National Infrastructure Development Bank Act of 2021
Bill: H.R.4413 | Sponsor: Rep. DeLauro, Rosa L. (D-CT)
Policy area: Transportation and Public Works

Summary:
National Infrastructure Development Bank Act of 2021
This bill establishes the National Infrastructure Development Bank as a government corporation to finance energy, environmental (e.g., drinking water or waste facilities), telecommunications, and transportation infrastructure projects.
The bill establishes the National Infrastructure Development Bank Board, which must oversee the infrastructure projects. The board may make loans and loan guarantees to assist in financing infrastructure projects.
Further, the board must establish an executive committee, a risk management committee, an audit committee, and a compliance office.
To be eligible for financial assistance from the bank, an infrastructure project (1) must have a public benefit, as determined by the board; and (2) may not have a sole use or purpose that is private.
An infrastructure project must use iron, steel, and manufactured products that are made in the United States.
The bill also establishes accounting and reporting requirements. In particular, the Government Accountability Office must, within five years of this bill's enactment, submit a report to Congress evaluating the bank's activities.

To facilitate efficient investments and financing of infrastructure 
 projects and new job creation through the establishment of a National 
        Infrastructure Development Bank, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Infrastructure Development 
Bank Act of 2021''.

SEC. 2. DEFINITIONS.

