Infrastructure Bank for America Act of 2020

Bill: 116-hr-7231
Sponsor: Rep. Webster, Daniel [R-FL-11]
Introduced: 2020-06-15 in the House
Policy area: Transportation and Public Works
Subjects: Business investment and capital
Government lending and loan guarantees
Income tax credits
Income tax deductions
Infrastructure development
Interest, dividends, interest rates
Rural conditions and development
Securities
State and local finance

Summary:
action_date: 2020-06-15
text: 

Infrastructure Bank for America Act of 2020

 
This bill provides for the establishment of the Infrastructure Bank Holding Company (IBHC), which shall be the parent company of the Infrastructure Bank for America (the bank). The bank shall provide (1) equity investments, direct loans, indirect loans, and loan guarantees for the construction or maintenance of revenue-producing infrastructure projects in the United States with sufficient revenue sources and guarantees to support the interest and principal payments to such bank; and (2) direct and indirect loans and loan guarantees to state and local governments and state infrastructure banks for the construction or maintenance of infrastructure projects. At least 7% of the dollar amount of the loans, equity investments, and loan guarantees shall be for infrastructure projects in rural areas.
 
The Board of Governors of the Federal Reserve System shall have oversight and supervisory authority over the IBHC and the bank. The Department of the Treasury shall oversee and supervise the issuance of bonds by the IBHC and the bank. The bank shall establish an Infrastructure Guarantee Fund to cover loans and loan guarantees in the event of nonpayment by loan recipients.
 
The bill provides for a taxpayer credit in an amount equal to 10% of the amount such taxpayer paid to the IBHC for an equity investment at its original issue.


Legislative actions:
action_date: 2020-06-16
text: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
action_date: 2020-06-16
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2020-06-16
text: Referred to the Subcommittee on Highways and Transit.
action_date: 2020-06-16
text: Referred to the Subcommittee on Aviation.
action_date: 2020-06-15
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on 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: 2020-06-15
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on 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: 2020-06-15
text: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on 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: 2020-06-15
text: Introduced in House
action_date: 2020-06-15
text: Introduced in House