National Infrastructure Bank Act of 2025

Bill: 119-hr-5356
Sponsor: full_name: Rep. Davis, Danny K. [D-IL-7]
Introduced: 2025-09-15
Latest action: action_date: 2025-09-15
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Transportation and Infrastructure, Financial Services, Education and Workforce, 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.

Summaries:

tv_txt: I 119th CONGRESS 1st Session H. R. 5356 IN THE HOUSE OF REPRESENTATIVES September 15, 2025 Mr. Davis of Illinois (for himself, Mr. Smith of Washington , Mr. Espaillat , Mr. Lynch , Mr. Tonko , Ms. Pingree , Mr. Magaziner , Mr. Cleaver , Mr. Deluzio , Mr. Garamendi , Mr. Mullin , Ms. Velázquez , Mr. Frost , Mr. Landsman , Mr. Suozzi , Mr. McGovern , Mrs. Ramirez , Mr. Amo , Ms. Tlaib , Mr. Khanna , Mr. Thanedar , Ms. Kaptur , Mr. Jackson of Illinois , Mr. Johnson of Georgia , Mr. Torres of New York , Mr. Goldman of New York , Mr. Nadler , Mr. Latimer , Mr. Ryan , Mr. García of Illinois , Mr. Evans of Pennsylvania , Mr. Carson , and Ms. Norton ) introduced the following bill; which was referred to the Committee on Energy and Commerce , and in addition to the Committees on Ways and Means , Transportation and Infrastructure , Financial Services , Education and Workforce , 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 A BILL To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Bank, and for other purposes.

1. Short title; table of contents (a) In general This Act may be cited as the National Infrastructure Bank Act of 2025 . (b) Table of contents The table of contents of this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Findings. TITLE I—Revenue provisions Sec. 101. Treatment of National Infrastructure Bank as a Government corporation exempt from tax. Sec. 102. Treatment of contributions to the National Infrastructure Bank as charitable contributions. Sec. 103. Preferred dividends of National Infrastructure Bank excludible from gross income. TITLE II—Establishment of National Infrastructure Bank Sec. 201. Definitions. Sec. 202. Establishment of National Infrastructure Bank. Sec. 203. Purposes and authorizations. Sec. 204. Formation of regional economic accelerator planning groups. Sec. 205. Eligibility criteria for assistance from the Bank. Sec. 206. Board of Directors. Sec. 207. Powers and limitations of the Board. Sec. 208. Executive Committee. Sec. 209. Risk management committee. Sec. 210. Audit committee. Sec. 211. Personnel. Sec. 212. Special Inspector General for the National Infrastructure Bank. Sec. 213. Status and applicability of certain Federal and State laws. Sec. 214. Exemption from certain laws. Sec. 215. Relations with local financial institutions. Sec. 216. Audits; reports to President and Congress. Sec. 217. Budgetary effects. Sec. 218. Authorization of appropriations. 2. Findings Congress finds that— (1) throughout the history of the United States, national banks have played a crucial role in financing most of the public infrastructure of the United States; (2) the largest national banks included— (A) the First Bank of the United States, from 1791 through 1811; (B) the Second Bank of the United States, from 1816 through 1836; (C) the national banking system instituted by President Lincoln; and (D) the Reconstruction Finance Corporation instituted by President Franklin Delano Roosevelt, from 1932 through 1957; (3) those national banks were enacted with broad bipartisan support, and financed the construction of roads, turnpikes, bridges, canals, the Transcontinental Railroad, the Hoover Dam, rural electrification, manufacturing startups, and rail, school, and farm improvements in every corner of the United States; (4) those infrastructure investments created the conditions for improved productivity, economic growth, and job creation, helped lift the United States out of the Great Depression, and contributed to victory in World War II; (5) the American Society of Civil Engineers (referred to in this section as ASCE ), in its 2025 Report Card estimates that $9,139,000,000,000 (not adjusted for inflation) is needed from 2024 to 2033 to meet all of the infrastructure needs of the United States, and of that amount, $5,450,000,000,000 is expected to be financed by the Federal Government at continued appropriation levels, and by States, counties, cities, utilities, and port and airport authorities through their general revenues, special taxes, user fees, and borrowing from capital markets; (6) even with the investments described in paragraph (5), a financing gap of $3,689,000,000,000 remains, and to close that gap, the United States will need to increase funding by all levels of government, in order to improve infrastructure quality and resiliency, grow the economy faster, and maintain our international competitiveness; (7) ASCE further estimates that the added $3,689,000,000,000 needed over a 10-year period to bring systems up to a state of good repair includes— (A) $1,208,000,000,000 for roads, bridges, and transit; (B) $1,015,000,000,000 for drinking water, wastewater, and stormwater systems; (C) $429,000,000,000 for schools and broadband access; (D) $578,000,000,000 for electricity generation, transmission, and distribution; (E) $113,000,000,000 for aviation; (F) $286,000,000,000 for dams, levees, inland waterways, and ports; (G) $32,000,000,000 for passenger rail; and (H) $44,000,000,000 for public parks and recreation; (8) expanded investment of at least $1,311,000,000,000 is also needed, including— (A) $320,000,000,000 for new affordable housing; (B) $791,000,000,000 for a 17,000-mile high-speed rail network; (C) $200,000,000,000 for major water supply projects; and (D) incorporated in each of the categories described in subparagraphs (A) through (C), science and technology drivers, resiliency features, accommodation of population growth, energy savings, and improvements in rural, urban, and low-income areas that the public and private sectors are not fully serving now; (9) although Federal grant programs, along with matching State and local funding, should continue to play a coordinating role in financing infrastructure in the United States, current and foreseeable demands on existing Federal, State, and local budgets exceed the resources to support those programs by a wide margin; (10) a sharp bout of inflation in 2021 through 2023, and a delay in the enactment of a robust, adequately sized, 10-year lending plan to the period of 2024 through 2033, should require a 40-percent increase above real costs to ensure adequate funding in nominal dollars; (11) the establishment of a United States public deposit bank would provide direct loans and other financing of up to $5,000,000,000,000 for qualifying infrastructure projects without requiring additional Federal taxes or deficits; and (12) that funding would— (A) be adequate to finance all of the unfunded infrastructure needs of the United States, in all parts of the country, according to well-developed strategic plans; and (B) return the United States to its most recent golden age when a National Infrastructure Bank was in place, from 1933 to 1957, during which time— (i) total factor productivity advanced by 3.5 percent per year; (ii) the economy grew, on average, 5.5 percent per year; (iii) income inequality decreased by 1/3 ; and (iv) Federal and State tax receipts rose dramatically. I Revenue provisions 101. Treatment of National Infrastructure Bank as a Government corporation exempt from tax (a) In general Section 501(l) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (5) The National Infrastructure Bank established under title II of the National Infrastructure Bank Act of 2025 . . (b) Effective date The amendment made by this section shall apply to taxable years ending after the date of the enactment of this Act. 102. Treatment of contributions to the National Infrastructure Bank as charitable contributions (a) In general Section 170(c) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (6) the following new paragraph: (7) The National Infrastructure Bank established under title II of the National Infrastructure Bank Act of 2025 . . (b) Application of percentage limitation Section 170(b)(1)(A) of such Code is amended by striking or at the end of clause (ix), by inserting or at the end of clause (x), and by inserting after clause (x) the following new clause: (xi) the National Infrastructure Bank referred to in subsection (c)(7), . (c) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. 103. Preferred dividends of National Infrastructure Bank excludible from gross income (a) In general Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section: 139J. Preferred dividends of National Infrastructure Bank Gross income shall not include any amount received as a dividend on preferred stock of the National Infrastructure Bank pursuant to section 203(c) of the National Infrastructure Bank Act of 2025 (as in effect on the date of the enactment of this section). . (b) Clerical amendment The table of sections of such part is amended by inserting after the item relating to section 139I the following new item: Sec. 139J. Preferred dividends of National Infrastructure Bank. . (c) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. II Establishment of National Infrastructure Bank 201. Definitions In this title: (1) Affordable housing The term affordable housing means housing that meets the criteria established under section 215 of the Cranston-Gonzalez National Affordable Housing Act ( 42 U.S.C. 12745 ). (2) Bank The term Bank means the National Infrastructure Bank established under section 202(a). (3) Blended financing The term blended financing means financing provided through any combination of loans or bond financing, in cooperation with private lenders or State revolving funds, that is integrated into a single agreement with a single set of financial terms. (4) Board The term Board means the Board of Directors of the Bank established by section 206. (5) Chief asset and liability management officer The term chief asset and liability management officer means the individual responsible for coordinating the management of assets and liabilities of the Bank. (6) Chief compliance officer The term chief compliance