    For purposes of this Act, the following definitions apply unless 
the context requires otherwise:
            (1) Bank.--The term ``Bank'' means the National 
        Infrastructure Development Bank established under section 3(a).
            (2) Board.--The term ``Board'' means the National 
        Infrastructure Development Bank Board.
            (3) Chief asset and liability management officer.--The term 
        ``chief asset and liability management officer'' means the 
        chief individual responsible for coordinating the management of 
        assets and liabilities of the Bank.
            (4) Chief compliance officer.--The term ``chief compliance 
        officer'' or ``CCO'' means the chief individual responsible for 
        overseeing and managing the compliance and regulatory affairs 
        issues of the Bank.
            (5) Chief executive officer.--The term ``chief executive 
        officer'' or ``CEO'' means the individual serving as the 
        executive director of the bank.
            (6) Chief financial officer.--The term ``chief financial 
        officer'' or ``CFO'' means the chief individual responsible for 
        managing the financial risks, planning, and reporting of the 
        Bank.
            (7) Chief loan origination officer.--The term ``chief loan 
        origination officer'' means the chief individual responsible 
        for the processing of new loans provided by the Bank.
            (8) Chief operations officer.--The term ``chief operations 
        officer'' or ``COO'' means the chief individual responsible for 
        information technology and the day-to-day operations of the 
        Bank.
            (9) Chief risk officer.--The term ``chief risk officer'' or 
        ``CRO'' means the chief individual responsible for managing 
        operational and compliance-related risks of the Bank.
            (10) Chief treasury officer.--The term ``chief treasury 
        officer'' means the chief individual responsible for managing 
        the Bank's treasury operations.
            (11) Development.--The term ``development'' means, with 
        respect to an infrastructure project, any--
                    (A) preconstruction planning, feasibility review, 
                permitting, design work, life-cycle maintenance 
                planning, and other preconstruction activities; and
                    (B) construction, reconstruction, rehabilitation, 
                replacement, or expansion.
            (12) Direct loan; loan guarantee.--The terms ``direct 
        loan'' and ``loan guarantee'' have the same meaning as in 
        section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 
        661a).
            (13) Disadvantaged community.--The term ``disadvantaged 
        community'' means a community with a median household income of 
        less than 80 percent of the statewide median household income 
        for the State in which the community is located.
            (14) Energy infrastructure project.--The term ``energy 
        infrastructure project'' means a project for energy 
        transmission and distribution, energy efficiency enhancement 
        for buildings, public housing, health facilities, schools, and 
        energy storage.
            (15) Entity.--The term ``entity'' means an individual, 
        corporation, partnership (including a public-private 
        partnership), joint venture, trust, and a State or other 
        governmental entity, including a political subdivision or any 
        other instrumentality of a State or a revolving fund.
            (16) Environmental infrastructure project.--The term 
        ``environmental infrastructure project'' means a project that--
                    (A) establishes, maintains, or enhances any 
                drinking water and wastewater treatment facility, storm 
                water management system, flood gate, dam, levee, 
                dredging, open space management system, wetland 
                restoration, infill development, solid waste disposal 
                facility, hazardous waste facility, or industrial site 
                cleanup; or
                    (B) rectifies issues of manufacturing, laboratory 
                practices, and other processes that do not comply with 
                regulations.
            (17) Financial assistance.--The term ``financial 
        assistance'' means providing credit assistance in the form of 
        direct loans, loan guarantees, and stand by lines of credit.
            (18) General counsel.--The term ``general counsel'' means 
        the individual who serves as the chief lawyer for the Bank.
            (19) Greenhouse gases.--The term ``greenhouse gases'' means 
        any of the following:
                    (A) Carbon dioxide.
                    (B) Methane.
                    (C) Nitrous oxide.
                    (D) Sulfur hexafluoride.
                    (E) Hydrofluorocarbons.
                    (F) Any perfluorocarbon.
                    (G) Nitrogen trifluoride.
                    (H) Any other anthropogenic gas designated by the 
                Administrator of the Environmental Protection Agency.
            (20) Infrastructure project.--The term ``infrastructure 
        project'' means--
                    (A) an energy infrastructure project;
                    (B) an environmental infrastructure project;
                    (C) a telecommunications infrastructure project; or
                    (D) a transportation infrastructure project.
            (21) Public-private partnership.--The term ``public-private 
        partnership'' means a contractual agreement between a public 
        agency and a private entity that allows for greater private 
        participation in the delivery of projects.
            (22) Revolving fund.--The term ``revolving fund'' means a 
        fund or program established by a State or a political 
        subdivision or other instrumentality of a State, the principal 
        activity of which is to make loans, commitments, or other 
        financial accommodation available for the development of one or 
        more categories of infrastructure projects.
            (23) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (24) Smart grid.--The term ``smart grid'' means a system 
        that provides for any of the smart grid functions set forth in 
        section 1306(d) of the Energy Independence and Security Act of 
        2007 (42 U.S.C. 17386(d)).
            (25) State.--The term ``State'' means the several States 
        and the District of Columbia, Puerto Rico, Guam, American 
        Samoa, the Virgin Islands, the Commonwealth of Northern Mariana 
        Islands, and any other territory of the United States.
            (26) Telecommunications infrastructure project.--The term 
        ``telecommunications infrastructure project'' means a project 
        for infrastructure that facilitates the exchanging of 
        information through electronic technologies, including voice, 
        data, and video transmissions project.
            (27) Transportation infrastructure project.--The term 
        ``transportation infrastructure project'' means any project for 
        the construction, maintenance, or enhancement of highways, 
        roads, bridges, transit and intermodal systems, inland 
        waterways, commercial ports, airports, high speed rail and 
        freight rail systems.

SEC. 3. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE DEVELOPMENT BANK.

    (a) Establishment of National Infrastructure Development Bank.--The 
National Infrastructure Development Bank is established as a wholly 
owned Government corporation subject to chapter 91 of title 31, United 
States Code (commonly known as the ``Government Corporation Control 
Act''), except as otherwise provided in this Act.
    (b) Responsibility of the Secretary.--The Secretary of the Treasury 
shall take such actions as may be necessary to assist in implementing 
the establishment of the bank.

SEC. 4. BOARD OF DIRECTORS.

