Industrial Finance Corporation Act
Bill: S.2662 | Sponsor: Sen. Coons, Christopher A. (D-DE)
Policy area: Commerce

Summary:
Industrial Finance Corporation Act  This bill establishes within the executive branch the Industrial Finance Corporation. The corporation must provide support for (1) manufacturing and supply chains in certain critical industries, (2) industries on the technological frontier, and (3) other economic objectives.  The bill specifies the membership and structure of the corporation and authorizes the corporation to invest in projects, make loans, and manage programs to further the corporation's economic objectives. The corporation also has the power to purchase or lease property, enter contracts, borrow funds from the Department of the Treasury (up to a specified limit), and otherwise carry out its functions.  A risk committee must develop and review the corporation's risk management policies and an audit committee must oversee the integrity of the corporation's finances. The bill also requires the corporation to develop a performance measurement system to evaluate and monitor projects and guide future projects. Further, the corporation must develop appropriate safeguards, policies, and guidelines to ensure that its projects supplement, rather than compete with, private sector supports.  The corporation must periodically report on its projects and publish certain project-level information.

To establish the Industrial Finance Corporation of the United States, 
                        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; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Industrial Finance 
Corporation Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
                         TITLE I--ESTABLISHMENT

Sec. 101. Findings.
Sec. 102. Establishment of Corporation.
Sec. 103. Structure and organization.
Sec. 104. Inspector General of the Corporation.
                         TITLE II--AUTHORITIES

Sec. 201. Authorities relating to provision of support.
Sec. 202. Terms and conditions.
Sec. 203. Payment of losses.
            TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS

Sec. 301. Operations.
Sec. 302. Corporate powers.
Sec. 303. Maximum contingent liability.
Sec. 304. Corporate funds.
            TITLE IV--MONITORING, EVALUATION, AND REPORTING

Sec. 401. Establishment of risk and audit committees.
Sec. 402. Performance measures, evaluation, and learning.
Sec. 403. Annual report.
Sec. 404. Publicly available project information.
Sec. 405. Engagement with investors.
Sec. 406. Notifications by the Corporation.
          TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS

Sec. 501. Limitations and preferences.
Sec. 502. Additionality and avoidance of market distortion.
Sec. 503. Prevailing wages.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Banking, Housing, and Urban 
                Affairs of the Senate; and
                    (B) the Committee on Financial Services of the 
                House of Representatives.
            (2) Board.--The term ``Board'' means the Board of Directors 
        of the Corporation.
            (3) Corporation.--The term ``Corporation'' means the 
        Industrial Finance Corporation of the United States established 
        under section 102(a).
            (4) Project.--The term ``project'' means a project or 
        activity supported by the Corporation under title II.

                         TITLE I--ESTABLISHMENT

SEC. 101. FINDINGS.

    Congress finds the following:
            (1) The COVID-19 pandemic exposed long-existing 
        vulnerabilities and harmful concentration in supply chains, as 
        demonstrated by the semiconductor shortage and the 
        reverberating effects of that shortage on the production 
        capabilities of industries within the United States.
            (2) Vulnerable or concentrated supply chains have harmful 
        implications for the national security of the United States, 
        including by--
                    (A) creating bottlenecks and delays for goods and 
                innovations necessary to military preparedness;
                    (B) increasing economic and political leverage for 
                adversarial nations in international negotiations; and
                    (C) providing leverage for adversarial nations to 
                use their supply chain dominance to exert economic 
                pressure or destabilize the defense capabilities of the 
                United States.
            (3) To promote the national defense and national security 
        of the United States, the Federal Government must provide 
        investment to ensure that certain goods and innovations are 
        produced in the United States.
            (4) Vulnerable supply chains also have harmful economic 
        repercussions for the United States, including by--
                    (A) weakening the ability of the United States to 
                lead commercial development of the technological 
                frontier;
                    (B) limiting the availability of financing and 
                investment for businesses in the United States; and
                    (C) causing higher prices for consumers and 
                businesses in the United States.
            (5) In order for the United States to remain the economic 
        leader of the world, it is critical for the Federal Government 
        to ensure that the United States leads the development, 
        furtherance, and commercialization of the technological 
        frontier through investments in manufacturing and fields and 
        technologies with and without military applications, 
        including--
                    (A) nanotechnology;
                    (B) biotechnology;
                    (C) advanced manufacturing;
                    (D) quantum computing;
                    (E) advanced communications;
                    (F) advanced energy;
                    (G) semiconductors;
                    (H) advanced computing;
                    (I) cybersecurity;
                    (J) artificial intelligence;
                    (K) green manufacturing; and
                    (L) other fields with high potential to contribute 
                to the economic and national security of the United 
                States that may lack sufficient private sector 
                investment.
            (6) Historically, the Federal Government has used public 
        funds to fill gaps in private sector investment, often without 
        sharing in the potential benefits. When the Federal Government 
        invests in high-risk, high-reward industries, the taxpayers of 
        the United States should share in the potential benefits and 
        not just the risks of the investment.
            (7) It is in the economic interest of the United States to 
        ensure that resilient supply chains remain economically 
        competitive. Accordingly, it is crucial--
                    (A) for the Federal Government to invest in 
                building and retaining a vibrant manufacturing sector;
                    (B) for the Federal Government to invest in 
                manufacturing and production that leads to good jobs 
                for workers in the United States; and
                    (C) that investments in manufacturers in the United 
                States lead to good jobs for workers in the United 
                States.
            (8) All too often, excessive short-termism precludes 
        companies in the United States from accessing investment 
        capital. It is in the interest of the Federal Government to 
        ensure that patient capital (or capital with an investment 
        horizon of not less than 7 years) is available to boost supply 
        chains and manufacturing in the United States. Innovative 
        industries, including industries described in, or that produce 
        the products described in, paragraph (5), suffer from limited 
        access to patient capital.

SEC. 102. ESTABLISHMENT OF CORPORATION.

    (a) In General.--There is established within the executive branch 
of the Federal Government the Industrial Finance Corporation of the 
United States.
    (b) Wholly Owned Government Corporation.--Section 9101(3) of title 
31, United States Code, is amended by adding at the end the following:
                    ``(Q) the Industrial Finance Corporation of the 
                United States.''.
    (c) Statement of Policy.--It shall be the policy of the Corporation 
to--
            (1) provide support to ensure resilient supply chains in 
        industries that are critical to--
                    (A) the national security of the United States;
                    (B) the economic competitiveness of the United 
                States; and
                    (C) the maintenance of a strong manufacturing base 
                in the United States;
            (2) provide support to manufacturing in the United States, 
        which is crucial to--
                    (A) growing the economy of the United States;
                    (B) providing good jobs and manufacturing skills 
                training to workers in the United States; and
                    (C) ensuring the economic and national security of 
                the United States;
            (3) provide support to industries that are critical to 
        ensuring that companies in the United States commercialize 
        products on the technological frontier of production across a 
        wide array of goods and industries, including by helping vital 
        technologies (and products that use those technologies) make 
        the transition from universities and labs to commercial 
        success, including--
                    (A) technologies and products with civilian and 
                military applications, including applications described 
                in section 101(5); and
                    (B) other technologies that enhance the influence 
                of the United States through exportation to other 
                countries;
            (4) restore the entrepreneurial dynamism of the economy of 
        the United States by supporting the growth of small- and 
        medium-sized businesses with not more than 500 employees--
                    (A) that support, or are capable of supporting, the 
                growth of the industries and products described in 
                paragraph (3) as contractors or customers, especially 
                in sectors such as manufacturing that compete in an 
                international marketplace;
                    (B) with innovative potential to increase the 
                productivity and economic development of the United 
                States; and
                    (C) that are--
                            (i) located in regions of the United States 
                        that have historically suffered from low access 
                        to capital; or
                            (ii) owned by an individual who is a member 
                        of a demographic group that has historically 
                        suffered from low access to capital; and
            (5) provide support to critical industries that are 
        vulnerable to systematic patterns of underinvestment, import 
        competition, and targeted industrial policies from foreign 
        nations, in order to--
                    (A) ensure that those industries preserve and 
                ideally expand production capacity for consumers of 
                those industries; and
                    (B) invest in strategies to promote the deployment 
                of more advanced technologies.
    (d) Support.--In providing support under title II, the Corporation 
shall ensure that the support furthers not less than 1 policy described 
in subsection (c).

