National Infrastructure Development Bank Act of 2015

Bill: 114-hr-3337
Sponsor: Rep. DeLauro, Rosa L. [D-CT-3]
Introduced: 2015-07-29 in the House
Policy area: Government Operations and Politics
Subjects: Accounting and auditing
Air quality
Alternative and renewable resources
Bank accounts, deposits, capital
Broadcasting, cable, digital technologies
Buy American requirements
Climate change and greenhouse gases
Dams and canals
Economic development
Educational facilities and institutions
Electric power generation and transmission
Employment and training programs
Energy efficiency and conservation
Energy storage, supplies, demand
Environmental health
Executive agency funding and structure
Federal preemption
Floods and storm protection
Government corporations and government-sponsored enterprises
Government lending and loan guarantees
Government trust funds
Hazardous wastes and toxic substances
Health facilities and institutions
Infrastructure development
Intergovernmental relations
Metals
Public housing
Public-private cooperation
Rural conditions and development
Securities
Solid waste and recycling
State and local taxation
Tax-exempt organizations
Telephone and wireless communication
Transportation programs funding
Transportation safety and security
User charges and fees
Wages and earnings
Water quality
Water use and supply
Wetlands
Women's employment

Summary:
action_date: 2015-07-29
text: 

National Infrastructure Development Bank Act of 2015

 
Establishes the National Infrastructure Development Bank as a wholly owned government corporation. 
 
Makes the Bank's Board of Directors responsible for monitoring and overseeing energy, environmental, telecommunications, and transportation infrastructure projects. Authorizes the Board to: (1) make senior and subordinated direct loans and loan guarantees to assist in the financing or refinancing of an infrastructure project, (2) issue public benefit bonds and provide financing to infrastructure projects, and (3) pay an interest subsidy to the issuer of American Infrastructure Bonds.
 
Requires the Board to establish an Executive Committee to establish requirements and make recommendations for project proposals to be considered for financial assistance. 
 
Requires the Bank to establish a Risk Management Committee, which shall: (1) create financial, credit, and operational risk management guidelines for the Bank; (2) set guidelines to ensure diversification of lending activities by geographic region and infrastructure project type; (3) create conforming standards for all financial assistance provided by the Bank; (4) monitor financial, credit, and operational exposure of the Bank; (5) provide financial recommendations to the Board; and (6) ensure that the aggregate amount of interest subsidies provided for American Infrastructure Bonds in a given calendar year does not exceed 28% of interest payable under all such Bonds.
 
Requires the Bank to establish an audit committee. 
 
Requires the Board to approve criteria established by the Executive Committee for determining project eligibility for financial assistance. Sets forth criteria to be considered by the Board for each type of infrastructure project. Requires the Executive Committee to conduct an analysis that considers the economic, environmental, and social benefits and costs of each project under consideration, prioritizing projects that contribute to economic growth, lead to job creation, and are of regional or national significance. 
 
Requires any financial assistance for an infrastructure project to be repayable from dedicated revenue sources that also secure the infrastructure project obligations. Limits the amount of assistance under this Act to 50% of reasonably anticipated project costs.
 
 Exempts all bonds issued by the Bank from state or local government taxation. 
 
Sets forth requirements regarding compliance of assisted projects with wage rate, domestic content, and buy American statutes.
 
Requires the Board to establish an American Infrastructure Bond program. Establishes in the Treasury the National Infrastructure Development Bank Trust Fund into which an amount estimated to equal the tax receipts attributable to interest payable under such Bonds is to be appropriated.


Legislative actions:
action_date: 2015-07-31
text: Referred to the Subcommittee on Energy and Power.
action_date: 2015-07-30
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2015-07-30
text: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
action_date: 2015-07-30
text: Referred to the Subcommittee on Highways and Transit.
action_date: 2015-07-30
text: Referred to the Subcommittee on Coast Guard and Maritime Transportation.
action_date: 2015-07-30
text: Referred to the Subcommittee on Aviation.
action_date: 2015-07-29
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-07-29
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-07-29
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-07-29
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-07-29
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2015-07-29
text: Introduced in House
action_date: 2015-07-29
text: Introduced in House