    (a) In General.--The Bank shall have a Board of Directors 
consisting of 7 members appointed by the President and with the advice 
and consent of the Senate.
    (b) Qualifications.--The directors of the Board shall include 
individuals representing different regions of the United States and--
            (1) 2 of the directors shall have public sector experience;
            (2) 2 of the directors shall have private sector 
        experience; and
            (3) 3 of the directors shall have finance experience.
    (c) Chairperson and Vice Chairperson.--As designated at the time of 
appointment, one of the directors of the Board shall be designated 
chairperson of the Board by the President and one shall be designated 
as vice chairperson of the Board by the President.
    (d) Terms.--
            (1) In general.--Except as provided in paragraph (2) and 
        subsection (f), each director shall be appointed for a term of 
        6 years.
            (2) Initial staggered terms.--Of the initial members of the 
        Board--
                    (A) the chairperson and vice chairperson shall each 
                be appointed for terms of 6 years;
                    (B) 3 shall be appointed for a term of 4 years; and
                    (C) 2 shall be appointed for a term of 2 years.
    (e) Initial Appointments.--Not later than 30 days after the date of 
enactment of this Act, the majority leader of the Senate, the minority 
leader of the Senate, the Speaker of the House of Representatives, and 
the minority leader of the House of Representatives shall each submit a 
recommendation to the President for appointment of a member of the 
Board of Directors, after consultation with the appropriate committees 
of Congress.
    (f) Date of Initial Nominations.--The initial nominations by the 
President for appointment of directors to the Board shall be made not 
later than 60 days after the date of enactment of this Act, with the 
advice and consent of the Senate.
    (g) Vacancies.--
            (1) In general.--A vacancy on the Board shall be filled in 
        the manner in which the original appointment was made.
            (2) Appointment to replace during term.--Any director 
        appointed to fill a vacancy occurring before the expiration of 
        the term for which the director's predecessor was appointed 
        shall be appointed only for the remainder of the term.
            (3) Duration.--A director may serve after the expiration of 
        that director's term until a successor has taken office.
    (h) Quorum.--Four directors shall constitute a quorum.
    (i) Reappointment.--A director of the Board appointed by the 
President may be reappointed by the President, with the advice and 
consent of the Senate.
    (j) Per Diem Reimbursement.--Directors of the Board shall serve on 
a part-time basis and shall receive a per diem when engaged in the 
actual performance of Bank business, plus reasonable reimbursement for 
travel, subsistence, and other necessary expenses incurred in the 
performance of their duties.
    (k) Limitations.--A director of the Board may not participate in 
any review or decision affecting a project under consideration for 
assistance under this Act if the director has or is affiliated with a 
person who has an interest in such project, as determined by the other 
members of Board.
    (l) Responsibilities.--The Board shall--
            (1) as soon as is practicable after the date on which the 
        last director is appointed, establish an Executive Committee, 
        Risk Management Committee and Audit Committee as prescribed by 
        this Act;
            (2) not later than 180 days after the date on which the 
        last director is appointed develop and approve the bylaws of 
        the Bank, including bylaws for the regulation of the affairs 
        and conduct of the business of the Bank, consistent with the 
        purpose, goals, objectives, and policies set forth in this Act;
            (3) ensure that the Bank is at all times operated in a 
        manner that is consistent with this Act, by--
                    (A) monitoring and assessing the effectiveness of 
                the Bank in achieving its strategic goals;
                    (B) periodically reviewing internal policies 
                submitted by the chief executive officer;
                    (C) reviewing and approving annual business plans, 
                annual budgets, and long-term strategies submitted by 
                the chief executive officer;
                    (D) reviewing and approving annual reports 
                submitted by the chief executive officer;
                    (E) reviewing risk management and audit practices 
                of the Bank; and
                    (F) reviewing and approving all changes to the 
                organization of the Bank; and
            (4) establish such other criteria, requirements, or 
        procedures as the Board may consider to be appropriate in 
        carrying out this Act.
    (m) Meetings.--
            (1) Open to the public; notice.--All meetings of the Board 
        held to conduct the business of the Bank shall be open to the 
        public and shall be preceded by reasonable notice.
            (2) Initial meeting.--The Board shall meet not later than 
        90 days after the date on which the last director is appointed 
        and otherwise at the call of the Chairperson.
            (3) Exception for closed meetings.--Pursuant to such rules 
        as the Board may establish through their bylaws, the directors 
        may close a meeting of the Board if, at the meeting, there is 
        likely to be disclosed information which could adversely affect 
        or lead to speculation relating to an infrastructure project 
        under consideration for assistance under this Act or in 
        financial or securities or commodities markets or institutions, 
        utilities, or real estate. The determination to close any 
        meeting of the Board shall be made in a meeting of the Board, 
        open to the public, and preceded by reasonable notice. The 
        Board shall prepare minutes of any meeting which is closed to 
        the public and make such minutes available as soon as the 
        considerations necessitating closing such meeting no longer 
        apply.