SEC. 103. STRUCTURE AND ORGANIZATION.

    (a) Structure of Corporation.--There shall be within the 
Corporation--
            (1) a Board of Directors;
            (2) a Chief Executive Officer, as described in subsection 
        (d);
            (3) a Deputy Chief Executive Officer, as described in 
        subsection (e);
            (4) a Chief Risk Officer, as described in subsection (f);
            (5) a Chief Development Officer, as described in subsection 
        (g);
            (6) a Chief Technology and Data Officer, as described in 
        subsection (h); and
            (7) such other officers as the Board may determine.
    (b) Board of Directors.--
            (1) Powers and duties.--
                    (A) In general.--Every power of the Corporation 
                shall vest in and be exercised by or under the 
                authority of the Board.
                    (B) Duties.--The Board--
                            (i) shall perform the functions required to 
                        be carried out by the Board under this Act;
                            (ii) may prescribe, amend, and repeal 
                        bylaws, rules, regulations, policies, and 
                        procedures governing the manner in which the 
                        business of the Corporation may be conducted 
                        and in which the powers granted to the 
                        Corporation by law may be exercised; and
                            (iii) shall develop, in consultation with 
                        stakeholders and other interested parties, a 
                        publicly available policy with respect to 
                        consultations, hearings, and other forms of 
                        engagement of the Board in order to provide for 
                        meaningful public participation in the 
                        activities of the Board.
            (2) Membership of board.--
                    (A) In general.--The Board shall consist of--
                            (i) the Chief Executive Officer of the 
                        Corporation;
                            (ii) the officers described in subparagraph 
                        (B); and
                            (iii) 4 other individuals, who shall be 
                        appointed by the President, by and with the 
                        advice and consent of the Senate.
                    (B) Officers described.--
                            (i) In general.--The officers described in 
                        this subparagraph are the following:
                                    (I) The Secretary of the Treasury 
                                or a designee of the Secretary.
                                    (II) The Administrator of the Small 
                                Business Administration or a designee 
                                of the Administrator.
                                    (III) The Secretary of Commerce or 
                                a designee of the Secretary.
                                    (IV) The Secretary of Defense or a 
                                designee of the Secretary.
                                    (V) The Chair of the Board of 
                                Governors of the Federal Reserve System 
                                or a designee of the Chair.
                            (ii) Requirements for designees.--A 
                        designee under clause (i) shall--
                                    (I) be selected from among 
                                officers--
                                            (aa) appointed by the 
                                        President, by and with the 
                                        advice and consent of the 
                                        Senate; and
                                            (bb) with duties relating 
                                        to the programs of the 
                                        Corporation; and
                                    (II) serve on the Board at the 
                                pleasure of the President.
                    (C) Nongovernment members.--A member of the Board 
                described in subparagraph (A)(iii)--
                            (i) may not be an officer or employee of 
                        the Federal Government;
                            (ii) shall have relevant experience to 
                        carry out the purpose of the Corporation, which 
                        may include experience relating to the private 
                        sector, the environment, labor organizations, 
                        or economic development;
                            (iii) shall be appointed for a term of 8 
                        years and may be reappointed for 1 additional 
                        term;
                            (iv) shall serve until the successor of the 
                        member is appointed and confirmed;
                            (v) shall be compensated at a rate 
                        equivalent to the rate under level IV of the 
                        Executive Schedule under section 5315 of title 
                        5, United States Code, when engaged in the 
                        business of the Corporation; and
                            (vi) may be paid per diem in lieu of 
                        subsistence at the applicable rate under the 
                        Federal Travel Regulation under subtitle F of 
                        title 41, Code of Federal Regulations, or any 
                        successor regulations, from time to time, while 
                        away from the home or usual place of business 
                        of the member.
                    (D) Staggered terms.--Notwithstanding subparagraph 
                (C)(iii), in appointing the initial members of the 
                Board described in subparagraph (C), the President 
                shall stagger the terms of the members so that, during 
                any 2-year period, the term of not more than 1 member 
                ends.
            (3) Chairperson.--The Secretary of the Treasury, or the 
        designee of the Secretary under paragraph (2)(B)(i)(I), shall 
        serve as the Chairperson of the Board.
            (4) Vice chairperson.--The Administrator of the Small 
        Business Administration, or the designee of the Administrator 
        under paragraph (2)(B)(i)(II), shall serve as the Vice 
        Chairperson of the Board.
            (5) Quorum.--5 members of the Board shall constitute a 
        quorum for the transaction of business by the Board.
            (6) Affirmation of mission.--The members of the Board shall 
        affirm support for the mission and objectives of the 
        Corporation.
    (c) Public Hearings.--The Board shall hold not less than 2 public 
hearings annually in order to afford an opportunity for any person to 
present views with respect to whether--
            (1) the Corporation is carrying out its activities in 
        accordance with this Act; and
            (2) any support provided by the Corporation under title II 
        should be suspended, expanded, or extended.
    (d) Chief Executive Officer.--
            (1) Appointment.--There shall be within the Corporation a 
        Chief Executive Officer, who shall--
                    (A) be appointed by the President, by and with the 
                advice and consent of the Senate; and
                    (B) serve at the pleasure of the President.
            (2) Authorities and duties.--The Chief Executive Officer 
        shall--
                    (A) be responsible for the management of the 
                Corporation; and
                    (B) exercise the powers and discharge the duties of 
                the Corporation subject to the bylaws, rules, 
                regulations, and procedures established by the Board.
            (3) Relationship to board.--The Chief Executive Officer 
        shall report to, and be under the direct authority of, the 
        Board.
            (4) Compensation.--Section 5313 of title 5, United States 
        Code, is amended by adding at the end the following:
            ``Chief Executive Officer, Industrial Finance Corporation 
        of the United States.''.
    (e) Deputy Chief Executive Officer.--There shall be within the 
Corporation a Deputy Chief Executive Officer, who shall--
            (1) be appointed by the President, by and with the advice 
        and consent of the Senate; and
            (2) serve at the pleasure of the President.
    (f) Chief Risk Officer.--
            (1) Appointment.--Subject to the approval of the Board, the 
        Chief Executive Officer of the Corporation shall appoint a 
        Chief Risk Officer, from among individuals with experience at a 
        senior level in financial risk management, who shall--
                    (A) report directly to the Board; and
                    (B) be removable only by a majority vote of the 
                Board.
            (2) Duties.--The Chief Risk Officer, in coordination with 
        the audit committee of the Board established under section 
        401(a), shall develop, implement, and manage a comprehensive 
        process for identifying, assessing, monitoring, and limiting 
        risks to the Corporation, including the overall portfolio 
        diversification of the Corporation.
    (g) Chief Development Officer.--
            (1) Appointment.--Subject to the approval of the Board, the 
        Chief Executive Officer shall appoint a Chief Development 
        Officer, who shall--
                    (A) report directly to the Board; and
                    (B) be removable only by a majority vote of the 
                Board.
            (2) Duties.--The Chief Development Officer shall--
                    (A) in coordination with the Chief Technology and 
                Data Officer, develop, track, and report metrics to 
