[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6422 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 6422
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 31, 2020
Mr. Danny K. Davis of Illinois (for himself and Mr. Moulton) introduced
the following bill; which was 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
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``National Infrastructure Bank Act of
2020''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Throughout our Nation's history, national banks have
played a crucial role in financing our Nation's public
infrastructure, which in turn contributed to the United States
becoming the world's leading producing nation.
(2) Canals, the Transcontinental Railroad, the Hoover Dam,
rural electrification, and the national system of roads and
bridges are all examples of investments in infrastructure that
created the conditions for improved productivity, job creation,
and economic growth.
(3) Four previous national banks financed such
infrastructure, each according to a development plan: The First
(1791-1811) and Second (1816-1836) Banks of the United States,
President Lincoln's national banking system, and President
Franklin Roosevelt's Reconstruction Finance Corporation (1932-
1957).
(4) However, according to the American Society of Civil
Engineers (ASCE) in a 2017 report, the current condition of the
infrastructure in the United States earns a grade point average
of D+, and an estimated $4,590,000,000,000 investment is needed
by 2025 to bring the following systems to a state of good
repair (amounts in parentheses):
(A) Roads, bridges, and transit
($2,042,000,000,000).
(B) Electricity grids ($934,000,000,000).
(C) Schools ($870,000,000,000).
(D) Dams, levees, waterways, and ports
($162,000,000,000).
(E) Airports ($157,000,000,000).
(F) Rail ($154,000,000,000).
(G) Drinking water and wastewater systems
($150,000,000,000).
(H) Public parks and recreation ($114,000,000,000).
(I) Hazardous and solid waste ($7,000,000,000).
(5) In addition, expanded investment is needed in new
manufacturing centers, affordable housing, broadband access,
science and technology drivers, to accommodate population
growth and migration, and for other improvements in rural,
urban, and low-income areas that the private sector is not
currently serving.
(6) Although Federal grant programs, along with matching
State and local funding, should continue to play a central role
in financing infrastructure in the United States, current and
foreseeable demands on existing Federal, State, and local
budgets exceed the resources to support these programs by a
wide margin. ASCE estimates that funds are available for only
about half of the infrastructure it currently monitors.
Meanwhile, long-term savers, including central banks, pension
funds, corporations, sovereign wealth funds, and insurance
companies, have a growing interest in infrastructure
investment.
(7) The establishment of a United States public deposit
money bank would provide direct loans and other financing of up
to $4,000,000,000,000 for qualifying infrastructure projects.
Such funding would be adequate to finance all of the United
States identified infrastructure needs, in all parts of the
country, according to strategic plans. At the same time, it
would return the United States to its most recent ``golden
age'' when a National Infrastructure Bank was in place (1933-
1957), during which time total factor productivity advanced by
3.5 percent per year, the economy grew on average 5.5 percent
per year, income inequality fell by one-third, and Federal and
State tax receipts rose dramatically.
SEC. 3. DEFINITIONS.
For purposes of this Act, the following definitions apply unless
otherwise specified in this Act:
(1) Bank.--The term ``Bank'' means the National
Infrastructure Bank established under section 4(a).
(2) 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.
(3) Board.--The term ``Board'' means the National
Infrastructure Bank Board.
(4) Bond.--The terms ``Bond'' means any bond issued in
accordance with this Act if--
(A) the proceeds from the sale of the bond 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) the bond is issued in registered form;
(C) the bond has such terms, and carries interest
in such an amount, as determined by the Bank; and
(D) payments 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.
(5) Chief asset and liability management officer.--The term
``chief asset and liability management officer'' means the
chief individual responsible for coordinating the management of
assets and liabilities of the Bank.
(6) Chief compliance officer.--The terms ``chief compliance
officer'' and ``CCO'' mean the chief individual responsible for
overseeing and managing the compliance and regulatory affairs
of the Bank.
(7) Chief executive officer.--The terms ``chief executive
officer'' and ``CEO'' mean the individual serving as the
executive director of the Bank.