officer means the individual responsible for overseeing and managing the compliance and regulatory affairs of the Bank. (7) Chief executive officer The term chief executive officer means the individual serving as the executive director of the Bank. (8) Chief financial officer The term chief financial officer means the individual responsible for managing the financial risks, planning, and reporting of the Bank. (9) Chief loan origination officer The term chief loan origination officer means the individual responsible for managing the processing of new loans provided by the Bank. (10) Chief operations officer The term chief operations officer means the individual responsible for the retail operations of the Bank and the branches of the Bank, including the administrative, human resource, and information technology systems of the Bank. (11) Chief risk officer The term chief risk officer means the individual responsible for managing operational and compliance-related risks of the Bank. (12) Chief treasury officer The term chief treasury officer means the individual responsible for managing the treasury operations of the Bank. (13) Community development infrastructure The term community development infrastructure means the development of affordable housing, transportation, water infrastructure, schools, affordable broadband, public parks and recreation, libraries, or public facilities that train workers and build labor skills. (14) Connectivity The term connectivity , with respect to an infrastructure project, means the linkages in transportation, energy, communications, community development infrastructure, and manufacturing and data centers, that tie geographic areas together into economic units, including networks of commuter routes, railways, shipping lanes, and internet cables, including geomatic data collected by the Department of Transportation. (15) Develop; development The terms develop and development , with respect to an infrastructure project, mean— (A) any preconstruction planning, feasibility review for stand-alone projects or for bundled projects, permitting, design work, life-cycle maintenance planning, and other preconstruction activities; and (B) any construction, reconstruction, rehabilitation, replacement, or expansion. (16) Direct loan The term direct loan has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a ). (17) Disadvantaged community The term disadvantaged community means a community that is— (A) a low-income community; or (B) a federally recognized area of economic distress (as defined in section 100002 of the Infrastructure Investment and Jobs Act ( 15 U.S.C. 9501 )). (18) Energy infrastructure project The term energy infrastructure project means a project that involves the construction of a new or upgraded energy generation, transmission, distribution, or storage facility. (19) Entity The term entity means— (A) a State or political subdivision of a State; (B) a unit of local government; (C) a publicly owned utility; (D) a special purpose district, public authority, public corporation, or cooperative authorized to contract indebtedness; (E) an Indian Tribe; (F) a public trust; (G) an authority, agency, or instrumentality of, or an entity owned by, 1 or more entities described in subparagraphs (A) through (F); (H) a group of entities described in subparagraphs (A) through (G); (I) a private entity; and (J) a public-private partnership. (20) Environmental infrastructure project The term environmental infrastructure project means any project for— (A) the establishment, deferred maintenance, or enhancement, including security enhancement, of any drinking water and wastewater treatment facility, stormwater management system, flood gate, dam, levee, solid waste disposal facility, or hazardous waste facility; (B) dredging; (C) wetland restoration or other open space conservation; (D) infill development; or (E) industrial site cleanup or remediation. (21) Executive Committee The term Executive Committee means the Executive Committee of the Bank established under section 208(a). (22) Federally recognized area of economic distress The term federally recognized area of economic distress means— (A) a HUBZone (as defined in section 31(b) of the Small Business Act ( 15 U.S.C. 657a(b) )); (B) an area that— (i) has been designated as an empowerment zone under section 1391 of the Internal Revenue Code of 1986; (ii) has been designated as a Promise Zone by the Secretary of Housing and Urban Development; or (iii) is a low- or moderate-income area, as determined by the Secretary of Housing and Urban Development; and (C) a qualified opportunity zone (as defined in section 1400Z–1(a) of the Internal Revenue Code of 1986). (23) General counsel The term general counsel means the individual who serves as the chief lawyer for the Bank. (24) Greenhouse gas The term greenhouse gas means— (A) carbon dioxide; (B) hydrofluorocarbons; (C) methane; (D) nitrous oxide; (E) perfluorocarbons; and (F) sulfur hexafluoride. (25) Infrastructure project The term infrastructure project means any transportation infrastructure project, energy infrastructure project, environmental infrastructure project, telecommunications infrastructure project, community development infrastructure project, or other infrastructure project for which a development plan is presented to the Bank for financing. (26) Local financial institution The term local financial institution means— (A) a certified community development financial institution (as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 )); (B) a credit union the deposits of which are insured under Federal or State law or are protected or guaranteed under State law; (C) a small bank and savings association or an intermediate bank or savings association (as those terms are defined in section 25.12 of title 12, Code of Federal Regulations (or a successor regulation)); and (D) a State public bank. (27) Low-income community The term low-income community means any census block group in which 30 percent or more of the population are individuals with an annual household income equal to, or less than, the greater of— (A) an amount equal to 80 percent of the median income of the area in which the household is located, as reported by the Department of Housing and Urban Development; and (B) 200 percent of the Federal poverty line. (28) Private entity The term private entity means a corporation, partnership, company, or nonprofit organization. (29) Productivity The term productivity means the improved efficiency in the economy associated with investments in public and private infrastructure, calculated as the difference between— (A) the change in the value of total production; and (B) the change in the value of inputs going into production. (30) Public benefit The term public benefit means the clear and measurable benefit to society resulting from the use of the infrastructure project by the public with respect to which a project is carried out, or the improvement the infrastructure project provides in— (A) economic growth and productivity; (B) air and water quality; (C) energy savings; (D) high-wage jobs; (E) poverty reduction; or (F) Federal, State, and local revenues. (31) Public-private partnership The term public-private partnership means an agreement between an entity described in any of subparagraphs (A) through (H) of paragraph (19) and a private entity to finance, build, and maintain or operate an infrastructure project. (32) Revolving fund The term revolving fund means a fund or program established by a State or a political subdivision or other instrumentality of a State, the principal activity of which is to make loans, commitments, or other financial accommodations for the development of 1 or more categories of infrastructure projects. (33) Secretary The term Secretary means the Secretary of the Treasury. (34) State The term State means any of the several States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the United States Virgin Islands, the Commonwealth of the Northern Mariana Islands, and any other territory or possession of the United States. (35) Telecommunications infrastructure project The term telecommunications infrastructure project means any project involving infrastructure required— (A) to provide communications by wire (including fiber optic cable), wireless (including satellite, microwave, or beam), internet, or radio (including broadband); or (B) to enhance performance and security for that infrastructure (including networks and artificial intelligence). (36) Transportation infrastructure project The term transportation infrastructure project means any project for the construction, deferred maintenance, or enhancement, including security enhancement, of a highway, road, bridge, transit or intermodal system, inland waterway, commercial port, airport, high-speed or passenger rail, or rail track system. (37) Trust fund (A) In general The term trust fund means a delineated account in the books of the Bank, set up to receive and disburse grant money to fully or partially subsidize project loans to entities operating in disadvantaged communities. (B) Inclusions The term trust fund includes any trust fund receipts remaining from net operations of the Bank, a Federal grant disbursement, or a philanthropic or other gift from an individual or entity, as such a receipt becomes available. 