SEC. 5. POWERS AND LIMITATIONS OF THE BOARD.

    (a) Powers.--In order to carry out the purposes of the Bank as set 
forth in this Act, the Board shall be responsible for monitoring and 
overseeing infrastructure projects and have the following powers:
            (1) To review infrastructure projects recommended by the 
        officers of the Bank and select infrastructure projects using a 
        cost-benefit analysis.
            (2) To make senior and subordinated direct loans on such 
        terms as the Board may determine, in the Board's discretion, to 
        be appropriate to assist in the financing or refinancing of an 
        infrastructure project.
            (3) To make loan guarantees on such terms as the Board may 
        determine, in the Board's discretion, to be appropriate to 
        assist in the financing or refinancing of an infrastructure 
        project.
            (4) To make agreements and contracts with any entity in 
        furtherance of the business of the Bank.
            (5) To monitor and oversee infrastructure projects 
        financed, in whole or in part, by the Bank.
            (6) To sue and be sued in the Bank's capacity in any court 
        of competent jurisdiction, except that no attachment, 
        injunction, or similar process, may be issued against the 
        property of the Bank or against the Bank with respect to such 
        property.
            (7) 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 accordance with, and subject to 
        the limitations contained in, this Act.
            (8) 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.
            (9) To exercise all other lawful powers which are necessary 
        or appropriate to carry out, and are consistent with, the 
        purposes of the Bank.
    (b) Protections.--Prior to providing any financial assistance for 
an infrastructure project involving reconstruction, rehabilitation, 
replacement or expansion that may impact current workers and mechanics 
on the project site, the interests of workers and mechanics affected by 
the financial assistance shall be protected, including the following 
interests:
            (1) The preservation of rights, privileges, and benefits, 
        including continuation of pension rights and benefits, under 
        existing collective bargaining agreements or otherwise.
            (2) The continuation of collective bargaining rights.
            (3) The retention of paid training or retraining programs.
            (4) The protection of workers and mechanics against a 
        worsening of their positions with respect to employment.
            (5) Protection from displacement if an ongoing project 
        receives partial or full funding from the Bank, excepting any 
        preexisting contractual agreements about performance related 
        displacement.
    (c) Coordination With State and Local Regulatory Authority.--The 
provision of financial assistance by the Board pursuant to this Act 
shall not be construed as otherwise superseding any State law or 
regulation applicable to a project.
    (d) Federal Personnel Requests.--The Board shall have the power to 
request the detail, on a reimbursable 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 requested by the Board 
and shall not withhold unreasonably the detail of any personnel 
requested by the Board.

SEC. 6. EXECUTIVE COMMITTEE.