(8) Chief financial officer.--The terms ``chief financial
officer'' and ``CFO'' mean the chief 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 chief individual responsible
for managing the processing of new loans provided by the Bank.
(10) Chief operations officer.--The terms ``chief
operations officer'' and ``COO'' mean the chief individual
responsible for the retail operations of the Bank and its
branches, including its administrative, human resource, and
information technology systems.
(11) Chief risk officer.--The terms ``chief risk officer''
and ``CRO'' mean the chief individual responsible for managing
operational and compliance-related risks of the Bank.
(12) Chief treasury officer.--The term ``chief treasury
officer'' means the chief individual responsible for managing
the Bank's treasury operations.
(13) Community development infrastructure project.--The
term ``community development infrastructure project'' means any
project for the development of affordable housing, schools,
public parks and recreation, libraries, or public facilities
that train workers and build labor skills.
(14) Connectivity.--The term ``connectivity'' means the
linkages in transportation, energy, communications, and
community development infrastructure, as well as manufacturing
and data centers, that tie geographic areas together into
economic units, including networks of commuter routes,
railways, shipping lanes, and internet cables, and are best
expressed in map form.
(15) Cost benefit analysis.--The term ``cost benefit
analysis'' means the comparison of the stream of costs for a
potential project over its useful lifetime, to its public
benefits over that time, with cost and benefit flows expressed
on a common basis in terms of net present value.
(16) Development.--The terms ``development'' and
``develop'' mean, with respect to an infrastructure project,
any--
(A) 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) construction, reconstruction, rehabilitation,
replacement, or expansion.
(17) 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).
(18) Disadvantaged community.--The term ``disadvantaged
community'' means a county, city, or partial census tract area,
with any of the following characteristics:
(A) A median household income below 80 percent of
the State nonmetropolitan median household income.
(B) Persistent rural poverty, in which 20 percent
or more of the population has been living below the
poverty line for the last 30 years.
(19) Energy infrastructure project.--The term ``energy
infrastructure project'' means any project for energy
transmission and distribution, energy generation as needed,
energy efficiency enhancement for buildings, and energy
storage.
(20) Entity.--The term ``entity'' means a State,
municipality, or other governmental agency (including a
political subdivision or any other instrumentality of a State
or a revolving fund), publicly owned utility, public authority
or corporation, partnership (including a public-private
partnership), joint venture, or trust.
(21) Environmental infrastructure project.--The term
``environmental infrastructure project'' means any project for
the establishment, deferred maintenance, or enhancement,
including security enhancement, of any drinking water and
wastewater treatment facility, storm water management system,
flood gate, dam, levee, dredging, wetland restoration or other
open space conservation, infill development, solid waste
disposal facility, hazardous waste facility, or industrial site
cleanup or remediation project.
(22) General counsel.--The term ``general counsel'' means
the individual who serves as the chief lawyer for the Bank.
(23) Greenhouse gases.--The term ``greenhouse gases'' means
any man-made gas designated as a greenhouse gas by the
Administrator of the Environmental Protection Agency.
(24) Infrastructure project.--The term ``infrastructure
project'' means any transportation, energy, environmental,
telecommunications, community development, or other
infrastructure project for which a development plan is
presented to the Bank for financing. It shall exclude military
infrastructure.
(25) Loan guarantee.--The term ``loan guarantee'' has the
same meaning as in section 502 of the Federal Credit Reform Act
of 1990 (2 U.S.C. 661a).
(26) Productivity.--The term ``productivity'' means the
improved efficiency in the economy associated with investments
in public and private infrastructure. It is calculated as the
change in the value of total production, minus the change in
the value of inputs going into production.
(27) Public benefit.--The term ``public benefit'' means the
clear and measurable benefit to society resulting from the
public's use of the infrastructure with respect to which a
project is carried out, or the improvement such infrastructure
provides in--
(A) economic growth and productivity;
(B) air and water quality;
(C) energy savings;
(D) high-wage jobs;
(E) poverty reduction; or
(F) increased Federal, State, and local revenues.