                assess the impact of the activities of the Corporation 
                with respect to the policies described in section 
                102(c);
                    (B) convene potential investment partners who can 
                provide additional private investments into projects 
                and companies supported by the Corporation;
                    (C) coordinate the development policies and 
                implementation efforts of the Corporation with--
                            (i) the Export-Import Bank of the United 
                        States;
                            (ii) the United States International 
                        Domestic Finance Corporation;
                            (iii) the Department of Commerce;
                            (iv) the Small Business Administration;
                            (v) the Manufacturing USA Institutes 
                        described in section 34(d) of the National 
                        Institute of Standards and Technology Act (15 
                        U.S.C. 278s(d));
                            (vi) the manufacturing extension centers 
                        established under section 25(b) of the National 
                        Institute of Standards and Technology Act (15 
                        U.S.C. 278k(b));
                            (vii) the Office of Science and Technology 
                        Policy; and
                            (viii) other relevant Federal agencies;
                    (D) authorize and coordinate transfers of funds or 
                other resources to and from the Federal agencies 
                described in subparagraph (C) or Federal missions upon 
                the concurrence of those agencies or missions in 
                support of the projects of the Corporation; and
                    (E) serve as an ex officio member of the Advisory 
                Council established under subsection (j) and 
                participate in, or send a representative to, each 
                meeting of that Council.
    (h) Chief Technology and Data Officer.--
            (1) Appointment.--Subject to the approval of the Board, the 
        Chief Executive Officer shall appoint a Chief Technology and 
        Data Officer, who shall--
                    (A) report directly to the Board; and
                    (B) be removable only by a majority vote of the 
                Board.
            (2) Duties.--The Chief Technology and Data Officer shall 
        ensure that the Corporation--
                    (A) collects proper data from each project; and
                    (B) develops and implements proper data analytics 
                within the Corporation to ensure that the Corporation 
                can analyze the data collected under subparagraph (A) 
                to--
                            (i) in coordination with the Chief 
                        Development Officer, measure the impact of the 
                        activities of the Corporation on the policies 
                        described in section 102(c);
                            (ii) inform future activities of the 
                        Corporation; and
                            (iii) provide publicly available reporting 
                        on the activities of the Corporation, including 
                        the impacts described in clause (i).
    (i) Officers and Employees.--
            (1) In general.--Except as otherwise provided in this 
        section, each officer, employee, and agent of the Corporation 
        shall be--
                    (A) selected and appointed by the Corporation; and
                    (B) vested with such powers and duties as the 
                Corporation may determine.
            (2) Administratively determined employees.--
                    (A) Appointment; compensation; removal.--Of the 
                officers, employees, and agents appointed by the 
                Corporation under paragraph (1), not more than 250 may 
                be appointed, compensated, or removed without regard to 
                the provisions of title 5, United States Code.
                    (B) Reinstatement.--Under such regulations as the 
                President may prescribe, an officer, employee, or agent 
                appointed to a position under subparagraph (A) may be 
                entitled, upon removal from such position (unless the 
                removal was for cause), to--
                            (i) if the officer, employee, or agent 
                        occupied a position in the Federal Government 
                        on the day before the date on which the 
                        officer, employee, or agent was appointed to 
                        the Corporation under subparagraph (A), 
                        reinstatement to that position; or
                            (ii) appointment to a position of 
                        comparable grade and salary.
                    (C) Additional positions.--The officers, employees, 
                and agents described in subparagraph (A) shall be in 
                addition to officers, employees, and agents otherwise 
                authorized by law, including in positions authorized 
                under section 5108 of title 5, United States Code.
                    (D) Rates of pay for officers and employees.--The 
                Corporation may set and adjust rates of basic pay for 
                officers, employees, and agents appointed under 
                subparagraph (A) without regard to the provisions of 
                chapter 51 or subchapter III of chapter 53 of title 5, 
                United States Code, relating to classification of 
                positions and General Schedule pay rates, respectively.
            (3) Liability of employees.--
                    (A) In general.--An individual who is a member of 
                the Board or an officer or employee of the Corporation 
                may not be liable under this Act with respect to any 
                claim arising out of or resulting from any act or 
                omission by the individual within the scope of the 
                employment of the individual in connection with any 
                transaction by the Corporation.
                    (B) Rule of construction.--Subparagraph (A) shall 
                not be construed to limit the personal liability of an 
                individual for--
                            (i) criminal acts or omissions;
                            (ii) willful or malicious misconduct;
                            (iii) acts or omissions for the private 
                        gain of the individual or family members of the 
                        individual; or
                            (iv) any other acts or omissions outside 
                        the scope of the employment of the individual.
                    (C) Conflicts of interest.--The Corporation shall 
                establish and publish procedures for avoiding conflicts 
                of interest on the part of officers and employees of 
                the Corporation and members of the Advisory Council 
                established under subsection (j).
                    (D) Savings provision.--Nothing in this paragraph 
                shall be construed--
                            (i) to affect--
                                    (I) any other immunities and 
                                protections that may be available to an 
                                individual described in subparagraph 
                                (A) under applicable law with respect 
                                to a transaction described in that 
                                subparagraph; or
                                    (II) any other right or remedy 
                                against the Corporation, against the 
                                United States under applicable law, or 
                                against any person other than an 
                                individual described in subparagraph 
                                (A) participating in such a 
                                transaction; or
                            (ii) to limit or alter in any way the 
                        immunities that are available under applicable 
                        law for Federal officers and employees not 
                        described in this paragraph.
    (j) Advisory Council.--
            (1) In general.--There is established within the 
        Corporation an Advisory Council to advise the Board on 
        development objectives of the Corporation referred to in this 
        subsection as the ``Advisory Council''.
            (2) Membership.--The Advisory Council shall consist of not 
        more than 9 members appointed by the Board, on the 
        recommendation of the Chief Executive Officer and the Chief 
        Development Officer of the Corporation, from among individuals 
        who are broadly representative of--
                    (A) nongovernmental organizations;
                    (B) think tanks;
                    (C) advocacy organizations;
                    (D) foundations; and
                    (E) other institutions engaged in manufacturing and 
                workforce development.
            (3) Functions.--The Board shall call upon members of the 
        Advisory Council, either collectively or individually, to 
        advise the Board with respect to--
                    (A) the extent to which the Corporation is meeting 
                the mandate of the Corporation; and
                    (B) any suggestions for improvements with respect 
                to meeting that mandate, including project development 
                and implementation challenges and opportunities.
            (4) Permanence.--Section 14 of the Federal Advisory 
        Committee Act (5 U.S.C. App.) shall not apply to the Advisory 
        Council.

