I 
115TH CONGRESS 
1ST SESSION H. R. 3977 
To establish the Infrastructure Bank for America to serve as a lender for 
infrastructure projects, both directly and through State and local govern-
ments, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 5, 2017 
Mr. FASO 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 subse-
quently determined by the Speaker, in each case for consideration of such 
provisions as fall within the jurisdiction of the committee concerned 
A BILL 
To establish the Infrastructure Bank for America to serve 
as a lender for infrastructure projects, both directly and 
through State and local governments, and for other pur-
poses. 
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 ‘‘Infrastructure Bank 
for America Act of 2017’’. 
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SEC. 2. ESTABLISHMENT OF THE INFRASTRUCTURE BANK 
FOR AMERICA. 
(a) IN GENERAL.—The formation agent shall, in ac-
cordance with such rules and regulations as the Secretary 
of the Treasury may prescribe, make and file with the Sec-
retary at the earliest practicable date after the date of the 
enactment of this Act, an organization certificate which 
shall contain such information as the Secretary may re-
quire. Upon the making and filing of such organization 
certificate with the Secretary, such formation agent shall 
become a body corporate to be known as the ‘‘Infrastruc-
ture Bank Holding Company’’ (hereinafter referred to as 
the ‘‘Holding Company’’), which shall be the parent com-
pany of the ‘‘Infrastructure Bank for America’’ (herein-
after referred to as the ‘‘Bank’’), which is hereby estab-
lished and which shall— 
(1) serve as a lender for infrastructure projects, 
both directly and indirectly through State and local 
governments and State infrastructure banks, as pro-
vided under this Act; 
(2) maintain its principal office in New York 
City or the District of Columbia or the metropolitan 
area thereof; 
(3) be deemed, for purposes of jurisdiction and 
venue in civil actions to be a Delaware corporation; 
and 
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(4) have all powers, not inconsistent with the 
provisions of this Act, as are customary and usual 
in corporations generally. 
(b) REGIONAL OFFICES.—The Bank shall establish 
regional offices, for the purpose of focusing on projects 
in different areas of the United States. 
(c) BOARD OF DIRECTORS.—The Bank shall have a 
board of directors, which shall— 
(1) initially consist of 7 members, or such other 
number as the Bank determines appropriate; 
(2) be elected by the Bank’s shareholders; 
(3) within the limitations of law and regulation, 
determine the general policies which shall govern the 
operations of the Bank, and have power to adopt, 
amend, and repeal bylaws governing the perform-
ance of the powers and duties granted to or imposed 
upon the Bank by law; and 
(4) select and effect the appointment of quali-
fied persons to fill the office of the Chief Executive 
Officer and, along with the Chief Executive Officer, 
such other offices as may be provided for in the by-
laws. 
(d) TREATMENT OF SHAREHOLDERS OF THE FORMA-
TION AGENT.—The Holding Company shall, upon estab-
lishment, issue equity securities of the Holding Company 
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to each shareholder of the formation agent, in an amount 
that the Board of Directors determines has a value equal 
to the value of equity securities of the formation agent 
held by such shareholder upon the establishment of the 
Holding Company. 
(e) EARNINGS AND RESERVES NOT GOVERNMENT 
FUNDS.—The earnings and reserves of the Holding Com-
pany and the Bank shall be the sole property of the Hold-
ing Company and the Bank and shall not be construed 
to be Government or public funds or appropriated money. 
SEC. 3. FUNCTIONS OF THE BANK. 
(a) IN GENERAL.—The Bank shall provide— 
(1) direct loans and loan guarantees to private 
entities for the construction or maintenance of rev-
enue-producing infrastructure projects; and 
(2) indirect loans and loan guarantees to State 
and local governments and State infrastructure 
banks, for the construction or maintenance of infra-
structure projects. 
(b) SUPPORT FOR RURAL PROJECTS.—At least 7 
percent of the dollar amount of loans and loan guarantees 
provided by the Bank shall be with respect to infrastruc-
ture projects in rural areas. 
(c) NO COMMERCIAL OR INVESTMENT BANKING AC-
TIVITIES.—The Bank shall not accept customer deposits 
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nor engage in financial or investment banking activities, 
such as trust management or underwriting securities. 
(d) PLEDGE AND CREDIT FACILITIES.— 
(1) PLEDGE.—The Bank shall have the author-
ity to pledge its loans to the discount window of the 
Board of Governors of the Federal Reserve System 
and as advances to any Federal Home Loan Bank. 