(28) Public-private partnership.--The term ``public-private
partnership'' means any entity--
(A)(i) which is undertaking the development of all
or part of an infrastructure project, which will have a
public benefit, pursuant to requirements established in
one or more contracts between the entity and a State or
an instrumentality of a State; or
(ii) the activities of which, with respect to such
an infrastructure project, are subject to regulation by
a State or any instrumentality of a State; and
(B) which owns, leases, or operates, or will own,
lease, or operate, the project in whole or in part, and
at least one of the participants in the entity is a
nongovernmental entity.
(29) 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 accommodation available for the development of one or
more categories of infrastructure projects.
(30) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(31) Smart grid.--The term ``smart grid'' means a system
that provides for any of the smart grid functions set forth in
section 1306(d) of the Energy Independence and Security Act of
2007 (42 U.S.C. 17386(d)).
(32) State.--The term ``State'' means any of the several
States, the District of Columbia, Puerto Rico, Guam, American
Samoa, the Virgin Islands, the Commonwealth of Northern Mariana
Islands, and any other territory of the United States.
(33) Telecommunications infrastructure project.--The term
``telecommunications infrastructure project'' means any project
involving infrastructure required to provide communications by
wire, fiber optic cable, or radio, including broadband, or to
enhance security for such infrastructure.
(34) Transportation infrastructure project.--The term
``transportation infrastructure project'' means any project for
the construction, deferred maintenance, or enhancement,
including security enhancement, of highways, roads, bridges,
transit and intermodal systems, inland waterways, commercial
ports, airports, high speed rail, and freight rail systems.
SEC. 4. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE BANK.
(a) Establishment of National Infrastructure Bank.--The National
Infrastructure Bank is established as a Government corporation subject
to chapter 91 of title 31, United States Code (commonly known as the
``Government Corporation Control Act''), except as otherwise provided
in this Act.
(b) Conforming Amendment.--Section 9101(3) of title 31, United
States Code, is amended by adding at the end the following:
``(Q) the National Infrastructure Bank.''.
(c) Responsibility of the Secretary.--The Secretary shall take such
action as may be necessary to assist in implementing the establishment
of the Bank in accordance with this Act, including obtaining a national
bank charter.
SEC. 5. 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 to $500,000,000,000.
(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) Limitation.--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.
(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 during a period of 20 years following
finalization of a stock purchase agreement. Notwithstanding any
other provision of law, a guarantee of redemption, to be
included in the stock purchase agreement, shall impose upon the
United States a contractual obligation to fund the redemption.
Preferred shareholders shall have no voting rights in the Bank.
(2) Dividends on preferred stock.--The Bank shall pay
dividends, semiannually, at a rate of 2 percent per annum plus
the annual rate of the Treasury security exchanged for the
stock or 2 percent per annum for paid-in capital. The stock
purchase agreement shall impose upon the United States a
contractual obligation to fund the 2 percent portion of the
dividend payment.
(d) Borrowed Capital.--The Bank is further authorized to raise
medium- to long-term, borrowed capital for projects needs, and short-
term capital to meet its cash flow needs, by, respectively--
(1) issuing Bonds, with a fixed 5 to 10 year maturity; and
(2) maintaining a discount line of credit account with the
Board of Governors of the Federal Reserve System.
(e) Deposits.--Once chartered as a national bank, the Bank shall
accept deposits from individuals, corporations, or public entities,
into transaction deposit accounts on its books, and pay interest on
those deposits, in an amount deemed appropriate by the Board.
(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 $4,000,000,000,000.
(4) Capital adequacy ratio.--The Bank shall maintain a
total capital to loan adequacy ratio of no less than 12.5
percent.
(5) 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 2 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; and
(iii) whether or not 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 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.
(6) 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 other wise, 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.
(7) Prohibition on other loans.--The Bank may not provide
loans to consumers or any other loans not described under this
Act.