SEC. 104. INSPECTOR GENERAL OF THE CORPORATION.

    (a) In General.--Section 8G(a)(2) of the Inspector General Act of 
1978 (5 U.S.C. App.) is amended by inserting ``the Industrial Finance 
Corporation of the United States,'' after ``the United States 
International Development Finance Corporation,''.
    (b) Oversight Independence.--Section 8G(a)(4) of the Inspector 
General Act of 1978 (5 U.S.C. App.) is amended--
            (1) in subparagraph (I), by striking ``and'' at the end;
            (2) in subparagraph (J), by adding ``and'' at the end; and
            (3) by adding at the end the following:
                    ``(K) with respect to the Industrial Finance 
                Corporation of the United States, such term means the 
                Board of Directors of the Industrial Finance 
                Corporation of the United States;''.

                         TITLE II--AUTHORITIES

SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUPPORT.

    (a) In General.--In carrying out this title, the Corporation 
shall--
            (1) exercise the authorities of the Corporation only to the 
        extent that such an exercise of authority--
                    (A) carries out a policy of the Corporation, as 
                described in section 102(c);
                    (B) mitigates risks to the taxpayers of the United 
                States by sharing risks with private sector entities 
                through co-financing and structuring of tools; and
                    (C) ensures that support provided under this title 
                is in addition to private sector resources by 
                mobilizing private capital that would otherwise not be 
                deployed without such support; and
            (2) determine--
                    (A) the character and necessity of the obligations 
                and expenditures of the Corporation; and
                    (B) the manner in which the obligations and 
                expenditures described in subparagraph (A) shall be 
                incurred, allowed, and paid.
    (b) Lending and Guaranties.--
            (1) In general.--The Corporation may make loans or 
        guaranties upon such terms and conditions as the Corporation 
        may determine.
            (2) Applicability of federal credit reform act of 1990.--
        Loans and guaranties issued under paragraph (1) shall be 
        subject to the requirements of the Federal Credit Reform Act of 
        1990 (2 U.S.C. 661 et seq.).
    (c) Programs and Facilities.--The Corporation may create programs, 
facilities, or other entities determined necessary by the Corporation, 
for the purpose of providing liquidity in markets and sectors integral 
to the mission of the Corporation, by--
            (1) purchasing obligations or other interests directly from 
        the issuers of those obligations or other interests;
            (2) purchasing obligations or other interests in secondary 
        markets or otherwise; or
            (3) making loans, including loans or other advances secured 
        by collateral.
    (d) Equity Investments.--
            (1) In general.--The Corporation may, as a minority 
        investor, support projects with funds or use other mechanisms 
        for the purpose of purchasing, and may make and fund 
        commitments to purchase, invest in, make pledges in respect of, 
        or otherwise acquire, equity or quasi-equity securities or 
        shares or financial interests of any entity, including as a 
        limited partner or other investor in investment funds, upon 
        such terms and conditions as the Corporation may determine.
            (2) Guidelines and criteria.--The Corporation shall develop 
        guidelines and criteria to require that the use of the 
        authority under paragraph (1) with respect to a project has a 
        clearly defined developmental purpose, taking into account the 
        following objectives:
                    (A) The support for the project would be more 
                likely than not to substantially reduce or overcome the 
                effect of an identified market imperfection.
                    (B) The project would not have proceeded, or would 
                have been substantially delayed, without the support.
                    (C) The support will contribute positively to the 
                long-term commercial sustainability of the target 
                industry in the United States.
                    (D) The support furthers a policy of the 
                Corporation described in section 102(c).
            (3) Limitations on equity investments.--
                    (A) Per project limit.--The aggregate amount of 
                support provided under this subsection with respect to 
                any project shall not exceed 30 percent of the 
                aggregate amount of all equity investment made to the 
                project at the time that the Corporation approves 
                support of the project, except that such percentage may 
                be raised with the unanimous consent of the Board.
                    (B) Total limit.--Support provided under this 
                subsection shall be limited to not more than 35 percent 
                of the aggregate exposure of the Corporation on the 
                date on which that support is provided, except that 
                such percentage may be raised with the unanimous 
                consent of the Board.
            (4) Sales and liquidation of position.--The Corporation 
        shall seek to sell and liquidate any support for a project 
        provided under this subsection as soon as commercially 
        feasible, taking into consideration--
                    (A) the actions of other similar investors in the 
                project;
                    (B) how the interests of the taxpayers of the 
                United States will be served through equity 
                investments; and
                    (C) the national security interests of the United 
                States.
            (5) Timetable.--The Corporation shall create a project-
        specific timetable for support provided under this subsection.
    (e) Promotion of and Support for Private Investment 
Opportunities.--
            (1) In general.--In order to carry out the policies 
        described in section 102(c), the Corporation may initiate and 
        support, through financial participation, incentive grants, or 
        otherwise, and under such terms and conditions as the 
        Corporation may determine, feasibility studies for the 
        planning, development, and management of, and procurement for, 
        potential bilateral and multilateral projects eligible for 
        support under this title, including training activities 
        undertaken in connection with those projects, for the purpose 
        of promoting investment in those projects and the 
        identification, assessment, surveying, and promotion of private 
        investment opportunities, utilizing wherever feasible and 
        effective, the facilities of private investors.
            (2) Contributions to costs.--The Corporation shall, to the 
        maximum extent practicable, require any person receiving funds 
        under this subsection to--
                    (A) share the costs of feasibility studies and 
                other project planning services for which support is 
                provided under this subsection; and
                    (B) if the person succeeds in project 
                implementation, reimburse the Corporation for the 
                amount of support provided by the Corporation to the 
                person under this subsection.
    (f) Special Projects and Programs.--The Corporation may administer 
and manage special projects and programs in support of specific 
transactions undertaken by the Corporation, including programs of 
financial and advisory support that provide private technical, 
professional, or managerial assistance in the development of human 
resources, skills, technology, capital savings, or intermediate 
financial and investment institutions or cooperatives.
    (g) Asset Acquisition.--With respect to asset acquisition, the 
Corporation may--
            (1) acquire tangible and intangible assets at fair market 
        value; and
            (2) engage in purchase order guarantees.
    (h) Enterprise Funds.--
            (1) In general.--The Corporation may, following 
        consultation with the Secretary of the Treasury and the heads 
        of other relevant Federal departments or agencies, establish 
        and operate enterprise funds in accordance with this 
        subsection.
            (2) Private character of funds.--Nothing in this subsection 
        may be construed to make--
                    (A) an enterprise fund established or operated by 
                the Corporation an agency or establishment of the 
                United States Government; or
                    (B) any officer, employee, or member of the board 
                of directors of an enterprise fund described in 
                subparagraph (A) an officer or employee of the United 
                States.
            (3) Purposes for which support may be provided.--The 
        Corporation, subject to the approval of the Board, may 
        designate private, nonprofit organizations as eligible to 
        receive support under this subsection for the following 
        purposes:
                    (A) To promote the development of domestic 
                manufacturing, the commercialization of advanced 
                technologies, and the building of resilient supply 
                chains.
                    (B) To facilitate access to credit or capital for 
                small- and medium-sized enterprises--
                            (i) in industry sectors or geographic areas 
                        with limited means of accessing credit on 
                        market terms; or
                            (ii) with owners who are members of 
                        demographic groups that have historically had 
                        limited access to private capital.
                    (C) To complement the work of the Small Business 
                Administration and the Economic Development 
                Administration of the Department of Commerce to improve 
                the overall business-enabling environment by financing 
                the expansion of the private business sector.
                    (D) To make financially sustainable investments 
                designed to generate measurable social benefits and 
                build technical capacity in addition to financial 
                returns.
            (4) Operation of funds.--
                    (A) Expenditures.--Funds made available to an 
                enterprise fund established or operated under this 
                subsection shall be expended at the minimum rate 
                necessary to make timely payments for projects and 
                activities carried out under this subsection.
                    (B) Administrative expenses.--Not more than 3 
                percent per annum of the funds made available to an 
                enterprise fund established or operated under this 
                subsection may be obligated or expended for the 
                administrative expenses of the enterprise fund.
            (5) Board of directors.--Each enterprise fund established 
        or operated under this subsection shall be governed by a board 
        of directors comprised of private citizens of the United 
        States--
                    (A) who--
                            (i) shall be appointed by the President 
                        after consultation with the chairmen and 
                        ranking members of the appropriate 
                        congressional committees;
                            (ii) have pursued careers in innovative 
                        technologies or manufacturing; and
                            (iii) have demonstrated expertise in 
                        investment activities; and
                    (B) a majority of whom shall--
                            (i) be citizens of the United States; and
                            (ii) have relevant experience relating to 
                        the purposes described in paragraph (3).
            (6) Reports.--Not later than 1 year after the date on which 
        an enterprise fund is established under this subsection, and 
        annually thereafter until the enterprise fund terminates in 
        accordance with paragraph (9), the board of directors of the 
        enterprise fund shall--
                    (A) submit to the appropriate congressional 
                committees a report--
                            (i) detailing the administrative expenses 
                        of the enterprise fund during the year covered 
                        by the report;
                            (ii) describing the operations, activities, 
                        engagement with civil society and relevant 
                        local private sector entities, development 
                        objectives and outcomes, financial condition, 
                        and accomplishments of the enterprise fund 
                        during the year covered by the report;
                            (iii) describing the results of any audit 
                        conducted under paragraph (7) during the year 
                        covered by the report; and
                            (iv) describing how audits conducted under 
                        paragraph (7) during the year covered by the 
                        report are informing the operations and 
                        activities of the enterprise fund for the year 
                        in which the report is submitted; and
                    (B) publish, on a publicly available internet 
                website of the enterprise fund, each report required 
                under subparagraph (A).
            (7) Oversight.--
                    (A) Inspector general performance audits.--
                            (i) In general.--The Inspector General of 
                        the Corporation shall conduct periodic audits 
                        of the activities of each enterprise fund 
                        established under this subsection.
                            (ii) Consideration.--In conducting an audit 
                        under clause (i), the Inspector General shall 
                        assess whether the activities of the enterprise 
                        fund--
                                    (I) support the purposes described 
                                in paragraph (3);
                                    (II) result in profitable private 
                                sector investing; and
                                    (III) generate measurable economic 
                                and social benefits.
                    (B) Recordkeeping requirements.--The Corporation 
                shall ensure that each enterprise fund receiving 
                support under this subsection--
                            (i) keeps separate accounts with respect to 
                        that support; and
                            (ii) maintains such records as may be 
                        reasonably necessary to facilitate effective 
                        audits under this paragraph.
            (8) Return of funds to the corporate capital account.--Any 
        funds resulting from any liquidation, dissolution, or winding 
        up of an enterprise fund, in whole or in part, shall be 
        returned to the Corporate Capital Account established under 
        section 304(b).
            (9) Termination.--The authority of an enterprise fund to 
        provide support under this subsection shall terminate on the 
        earlier of--
                    (A) the date that is 10 years after the date on 
                which amounts from the enterprise fund are first 
                expended; or
                    (B) the date on which the enterprise fund is 
                liquidated.
    (i) Structured Finance.--With respect to structured finance, the 
Corporation may--
            (1) securitize an investment described in any of 
        subsections (a) through (h); and
            (2) design and provide seed funding for new financing 
        vehicles that aggregate invested funds from businesses with not 
        more than 500 employees in order to attract larger private 
        capital providers, such as pension funds.
    (j) Small Business Development.--
            (1) In general.--The Corporation, in cooperation with 
        appropriate departments, agencies, and instrumentalities of the 
        United States, as well as private entities and others, shall 
        undertake activities to broaden the participation of United 
        States small businesses and cooperatives, and other small 
        United States investors, in the development of small private 
        enterprise.
            (2) Outreach to minority-owned and women-owned 
        businesses.--
                    (A) In general.--The Corporation shall collect data 
                on the involvement of minority- and women-owned 
                businesses in projects, including--
                            (i) the amount of insurance and financing 
                        provided by the Corporation to those businesses 
                        in connection with projects supported by the 
                        Corporation; and
                            (ii) to the extent such information is 
                        available, the involvement of those businesses 
                        in procurement activities conducted or 
                        supported by the Corporation.
                    (B) Inclusion in annual report.--The Corporation 
                shall include, in each annual report submitted under 
                section 403, the aggregate data collected under this 
                paragraph, in such form as to quantify the 
                effectiveness of the outreach activities of the 
                Corporation with respect to minority- and women-owned 
                businesses.
    (k) Private Investment Vehicles.--In addition to the other 
authorities under this section, the Corporation may, as the Chief 
Executive Officer of the Corporation determines necessary, create or 
participate in any other investment vehicle used by investors in the 
private sector, as determined by the Chief Executive Officer.

