I 
115TH CONGRESS 
1ST SESSION H. R. 1669 
To establish the American Infrastructure Fund, to provide bond guarantees 
and make loans to States, local governments, and infrastructure providers 
for investments in certain infrastructure projects, and to provide equity 
investments in such projects, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 22, 2017 
Mr. DELANEY (for himself, Mr. RODNEY DAVIS of Illinois, Mr. AGUILAR, Mr. 
BARR, Mr. BERA, Mrs. BUSTOS, Ms. GABBARD, Mr. GOTTHEIMER, Ms. 
HANABUSA, Mr. HECK, Ms. KELLY of Illinois, Ms. KUSTER of New 
Hampshire, Mr. LOEBSACK, Mr. SEAN PATRICK MALONEY of New York, 
Mr. MCKINLEY, Mr. MOULTON, Mr. NORCROSS, Mr. PETERS, Mr. POLIS, 
Mr. RUPPERSBERGER, Mr. SCHNEIDER, Ms. SINEMA, Mr. SOTO, and 
Mrs. TORRES) introduced the following bill; which was referred to the 
Committee on Transportation and Infrastructure, and in addition to the 
Committee on Ways and Means, for a period to be subsequently deter-
mined 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 American Infrastructure Fund, to provide 
bond guarantees and make loans to States, local govern-
ments, and infrastructure providers for investments in 
certain infrastructure projects, and to provide equity in-
vestments in such projects, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Partnership to Build 
America Act of 2017’’. 
SEC. 2. AMERICAN INFRASTRUCTURE FUND. 
(a) AMERICAN INFRASTRUCTURE FUND.— 
(1) IN GENERAL.—There is established a wholly 
owned Government corporation— 
(A) which shall be called the American In-
frastructure Fund (referred to in this Act as 
the ‘‘AIF’’); 
(B) which shall be headed by the Board of 
Trustees established under subsection (b); 
(C) which may have separate subaccounts 
or subsidiaries for funds used to make loans, 
bond guarantees, and equity investments under 
this section; 
(D) which shall be available to the AIF to 
pay for the costs of carrying out this section, 
including the compensation of the Board and 
other employees of the AIF; and 
(E) the funds of which may be invested by 
the Board in such manner as the Board deter-
mines appropriate. 
(2) DEPOSITS TO AIF.—All funds received from 
bond issuances, loan payments, bond guarantee fees, 
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and any other funds received in carrying out this 
section shall be held by AIF. 
(3) LIMITATIONS.—The charter of the AIF 
shall limit its activities to those activities described 
as the mission of the Board under subsection (b)(2). 
(4) OVERSIGHT.—The AIF shall register with 
the Securities and Exchange Commission and the 
Chairman shall report to Congress annually as to 
whether the AIF is fulfilling the mission of the 
Board under subsection (b)(2). 
(5) TREATMENT OF AIF.— 
(A) ACCOUNTS.—Title 31, United States 
Code, is amended in each of sections 9107(c)(3) 
and 9108(d)(2)— 
(i) by inserting ‘‘the American Infra-
structure Fund,’’ after ‘‘the Regional 
Banks for Cooperatives,’’; and 
(ii) by striking ‘‘those banks’’ and in-
serting ‘‘those entities’’. 
(B) BONDS.—Section 149(b)(3)(A)(i) of 
the Internal Revenue Code of 1986 is amended 
by inserting ‘‘American Infrastructure Fund,’’ 
after ‘‘Federal Home Loan Mortgage Corpora-
tion,’’. 
(b) BOARD OF TRUSTEES.— 
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(1) IN GENERAL.—There is established a Board 
of Trustees of the AIF (referred to in this sub-
section as the ‘‘Board’’), which shall be composed of 
9 members who— 
(A) have substantial experience in bond 
guarantees or municipal credit; and 
(B) to the greatest extent practicable, have 
extensive experience working with municipal 
credit, risk management, and infrastructure fi-
nance. 