(g) Capital for Loan Disbursements.--Once chartered as a national
bank, the Bank is authorized to create funds in a deposit account in a
borrowers name, in accordance with the loan agreement, and each
scheduled loan disbursement as it is made. The Bank shall draw up an
Aggregate Loan Disbursement Plan, in consultation with 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) Guarantees and Loan Loss Provisions.--In the event of any
losses, as determined by the Board, incurred on loans, guarantees, and
insurance extended 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
Government of the United States of America.
(j) Reserves.--The Bank shall maintain reserves against the Bank's
transaction accounts in such amount as the Board may determine
appropriate, but not greater than 14 percent of the Banks's total
transaction accounts in excess of $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 it appropriate.
SEC. 6. FORMATION OF REGIONAL ECONOMIC ACCELERATOR PLANNING GROUPS.
(a) In General.--The Bank, through its branch offices, shall
facilitate the organization of at least 7 Regional Economic Accelerator
Planning Groups, to be defined by common economic, demographic, and
infrastructure linkages.
(b) Duties.--The Regional Economic Accelerator Planning Groups
may--
(1) organize themselves by, and be composed of, State and
local public sector officials, including through
multijurisdictional or multistate agreements among agencies;
(2) identify economic mega-regions, defined as 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 mega-
regions, with input from the American Society of Civil
Engineers, and other trade, business, and industrial
associations;
(4) develop regional economic accelerator plans, and a
pipeline of infrastructure projects, and their strategic
placement, needed to improve supply chains, land use, and
productivity within each mega-region, while seeking to include
all communities;
(5) define how such projects will create energy savings,
environment improvements, jobs and wage improvements, regional
economic growth, and 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
(examples are transportation improvements along the northeast
corridor, flood mitigation in midwestern States along the
Missouri River, or development of a national high-speed rail
grid);
(7) identify where Federal, State, or local laws and
regulations should be streamlined to reduce infrastructure
project 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 such plans to the Bank, to inform the Bank on
its 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 others factors under section 7 that
will be considered in the approval process.
SEC. 7. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM THE BANK.
(a) In General.--Financial assistance shall be available from the
Bank when the entity applying for such assistance has demonstrated to
the satisfaction of the Board that the project for which such
assistance is being sought meets the requirements of this Act. Any
entity proposing a project for which the use or purpose is private, and
without public benefit, shall not be eligible for financial assistance
from the Bank under this Act.
(b) Applicants.--The Bank shall accept applications for
infrastructure projects for the designation of those projects that may
receive financial assistance under this section for any infrastructure
project having--
(1) a public sponsor; and
(2) local, regional, or national significance.
(c) Guidelines for Infrastructure Projects.--The Executive
Committee and the Board shall establish guidelines, and develop online
application procedures, to assist applications of infrastructure
projects under this section to develop applications for financial
assistance under this section.
(d) Criteria.--
(1) In general.--In making a determination as to whether to
provide an infrastructure project with financial assistance,
the Board shall evaluate and rate each applicant based on the
factors appropriate for the type of the proposed infrastructure
project, including--
(A) consistency of the project with a regional
infrastructure development plan that builds economic
connectivity in the project area and beyond, so that
maximum growth is achieved while leaving no community
behind;
(B) a life cycle projection of the benefits, as
compared to costs, of the project, that incorporates
the factors in subparagraphs (C) through (N) of this
paragraph;
(C) promotion of economic growth, including private
sector-led growth associated with the project;
(D) job creation, including fair and responsible
employment practices, and a workforce development to
train workers in new skills, including by union
apprentice programs to train new hires;
(E) a preference for projects in areas of high
unemployment, or disadvantaged communities, including a
workforce development plan to train workers in new
skills;
(F) environmental and public health benefits
including the reduction in greenhouse gases, and water
and air pollution, and the removal of lead and other
hazardous materials;
(G) 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 and
utilizing performance-based monitoring;
(H) an understanding of the strategic importance of
bundling of projects, correctly sizing projects, and
adopting value design and procurement procedures, so as
to realize long-run cost savings from ``dig, build,
expand, or improve only once'';
(I) an understanding of the importance of
innovative and state-of-the-art technologies that
achieve project reliability, efficiency, resiliency,
security, and public safety;
(J) in cases where infrastructure is publicly or
privately owned, a preference for projects that
leverage Federal, State, local, and private financing,
including public-private partnerships, or where
companies can show that the additional capital could
not be obtained from commercial sources;
(K) a consideration of the costs and benefits of
preserving and repurposing existing infrastructure, in
particular to mitigate against unemployment and bolster
manufacturing in the United States;
(L) integration of other qualified projects that
may or could be done concurrently;
(M) a categorical benefit; and
(N) any other criteria as determined by the Board,
with approval by the Board.