(2) LINE OF CREDIT.—The Secretary shall pro-
vide a line of credit to the Bank in a similar manner 
to the facility available to the Federal National 
Mortgage Association and the Federal Home Loan 
Banks. 
SEC. 4. HOLDING COMPANY SECURITIES. 
(a) EQUITY SECURITIES.— 
(1) IN GENERAL.—The Holding Company shall 
issue such equity securities as the Holding Company 
determines appropriate. 
(2) DIVIDENDS.—The Holding Company may 
make such dividend payments on the equity securi-
ties of the Holding Company as the Holding Com-
pany determines appropriate. 
(3) INITIAL ISSUANCE AMOUNT.—The Holding 
Company 
shall 
have 
the 
goal 
of 
raising 
$100,000,000,000 in the initial issuance of equity 
securities, the purpose of which is to fund the Bank. 
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(b) BONDS.— 
(1) STANDARD BONDS.—The Holding Company 
shall issue standard bonds, with maturities up to 30 
years, or longer as needed. 
(2) REPATRIATED CASH BONDS.— 
(A) IN GENERAL.—The Holding Company 
shall issue special bonds, named ‘‘Repatriation 
Bonds’’, with maturities up to 30 years or 
longer as needed, that are only purchasable 
using dividends to which section 965(g) of the 
Internal Revenue Code of 1986 applied. 
(B) USE OF REPATRIATED CASH TO PUR-
CHASE
SECURITIES.—For treatment of divi-
dends used to purchased special bonds under 
this paragraph, see section 965(g) of the Inter-
nal Revenue Code of 1986. 
(C) 5-YEAR
LIMITATION.—The Holding 
Company may not issue any new Repatriation 
Bonds after the end of the 5-year period begin-
ning on the date the Bank is established. 
(3) OTHER
BONDS.—The Holding Company 
may issue such other bonds, notes, and marketable 
securities with maturities and interest rates as the 
Holding Company determines appropriate. 
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(4) INITIAL ISSUANCE AMOUNT.—The Holding 
Company shall have the goal of making initial bond 
sales in an aggregate amount of $1,000,000,000,000 
or more. 
(5) TREASURY OVERSIGHT AND AUTHORITY TO 
PURCHASE BONDS.— 
(A) APPROVAL REQUIRED.—Before issuing 
any bonds, the Holding Company shall submit 
a proposal for such bond issuance to the Sec-
retary, and the Holding Company may only 
issue such bonds if the Secretary approves the 
proposal. 
(B) AUTHORITY TO PURCHASE BONDS.— 
(i) IN GENERAL.—The Secretary may 
purchase bonds issued under this sub-
section. 
(ii) 
LIMITATION.—The 
aggregate 
amount of outstanding bonds purchased by 
the Secretary under this subsection may 
not exceed 5 percent of the total amount of 
the Holding Company’s outstanding bonds. 
(c) LEVERAGE LIMITATION.—The Holding Company 
and the Bank shall seek to maintain risk based capital 
at no less than 10 percent. 
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SEC. 5. OVERSIGHT AND REGULATION. 
(a) BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM.—The Board of Governors of the Federal 
Reserve System shall have oversight and supervisory au-
thority over the Infrastructure Bank Holding Company 
and the Bank in order to ensure the safe and sound oper-
ations of the Infrastructure Bank Holding Company and 
the Bank. 
(b) SECRETARY OF THE TREASURY.—The Secretary 
shall establish an office, which shall report to the Assist-
ant Secretary of the Treasury for Financial Institutions, 
which shall have oversight and supervisory authority over 
the issuance of bonds by the Infrastructure Bank Holding 
Company and the Bank in order to ensure the safe and 
sound financing of the Infrastructure Bank Holding Com-
pany and the Bank. 
SEC. 6. INFRASTRUCTURE GUARANTEE FUND. 
(a) ESTABLISHMENT.—The Bank shall establish an 
Infrastructure Guarantee Fund, which shall be available 
for State and local governments and other persons who 
wish to deposit funds to be used with respect to specific 
loans or loan guarantees made by the Bank, in the event 
of any non-payment by the recipient of such loan or loan 
guarantee. 
(b) RETURN OF FUNDS.—Any funds described under 
subsection (a) that are remaining at the time such loans 
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