    (a) In General.--The Board shall establish an Executive 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 officer 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 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 plan; and
            (3) the development, revision, and submission to the Board 
        of Directors of internal 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--
            (1) chief compliance officer;
            (2) chief financial officer;
            (3) chief asset and liability management officer;
            (4) chief loan origination officer;
            (5) chief operations officer;
            (6) chief risk officer;
            (7) chief treasury officer; and
            (8) general counsel.
    (e) Qualifications.--The CEO shall have experience and expertise in 
finance and the other executive officers shall have demonstrated 
experience and expertise in one or more of the following:
            (1) Transportation infrastructure.
            (2) Environmental infrastructure.
            (3) Energy infrastructure.
            (4) Telecommunications infrastructure.
            (5) Economic development.
            (6) Workforce development.
            (7) Public health.
            (8) Private or public finance.
    (f) Duties.--In order to carry out the purposes of the Bank as set 
forth in this Act, the Executive Committee shall--
            (1) establish and submit to the Board disclosure and 
        application procedures for entities nominating projects for 
        assistance under this Act;
            (2) establish and submit to the Board standardized terms 
        and conditions, fee schedules, or legal requirements of a 
        contract or program to carry out this Act;
            (3) establish and submit to the Board guidelines for the 
        selection and approval of projects and specific criteria for 
        determining eligibility for project selection;
            (4) accept, for consideration, project proposals relating 
        to the development of infrastructure projects, which meet the 
        basic criteria established 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) provide technical assistance, including public-private 
        partnership infrastructure project value for money assessments, 
        long-term economic benefit projections, and contract 
        evaluations, to entities receiving financing from the Bank and 
        otherwise implement decisions of the Board.
    (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.
    (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 discretion 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 officers 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 institution, 
        commercial bank, or other entity seeking financial assistance 
        for any infrastructure project from or investing in the Bank; 
        and
            (4) have any such interest during the 2-year period 
        beginning on the date such officer ceases to serve in such 
        capacity.

SEC. 7. RISK MANAGEMENT COMMITTEE.

    (a) Establishment of Risk Management Committee.--The Board shall 
establish a risk management committee consisting of 5 members, headed 
by the chief risk 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 bylaws of the Bank, and the Board. The 
        CRO shall report directly to the Board.
            (2) Risk management duties.--In order to carry out the 
        purposes of this Act, the risk management committee shall--
                    (A) create financial, credit, and operational risk 
                management guidelines and policies to be adhered to by 
                the Bank;
                    (B) set guidelines to ensure diversification of 
                lending activities by both geographic region and 
                infrastructure project type;
                    (C) create conforming standards for all financial 
                assistance provided by the Bank;
                    (D) monitor financial, credit and operational 
                exposure of the Bank; and
                    (E) provide financial recommendations to the Board.
    (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 management officers 
shall have demonstrated experience and expertise in one or more of the 
following:
            (1) Treasury and asset and liability management.
            (2) Investment regulations.
            (3) Insurance.
            (4) Credit risk management and credit evaluations.
            (5) Related disciplines.
    (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 original appointment was made.
    (g) Compensation.--The compensation of the CRO and other risk 
management officers of the risk management committee shall be 
determined by the Board.
    (h) Removal.--The CRO and other risk management 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 officers 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 management 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;
            (3) have any interest in an investment institution, 
        commercial bank, or other entity seeking financial assistance 
        for any infrastructure project from or investing in the Bank; 
        and
            (4) have any such interest during the 2-year period 
        beginning on the date such officer ceases to serve in such 
        capacity.

SEC. 8. AUDIT COMMITTEE; COMPLIANCE OFFICE.

    (a) In General.--The Bank shall establish--
            (1) a compliance office to carry out oversight of the 
        Bank's compliance with sections 10 and 11; and
            (2) 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 one or more of the following: 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 purposes of the Bank 
under this Act, the audit committee shall--
            (1) provide internal controls and internal auditing 
        activities for the Bank;
            (2) maintain responsibility for the accounting activities 
        of the Bank;
            (3) issue financial reports of the Bank; and
            (4) complete reports with outside auditors and public 
        accountants appointed by the Board.
    (e) Other Audit Officers.--The Board shall appoint, 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 officers 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.
    (j) Term.--The CCO and other audit officers of the audit committee 
shall serve a 6-year term and may be reappointed in accordance with 
this section.
    (k) Limitations.--The CCO and other audit officers of the audit 
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 institution, 
        commercial bank, or other entity seeking financial assistance 
        for any infrastructure project from or investing in the Bank; 
        and
            (4) have any such interest during the 2-year period 
        beginning on the date such officer ceases to serve in such 
        capacity.