202. Establishment of National Infrastructure Bank (a) Establishment of national infrastructure bank There is established a National Infrastructure Bank, which shall be a mixed-ownership Government corporation subject to chapter 91 of title 31, United States Code, except as otherwise provided in this Act. (b) Conforming amendment Section 9101(2) of title 31, United States Code, is amended by adding at the end the following: (K) the National Infrastructure Bank. . (c) National bank charter This Act shall serve as the charter for the Bank. (d) Responsibility of the Secretary The Secretary shall take such action as may be necessary to assist in the establishment of the Bank in accordance with this Act. 203. Purposes and authorizations (a) Purpose The purpose of National Infrastructure Bank shall be to facilitate efficient, long-term financing of infrastructure projects, business and economic growth, and new job creation in the United States. (b) Capitalization (1) In general The National Infrastructure Bank shall raise capital stock, in an amount approved by the Board, but not to exceed $500,000,000,000, to be held in the form of Treasury securities. (2) Subscription The capital stock shall be subscribed by— (A) public holders of outstanding Treasury securities of 3 years or greater maturity, or outstanding municipal bonds of States or municipalities of 5 years or greater maturity, who transfer such securities or bonds to the Bank in exchange for the capital stock; (B) paid-in share capital, paid in cash; and (C) the United States Treasury, as on-call subscriber to the Bank, in an amount up to $100,000,000,000 in 30-year United States Treasury bonds. (3) Capital adequacy ratio The Bank shall maintain risk-based capital of no less than 10 percent. (4) Limitation on purchase of newly issued public debt The Bank shall not purchase public debt of the United States, as newly issued, except for the purpose of rolling over the existing Treasury holdings of the Bank or to convert the proceeds of cash purchases of the preferred stock of the Bank into Treasury securities. (5) Assessments and phase-in of limitation on capital stock The accumulation of capital stock of the Bank shall be limited— (A) to no more than $150,000,000,000 by the end of its first full fiscal year of operations, following the end of which fiscal year the Board of Governors of the Federal Reserve System shall conduct an assessment of the operations of the Bank and report to Congress and the Board of the Bank concerning the ways in which the Bank is succeeding or falling short in fulfilling the purposes of this Act; (B) to no more than $300,000,000,000 by the end of its third full fiscal year, following the end of which fiscal year the Board of Governors of the Federal Reserve System shall conduct another assessment of the operations of the Bank and submit similar reports to those specified in subparagraph (A), noting in particular the adequacy of the response of the Bank to criticisms and recommendations included in the assessment conducted pursuant to subparagraph (A); (C) to no more than $500,000,000,000 by the end of its fifth full fiscal year, following the end of which fiscal year the Board of Governors of the Federal Reserve System shall conduct another assessment of the operations of the Bank and submit similar reports to those specified in subparagraphs (A) and (B), noting in particular the adequacy of the response of the Bank to criticisms and recommendations included in the assessments conducted pursuant to subparagraphs (A) and (B); and (D) thereafter to the full amount set forth in paragraph (1), with the Board of Governors of the Federal Reserve System conducting periodic assessments of the operations of the Bank and submitting similar reports to those specified in subparagraphs (A) through (C) following the end of each fifth fiscal year beginning with the tenth full fiscal year of the Bank. (c) Preferred stock (1) In general All subscribed capital shall be exchanged for an equivalent in preferred stock, or shares, in the Bank, callable only by the Bank at the current market value of the shares during a period of 20 years following finalization of a stock purchase agreement. Notwithstanding any other provision of law, a guarantee of redemption at the then current market price of the shares shall be included in the stock purchase agreement. Preferred shareholders shall have no voting rights in the Bank. (2) Dividends on preferred stock The Bank shall pay dividends on its preferred stock semiannually at the following rates: (A) For stock acquired in exchange for Treasury securities by an individual, by an entity that is not exempt from tax under section 501 of the Internal Revenue Code of 1986, or by the United States Treasury, the same annual rate as the Treasury security exchanged for the stock. (B) For stock acquired in exchange for securities by an organization that is exempt from tax under section 501 of the Internal Revenue Code of 1986, the same annual rate as the Treasury security exchanged for the stock plus ½ percent. (C) For stock purchased in exchange for cash by an individual or an entity that is not exempt from tax under section 501 of the Internal Revenue Code of 1986 and for stock acquired in exchange for municipal bonds, the same annual rate payable on Treasury bonds with a 30-year maturity purchased from the Treasury on the day the stock purchase agreement is finalized. (D) For stock purchased in exchange for cash by an organization that is exempt from tax under section 501 of the Internal Revenue Code of 1986, the same annual rate payable on Treasury bonds with a 30-year maturity on the day the stock purchase agreement is finalized plus ½ percent. (3) Acquisitions for other than cash or Treasury securities treated as acquisitions for cash For stock acquired in exchange for non-cash assets other than Treasury securities, the assets shall be liquidated by the Bank and the proceeds treated as a cash purchase of stock. (4) Authority to modify rates If the dividends provided for in paragraph (2) generate more or less investment in the preferred stock of the Bank than is needed to achieve and maintain the desired level of capital investment in the Bank, the directors of the Bank may reduce or increase the dividends provided for new acquisitions of preferred stock in 1 or more of subparagraphs (A) through (D) of paragraph (2) for such periods of time as the directors determine appropriate. (5) Priority and obligation of dividend payments Dividend payments on the preferred stock shall have priority over other uses of interest payments received by the Bank on its capital stock holdings of Treasury securities, and any such dividends owed in excess of the amount covered by these interest payments shall be guaranteed by the Bank in the stock purchase agreement. (d) Borrowed capital (1) In general The Bank is further authorized to raise borrowed capital for projects needs, or to meet its cash flow needs, by— (A) issuing bonds, with a fixed 5- to 10-year maturity; (B) maintaining a permanent, revolving discount line of credit account with the Board of Governors of the Federal Reserve System; and (C) borrowing from other banks or wholesale capital markets, under repurchase or other agreements, on a short-or medium-term basis, as determined by the chief financial officer and chief risk officers, with approval by the Board. (2) Definition In this subsection, the term bond means any bond issued in accordance with this Act— (A) the proceeds from the sale of which are to be used for expenditures incurred after the date of issuance with respect to any infrastructure project or other purpose, subject to such rules as the Bank may provide; (B) that is issued in registered form; (C) that has such terms, and carries interest in such an amount, as determined by the Bank; and (D) for which the payment of interest and principal with respect to the bond is the obligation of the Bank, and is backed by the full faith and credit of the United States. (e) Deposits Once chartered as a national bank, the Bank— (1) shall accept deposits from individuals, corporations, public entities, or any other source, into transaction deposit accounts on its books, and pay interest on those deposits, in an amount deemed appropriate by the Board; (2) may deposit its funds in any bank or other financial institution; and (3) may utilize the services of electronic transfer systems to transfer funds among any deposit accounts. (f) Loans (1) In general The Bank shall provide loans, in accordance with this Act, to entities, or enter into blended financing credit, for the financing, development, or operation of infrastructure projects. (2) Loan maturity The maturity of loans should match, to the extent possible, the maturity periods of anticipated profitability, economic stimulus, and projected useful life of projects financed by such loans. (3) Loan limit Total loans contracted by the Bank shall not exceed $5,000,000,000,000. (4) Interest charges on loans and other fees The Bank— (A) shall charge fixed-rate interest, fees, premiums, or discounts based on the risk associated with a loan made by the Bank, taking into consideration— (i) the price of Treasury obligations of a similar maturity or 1.6 percent per annum, whichever is greater; (ii) the credit rating of the borrowing entity if expressly published, or an assessment of the overall finances of the borrowing entity indicating an ability to service the loan; (iii) current and expected future economic conditions, including expected improvements in the economy and the borrowing entity’s finances resulting from the overall lending operations of the Bank; and (iv) whether the borrowing entity qualifies as a disadvantaged community, and an interest rate subsidy, subject to availability of funds; (B) may, in connection with a loan extended by the Bank, issue loan guarantees, insurance, coinsurance, and reinsurance to borrowing entities, insurance companies, financial institutions, or others, or groups thereof, and charge fees based on a similar risk analysis; and (C) may charge for the review of any project proposal in such amount as may be approved by the Board to cover the costs of such review. (5) Refinancing Subject to a full audit of the project and borrower, and subject to Board review, the Bank may extend the time limit for repayment of a loan, through renewal, substitution of new obligations, or otherwise, with the maximum time for such renewal to be approved by the Board. The Bank may make such further loans as necessary for project completion, or to assure loan repayment. (6) Limitations on loans The Bank may not— (A) provide loans to consumers or provide any other loans not described under this Act; or (B) engage in investment banking activities such as underwriting securities or trust management for customers. (g) Capital for loan disbursements Once chartered as a deposit-taking bank, the Bank is authorized to create funds in a deposit account in the name of a borrower, in accordance with the