction contract 
financed by the Bank exceeds $35 million, recipients of 
financial assistance made available under this Act must 
comply with such agreements (in accordance with sub-
sections (e) and (f) of section 8 of the National Labor 
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Relations Act (29 U.S.C. 158) and Executive Order 
14063). In States in which project labor agreements are 
prohibited by law and are below the limit for a project, 
projects financed by the Bank pursuant to the Act shall 
permit voluntary collective bargaining of such agreements. 
(d) BUY AMERICA REQUIREMENT.—The provisions 
of section 70914 of the Infrastructure Investment and 
Jobs Act (Public Law 117–58) shall apply both to the 
Bank directly and to all contractually permitted uses of 
its infrastructure loans. In cases where the acquisition of 
needed goods would otherwise require a waiver, the Bank 
may undertake to stimulate new domestic production of 
the goods in question through the provision of loans to 
private sector companies to produce the goods in accord-
ance with section 205(d)(1)(L) of this Act. 
(e) COMPLIANCE
WITH
CIVIL
RIGHTS
ACT
OF 
1964.—The Bank, along with contractors and subcontrac-
tors on infrastructure projects funded directly by, or as-
sisted in whole or in part by the Bank, shall comply with 
titles VI and VII of the Civil Rights Act of 1964 as to 
hiring and awarding contracts to build projects. The Bank 
will implement said laws, in part, by including language 
in loan agreements to require contracted work financed 
in whole or in part by the Bank to include an equal oppor-
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tunity clause as set out in section 60–1.4 of title 41 of 
the Code of Federal Regulations. 
(f) MINORITY, WOMEN, AND DISADVANTAGED BUSI-
NESS ENTERPRISE PARTICIPATION.—The Bank, along 
with contractors and subcontractors on infrastructure 
projects financed directly by, or assisted in whole or in 
part by the Bank, shall comply with section 47113 of title 
49, United States Code, section 632 of title 15, United 
States Code, and title I of division A of Public Law 117– 
58, so that not less than 10 percent of amounts financed 
by the Bank shall be expended with small business con-
cerns owned and controlled by socially and economically 
disadvantaged individuals, including women, or qualified 
Disadvantaged Business Enterprises or HUBZone small 
business concerns. 
(g) LOCAL HIRING PREFERENCE.—The Bank, along 
with contractors and subcontractors on infrastructure 
projects financed directly by, or assisted in whole or in 
part by the Bank, shall comply with sections 70914 and 
100602 of the Infrastructure Investment and Jobs Act 
(Public Law 117–58) to implement a local, rural, or other 
geographical or economic hiring preference relating to the 
use of labor for construction of a project funded by the 
grant, including prehire agreements, subject to any appli-
cable State and local laws, policies, and procedures. 
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(h) WORKFORCE DEVELOPMENT, TRAINING, AND 
EDUCATION.—The Bank shall comply with section 13007 
of the Infrastructure Investment and Jobs Act (Public 
Law 117–58), to aid in promoting the education, training, 
and hiring of workers in all occupational fields of endeavor 
utilized, directly or indirectly, by projects financed by the 
Bank. 
(i) INFRASTRUCTURE
PLANNING, COORDINATION 
AND NON-DUPLICATION.—The Bank shall comply with 
‘‘coordination’’ or ‘‘non-duplication’’ requirements men-
tioned in sections 11201, 11402, 11501(c), 22301(b), 
22910, 23014, 25003, 25008, 25009(h)(3)(A), 25010, 
25012, 30002, 40108, 40113, 40121, 40125, 40321, 
40328, 40431, 40522, 40902, 40908, 50102, 50204, 
50210, 50216–27, 60102, 60201, and 60503 of the Infra-
structure Investment and Jobs Act (Public Law 117–58), 
to coordinate the planning and management of all infra-
structure projects financed by the Bank with Federal and 
non-Federal agencies providing grants, loans, or other 
means of financing, Metropolitan and Rural Planning Or-
ganizations, Regional Accelerator Planning Groups, state 
and local governments, scientific centers, and the public, 
to ensure complete and optimal planning and project roll-
out, at minimum cost, with no duplication of effort. 
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(j) COMPLIANCE
WITH
APPLICABLE
FEDERAL 
LAW.—Projects receiving financial assistance from the 
Bank 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 
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; 
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(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); 
(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. 
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(D) Multi-Family Housing Rental Assist-
ance. 
(E) Electric Infrastructure Loans & Loan 
Guarantees. 
(F) Rural Broadband Access, and Tele-
communications Infrastructure Loans & Guar-
antees. 
(G) Water & Waste Disposal Loans & 
Grants. 
(k) 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. 214. EXEMPTION FROM CERTAIN LAWS. 
(a) NO BUDGET AUTHORITY FOR CONTRACTS OR 
LOANS.—Section 504(b) of the Federal Credit Reform Act 
of 1990 (2 U.S.C. 661c(b)) 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. 
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SEC. 215. RELATIONS WITH LOCAL FINANCIAL INSTITU-
TIONS. 
(a) COMPLEMENT PROVISION OF SERVICES.—Except 
as provided in subsection (b), the Bank shall conduct loan 
activities in partnership with local financial institutions 
and shall not compete with local financial institutions. 
Partnership may include local banks’ participation in loan 
requests, loan monitoring, or blended financing of project 
loans. 
(b) EXCEPTION.—The Bank may engage in loan ac-
tivities without partnering with a local financial institu-
tion, if those loan activities are not offered or provided 
by local financial institutions in the jurisdiction where the 
loan is being provided. 
(c) BANK AS A CLEARINGHOUSE.—For local financial 
institutions that make the Bank a reserve depositary, the 
Bank may perform the functions and render the services 
of a clearinghouse, including all facilities for providing do-
mestic and foreign exchange, or rediscounting paper on 
such terms as the Board shall provide. 
SEC. 216. AUDITS; REPORTS TO PRESIDENT AND CON-
GRESS. 
(a) ACCOUNTING.—The books of account of the Bank 
shall be maintained in accordance with generally accepted 
accounting principles as used in the United States, and 
shall be subject to an annual audit by independent public 
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