SEC. 9. PERSONNEL.

    The chairperson of the Board, chief executive officer, chief risk 
officer, and chief compliance officer shall appoint, remove, fix the 
compensation of, and define the duties of such qualified personnel to 
serve under the Board, Executive Committee, risk management committee, 
or audit committee, as the case may be, as necessary and prescribed by 
one or more of the following: This Act, the bylaws of the Bank, and the 
Board.

SEC. 10. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM BANK.

    (a) In General.--To be eligible for financial assistance from the 
Bank, an infrastructure project--
            (1) shall have a public benefit, as determined by the 
        Board; and
            (2) may not have a sole use or purpose that is private.
    (b) Establishment of Project Criteria.--
            (1) In general.--Consistent with the requirements of 
        subsections (c) and (d), the Board shall approve--
                    (A) criteria for determining eligibility for 
                financial assistance established by the Executive 
                Committee under this Act;
                    (B) revisions to criteria for determining 
                eligibility for financial assistance established by the 
                Executive Committee of the bank;
                    (C) the weight given to factors to be taken into 
                account established by the Executive Committee;
                    (D) disclosure and application procedures to be 
                followed by entities to nominate projects for 
                assistance established by the Executive Committee of 
                the bank; and
                    (E) such other criteria as the Board may consider 
                to be appropriate.
            (2) Factors to be taken into account.--
                    (A) In general.--The Executive Committee of the 
                bank shall conduct an analysis that takes into account 
                the economic, environmental, and social benefits, and 
                costs of each project under consideration for financial 
                assistance under this Act, prioritizing projects that 
                contribute to economic growth, lead to job creation, 
                and are of regional or national significance.
                    (B) Criteria.--The criteria established pursuant to 
                paragraph (1)(A) shall provide for the consideration of 
                the following factors in considering eligibility for 
                financial assistance under this Act:
                            (i) The means by which development of the 
                        infrastructure project under consideration is 
                        being financed, including--
                                    (I) the terms and conditions and 
                                financial structure of the proposed 
                                financing;
                                    (II) the credit worthiness and 
                                standing of the project sponsors, 
                                providers of equity, and cofinanciers;
                                    (III) the financial assumptions and 
                                projections on which the project is 
                                based; and
                                    (IV) the extent to which the 
                                infrastructure project maximizes 
                                investment from other sources.
                            (ii) The likelihood that the provision of 
                        assistance by the Bank will cause such 
                        development to proceed more promptly and with 
                        lower costs for financing than would be the 
                        case without such assistance.
                            (iii) The extent to which the provision of 
                        assistance by the Bank maximizes the level of 
                        private investment in the infrastructure 
                        project while providing a public benefit.
                    (C) Dedicated revenue sources.--Any financial 
                assistance for an infrastructure project shall be 
                repayable, in whole or in part, from dedicated revenue 
                sources that also secure the infrastructure project 
                obligations.
                    (D) Amount of financial assistance.--The amount of 
                financial assistance under this Act shall be determined 
                by the Board.
    (c) Public Input.--In developing proposed infrastructure project 
criteria and conducting reviews of infrastructure project criteria for 
the Board, the Executive Committee shall seek input from the public 
including views related to--
            (1) the weight given to different factors to be taken into 
        account;
            (2) measuring whether projects are meeting approved 