loan agreement, as each scheduled loan disbursement is made. The Bank shall draw up an aggregate loan disbursement plan, for the information of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System. (h) Net earnings After meeting current obligations, the Bank is authorized to use its earnings, and all moneys which have been or may hereafter be allocated to or borrowed by it, in the exercise of its functions. From those monies, the Bank shall set aside loan-loss provisions equal to a proportion of loan book value, as determined appropriate by the Board. Net earnings of the Bank, after setting aside loan-loss provisions and estimated forward cash flow needs, shall be used for the payment of dividends to the United States Treasury, in an annual amount to be determined by the Board. Any residual net earnings shall be deposited into a trust fund to subsidize loans for disadvantaged communities that are not able to repay infrastructure loans on normal loan terms, in a manner to be determined by the Board. Any direct Federal contributions from the budget for the purpose of subsidizing disadvantaged communities may also be added and utilized via the trust fund. (i) Loan-Loss provisions and Federal contingent liability In the event of any losses, as determined by the Board, incurred on loans, loan guarantees, insurance, or for capital investment and dividend payments on stock issues under this Act, they shall be borne by the Bank out of its loan-loss provisions. Any losses in excess thereof shall be borne by the Secretary of the Treasury. That excess shall be considered a contingent obligation backed by the full faith and credit of the United States Government. (j) Reserves The Bank shall maintain reserves against the transaction accounts of the Bank in such amount as the Board may determine appropriate, but not greater than 14 percent of the total transaction accounts of the Bank greater than $25,000,000. (k) Branches The Bank shall establish an office of lending and deposit in each city that has a Federal reserve bank, via the internet, and in any other location where the Board determines appropriate. 204. Formation of regional economic accelerator planning groups (a) In general The Bank, through the branch offices established under section 203(k), shall facilitate the organization of not fewer than 7 regional economic accelerator planning groups, which shall be defined by common economic, demographic, and infrastructure connectivities. (b) Duties The regional economic accelerator planning groups may— (1) organize by, and be composed of, State and local public sector officials, including through multijurisdictional or multistate agreements among agencies; (2) identify economic megaregions, which shall consist of hub cities, related towns and suburbs, manufacturing production corridors, and rural areas woven together into the communities where people of the United States live, work, and provide goods or services for movement within the region, and to other regions; (3) identify infrastructure needs and priorities for economics megaregions, with input from the American Society of Civil Engineers, and other trade, business, and industrial associations; (4) develop regional economic accelerator plans, including a pipeline of infrastructure projects and the strategic placement of those infrastructure projects, needed to improve supply chains, land use, and productivity within each economic megaregion, while seeking to include all communities; (5) define how those infrastructure projects will create energy savings, improve the environment, improve jobs and wages, create regional economic growth, and create growth in regional tax income; (6) identify where multijurisdictional agreements should be enacted or strengthened to improve the development of infrastructure projects that cross jurisdictional lines, such as transportation improvements along the northeast corridor, flood mitigation, water management to relieve drought conditions in southwestern States, or development of a national high-speed rail grid; (7) identify Federal, State, or local laws and regulations that should be streamlined to reduce infrastructure project costs and approval times, while maintaining environmental and safety objectives, and work towards streamlining those laws and regulations; (8) seek public input on the broad outlines of each regional infrastructure development plan; (9) provide the regional infrastructure development plans to the Bank to inform the Bank on the selection of infrastructure projects for financing; and (10) assist entities formulating and submitting projects for consideration of Bank financing on the definition, scope, selection criteria, and other factors under section 205 that will be considered in the approval process. 205. Eligibility criteria for assistance from the Bank (a) In general Subject to subsection (e), the Bank may provide financial assistance to an entity for an infrastructure project if the project— (1) meets the criteria described in, and requirements of, this Act; (2) has local, regional, or national significance; and (3) is in the public interest. (b) Applications To be considered for financial assistance from the Bank for an infrastructure project, an entity shall submit to the Bank an application at such time, in such manner, and containing such information as the Bank may require in accordance with subsection (c). (c) Guidelines for infrastructure projects The Executive Committee and the Board shall establish standard operating procedures and develop online application procedures for financial assistance from the Bank. (d) Criteria (1) In general The Board shall evaluate and rate each application received under subsection (b) based on the factors appropriate for the type of the infrastructure project, including— (A) the consistency of the infrastructure project with a regional infrastructure development plan that builds connectivity in the project area and beyond, so that maximum growth is achieved while leaving no community behind; (B) the results of a life-cycle projection of the benefits, as compared to costs, of the infrastructure project that incorporates the factors described in subparagraphs (C) through (L); (C) the extent to which the infrastructure project would promote economic growth, including private sector-led growth associated with the infrastructure project; (D) the extent to which the infrastructure project contributes to job creation, including fair and responsible employment practices and workforce development to train workers in new skills, including by union apprentice programs to train new hires; (E) the extent to which the infrastructure project provides environmental and public health benefits, including a reduction in greenhouse gases, water pollution, and air pollution, and the removal of lead and other hazardous materials; (F) whether the applicant has a demonstrated ability to contract for design, construction, operation, and maintenance of the infrastructure project throughout its estimated useful life, including by defining project objectives, selecting experienced project managers, and utilizing performance-based monitoring; (G) whether the applicant has demonstrated an understanding of the strategic importance of bundling, sequencing, and correctly sizing projects, and adopting value design and procurement procedures, so as to realize long-term cost savings through a principle known as dig, build, expand, or improve only once ; (H) whether the applicant has demonstrated an understanding of the importance of innovative and state-of-the-art technologies that achieve project reliability, efficiency, resiliency, sustainability, security, and public safety; (I) the extent to which the infrastructure project preserves and repurposes existing infrastructure and rationally connects to other categories of existing or planned infrastructure projects; (J) the extent to which the infrastructure project promotes the domestic production of construction inputs needed for projects that receive financial assistance from the Bank; (K) a categorical benefit as described in paragraph (2); and (L) any other criteria as determined by the Board. (2) Categorical benefit A categorical benefit referred to in paragraph (1)(K) is— (A) for a transportation infrastructure project— (i) a reduction in surface and air traffic congestion, by road, transit, passenger rail, freight rail, port or inland water travel, or air travel, as measured by reductions in transit, boarding, and total trip times; (ii) an anticipated increase in capacity for existing and expected new ridership or transport use, including by high-speed rail; (iii) a reduction in risks from maintenance decline, or structural failure, over the service life of the project; (iv) the coordination of improvements in commuter passenger operations, freight transport, and new community design, with the demographics of population, economic production, and trade hubs according to a regional infrastructure plan; (v) an overall decline in greenhouse gas emissions from surface and air transportation infrastructure projects financed by the Bank; (vi) an increase in access to affordable transportation options, to improve access to jobs, affordable housing, schools, medical services, food and other essential community services; or (vii) improvements in safety for users, passengers, and operators, as measured by a reduction in fatalities and serious injuries; (B) for an environmental infrastructure project— (i) increased coastal and inland flood mitigation and protection; (ii) improvements in drinking water, wastewater, or stormwater systems, through the repair, expansion or replacement of those systems; (iii) a reduction in risk to any public infrastructure from structural failure, or damage, due to weather-related events, cyber or physical attacks, or catastrophic wildfires; or (iv) environmental improvements from the removal of hazardous wastes or chemical pollutants; (C) for an energy infrastructure project— (i) development of a system that provides for any of the smart grid functions described in section 1306(d) of the Energy Independence and Security Act of 2007 ( 42 U.S.C. 17386(d) ) (commonly