SEC. 202. TERMS AND CONDITIONS.

    (a) In General.--Except as provided in subsection (b), support 
provided by the Corporation under this title shall be on such terms and 
conditions as the Corporation may prescribe.
    (b) Requirements.--The following requirements apply to support 
provided by the Corporation under this title:
            (1) The Corporation shall provide support using authorities 
        under this title only if it is necessary--
                    (A) to alleviate a credit or capital market 
                imperfection; or
                    (B) to achieve specified development objectives of 
                the Government by providing support in the most 
                efficient way to meet those objectives on a case-by-
                case basis.
            (2) The final maturity of a loan made or guaranteed by the 
        Corporation shall not exceed the lesser of--
                    (A) 30 years; or
                    (B) the debt servicing capabilities of the project 
                to be financed by the loan, as determined by the 
                Corporation.
            (3) The Corporation shall, with respect to providing any 
        loan guaranty to a project, require the parties to the project 
        to bear the risk of loss in an amount equal to not less than 20 
        percent of the guaranteed support by the Corporation in the 
        project.
            (4) The Corporation may not make or guarantee a loan unless 
        the Corporation determines that the borrower or lender is 
        responsible and that adequate provision is made for servicing 
        the loan on reasonable terms and protecting the financial 
        interest of the United States.
            (5) The interest rate for direct loans and interest 
        supplements on guaranteed loans shall be set by reference to a 
        benchmark interest rate (yield) on marketable Treasury 
        securities or other widely recognized or appropriate benchmarks 
        with a similar maturity to the loans being made or guaranteed, 
        as determined in consultation with the Director of the Office 
        of Management and Budget and the Secretary of the Treasury. The 
        Corporation shall establish appropriate minimum interest rates 
        for loans, guaranties, and other instruments as necessary.
            (6) The minimum interest rate for new loans as established 
        by the Corporation shall be adjusted periodically to take 
        account of changes in the interest rate of the benchmark 
        financial instrument.
            (7)(A) The Corporation shall set fees or premiums for 
        support provided under this title at levels that minimize the 
        cost to the Government while supporting achievement of the 
        objectives of support.
            (B) The Corporation shall review fees for loan guaranties 
        periodically to ensure that the fees assessed on new loan 
        guaranties are at a level sufficient to cover the most recent 
        estimates of the Corporation of the costs of the Corporation.
            (8) Any loan guaranty provided by the Corporation shall be 
        conclusive evidence that--
                    (A) the guaranty has been properly obtained;
                    (B) the loan qualified for the guaranty; and
                    (C) but for fraud or material misrepresentation by 
                the holder of the guaranty, the guaranty is presumed to 
                be valid, legal, and enforceable.
            (9) The Corporation shall prescribe explicit standards for 
        use in periodically assessing the credit risk of new and 
        existing direct loans or guaranteed loans.
            (10) The Corporation may not make loans or loan guaranties 
        except to the extent that budget authority to cover the costs 
        of the loans or guaranties is provided in advance in an 
        appropriations Act, as required by section 504 of the Federal 
        Credit Reform Act of 1990 (2 U.S.C. 661c).
            (11) The Corporation shall rely upon specific standards to 
        assess the developmental and strategic value of projects and 
        should only provide the minimum level of support necessary in 
        order to support such projects.
            (12) Any loan or loan guaranty made by the Corporation 
        should be provided on a senior basis or pari passu with other 
        senior debt unless there is a substantive policy rationale to 
        provide that support otherwise.

SEC. 203. PAYMENT OF LOSSES.