        criteria; and
            (3) any other input considered by the Executive Committee 
        and the public for the purposes of carrying out this Act.
    (d) Factors for Specific Types of Projects.--
            (1) Transportation infrastructure projects.--For any 
        transportation infrastructure project, the Board shall consider 
        the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) Reduction in greenhouse gases.
                    (C) Reduction in surface and air traffic 
                congestion.
                    (D) Use of smart tolling, such as vehicle miles 
                traveled and congestion pricing, for highway, road, and 
                bridge projects.
                    (E) Increased access to transportation options.
                    (F) Increased safety of transportation systems for 
                motorized and non-motorized users.
                    (G) Public health benefits, including the removal 
                of lead coatings or other hazardous chemicals and 
                materials.
                    (H) Reduction in risk of structural failure over 
                the service life of the project.
            (2) Environmental infrastructure project.--For any 
        environmental infrastructure project, the Board shall consider 
        the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) Public health benefits, including the removal 
                of lead coatings or other hazardous materials.
                    (C) Pollution reductions.
                    (D) Reductions in greenhouse gas.
                    (E) Increased coastal and inland flood mitigation 
                and protection.
                    (F) Reduction in risk of structural failure over 
                the service life of the project.
            (3) Energy infrastructure project.--For any energy 
        infrastructure project, the Board shall consider the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) Reduction in greenhouse gas.
                    (C) Expanded use of renewable energy.
                    (D) Development of a smart grid.
                    (E) Energy efficient building, housing, and school 
                modernization, including renewable energy designated 
                retrofits.
                    (F) In any case in which the project is also a 
                public housing project--
                            (i) improvement of the physical shape and 
                        layout;
                            (ii) environmental improvement; and
                            (iii) mobility improvements for residents.
                    (G) Public health benefits including the removal of 
                lead coatings or other hazardous chemicals and 
                materials.
                    (H) Reduction in risk of structural failure over 
                the service life of the project.
            (4) Telecommunications.--For any telecommunications 
        project, the Board shall consider the following:
                    (A) Job creation, including workforce development 
                for women and minorities, responsible employment 
                practices, and targeted job training and employment 
                opportunities for low income workers.
                    (B) The extent to which assistance expands or 
                improves broadband and wireless services in rural and 
                disadvantaged communities.
    (e) Consideration of Project Proposals.--
            (1) Participation by other agency personnel.--Consideration 
        of a project under this section by the Executive Committee and 
        the Board shall be conducted with personnel on detail to the 
        Bank from relevant Federal agencies among individuals who are 
        familiar with and experienced in the selection criteria for 
        competitive infrastructure projects.
            (2) Fees.--The Bank may charge a fee for the review of any 
        project proposal in such amount as may be considered 
        appropriate by the Executive Committee approved by the Board to 
        cover the cost of such review.
    (f) Discretion of Board.--Consistent with other provisions of this 
Act, any determination of the Board to provide assistance to any 
infrastructure project, and the manner in which such assistance is 
provided, including the terms, conditions, fees, and charges shall be 
at the sole discretion of the Board.
    (g) State and Local Permits Required.--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.
    (h) Annual Report.--An entity receiving assistance from the Board 
shall make annual reports to the Board on the use of any such 
assistance, compliance with the criteria set forth in this section, and 
a disclosure of all entities with a development, ownership, or 
operational interest in a infrastructure project assisted or proposed 
to be assisted under this Act.