(2) MISSION.—The mission of the Board is— 
(A) to operate the AIF and its subsidiaries 
to be a low cost provider of bond guarantees, 
loans, and equity investments to State and local 
governments and infrastructure providers for 
urban and rural infrastructure projects that— 
(i) provide a positive economic impact; 
and 
(ii) meet such other standards as the 
Board may develop; 
(B) to operate the AIF in a self-sustaining 
manner so as to allow the AIF to repay its in-
frastructure bonds when such bonds are due; 
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(C) to not have a profit motive, but to seek 
at all times to pursue its mission of providing 
low cost bond guarantees and loans while— 
(i) covering its costs; 
(ii) maintaining such reserves as may 
be needed; and 
(iii) applying prudent underwriting 
standards; 
(D) to only consider projects put forth by 
State and local governments and not to seek 
projects directly; 
(E) to always make clear that no taxpayer 
money supports the AIF or ever will support 
the AIF; and 
(F) to engage in no other activities other 
than those permitted under this section. 
(3) MEMBERSHIP.— 
(A) INITIAL MEMBERS.— 
(i) APPOINTMENT.—Not later than 
150 days after the date on which bonds 
are first issued under subsection (d), the 
President shall appoint, with the advice 
and consent of the Senate, as members of 
the Board— 
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(I) 2 individuals from a list of at 
least 5 individuals selected by the 
Speaker of the House of Representa-
tives; 
(II) 2 individuals from a list of 
at least 5 individuals selected by the 
Minority Leader of the House of Rep-
resentatives; 
(III) 2 individuals from a list of 
at least 5 individuals selected by the 
Majority Leader of the Senate; 
(IV) 2 individuals from a list of 
at least 5 individuals selected by the 
Minority Leader of the Senate; and 
(V) 1 individual selected at will 
by the President. 
(ii) SUBMISSION OF LISTS.—Each of 
the lists described in clause (i) shall be 
submitted to the President not later than 
90 days after the date on which bonds are 
first issued under subsection (d). If any of 
such lists are submitted after the date re-
quired under this clause, the President 
may appoint the 2 members of the Board 
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who were to be selected from such list at 
will. 
(B) STAGGERED TERMS.—The members of 
the Board appointed pursuant to subparagraph 
(A)(i) shall serve staggered terms, with 2 each 
of the initial members of the Board serving for 
terms of 5, 6, 7, and 8 years, respectively, and 
the initial Chair selected under subparagraph 
(D) serving for 9 years. The decision of which 
Board members, other than the Chair, serve for 
which initial terms shall be made by the mem-
bers of the Board drawing lots. 
(C) ADDITIONAL MEMBERS.— 
(i) IN GENERAL.—Except as provided 
in subparagraph (A), if the term of a 
member of the Board expires or otherwise 
becomes vacant, the President shall ap-
point a replacement for such member, with 
the advice and consent of the Senate, from 
among a list of at least 5 individuals sub-
mitted by the Board. 
(ii) TERM OF SERVICE.— 
(I) IN GENERAL.—Each member 
of the Board appointed to replace a 
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member whose term is expiring shall 
serve for a 7-year term. 
(II) VACANCIES.—Any member 
of the Board appointed to fill a va-
cancy occurring before the expiration 
of the term to which that member’s 
predecessor was appointed shall be ap-
pointed only for the remainder of the 
term. 
(D) CHAIR.—The members of the Board 
shall choose 1 member to serve as the Chair of 
the Board for a term of 7 years, except that the 
initial Chair shall serve for a term of 9 years, 
pursuant to subsection (B). 
(E) CONTINUATION
OF
SERVICE.—Each 
member of the Board may continue to serve 
after the expiration of the term of office to 
which that member was appointed until a suc-
cessor has been appointed. 
(F) CONFLICTS OF INTEREST.—No mem-
ber of the Board may have a financial interest 
in, or be employed by, a Qualified Infrastruc-
ture Project (‘‘QIP’’) related to assistance pro-
vided under this section or any entity that has 
purchased bonds under subsection (d). Owning 
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municipal credit of any State or local govern-
ment or owning the securities of a diversified 
company that engages in infrastructure activi-
ties, provided those activities constitute less 
than 20 percent of the company’s revenues, or 
investing in broadly held investment funds shall 
not be deemed to create a conflict of interest. 