    (a) Payments for Defaults on Guaranteed Loans.--
            (1) In general.--If the Corporation determines that the 
        holder of a loan guaranteed by the Corporation suffers a loss 
        as a result of a default by a borrower on the loan, the 
        Corporation shall pay to the holder the percent of the loss, as 
        specified in the guaranty contract, after the holder of the 
        loan has made such further collection efforts and instituted 
        such enforcement proceedings as the Corporation may require.
            (2) Subrogation.--Upon making a payment described in 
        paragraph (1), the Corporation shall ensure the Corporation 
        will be subrogated to all the rights of the recipient of the 
        payment.
            (3) Recovery efforts.--The Corporation shall pursue 
        recovery from the borrower of the amount of any payment made 
        under paragraph (1) with respect to the loan.
    (b) Limitation on Payments.--
            (1) In general.--Except as provided in paragraph (2), 
        compensation for insurance, reinsurance, or a guaranty issued 
        under this title shall not exceed the dollar value of the 
        tangible or intangible contributions or commitments made in the 
        project, plus interest, earnings, or profits actually accrued 
        on those contributions or commitments, to the extent provided 
        by the insurance, reinsurance, or guaranty.
            (2) Exception.--
                    (A) In general.--The Corporation may provide that--
                            (i) appropriate adjustments in the insured 
                        dollar value be made to reflect the replacement 
                        cost of project assets; and
                            (ii) compensation for a claim of loss under 
                        insurance of an equity investment under section 
                        201(d) may be computed on the basis of the net 
                        book value attributable to the equity 
                        investment on the date of loss.
            (3) Additional limitation.--
                    (A) In general.--Notwithstanding paragraph 
                (2)(A)(ii) and except as provided in subparagraph (B), 
                the Corporation shall limit the amount of direct 
                insurance and reinsurance issued under section 201 with 
                respect to a project so as to require that the insured 
                and affiliates of the insured bear the risk of loss for 
                not less than 10 percent of the amount of the exposure 
                of the Corporation to that insured and affiliates of 
                the insured in the project.
                    (B) Exception.--The limitation under subparagraph 
                (A) shall not apply to direct insurance or reinsurance 
                of loans provided by banks or other financial 
                institutions to unrelated parties.
    (c) Actions by Attorney General.--The Attorney General shall take 
such action as may be appropriate to enforce any right accruing to the 
United States as a result of the issuance of any loan or loan guaranty 
under this title.
    (d) Rule of Construction.--Nothing in this section shall be 
construed to preclude any forbearance for the benefit of a borrower 
that may be agreed upon by the parties to a loan guaranteed by the 
Corporation if budget authority for any resulting costs to the 
Government, as defined in section 502 of the Federal Credit Reform Act 
of 1990 (2 U.S.C. 661a), is available.

            TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS

SEC. 301. OPERATIONS.

    (a) In General.--The Corporation may sue and be sued in its 
corporate name.
    (b) Judicial Remedy.--A court of competent jurisdiction may 
prescribe a judicial remedy to the prevailing party in a lawsuit 
involving the Corporation.
    (c) Claims Settlement.--
            (1) In general.--The Corporation may, on such terms and 
        conditions as the Corporation may determine--
                    (A) settle claims arising as a result of support 
                provided under title II; and
                    (B) arbitrate disputes arising as a result of 
                support provided under title II with the consent of the 
                parties.
            (2) Settlements conclusive.--Notwithstanding any other 
        provision of law, a payment made under any settlement agreement 
        entered into under paragraph (1)(A), or as a result of an 
        arbitration award awarded under paragraph (1)(B), shall be 
        final and conclusive.
    (d) Electronic Payments and Documents.--The Corporation shall 
implement policies to accept electronic documents and electronic 
payments in every program of the Corporation.

SEC. 302. CORPORATE POWERS.

    (a) In General.--The Corporation--
            (1) may adopt, alter, and use a seal, which may include an 
        identifiable symbol of the United States;
            (2) notwithstanding division C of subtitle I of title 41, 
        United States Code, may make and perform with any person 
        contracts, including no-cost contracts (as defined by the 
        Corporation), grants, and other agreements, that are necessary 
        for carrying out the functions of the Corporation;
            (3) may lease, purchase, or otherwise acquire, improve, and 
        use real property that is necessary to carry out the functions 
        of the Corporation;
            (4) may accept cash gifts or donations of services or of 
        property (real, personal, or mixed), tangible or intangible, 
        for the purpose of carrying out the functions of the 
        Corporation;
            (5) may use the United States mails in the same manner and 
        on the same conditions as the Executive departments (as defined 
        in section 101 of title 5, United States Code);
            (6) may contract with individuals for personal services, 
        who shall not be considered Federal employees for any provision 
        of law administered by the Director of the Office of Personnel 
        Management;
            (7) may hire or obtain passenger motor vehicles;
            (8) may acquire, hold, or dispose of, upon such terms and 
        conditions as the Corporation may determine, any property, 
        real, personal, or mixed, tangible or intangible, or any 
        interest in such property;
            (9) may lease office space for the Corporation's own use, 
        with the obligation of amounts for such lease limited to the 
        current fiscal year for which payments are due until the 
        expiration of the current lease under predecessor authority, as 
        of the day before the date of enactment of this Act;
            (10) may indemnify directors, officers, employees, and 
        agents of the Corporation for liabilities and expenses incurred 
        in connection with their activities on behalf of the 
        Corporation;
            (11) notwithstanding any other provision of law, may 
        represent itself or contract for representation in any legal or 
        arbitral proceeding;
            (12) may exercise any priority of the Government of the 
        United States in collecting debts from bankrupt, insolvent, or 
        decedents' estates;
            (13) may collect, notwithstanding section 3711(g)(1) of 
        title 31, United States Code, or compromise any obligations 
        assigned to or held by the Corporation, including any legal or 
        equitable rights accruing to the Corporation;
            (14) may sell direct investments of the Corporation to 
        private investors upon such terms and conditions as the 
        Corporation may determine; and
            (15) shall have such other powers as may be necessary and 
        incident to carrying out the functions of the Corporation.
    (b) Treatment of Property.--Notwithstanding any other provision of 
law relating to the acquisition, handling, or disposal of property by 
the United States, the Corporation shall have the right in its 
discretion to complete, recondition, reconstruct, renovate, repair, 
maintain, operate, or sell any property acquired by the Corporation 
pursuant to the provisions of this Act.

SEC. 303. MAXIMUM CONTINGENT LIABILITY.

    (a) In General.--The maximum contingent liability of the 
Corporation outstanding at any time shall not exceed in the aggregate 
the greater of--
            (1) the amount specified in subsection (b); or
            (2) an amount equal to 10 times the balance of the 
        Corporate Capital Account.
    (b) Amount Specified.--
            (1) Initial 5-year period.--The amount specified in this 
        subsection for the 5-year period beginning on the date of 
        enactment of this Act is $500,000,000,000.
            (2) Subsequent 5-year periods.--Not later than 5 years 
        after the date of enactment of this Act, and not less 
        frequently than every 5 years thereafter, the amount specified 
        in paragraph (1) shall be adjusted to reflect the percentage of 
        the increase (if any) in the average of the Consumer Price 
        Index for All Urban Consumers published by the Bureau of Labor 
        Statistics of the Department of Labor during the preceding 5-
        year period.

SEC. 304. CORPORATE FUNDS.