(2) Categorical benefit.--In this subsection, the term
``categorical benefit'' means the following:
(A) For any 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
projects financed by the Bank.
(vi) An increase in access to affordable
transportation options, including by low-income
populations and the disabled.
(vii) Improvements in safety for users,
passengers, and operators, as measured by a
reduction in fatalities and serious injuries.
(B) For any environmental infrastructure project:
(i) Increased coastal and inland flood
mitigation and protection.
(ii) Improvements in drinking water or
wastewater systems, through the repair,
expansion or replacement of such systems.
(iii) A reduction in risk to any public
infrastructure from structural failure, or
damage, due to weather-related events or
catastrophic wildfires.
(iv) Environmental improvements from the
removal of hazardous wastes.
(C) For any energy infrastructure project:
(i) Development of a smart grid, with
modern security and resiliency systems.
(ii) Expanded use of clean energy.
(iii) Energy efficient buildings, including
clean energy designated retrofits.
(iv) Development of localized power
generation, and its integration into the grid.
(D) For any telecommunications project:
(i) Completion or improvement in broadband
and wireless access and services in rural and
disadvantaged communities.
(ii) Improvement of the global
telecommunication satellite network.
(E) For any community development infrastructure
project:
(i) Modernization of local land use
policies, including those that promote transit-
oriented development and location efficiency.
(ii) 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 such housing.
(iii) 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.
(iv) Improvements in National, State, and
local parks and recreation facilities and
related open space land management.
SEC. 8. 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 directors of the Board shall include
individuals representing different regions of the United States and--
(1) 12 of the directors shall have at least 15 years of
industrial and engineering experience;
(2) 1 director shall be from the AFL-CIO;
(3) 2 of the directors shall be from North America's
Building Trades Unions;
(4) 2 of the directors shall be from the United States Army
Corp of Engineers;
(5) 2 of the directors shall have State and local public
sector experience;
(6) 2 of the directors shall have finance experience;
(7) 2 of the directors shall have economic development
experience; and
(8) 2 director shall represent minority communities or
disadvantaged communities.
(c) Chairperson and Vice Chairperson.--As designated at the time of
appointment, one of the directors of the Board shall be designated
chairperson of the Board by the President and one shall be designated
as vice chairperson of the Board by the President.
(d) Terms.--
(1) In general.--Except as provided in paragraph (2), each
director 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 directors shall be appointed for a term of 4
years; and
(C) 11 directors 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 a recommendation to the President for
appointment of a member of the Board of Directors, after consultation
with the appropriate committees of Congress.
(f) Date of Initial Nominations.--The initial nominations by the
President for appointment of directors 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.--Any director
appointed to fill a vacancy occurring before the expiration of
the term for which the director's predecessor was appointed
shall be appointed only for the remainder of the term.
(3) Duration.--A director may serve after the expiration of
that director's term until a successor has taken office.
(h) Quorum.--At the time of any Board meeting, 75 percent of the
directors confirmed by Congress (rounded down to a whole number) shall
constitute a quorum.
(i) Reappointment.--A director of the Board appointed by the
President may be reappointed by the President in accordance with this
section.
(j) Per Diem Reimbursement.--Directors 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 director of the Board may not participate in
any review or decision affecting a project under consideration for
assistance under this Act if the director has or is affiliated with a
person who has an interest in such project.