SEC. 11. STATUS AND APPLICABILITY OF CERTAIN FEDERAL LAWS.

    (a) Compliance With Davis-Bacon Act.--All laborers and mechanics 
employed by contractors and subcontractors 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.
    (b) No Priority as a Federal Claim.--The priority 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.
    (c) Compliance With Grant Requirements.--Recipients of financial 
assistance authorized under this Act that funds public transportation 
capital projects, as defined in section 5302 of title 49, United States 
Code, must comply with the grant requirements applicable to grants made 
under section 5309 of such title.

SEC. 12. DOMESTIC CONTENT STATUTES.

    (a) In General.--The financing provided for an infrastructure 
project shall be in accordance with the following statutory provisions 
of the United States Code under the jurisdiction of the Department of 
Transportation, as applicable to the project:
            (1) Section 24305 of title 49, United States Code.
            (2) Section 313 of title 23, United States Code.
            (3) Section 5323(j) of title 49, United States Code.
            (4) Section 24405 of title 49, United States Code.
            (5) Sections 50101 and 50105 of title 49, United States 
        Code.
    (b) Use of Iron, Steel, and Manufactured Goods in Infrastructure 
Projects.--For any infrastructure project financed under this Act that 
is not covered under subsection (a), the following requirements shall 
apply:
            (1) Buy america.--No amount loaned or guaranteed by the 
        Bank may be used for a public infrastructure project unless all 
        of the iron, steel, and manufactured goods used for the 
        construction, alteration, maintenance or repair of the project 
        are produced in the United States.
            (2) Exception.--Paragraph (1) shall not apply in any case 
        or category of cases in which the Secretary of the Treasury 
        finds that--
                    (A) applying paragraph (1) would be inconsistent 
                with the public interest;
                    (B) iron, steel, and the relevant manufactured 
                goods are not produced in the United States in 
                sufficient and reasonably available quantities and of a 
                satisfactory quality; or
                    (C) inclusion of iron, steel, and manufactured 
                goods produced in the United States will increase the 
                cost of the overall infrastructure project by more than 
                25 percent.
            (3) Publication of waivers.--If the Secretary of the 
        Treasury determines that it is necessary to waive the 
        application of paragraph (1) based on a finding under paragraph 
        (2), the Treasury Secretary shall publish in the Federal 
        Register a detailed written justification as to why the 
        provision is being waived.
            (4) Application of section.--This section shall be applied 
        in a manner consistent with the United States obligations under 
        international agreements.
            (5) Consultations.--The Board may consult with the 
        Secretary of Transportation and other Federal Secretaries and 
        Administrators when applying this section.

SEC. 13. AUDITS; REPORTS TO PRESIDENT AND CONGRESS.

    (a) Accounting.--The books of account of the Bank shall be 
maintained in accordance with generally accepted accounting principles 
and shall be subject to an annual audit by independent public 
accountants appointed by the Board and of nationally recognized 
standing.
    (b) Reports.--
            (1) Board.--The Board shall submit to the President and 
        Congress, within 90 days after the last day of each fiscal 
        year, a complete and detailed report with respect to the 
        preceding fiscal year, setting forth--
                    (A) a summary of the Bank's operations, for such 
                preceding fiscal year;
                    (B) a schedule of the Bank's obligations 
                outstanding at the end of such preceding fiscal year, 
                with a statement of the amounts issued and redeemed or 
                paid during such preceding fiscal year; and
                    (C) the status of infrastructure projects receiving 
                funding or other assistance pursuant to this Act, 
                including disclosure of all entities with a 
                development, ownership, or operational interest in such 
                projects.
            (2) GAO.--Not later than 5 years after the date of 
        enactment of this Act, the Comptroller General of the United 
        States shall submit to Congress a report evaluating activities 
        of the Bank for the fiscal years covered by the report that 
        includes--
                    (A) an assessment of the impact and benefits of 
                each funded infrastructure project, including a review 
                of how effectively each project accomplished the goals 
                prioritized by the Bank's project criteria; and
                    (B) an assessment of the Bank's funding mechanisms 
                in comparison with other available funding mechanisms, 
                with a focus on ensuring self-sustainability of the 
                Bank.
    (c) Books and Records.--
            (1) In general.--The Bank shall maintain adequate books and 
        records to support the financial transactions of the Bank with 
        a description of financial transactions and infrastructure 
        projects receiving funding, and the amount of funding for each 
        project maintained on a publicly accessible database.
            (2) Public comment period.--The Bank shall post 
        infrastructure financing agreements on the database providing 
        30 days for public comments before providing final financing 
        for the infrastructure project.
            (3) Audits by the secretary and gao.--The books and records 
        of the Bank shall be maintained in accordance with recommended 
        accounting practices and shall be open to inspection by the 
        Secretary and the Comptroller General of the United States.

SEC. 14. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated $5,000,000,000 for each of 
fiscal years 2022 through 2026 to capitalize the Bank and to remain 
available until expended.
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