known as a smart grid ), with modern security and resiliency systems; (ii) expansion of transmission and distribution capacity to cover new generation suppliers, including a macrogrid overlay to transport power from renewable sources, and new generation demand, including from global warming, or the electrification of vehicles or rail transport systems; (iii) enhancement of systems to balance electricity supply and demand, curtail peak demand, restore power outages, or coordinate operating procedures among power-supplying entities; or (iv) energy-efficient buildings, including clean energy designated retrofits; (D) for a telecommunications infrastructure project— (i) completion of, or improvement in, broadband and wireless access and affordability in rural and disadvantaged communities not served by the private sector; or (ii) improvement of the global telecommunication satellite network; and (E) for a community development infrastructure project— (i) promotion of economic growth and poverty reduction; (ii) modernization of local land use policies, including those that promote transit-oriented development and location efficiency; (iii) expansion in the provision of public housing, or publicly assisted affordable housing, to provide long-term affordability in targeted, disadvantaged communities, for families and persons with incomes equivalent to those currently assisted, and improvement in the physical condition of that housing; (iv) replacement of schools that have reached their service lifetime or expansion of school facilities with growing populations or to house new programs for workforce development; or (v) improvements in national, State, and local parks and recreation facilities and related open space land management. (3) Stimulation of domestic production If the Bank determines that any type of iron, steel, manufactured product, or construction material is not produced in the United States in sufficient and reasonably available quantities or of a satisfactory quality to meet the infrastructure needs in the United States, the Bank may solicit loan applications for projects to increase or improve the domestic production of that iron, steel, manufactured product, or construction material. (4) Lender of last resort In selecting infrastructure projects to receive financial assistance from the Bank, the Board shall also lend for— (A) an infrastructure project in an area of high unemployment or a disadvantaged community, including a workforce development plan to train workers in new skills and connect those workers with job openings financed by the Bank; and (B) an infrastructure project— (i) that leverages or complements Federal, State, local, and private financing; or (ii) for which the applicant demonstrates that the additional capital could not be obtained from commercial sources at reasonable financing costs. (e) Exclusions The Bank may not provide financial assistance for any infrastructure project that subsidizes or otherwise encourages the sale or lease of infrastructure currently owned or controlled by an entity described in subparagraphs (A) through (G) of section 201(19), or will result in the private control or operation of infrastructure currently owned or controlled by such an entity under any agreement, including a public-private partnership. (f) Employee protections The Bank may not provide financial assistance for an infrastructure project involving reconstruction, rehabilitation, replacement, or expansion that may impact current employees on the project site, until the entity submitting an application for an infrastructure project certifies to the Bank that the entity is in compliance with section 213 with respect to the interests of employees affected by the financial assistance. (g) Emergency procedures (1) In general During the period described in paragraph (2), the Board may waive such selection criteria and procedures as the Board determines to be necessary in order to provide loans more quickly for infrastructure projects— (A) that reduce unemployment; (B) that address the backlog of critical, shovel-ready projects for which preliminary engineering or permitting is already completed; or (C) that address a critical safety or other public need. (2) Period described The period referred to in paragraph (1) is the period beginning on the date of enactment of this Act and ending on the later of— (A) 1 year after the date on which the Bank begins operations; and (B) the date on which the Bank has provided a total of $500,000,000,000 in loans. 206. Board of Directors (a) In general The Bank shall have a Board of Directors consisting of 25 members, appointed by the President by and with the advice and consent of the Senate. (b) Qualifications The members of the Board shall include individuals representing different regions of the United States, of whom— (1) 12 shall have not less than 15 years of industrial and engineering experience; (2) 1 shall be a representative of the AFL–CIO; (3) 2 shall be representatives of North America’s Building Trades Unions; (4) 2 shall be representatives of the Corps of Engineers; (5) 2 shall have State and local public sector experience; (6) 2 shall have finance experience; (7) 2 shall have economic development experience; and (8) 2 shall represent minority communities or disadvantaged communities. (c) Chairperson and vice chairperson At the time of appointment, the President shall designate— (1) 1 member of the Board to serve as chairperson; and (2) 1 member of the Board to serve as vice chairperson. (d) Terms (1) In general Except as provided in paragraph (2), each member shall be appointed for a term of 6 years. (2) Initial staggered terms Of the initial members of the Board— (A) the chairperson and vice chairperson shall each be appointed for terms of 6 years; (B) 12 shall be appointed for a term of 4 years; and (C) 11 shall be appointed for a term of 2 years. (e) Congressional recommendations Not later than 30 days after the date of enactment of this Act, the majority leader of the Senate, the minority leader of the Senate, the Speaker of the House of Representatives, and the minority leader of the House of Representatives shall each submit to the President a recommendation for appointment of a member of the Board, after consultation with the appropriate committees of Congress. (f) Date of initial nominations The initial nominations by the President for appointment of members to the Board shall be made not later than 60 days after the date of enactment of this Act. (g) Vacancies (1) In general A vacancy on the Board shall be filled in the manner in which the original appointment was made. (2) Appointment to replace during term A member of the Board appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of the member was appointed shall be appointed only for the remainder of the term. (3) Duration A member of the Board may serve after the expiration of the term of the member until a successor has taken office. (h) Quorum At the time of any Board meeting, 75 percent of the members confirmed by the Senate (rounded down to a whole number) shall constitute a quorum. (i) Reappointment A member of the Board may be reappointed by the President in accordance with this section. (j) Per diem reimbursement Members of the Board shall serve on a part-time basis and shall receive a per diem when engaged in the actual performance of Bank business, plus reasonable reimbursement for travel, subsistence, and other necessary expenses incurred in the performance of their duties. (k) Limitations A member of the Board may not participate in any review or decision affecting a project under consideration for assistance under this Act if the member has, or is affiliated with a person who has, an interest in the project. (l) Responsibilities The Board shall— (1) as soon as practicable after the date on which the last member is appointed, establish an Executive Committee, risk management committee and audit committee pursuant to this Act; (2) not later than 180 days after the date on which the last member is appointed, develop and approve the bylaws of the Bank, and publish those bylaws in the Federal Register, including bylaws for the regulation of the affairs and conduct of the business of the Bank, consistent with the purpose, goals, objectives, and policies described in this Act; (3) ensure that the Bank is at all times operated in a manner that is consistent with this Act, by— (A) monitoring and assessing the effectiveness of the Bank in achieving strategic goals; (B) periodically reviewing internal policies submitted by the chief executive officer; (C) reviewing and approving annual business plans, annual budgets, and long-term strategies submitted by the chief executive officer; (D) reviewing and approving annual reports submitted by the chief executive officer; (E) reviewing risk management and audit practices of the Bank; and (F) reviewing and approving all changes to the organization of the Bank; and (4) establishing such other criteria, requirements, and procedures as the Board may consider to be appropriate in carrying out this Act. (m) Meetings (1) Open to the public; notice All meetings of the Board held to conduct the business of the Bank shall be open to the public and shall be preceded by reasonable notice. (2) Initial meeting The Board shall meet— (A) not later than 90 days after the date on which the last member is appointed; and (B) at the call of the chairperson. (3) Exception for closed meetings (A) In general Pursuant to such rules as the Board may establish through bylaws, the members may close a meeting of the Board if, at the meeting, there is likely to be disclosed information that could adversely affect or lead to speculation— (i) relating to an infrastructure project under consideration for assistance under this Act; or (ii) in financial, securities, or commodities markets or institutions, utilities, or real estate. (B) Notice The determination to close any meeting of the Board shall be made in a meeting of the Board, open to the public, and preceded by reasonable notice. (C) Minutes The Board shall prepare minutes of any meeting that is closed to the public and make those minutes available as soon as the considerations necessitating the closure of the meeting no longer apply. 