(l) Responsibilities.--The Board shall--
(1) as soon as is practicable after the date on which the
last director is appointed, establish an Executive Committee,
Risk Management Committee and Audit Committee as prescribed by
this Act;
(2) not later than 180 days after the date on which the
last director is appointed develop and approve the bylaws of
the Bank, including bylaws for the regulation of the affairs
and conduct of the business of the Bank, consistent with the
purpose, goals, objectives, and policies set forth 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 its 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, or
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 not later than
90 days after the date on which the last director is appointed
and otherwise at the call of the Chairperson.
(3) Exception for closed meetings.--Pursuant to such rules
as the Board may establish through their bylaws, the directors
may close a meeting of the Board if, at the meeting, there is
likely to be disclosed information which could adversely affect
or lead to speculation relating to an infrastructure project
under consideration for assistance under this Act or in
financial or securities or commodities markets or institutions,
utilities, or real estate. 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. The
Board shall prepare minutes of any meeting which is closed to
the public and make such minutes available as soon as the
considerations necessitating closing such meeting no longer
apply.
SEC. 9. POWERS AND LIMITATIONS OF THE BOARD.
(a) Powers.--In order to carry out the purposes of the Bank as set
forth in this Act, the Board shall be responsible for the approval and
monitoring of infrastructure projects, and have the following powers:
(1) To make senior and subordinated direct loans on such
terms as the Board may determine, in the Board's discretion, to
be appropriate to assist in the financing or refinancing of an
infrastructure project.
(2) Subject to the availability of funding, as determined
by the Board, 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, in the Board's discretion, to be appropriate to
assist in the financing or refinancing of an infrastructure
project.
(4) To issue Bonds, to provide financing to infrastructure
projects from amounts made available from the issuance of such
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 established in section 10.
(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 directors and officers of the Bank for
liabilities arising out of the actions of the directors and
officers 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
the Congress, the executive branch, and State and local
governments, and to represent the Bank's interests.
(11) To exercise all other lawful powers which are
necessary or appropriate to carry out, and are consistent with,
the purposes of the Bank.
(b) Employee Protections.--Prior to providing any financial
assistance for an infrastructure project involving reconstruction,
rehabilitation, replacement, or expansion that may impact current
employees on the project site, the interests of employees affected by
the financial assistance shall be protected under arrangements the
Secretary of Labor concludes are fair and equitable.
(c) Coordination With State and Local Regulatory Authority.--The
provision of financial assistance by the Board pursuant to this Act
shall not be construed as--
(1) limiting 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 a
project; or
(2) otherwise superseding any State law or regulation
applicable to a project.
(d) Federal Personnel Requests.--The Board shall have the power to
request the detail, on a reimbursable basis, of personnel from other
Federal agencies with specific expertise not available from within the
Bank or elsewhere. The head of any Federal agency may detail, on a
reimbursable basis, any personnel of such agency requested by the Board
and shall not withhold unreasonably the detail of any personnel
requested by the Board.
SEC. 10. EXECUTIVE COMMITTEE.
(a) In General.--The Board shall establish an Executive Committee
consisting of 9 members, headed by the chief executive officer of the
Bank.
(b) CEO.--A majority of the Board shall have the authority to
appoint and reappoint the chief executive officer with such executive
functions, powers, and duties as may be prescribed by this Act, the
bylaws of the Bank, or the Board.
(c) CEO Responsibilities.--The CEO shall have responsibility for
the development and implementation of the strategy of 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 as presented to the Bank by
Regional Economic Accelerator Planning Groups; and
(3) the development, revision, and submission to the Board
of Directors of the Bank's other internal policies.
(d) Other Executive Officers.--The Board shall appoint, remove, fix
the compensation, and define duties of 8 other executive officers to
serve on the Executive Committee as the--
(1) chief risk officer;
(2) chief operations officer;
(3) chief loan origination officer;
(4) chief compliance officer;
(5) chief financial officer;
(6) chief treasury officer;
(7) chief asset and liability management officer; and
(8) general counsel.
