National Infrastructure Bank Act of 2020

Bill: 116-hr-6422
Sponsor: Rep. Davis, Danny K. [D-IL-7]
Introduced: 2020-03-31 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Advisory bodies
Air quality
Alternative and renewable resources
Aviation and airports
Bank accounts, deposits, capital
Banking and financial institutions regulation
Budget deficits and national debt
Building construction
Civil actions and liability
Congressional operations and organization
Congressional oversight
Congressional-executive branch relations
Contracts and agency
Corporate finance and management
Credit and credit markets
Debt collection
Economic development
Educational facilities and institutions
Electric power generation and transmission
Employee benefits and pensions
Employee hiring
Employment discrimination and employee rights
Energy storage, supplies, demand
Federal Reserve System
Financial services and investments
Fires
Government corporations and government-sponsored enterprises
Government employee pay, benefits, personnel management
Government information and archives
Government lending and loan guarantees
Government studies and investigations
House of Representatives
Housing and community development funding
Housing supply and affordability
Infrastructure development
Interest, dividends, interest rates
Intergovernmental relations
Land use and conservation
Members of Congress
Natural disasters
Parks, recreation areas, trails
Public contracts and procurement
Public transit
Public-private cooperation
Railroads
Securities
Senate
State and local finance
Telephone and wireless communication
Transportation programs funding
Unemployment
User charges and fees
Water quality
Water use and supply

Summary:
action_date: 2020-03-31
text: 

National Infrastructure Bank Act of 2020

 
This bill creates the National Infrastructure Bank to facilitate the long-term financing of infrastructure projects. 
 
Specifically, the bank must provide loans to public and private entities for financing, developing, or operating eligible infrastructure projects. An eligible project must have a public sponsor as well as local, regional, or national significance. 
 
The bill also provides for various criteria and preferences for purposes of deciding whether to provide a loan, such as whether a project promotes job creation or provides environmental health benefits.
 
Projects that receive such a loan must (1) pay all laborers and mechanics locally prevailing wages, and (2) use only certain U.S.-produced construction materials unless a waiver is secured from the bank. 
 
The bank shall issue stock and may also issue bonds and maintain a discount line of credit with the Federal Reserve System. 
 
The bank must apply for a national bank charter as soon as is practicable and, once chartered, accept deposits from individuals, corporations, and public entities and pay interest on those deposits. 
 
The bill also imposes requirements related to the bank's operation, such as minimum reserve requirements and requirements for handling loan losses. 
 
In addition, the bank must facilitate the organization of at least seven regional economic accelerator planning groups to, among other things, identify infrastructure needs and priorities.
 
Within five years, the Government Accountability Office must report on the bank's activities, including the impact of the funded infrastructure projects.


Legislative actions:
action_date: 2020-04-23
text: Referred to the Subcommittee on National Parks, Forests, and Public Lands.
action_date: 2020-04-23
text: Referred to the Subcommittee on Water, Oceans, and Wildlife.
action_date: 2020-04-01
text: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
action_date: 2020-04-01
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2020-04-01
text: Referred to the Subcommittee on Highways and Transit.
action_date: 2020-04-01
text: Referred to the Subcommittee on Aviation.
action_date: 2020-03-31
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, Education and Labor, Natural Resources, and the Budget, 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: 2020-03-31
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, Education and Labor, Natural Resources, and the Budget, 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: 2020-03-31
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, Education and Labor, Natural Resources, and the Budget, 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: 2020-03-31
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, Education and Labor, Natural Resources, and the Budget, 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: 2020-03-31
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, Education and Labor, Natural Resources, and the Budget, 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: 2020-03-31
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, Education and Labor, Natural Resources, and the Budget, 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: 2020-03-31
text: Introduced in House
action_date: 2020-03-31
text: Introduced in House