    (a) Definitions.--In this section:
            (1) Administrative expenses.--The term ``administrative 
        expenses'' does not include project-specific transaction costs.
            (2) Cost.--The term ``cost'' has the meaning given the term 
        in section 502 of the Federal Credit Reform Act of 1990 (2 
        U.S.C. 661a).
            (3) Information technology.--The term ``information 
        technology'' has the meaning given the term in section 11101 of 
        title 40, United States Code.
            (4) Project-specific transaction costs.--The term 
        ``project-specific transaction costs''--
                    (A) means those costs incurred by the Corporation 
                for travel, legal expenses, and direct and indirect 
                costs incurred in claims settlements associated with 
                the provision of support under title; and
                    (B) does not include information technology.
    (b) Corporate Capital Account.--There is established in the 
Treasury of the United States a fund to be known as the ``Corporate 
Capital Account'' to carry out the purposes of the Corporation.
    (c) Funding.--The Corporate Capital Account shall consist of--
            (1) fees charged and collected pursuant to subsection (d);
            (2) any amounts received pursuant to subsection (f);
            (3) investments and returns on such investments pursuant to 
        subsection (h);
            (4) unexpended balances transferred to the Corporation;
            (5) payments received in connection with settlements of all 
        insurance and reinsurance claims of the Corporation; and
            (6) all other collections transferred to or earned by the 
        Corporation, excluding the cost of loans and loan guaranties.
    (d) Fee Authority.--Fees may be charged and collected for providing 
services in amounts to be determined by the Corporation.
    (e) Uses.--
            (1) In general.--Subject to Acts making appropriations, the 
        Corporation is authorized to pay--
                    (A) the cost of loans and loan guaranties;
                    (B) administrative expenses of the Corporation;
                    (C) for the cost of providing support authorized by 
                subsections (c), (e), (f), and (g) of section 201; and
                    (D) project-specific transaction costs.
            (2) Income and revenue.--In order to carry out the purposes 
        of the Corporation, all collections transferred to or earned by 
        the Corporation, excluding the cost of loans and loan 
        guaranties, shall be deposited into the Corporate Capital 
        Account and shall be available to carry out its purpose, 
        including without limitation--
                    (A) payment of all insurance and reinsurance claims 
                of the Corporation;
                    (B) repayments to the Treasury of amounts borrowed 
                under subsection (f); and
                    (C) dividend payments to the Treasury under 
                subsection (g).
    (f) Full Faith and Credit.--
            (1) In general.--All support provided pursuant to 
        predecessor authorities or title II shall continue to 
        constitute obligations of the United States, and the full faith 
        and credit of the United States is hereby pledged for the full 
        payment and performance of such obligations.
            (2) Bonds.--With the approval of the Secretary of the 
        Treasury, the Corporation is authorized to issue bonds, notes, 
        debentures, and other similar obligations, subject to the 
        maximum contingent liability established in Section 303. Such 
        obligations shall be in such forms and denominations, shall 
        have such maturities, shall bear such rates of interest, shall 
        be subject to such terms and conditions, and shall be issued in 
        such manner and sold at such prices as may be prescribed by the 
        Corporation with the approval of the Secretary of the Treasury. 
        Such obligations shall be fully and unconditionally guaranteed 
        both as to interest and principal by the United States, and 
        such guaranty shall be expressed on the face thereof, and such 
        obligations shall be lawful investments and may be accepted as 
        security for all fiduciary, trust, and public funds the 
        investment or deposit of which shall be under the authority or 
        control of the United States or any officer or officers 
        thereof.
            (3) Authority to borrow.--The Corporation is authorized to 
        borrow from the Treasury such sums as may be necessary to 
        fulfill such obligations of the United States and any such 
        borrowing shall be at a rate determined by the Secretary of the 
        Treasury, taking into consideration the current average market 
        yields on outstanding marketable obligations of the United 
        States of comparable maturities, for a period jointly 
        determined by the Corporation and the Secretary, and subject to 
        such terms and conditions as the Secretary may require.
            (4) Treatment of debt.--Any obligation of, or fully 
        guaranteed by, the Corporation shall be eligible for purchase 
        under section 14(b)(2) of the Federal Reserve Act (12 U.S.C. 
        355(b)(2)).
    (g) Dividends.--The Board, in consultation with the Director of the 
Office of Management and Budget, shall annually assess a dividend 
payment to the Treasury if the Corporation's insurance portfolio is 
more than 100 percent reserved.
    (h) Investment Authority.--
            (1) In general.--The Corporation may request the Secretary 
        of the Treasury to invest such portion of the Corporate Capital 
        Account as is not, in the Corporation's judgment, required to 
        meet the current needs of the Corporate Capital Account.
            (2) Form of investments.--Such investments shall be made by 
        the Secretary of the Treasury in public debt obligations, with 
        maturities suitable to the needs of the Corporate Capital 
        Account, as determined by the Corporation, and bearing interest 
        at rates determined by the Secretary, taking into consideration 
        current market yields on outstanding marketable obligations of 
        the United States of comparable maturities.
    (i) Collections.--Interest earnings made pursuant to subsection 
(h), earnings collected related to equity investments, and amounts, 
excluding fees related to insurance or reinsurance, collected pursuant 
to subsection (d), shall not be collected for any fiscal year except to 
the extent provided in advance in appropriations Acts.
    (j) Authorization of Appropriations.--There is authorized to be 
appropriated $50,000,000,000 to the Corporate Capital Account.

            TITLE IV--MONITORING, EVALUATION, AND REPORTING

SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMITTEES.

    (a) In General.--Not later than 1 year after the date of enactment 
of this Act, the Corporation shall establish--
            (1) a risk committee; and
            (2) an audit committee.
    (b) Purpose.--The purpose of the committees established under 
subsection (a) shall be to assist the Board in fulfilling the duties 
and responsibilities of the Board under section 201(a).
    (c) Duties and Responsibilities of Risk Committee.--Subject to the 
direction of the Board, the risk committee established under subsection 
(a) shall be responsible for--
            (1) formulating risk management policies of the operations 
        of the Corporation;
            (2) reviewing and providing guidance on the operation of 
        the global risk management framework of the Corporation;
            (3) developing policies for enterprise risk management, 
        risk monitoring, and the management of strategic, reputational, 
        regulatory, operational, developmental, environmental, social, 
        and financial risks; and
            (4) developing the risk profile of the Corporation, 
        including a risk management and compliance framework and 
        governance structure to support such framework.
    (d) Duties and Responsibilities of Audit Committee.--Subject to the 
direction of the Board, the audit committee established under 
subsection (a) be responsible for--
            (1) the integrity of--
                    (A) the financial reporting of the Corporation;
                    (B) systems of internal controls relating to 
                finance and accounting of the Corporation; and
                    (C) the financial statements of the Corporation;
            (2) the performance of the internal audit function of the 
        Corporation; and
            (3) the compliance of the Corporation with legal and 
        regulatory requirements relating to the finances of the 
        Corporation.

SEC. 402. PERFORMANCE MEASURES, EVALUATION, AND LEARNING.

    (a) In General.--Not later than 1 year after the date of enactment 
of this Act, the Corporation shall develop a performance measurement 
system to--
            (1) evaluate and monitor projects; and
            (2) guide future projects.
    (b) Considerations.--In developing the performance measurement 
system required under subsection (a), the Corporation shall--
            (1) develop an impact measurement system for measuring the 
        net effect of the activities of the Corporation on the policies 
        described in section 102(c);
            (2) develop a mechanism for ensuring that support provided 
        by the Corporation for a project is in addition to private 
        investment for the project;
            (3) develop standards for, and a method for ensuring, 
        appropriate financial performance of the portfolio of the 
        Corporation; and
            (4) develop standards for, and a method for ensuring, 
        appropriate performance of the portfolio of the Corporation, 
        including--
                    (A) measurement of the projected and ex post impact 
                of a project; and
                    (B) the information necessary to comply with 
                section 403.
    (c) Public Availability of Certain Information.--On a regular 
basis, the Corporation shall make available to the public information 
relating to--
            (1) support provided by the Corporation under title II; and
            (2) performance metrics about that support.
    (d) Consultation.--In developing the performance measurement system 
required under subsection (a), the Corporation shall consult with--
            (1) the Advisory Council established under section 103(j); 
        and
            (2) other stakeholders and interested parties engaged in 
        the policy of the Corporation described in section 102(c).

SEC. 403. ANNUAL REPORT.