207. Powers and limitations of the Board (a) Powers In order to carry out the purposes of the Bank as described in this Act, the Board shall be responsible for the approval and monitoring of infrastructure projects, and shall have the following powers: (1) To make senior and subordinated direct loans on such terms as the Board may determine to be appropriate to assist in the financing or refinancing of an infrastructure project. (2) Subject to the availability of funding, to develop specialized loan programs, such as a disadvantaged communities loan program, or a community cooperative startup, that provide project financing on flexible repayment terms. (3) To make loan guarantees on such terms as the Board may determine to be appropriate to assist in the financing or refinancing of an infrastructure project. (4) To issue bonds to provide financing for infrastructure projects from amounts made available from the issuance of those bonds. (5) To make agreements and contracts with any entity in furtherance of the business of the Bank. (6) To approve infrastructure loans financed in whole or in part by the Bank after receiving recommendations from the Executive Committee. (7) To monitor infrastructure projects financed in whole or in part by the Bank after receiving assessments from the Executive Committee. (8) To sue and be sued in the Bank’s corporate capacity in any court of competent jurisdiction, except that no attachment, injunction, or similar process, may be issued against the property of the Bank or against the Bank with respect to such property. (9) To indemnify the members of the Board and officers of the Bank for liabilities arising out of the actions of the Board and officers of the Bank in such capacity, in accordance with, and subject to the limitations contained in, this Act. (10) To serve as the primary liaison between the Bank and Congress, the executive branch, and State and local governments, and to represent the interests of the Bank. (11) To exercise all other lawful powers that are necessary or appropriate to carry out, and are consistent with, the purposes of the Bank. (b) Coordination with State and local regulatory authorities The provision of financial assistance by the Board pursuant to this Act shall not— (1) limit the right of any State or political subdivision or other instrumentality of a State to approve or regulate rates of return on private equity invested in an infrastructure project; or (2) otherwise supersede any State law or regulation applicable to an infrastructure project. (c) Federal personnel requests (1) In general The Board may request the detail, on a reimbursable basis, of personnel from other Federal agencies with specific expertise not available from within the Bank, including personnel with experience in the selection process for competitive awards from— (A) the Corps of Engineers; (B) the Department of Transportation; (C) the Department of Labor; (D) the Department of Housing and Urban Development; (E) the Environmental Protection Agency; (F) the Department of the Treasury; (G) the Department of Commerce; and (H) other relevant Federal agencies. (2) Detail The head of any Federal agency— (A) may detail, on a reimbursable basis, any personnel of the agency requested by the Board; and (B) shall not withhold unreasonably the detail of any personnel requested by the Board. 208. Executive Committee (a) In general The Board shall establish an Executive Committee consisting of 9 members, including— (1) the chief executive officer, who shall serve as the head of the Executive Committee; (2) the chief risk officer; (3) the chief operations officer; (4) the chief loan origination officer; (5) the chief compliance officer; (6) the chief financial officer; (7) the chief treasury officer; (8) the chief asset and liability management officer; and (9) the general counsel. (b) Appointments A majority of the Board shall have the authority— (1) to appoint the members of the Executive Committee; and (2) to define the duties of each member of the Executive Committee in accordance with this Act, the bylaws of the Bank, and requirements of the Board. (c) Qualifications Each member of the Executive Committee and all loan origination officers of the Bank shall have extensive experience and expertise in retail banking, and in 1 or more of the following: (1) Transportation infrastructure. (2) Environmental infrastructure. (3) Energy infrastructure. (4) Telecommunications infrastructure. (5) Public housing and urban or rural development. (6) Economic development. (7) Workforce development. (8) Public finance. (d) Duties of Chief Executive Officer The chief executive officer shall have responsibility for the development and implementation of the strategy of the Bank, including— (1) the development and submission to the Board of the annual business plans and budget; (2) the development and submission to the Board of a long-term strategic infrastructure development plan that is consistent with regional plans presented to the Bank by regional economic accelerator planning groups established under section 204; and (3) the development, revision, and submission to the Board of other internal policies of the Bank. (e) Duties of Executive Committee In order to carry out the purposes of the Bank, the Executive Committee shall— (1) establish and submit to the Board for approval disclosure and application procedures for entities submitting applications for infrastructure projects for assistance under this Act; (2) establish and submit to the Board for approval standardized terms and conditions, fee schedules, or legal requirements of a contract or program to carry out this Act; (3) establish and submit to the Board for approval guidelines for the selection and approval of infrastructure projects and specific criteria for determining eligibility for project selection, subject to the general criteria provided in section 205; (4) accept for consideration project proposals from entities for the development of infrastructure projects in accordance with this Act; (5) provide recommendations to the Board and place project proposals accepted by the Executive Committee on a list for consideration for financial assistance from the Board; and (6) establish a plan, and build capacity within the Bank, to provide technical assistance to State and local governments, regional economic accelerator planning groups established under section 204, joint ventures, regional economic accelerator agencies, and other borrowing entities on— (A) the borrowing procedures and selection criteria of the Bank; (B) the development of a pipeline of projects suitable for financing that meet the selection criteria developed by the Bank; (C) the development of specialized institutional structures and cross-regional planning to help in the planning of complex projects; (D) best practices for design, construction, and management, including those identified in global infrastructure databases; (E) contract evaluation methods, including procurement value-for-money options; and (F) institution strengthening relating to the management of projects and work contracts, including through performance-based project delivery. (f) Vacancy A vacancy on the Executive Committee shall be filled in the manner in which the original appointment was made. (g) Compensation The compensation of a member of the Executive Committee shall be determined by the Board. (h) Removal A member of the Executive Committee may be removed at the discretion of a majority of the Board. (i) Term A member of the Executive Committee shall serve a term of 6 years and may be reappointed in accordance with this section. (j) Limitations (1) In general During the period described in paragraph (2), a member of the Executive Committee may not— (A) hold any other public office; (B) have any interest in an infrastructure project considered by the Board; or (C) have any interest in an entity seeking financial assistance from the Bank for any infrastructure project. (2) Period described The period referred to in paragraph (1) is the period— (A) beginning on the date on which the member of the Executive Committee is appointed; and (B) ending on the date on which the member ceases to serve on the Executive Committee. 209. Risk management committee (a) Establishment The Board, in consultation with the chief loan origination officer, shall establish a risk management committee consisting of 5 members, headed by the chief risk officer. (b) Appointment A majority of the Board shall have the authority— (1) to appoint the members of the risk management committee; and (2) to define the duties of the chief risk officer and each remaining member of the risk management committee in accordance with this Act, the bylaws of the Bank, and requirements of the Board. (c) Qualifications Each member of the risk management committee shall have demonstrated experience and expertise in 1 or more of the following: (1) Treasury and asset and liability management. (2) Investment regulations. (3) Insurance. (4) Credit risk management and credit evaluations. (5) Infrastructure development projects. (d) Duties of chief risk officer The chief risk officer shall— (1) have such functions, powers, and duties as may be prescribed by this Act, the bylaws of the Bank, and the Board; and (2) report directly to the Board. (e) Duties of risk management committee The risk management committee shall— (1) develop overarching financial, credit, and operational risk management guidelines and policies to be adhered to by the Bank; (2) develop conforming standards for loan agreements to ensure diversification of lending activities by geographic region, infrastructure project type, and inclusion of rural and disadvantaged communities; (3) ensure compliance with Federal and State laws referred to in section 213; (4) develop specific plans for all financial assistance provided by the Bank, including subsidy programs for disadvantaged communities and the inclusion of minorities, women, and indigenous people, and disadvantaged business participation in infrastructure projects financed by the Bank in accordance