(e) Qualifications.--The CEO, as well as other executive officers,
and all loan origination officers, shall have extensive experience and
expertise in retail banking, and in one 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.
(f) Duties.--In order to carry out the purposes of the Bank as set
forth in this Act, the Executive Committee shall--
(1) establish and submit to the Board disclosure and
application procedures for entities nominating projects for
assistance under this Act;
(2) establish and submit to the Board 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 guidelines for the
selection and approval of projects and specific criteria for
determining eligibility for project selection, subject to the
general criteria provided in section 7;
(4) accept, for consideration, project proposals relating
to the development of infrastructure projects, which meet the
basic criteria established by this Act and by the Executive
Committee, and which are submitted by an entity;
(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 6, joint ventures, regional economic accelerator
agencies, and other borrowing entities on--
(A) the Bank's borrowing procedures and selection
criteria;
(B) development of a pipeline of projects suitable
for financing, that meet the selection criteria
developed by the Bank;
(C) development of specialized institutional
structures, and cross-region planning, to help in the
planning of complex projects;
(D) best design, construction, and management
practices, 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.
(g) Vacancy.--A vacancy in the position of CEO and other executive
officers of the Executive Committee shall be filled in the manner in
which the original appointment was made.
(h) Compensation.--The compensation of the CEO and other executive
officers of the Executive Committee shall be determined by the Board.
(i) Removal.--The CEO and other executive officers of the Executive
Committee may be removed at the discretion of a majority of the Board.
(j) Term.--The CEO and other executive officers of the Executive
Committee shall serve a 6-year term and may be reappointed in
accordance with this section.
(k) Limitations.--The CEO and other executive officers of the
Executive Committee shall not--
(1) hold any other public office;
(2) have any interest in an infrastructure project
considered by the Board;
(3) have any interest in an investment institution,
commercial bank, or other entity seeking financial assistance
for any infrastructure project from or investing in the Bank;
and
(4) have any such interest during the 2-year period
beginning on the date such officer ceases to serve in such
capacity.
SEC. 11. RISK MANAGEMENT COMMITTEE.
(a) Establishment of Risk Management Committee.--The Board shall
establish a risk management committee consisting of 5 members, headed
by the chief risk officer, with participation from the chief loan
origination officer.
(b) Appointments.--A majority of the Board shall have the authority
to appoint and reappoint the CRO of the Bank.
(c) Functions; Duties.--
(1) In general.--The CRO shall have such functions, powers,
and duties as may be prescribed by one or more of the
following: This Act, the bylaws of the Bank, and the Board. The
CRO shall report directly to the Board.
(2) Risk management duties.--In order to carry out the
purposes of this Act, the risk management committee shall--
(A) create overarching financial, credit, and
operational risk management guidelines and policies to
be adhered to by the Bank;
(B) create conforming standards for loan agreements
to ensure diversification of lending activities by--
(i) geographic region, infrastructure
project type, and inclusion of disadvantaged
and rural communities; and
(ii) compliance with Federal and State laws
referred to in section 15;
(C) create specific plans for all financial
assistance provided by the Bank, including subsidy
programs for disadvantaged communities and project
targeting for disadvantaged business enterprises
covered by section 47113 of title 49, United States
Code;
(D) monitor overall financial, credit, and
operational exposure of the Bank;
(E) create a standing subcommittee to perform
regular credit evaluations and report on large
infrastructure loans extended by the Bank that monitor
compliance with terms, and attainment of performance
targets contained in loan agreements; and
(F) provide financial recommendations to the Board
for Board approval.
(d) Other Risk Management Officers.--The Board shall appoint,
remove, fix the compensation, and define the duties of 4 other risk
management officers to serve on the risk management committee.
(e) Qualifications.--The CRO and other risk management officers
shall have demonstrated experience and expertise in one 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.
(f) Vacancy.--A vacancy in the position of CRO and other risk
management officers of the risk management committee shall be filled in
the manner in which the original appointment was made.
