National Infrastructure Development Bank Act of 2017

Bill: 115-hr-547
Sponsor: Rep. DeLauro, Rosa L. [D-CT-3]
Introduced: 2017-01-13 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: 2017-01-13
text: 

National Infrastructure Development Bank Act of 2017

 
This bill establishes the National Infrastructure Development Bank as a wholly owned government corporation. 
 
The bank's board of directors shall be responsible for monitoring and overseeing energy, environmental, telecommunications, and transportation infrastructure projects. The board is authorized to: (1) make loans and loan guarantees to assist in the financing 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. 
 
The bank shall establish a risk management committee, which shall: (1) create financial, credit, and operational risk management guidelines; (2) set guidelines to ensure diversification of lending activities by geographic region and infrastructure project type; (3) create conforming standards for financial assistance; (4) monitor financial, credit, and operational exposure; (5) provide financial recommendations to the board; and (6) ensure that the aggregate amount of interest subsidies provided for such bonds in a given calendar year does not exceed 28% of interest payable under all such bonds. 
 
The board shall approve criteria established by the bank's executive committee for determining project eligibility for financial assistance. The bill sets forth criteria to be considered by the board for each type of infrastructure project. The executive committee shall 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. 
 
 Financial assistance for an infrastructure project: (1) shall be repayable from dedicated revenue sources that also secure the infrastructure project obligations, and (2) shall not exceed 50% of reasonably anticipated project costs.
 
 Bank bonds shall be exempt from state or local government taxation. 
 
Assisted projects must comply with wage rate, domestic content, and buy American statutes.
 
The board shall establish an American Infrastructure Bond program. The bill establishes the National Infrastructure Development Bank Trust Fund into which an amount equal to the tax receipts attributable to interest payable under such bonds is to be appropriated.


Legislative actions:
action_date: 2017-01-17
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2017-01-17
text: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
action_date: 2017-01-17
text: Referred to the Subcommittee on Highways and Transit.
action_date: 2017-01-17
text: Referred to the Subcommittee on Coast Guard and Maritime Transportation.
action_date: 2017-01-17
text: Referred to the Subcommittee on Aviation.
action_date: 2017-01-13
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: 2017-01-13
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: 2017-01-13
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: 2017-01-13
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: 2017-01-13
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: 2017-01-13
text: Introduced in House
action_date: 2017-01-13
text: Introduced in House