with section 213; (5) monitor the overall financial, credit, and operational exposure of the Bank; (6) establish a standing subcommittee to perform regular credit evaluations and report on large infrastructure loans extended by the Bank to monitor compliance with terms and attainment of performance targets contained in loan agreements; and (7) provide financial recommendations to the Board for approval. (f) Vacancy A vacancy on the risk management committee shall be filled in the manner in which the original appointment was made. (g) Compensation The compensation of a member of the risk management committee shall be determined by the Board. (h) Removal A member of the risk management committee may be removed at the discretion of a majority of the Board. (i) Term A member of the risk management committee shall serve a term of 6 years and may be reappointed in accordance with this section. (j) Limitations (1) In general During the period described in paragraph (2), a member of the risk management committee may not— (A) hold any other public office; (B) have any interest in an infrastructure project considered by the Board; or (C) have any interest in an investment institution, commercial bank, or other entity seeking financial assistance from the Bank for any infrastructure project. (2) Period described The period referred to in paragraph (1) is the period— (A) beginning on the date on which the member of the risk management committee is appointed; and (B) ending on the date on which the member ceases to serve on the risk management committee. 210. Audit committee (a) In general The Bank shall establish an audit committee consisting of 5 members, headed by the chief compliance officer. (b) Appointment A majority of the Board shall have the authority— (1) to appoint the members of the audit committee; and (2) to define the duties of the chief compliance officer and each remaining member of the audit committee in accordance with this Act, the bylaws of the Bank, and requirements of the Board. (c) Qualifications Each member of the audit committee shall have demonstrated experience and expertise in 1 or more of the following: (1) Internal auditing. (2) Internal investigations. (3) Accounting practices. (4) Financing practices. (d) Duties of chief compliance officer The chief compliance officer shall— (1) have such functions, powers, and duties as may be prescribed by this Act, the bylaws of the Bank, and the Board; and (2) report directly to the Board. (e) Duties of audit committee The audit committee shall— (1) provide internal controls and internal auditing activities for the Bank; (2) maintain responsibility for the accounting activities of the Bank; (3) conduct internal investigations of the business activities of the Bank; (4) issue financial reports of the Bank; and (5) complete reports with outside auditors and public accountants appointed by the Board. (f) Vacancy A vacancy on the audit committee shall be filled in the manner in which the original appointment was made. (g) Compensation The compensation of a member of the audit committee shall be determined by the Board. (h) Removal A member of the audit committee may be removed at the discretion of a majority of the Board. (i) Term A member of the audit committee shall serve a term of 6 years and may be reappointed in accordance with this section. (j) Limitations (1) In general During the period described in paragraph (2), a member of the audit committee may not— (A) hold any other public office; (B) have any interest in an infrastructure project considered by the Board; or (C) have any interest in an investment institution, commercial bank, or other entity seeking financial assistance from the Bank for any infrastructure project. (2) Period described The period referred to in paragraph (1) is the period— (A) beginning on the date on which the member of the audit committee is appointed; and (B) ending on the date on which the member ceases to serve on the audit committee. 211. Personnel (a) Compensation; duties The chairperson of the Board, chief executive officer, chief risk officer, and chief compliance officer shall appoint, remove, fix the compensation of, and define the duties of such qualified personnel to serve the Board, Executive Committee, risk management committee, or audit committee, as applicable, as necessary and prescribed by this Act, the bylaws of the Bank, and the Board. (b) Nondiscrimination and equal opportunity employment (1) In general The Bank shall not discriminate on the basis of race, religion, color, national origin, age, physical or mental handicap or disability, medical condition, marital status, sex, sexual orientation, gender identity, pregnancy, or ethnic or social origin against any employee or applicant for employment. (2) Inclusions Paragraph (1) shall apply to, at a minimum, employment, upgrading, demotion or transfer, recruitment or recruitment advertising, layoff or termination, rates of pay or other forms of compensation, and selection for training, including apprenticeship. 212. Special Inspector General for the National Infrastructure Bank (a) In general Beginning on the date on which the President appoints a Special Inspector General for the Bank (referred to in this section as the Special Inspector General ) under subsection (b), there is established an Office of the Special Inspector General for the Bank. (b) Appointment of inspector general; removal (1) Appointment The Special Inspector General for the Bank shall be appointed by the President, by and with the advice and consent of the Senate. (2) Basis of appointment The appointment of the Special Inspector General shall be made on the basis of integrity and demonstrated ability in accounting, auditing, financial analysis, law, management analysis, public administration, or investigations. (3) Timing of nomination The nomination of an individual as Special Inspector General shall be made as soon as practicable after the date of enactment of this Act. (4) Removal The Special Inspector General shall be removable from office in accordance with the provisions of section 403(b) of title 5, United States Code. (5) Rule of construction For purposes of section 7324 of title 5, United States Code, the Special Inspector General shall not be considered an employee who determines policies to be pursued by the United States in the nationwide administration of Federal law. (6) Rate of pay The annual rate of basic pay of the Special Inspector General shall be the annual rate of basic pay for an Inspector General under section 403(e) of title 5, United States Code. (c) Duties The Special Inspector General shall— (1) conduct, supervise, and coordinate audits and investigations of the business activities of the Bank; (2) establish, maintain, and oversee such systems, procedures, and controls as the Special Inspector General considers appropriate to discharge the duty under paragraph (1); and (3) carry out any other duties and responsibilities of inspectors general under chapter 4 of title 5, United States Code. (d) Powers and authorities (1) In general In carrying out the duties specified in subsection (c), the Special Inspector General shall have the authorities provided in section 406 of title 5, United States Code. (2) Additional authority The Special Inspector General shall carry out the duties specified in subsection (c)(1) in accordance with section 404(b)(1) of title 5, United States Code. (e) Personnel, facilities, and other resources (1) Additional officers (A) In general The Special Inspector General may select, appoint, and employ such officers and employees as may be necessary for carrying out the duties of the Special Inspector General, subject to the provisions of title 5, United States Code, governing appointments in the competitive service, and the provisions of chapter 51 and subchapter III of chapter 53 of such title, relating to classification and General Schedule pay rates. (B) Employment and compensation The Special Inspector General may exercise the authorities of subsections (b) through (i) of section 3161 of title 5, United States Code (without regard to subsection (a) of that section). (2) Retention of services The Special Inspector General may obtain services as authorized by section 3109 of title 5, United States Code, at daily rates not to exceed the equivalent rate prescribed for grade GS–15 of the General Schedule by section 5332 of such title. (3) Ability to contract for audits, studies, and other services The Special Inspector General may enter into contracts and other arrangements for audits, studies, analyses, and other services with public agencies and with private persons, and make such payments as may be necessary to carry out the duties of the Special Inspector General. (4) Request for information (A) In general Upon request of the Special Inspector General for information or assistance from any department, agency, or other entity of the Federal Government, the head of that entity shall, insofar as is practicable and not in contravention of any existing law, furnish the information or assistance to the Special Inspector General or an authorized designee. (B) Refusal to comply If information or assistance requested by the Special Inspector General is, in the judgment of the Special Inspector General, unreasonably refused or not provided, the Special Inspector General shall report the circumstances to the Secretary, without delay. (f) Reports (1) Annual report Not later than 1 year after the date on which the Special Inspector General is confirmed, and every calendar year thereafter, the Special Inspector General shall submit to the President and appropriate committees of Congress a report summarizing the activities of the Special Inspector General during the previous 1-year period ending on the date on which such report is required. (2) Public disclosures Nothing in this subsection authorizes the public disclosure of information that is— (A) specifically prohibited from disclosure by any other provision of law; (B) specifically required by Executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs; or (C) a part of an ongoing criminal investigation. 