    (a) In General.--Not later than October 1 of each year, the 
Corporation shall submit to the appropriate congressional committees a 
complete and detailed report of the operations of the Corporation 
during the preceding fiscal year, including an assessment of--
            (1) the impacts of projects on the policies described in 
        section 102(c);
            (2) the extent to which the operations of the Corporation 
        complement or are compatible with the domestic economic 
        development programs of the Federal Government;
            (3) the institutional linkages of the Corporation with 
        other relevant Federal agencies and efforts to strengthen those 
        linkages; and
            (4) the compliance of projects with Federal law and 
        policies that govern the support of the Corporation for 
        projects promulgated or otherwise administered by the 
        Corporation.
    (b) Elements.--Each report required under subsection (a) shall 
include analyses of the effects of projects, including--
            (1) reviews and analyses of--
                    (A) the desired outcomes for projects and whether 
                or not the Corporation is meeting the associated 
                metrics, goals, and development objectives, including, 
                to the extent practicable, during the years after 
                conclusion of projects;
                    (B) the effect of the support of the Corporation on 
                access to capital;
                    (C) ways in which the Corporation addresses 
                identifiable market gaps or inefficiencies; and
                    (D) what impact, if any, the support described in 
                subparagraph (B) has on access to credit for a specific 
                project or sector;
            (2) projections of--
                    (A) outcomes of projects and whether support for 
                those projects are meeting performance measures 
                associated with those projects--
                            (i) during the start-up phase of those 
                        projects; and
                            (ii) throughout the duration of the those 
                        projects; and
                    (B) the value of private sector assets brought to 
                bear relative to the amount of support provided by the 
                Corporation and the value of any other public sector 
                support; and
            (3) an assessment of the extent to which the Corporation 
        has applied lessons learned from monitoring and evaluating 
        activities of the Corporation and annual reports from previous 
        years compiled by the Corporation to projects.

SEC. 404. QUARTERLY REPORT.

    (a) In General.--Not later than 30 days after the date of enactment 
of this Act, and quarterly thereafter, the Corporation shall submit to 
the appropriate congressional committees a detailed report that--
            (1) with respect to the first report submitted under this 
        section, describes the progress of the Corporation with respect 
        to the appointment and, if applicable, the confirmation of--
                    (A) members of the Board;
                    (B) the Chief Executive Officer of the Corporation;
                    (C) the Deputy Chief Executive Officer of the 
                Corporation; and
                    (D) other officers of the Corporation described in 
                section 103(a); and
            (2) with respect to each report submitted thereafter, 
        covers the period beginning on the date of the most recent 
        submission of a report under this section and describes--
                    (A) new activities of the Corporation; and
                    (B) any activities of the Corporation that have 
                concluded.
    (b) Contents.--Each report submitted under subsection (a) shall 
include, with respect to support provided by the Corporation--
            (1) the name of the entity receiving the support;
            (2) the location of the entity receiving the support;
            (3) the amount of support provided;
            (4) the nature of the support;
            (5) if applicable, the term or duration during which the 
        Corporation will provide the support;
            (6) if applicable, the term over which the support will be 
        repaid to the Corporation; and
            (7) any other relevant details determined important or 
        necessary by the Chief Executive Officer of the Corporation.

SEC. 405. PUBLICLY AVAILABLE PROJECT INFORMATION.

    (a) In General.--The Corporation shall maintain a database with 
detailed project-level information, as appropriate.
    (b) Attributes.--The database maintained under subsection (a) 
shall--
            (1) be user-friendly;
            (2) be publicly available; and
            (3) to the extent practicable, include a description of the 
        support provided for each project, which should include, to the 
        extent feasible, the information included in the report to 
        Congress under section 403(a) relating to the project.

SEC. 406. ENGAGEMENT WITH INVESTORS.

    (a) In General.--The Corporation, acting through the Chief 
Development Officer, shall--
            (1) develop a strategic relationship with private sector 
        entities focused at the nexus of business opportunities and 
        development priorities;
            (2) engage the entities described in paragraph (1);
            (3) reduce business risks primarily through direct 
        transaction support and the facilitation of investment 
        partnerships;
            (4) develop and support tools, approaches, and 
        intermediaries that can mobilize private finance in support of 
        the policy described in section 101(c); and
            (5) pursue projects consistent with the policy described in 
        section 101(c).
    (b) Assistance.--To carry out the duties of the Corporation under 
subsection (a), the Corporation shall--
            (1) develop risk mitigation tools;
            (2) provide transaction structuring support for blended 
        finance models;
            (3) support intermediaries by linking capital supply and 
        demand;
            (4) coordinate with other Federal agencies to support or 
        accelerate transactions;
            (5) convene financial, donor, civil society, and public 
        sector partners around opportunities for private finance within 
        development priorities;
            (6) offer strategic planning and programming assistance to 
        catalyze investment into priority sectors;
            (7) provide transaction structuring support;
            (8) deliver training and knowledge management tools for 
        engaging private investors;
            (9) partner with private sector entities that provide 
        access to capital and expertise; and
            (10) identify and screen new investment partners.
    (c) Technical Assistance.--The Corporation shall coordinate with 
the Small Business Administration, the Department of Commerce, the 
Office of Science and Technology Policy, and other Federal agencies, as 
necessary, on projects and programs supported by the Corporation that 
include technical assistance.

SEC. 407. NOTIFICATIONS BY THE CORPORATION.

    Not later than 15 days before the date on which the Corporation 
makes a financial commitment associated with the provision of support 
under title II in an amount greater than $10,000,000, the Chief 
Executive Officer of the Corporation shall submit to the appropriate 
congressional committees a report in writing that--
            (1) contains the amount of the financial commitment;
            (2) identifies the recipient or beneficiary of the 
        commitment; and
            (3) describes the project, activity, or asset and the 
        development goal or purpose to be achieved by the commitment.

          TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS

SEC. 501. LIMITATIONS AND PREFERENCES.

    (a) Policies.--Not later than 1 year after the date of enactment of 
this Act, the Chief Executive Officer of the Corporation, in 
consultation with the Secretary of the Treasury, shall establish 
policies to ensure that, with respect to support provided to an entity 
under the activities of the Corporation under title II, the support--
            (1) is contingent on the entity using the support to invest 
        in manufacturing activity in the United States;
            (2) retains public benefits in the United States after the 
        date on which the support concludes according to binding 
        commitments that, as determined by the Chief Executive Officer 
        of the Corporation--
                    (A) are satisfactory; and
                    (B) remain in place for the longest feasible period 
                of time, consistent with sound economics and the 
                purposes of this Act; and
            (3) contains safeguards to minimize the transfer of 
        intellectual property from companies in the United States to 
        foreign entities, especially to countries of concern, including 
        the People's Republic of China.
    (b) Limitation on Support for Single Entity.--An entity receiving 
support from the Corporation under title II may not receive more than 
an amount that is equal to 5 percent of the maximum contingent 
liability of the Corporation authorized under section 303.
    (c) Promotion.--The Corporation shall make efforts to ensure that 
the activities of the Corporation promote--
            (1) regional diversity, such that businesses located in a 
        diverse range of States receive investment support under title 
        II;
            (2) competition, such that target industries and sectors 
        maintain a competitive environment and are not controlled by 
        single entities;
            (3) sustainability, such that raw materials sourcing and 
        manufacturing practices minimize environmental harm;
            (4) equity, such that businesses from historically 
        marginalized communities receive business development support; 
        and
            (5) fair labor, such that businesses with unionized 
        workforces are supported.

SEC. 502. ADDITIONALITY AND AVOIDANCE OF ADVERSE IMPACT.

    (a) In General.--Before the Corporation provides support for a 
project, the Corporation shall ensure that private sector entities are 
afforded an opportunity to support the project.
    (b) Safeguards, Policies, and Guidelines.--The Corporation shall 
develop appropriate safeguards, policies, and guidelines to ensure that 
support provided by the Corporation under title II--
            (1) supplements, encourages, and does not compete with 
        private sector support; and
            (2) does not have a significant adverse impact on 
        employment in the United States.

SEC. 503. PREVAILING WAGES.

    Section 602 of the Public Works and Economic Development Act of 
1965 (42 U.S.C. 3212) shall apply to a construction project that 
receives financial assistance from the Corporation. For purposes of 
applying such section 602 to such a project, any reference in such 
section 602--
            (1) to a project assisted by the Secretary of Commerce 
        under such Act shall be deemed to be reference to a project 
        that receives financial assistance from the Corporation; and
            (2) to the Secretary of Commerce shall be deemed to be a 
        reference to the Corporation.
                                 <all>