The Board may issue regulations to define 
terms used under this subparagraph. 
(4) COMPENSATION.—The members of the 
Board shall be compensated at an amount to be set 
by the Board, but under no circumstances may such 
compensation be higher than the rate prescribed for 
level IV of the Executive Schedule under section 
5315 of title 5, United States Code. 
(5) STAFF.—The Board shall employ and set 
compensation for such staff as the Board determines 
as is necessary to carry out the activities and mis-
sion of the AIF, and such staff may be paid without 
regard to the provisions of chapter 51 and sub-
chapter III of chapter 53, United States Code, relat-
ing to classification and General Schedule pay rates. 
(6) PROCEDURES.—The Board shall establish 
such procedures as are necessary to carry out this 
section. 
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(7) CORPORATE GOVERNANCE STANDARDS.— 
(A) BOARD
COMMITTEES
GENERALLY.— 
The Board shall maintain all of the committees 
required to be maintained by the board of direc-
tors of an issuer listed on the New York Stock 
Exchange as of the date of the enactment of 
this section. 
(B) RISK MANAGEMENT COMMITTEE.—The 
Board shall maintain a risk management com-
mittee, which shall— 
(i) employ additional staff who are 
certified by the Board as having significant 
and relevant experience in insurance un-
derwriting and credit risk management; 
and 
(ii) establish the risk management 
policies used by the Board. 
(C) STANDARDS.—The Board shall, to the 
extent practicable, follow all standards with re-
spect to corporate governance that are required 
to be followed by the board of directors of an 
issuer listed on the New York Stock Exchange 
as of the date of the enactment of this section. 
(8) BIENNIAL REPORTS.—Not less frequently 
than once every 2 years, the Board shall produce a 
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report that describes, of the materials, goods, and 
products that were used to construct, or to support 
the construction of, qualified infrastructure projects 
(as described in subsection (c)) and received financ-
ing from the American Infrastructure Fund within 
the most recent 2 calendar years, the percentage of 
such materials, goods, and products that were cre-
ated, sourced, or manufactured in the United States. 
(c) INFRASTRUCTURE INVESTMENT.— 
(1) ENTITIES ELIGIBLE FOR ASSISTANCE.—The 
AIF may provide assistance to State and local gov-
ernment entities, nonprofit infrastructure providers, 
private parties, and public-private partnerships (re-
ferred to in this section as ‘‘eligible entities’’) to help 
finance qualified infrastructure projects (referred to 
in this subsection as ‘‘QIPs’’). 
(2) FORMS OF ASSISTANCE.—The AIF may— 
(A) provide bond guarantees to debt issued 
by eligible entities; 
(B) make loans, including subordinated 
loans, to eligible entities; and 
(C) make equity investments in QIPs. 
(3) QUALIFIED INFRASTRUCTURE PROJECTS.— 
A project qualifies as a QIP under this section if— 
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corporation (within the meaning of 
section 355) is in existence, and 
‘‘(II) for purposes of applying 
subsection (c)(2) to the controlled cor-
poration and the distributing corpora-
tion, amounts described in subsection 
(c)(2)(B) which are received or includ-
able by the distributing corporation or 
controlled corporation (as the case 
may be) before the distribution re-
ferred to in subclause (I) from a con-
trolled foreign corporation shall be al-
located between such corporations in 
proportion to their respective interests 
as United States shareholders of such 
controlled foreign corporation imme-
diately after such distribution. 
‘‘(iii) EXCEPTION.—Subclause (II) of 
clause (ii) shall not apply if neither the 
controlled corporation nor the distributing 
corporation is a United States shareholder 
of such controlled foreign corporation im-
mediately after such distribution. 
‘‘(4) DIVIDEND.—The term ‘dividend’ shall not 
include amounts includable in gross income as a div-
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