213. Status and applicability of certain Federal and State laws (a) Compliance with Federal and State laws (1) In general The Bank, any entity that receives financial assistance from the Bank, and any contractor or subcontractor that receives funds from financial assistance provided by the Bank shall comply with all applicable Federal and State laws, including this section. (2) Agreements The Bank shall require that an entity that receives financial assistance from the Bank shall— (A) confirm compliance with applicable Federal and State laws in a loan agreement between the Bank and the entity; and (B) ensure, through a written agreement, that contractors and subcontractors used by the entity for an infrastructure project carried out with that financial assistance are in compliance with applicable Federal and State laws. (b) Compliance with Davis-Bacon Act (1) In general All laborers and mechanics employed by contractors and subcontractors on infrastructure projects funded directly by or assisted in whole or in part by or through the Bank pursuant to this Act shall be paid wages at rates not less than those prevailing on projects of a character similar in the locality as determined by the Secretary of Labor in accordance with subchapter IV of chapter 31 of title 40, United States Code. (2) Labor standards With respect to the labor standards described in paragraph (1), the Secretary of Labor shall have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title 40, United States Code. (c) Compliance with project labor agreements (1) In general (A) Covered States Any recipient of financial assistance from the Bank in a covered State shall, for purposes of an infrastructure project funded by such financial assistance, be a party to a project labor agreement with an applicable labor organization. (B) States that are not covered States Any recipient of financial assistance from the Bank in a State that is not a covered State shall, for purposes of the infrastructure project funded by such financial assistance, permit voluntary collective bargaining with respect to becoming a party to a project labor agreement. (2) Definitions For purposes of this subsection: (A) Covered States The term covered State means a State in which— (i) the laws of such State permit an entity to require project labor agreements; or (ii) the total amount of all construction contracts financed by the Bank in such State is not less than $35,000,000. (B) Project labor agreement The term project labor agreement means a pre-hire collective bargaining agreement with one or more labor organizations that establishes the terms and conditions of employment for a specific construction project and is described in section 8(f) of the National Labor Relations Act ( 29 U.S.C. 158(f) ). (d) Buy America requirement Section 70914 of the Infrastructure Investment and Jobs Act ( 41 U.S.C. 8301 note; Public Law 117–58 ) shall apply to the Bank, including financial assistance provided by the Bank. (e) Nondiscrimination (1) In general For the purpose of applying the prohibitions against discrimination on the basis of age under the Age Discrimination Act of 1975 ( 42 U.S.C. 6101 et seq. ), of disability under section 504 of the Rehabilitation Act of 1973 ( 29 U.S.C. 794 ), on the basis of sex under title IX of the Education Amendments of 1972 ( 20 U.S.C. 1681 et seq. ), programs and activities funded or otherwise financially assisted in whole or in part under this Act by the Bank, directly or indirectly, are considered to be education programs and activities receiving Federal financial assistance. (2) Compliance with Civil Rights Act of 1964 The Bank, along with contractors and subcontractors on infrastructure projects funded directly by, or assisted in whole or in part by the Bank, shall comply with titles VI and VII of the Civil Rights Act of 1964 as to hiring and awarding contracts to build projects. The Bank shall implement such titles, in part, by including language in loan agreements to require contracted work financed in whole or in part by the Bank to include an equal opportunity clause as set out in section 60–1.4 of title 41 of the Code of Federal Regulations. (f) Minority, women, and disadvantaged business enterprise participation For each fiscal year, the Bank shall ensure that not less than 10 percent of the financial assistance provided by the Bank is expended through small business concerns owned and controlled by socially and economically disadvantaged individuals or qualified HUBZone small business concerns (as those terms are defined in section 47113(a) of title 49, United States Code). (g) Local hiring preference (1) In general In providing financial assistance under this Act, the Bank shall ensure that recipients of financial assistance from the Bank implement a local, rural, or other geographic or economic hiring preference relating to the use of labor for construction of an infrastructure project funded by the assistance, including prehire agreements, subject to any applicable State and local laws, policies, and procedures, in partnership with a registered apprenticeship program (as defined in section 3131(e)(3)(B) of the Internal Revenue Code of 1986), if applicable, or with a State board or local board (as those terms are defined in section 3 of the Workforce Innovation and Opportunity Act ( 29 U.S.C. 3102 )). (2) Priority In carrying out paragraph (1), the Bank shall ensure that recipients of financial assistance from the Bank give priority in hiring to— (A) individuals with a barrier to employment (as defined in section 3 of the Workforce Innovation and Opportunity Act ( 29 U.S.C. 3102 )), including ex-offenders and disabled individuals; (B) veterans; and (C) individuals that represent populations that are traditionally underrepresented in the infrastructure workforce, such as women and racial and ethnic minorities. (h) Infrastructure planning, coordination and nonduplication To the maximum extent practicable, the Bank shall ensure that activities of the Bank are coordinated with, and do not duplicate the efforts of, any Federal or State department or agency. (i) State and local permits The provision of financial assistance by the Bank with respect to an infrastructure project does not relieve any recipient of the assistance of any obligation to obtain required State and local permits and approvals with respect to the infrastructure project. 214. Exemption from certain laws (a) No budget authority for contracts or loans Section 504(b) of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661c(b) ) shall not apply to any contract or loan under this Act. (b) No priority as a Federal claim Section 3713 of title 31, United States Code, shall not apply with respect to any indebtedness of the Bank. 215. Relations with local financial institutions (a) Complementary provision of services (1) In general Except as provided in subsection (b), the Bank— (A) shall conduct loan activities in partnership with local financial institutions; and (B) shall not compete with local financial institutions. (2) Partnership A partnership under paragraph (1)(A) may include the participation of a local financial institution in loan requests, loan monitoring, or blended financing of project loans. (b) Exception The Bank may engage in loan activities without partnering with a local financial institution if those loan activities are not offered or provided by local financial institutions in the jurisdiction in which the loan is being provided. (c) Bank as a clearinghouse For local financial institutions that make the Bank a reserve depositary, the Bank may perform the functions and render the services of a clearinghouse, including all facilities for providing domestic and foreign exchange, or rediscounting paper on such terms as the Board shall provide. 216. Audits; reports to President and Congress (a) Accounting The books of account of the Bank shall be— (1) maintained in accordance with generally accepted accounting principles as used in the United States; and (2) subject to an annual audit by independent public accountants of nationally recognized standing, to be appointed by the Board. (b) Reports (1) Board Not later than 90 days after the end of each fiscal year, the Board shall submit to the President and Congress a complete and detailed report with respect to the preceding fiscal year that describes— (A) a summary of the operations of the Bank; (B) a schedule of the obligations of the Bank that are outstanding at the end of that preceding fiscal year, with a statement of the amounts issued and redeemed or paid during that preceding fiscal year; and (C) the status of infrastructure projects that have received funding or other assistance pursuant to this Act, including disclosure of all entities with a development, ownership, or operational interest in those infrastructure projects. (2) GAO Not later than 5 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to Congress a report evaluating activities of the Bank that includes an assessment of the impact and benefits of each funded infrastructure project, including a review of how effectively each infrastructure project accomplished the goals prioritized by the project criteria of the Bank. (c) Books and records (1) In general The Bank shall maintain adequate books and records to support the financial transactions of the Bank with a description of financial transactions and infrastructure projects receiving funding, and the amount of funding for each infrastructure project maintained on a publicly accessible database. (2) Public comment period The Bank shall provide a period of not less than 30 days for public comment on each infrastructure financing agreement posted on the database referred to in paragraph (1) before providing final financing for the infrastructure project. (3) Audits by the secretary and GAO The books and records of the Bank shall be open to inspection by the Secretary and the Comptroller General of the United States. 217. Budgetary effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage. 218. Authorization of appropriations There is authorized to be appropriated $50,000,000 for each of fiscal years 2025 and 2026 for the initial organization of the Bank, the Board, and Bank staff.