(g) Compensation.--The compensation of the CRO and other risk
management officers of the risk management committee shall be
determined by the Board.
(h) Removal.--The CRO and other risk management officers of the
risk management committee may be removed at the discretion of a
majority of the Board.
(i) Term.--The CRO and other risk management officers of the risk
management committee shall serve a 6-year term and may be reappointed
in accordance with this section.
(j) Limitations.--The CRO and other risk management officers of the
risk management committee shall not--
(1) hold any other public office;
(2) have any interest in an infrastructure project
considered by the Board;
(3) have any interest in an investment institution,
commercial bank, or other entity seeking financial assistance
for any infrastructure project from or investing in the Bank;
and
(4) have any such interest during the 2-year period
beginning on the date such officer ceases to serve in such
capacity.
SEC. 12. AUDIT COMMITTEE.
(a) In General.--The Bank shall establish an audit committee
consisting of 5 members, headed by the chief compliance officer of the
Bank.
(b) Appointments.--A majority of the Board shall have the authority
to appoint and reappoint the CCO of the Bank.
(c) Functions; Duties.--The CCO shall have such functions, powers,
and duties as may be prescribed by this Act, the bylaws of the Bank,
and the Board. The CCO shall report directly to the Board.
(d) Audit Duties.--In order to carry out the purposes of the Bank
under this Act, 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.
(e) Other Audit Officers.--The Board shall appoint, remove, fix the
compensation, and define the duties of 4 other audit officers to serve
on the audit committee.
(f) Qualifications.--The CCO and other audit officers shall have
demonstrated experience and expertise in one or more of the following:
(1) Internal auditing.
(2) Internal investigations.
(3) Accounting practices.
(4) Financing practices.
(g) Vacancy.--A vacancy in the position of CCO and other audit
officers of the audit committee shall be filled in the manner in which
the original appointment was made.
(h) Compensation.--The compensation of the CCO and other audit
officers of the audit committee shall be determined by the Board.
(i) Removal.--The CCO and other audit officers of the audit
committee may be removed at the discretion of a majority of the Board.
(j) Term.--The CCO and other audit officers of the audit committee
shall serve a 6-year term and may be reappointed in accordance with
this section.
(k) Limitations.--The CCO and other audit officers of the audit
committee shall not--
(1) hold any other public office;
(2) have any interest in an infrastructure project
considered by the Board;
(3) have any interest in an investment institution,
commercial bank, or other entity seeking financial assistance
for any infrastructure project from or investing in the Bank;
and
(4) have any such interest during the 2-year period
beginning on the date such officer ceases to serve in such
capacity.
SEC. 13. 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 under the Board, Executive
Committee, risk management committee, or audit committee, as the case
may be, as necessary and prescribed by this Act, the bylaws of the
Bank, and the Board.
(b) Participation by Other Agency Personnel.--Consideration of
projects by the Executive Committee and the Board shall be conducted
with personnel on detail to the Bank from United States Army Corps of
Engineers, the Department of Transportation, the Department of Housing
and Urban Development, the Department of the Treasury, and other
relevant departments and agencies from among individuals who are
familiar with and experienced in the selection criteria for competitive
projects. The Bank shall reimburse those departments and agencies for
the staff who are on detail to the Bank.
SEC. 14. 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
Act 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 3(b) of the Inspector General Act of 1978 (5 U.S.C.
App.).
(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 3(e) of the Inspector
General Act of 1978 (5 U.S.C. App.).
(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 the Inspector General Act of 1978 (5
U.S.C. App.).
(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 6 of the Inspector General Act
of 1978 (5 U.S.C. App.).
(2) Additional authority.--The Special Inspector General
shall carry out the duties specified in subsection (c)(1) in
accordance with section 4(b)(1) of the Inspector General Act of
1978 (5 U.S.C. App.).
(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.
SEC. 15. STATUS AND APPLICABILITY OF CERTAIN FEDERAL AND STATE LAWS.
(a) National Bank Charter.--As soon as practicable after being
established, the Bank shall apply for a national bank charter.
(b) Compliance With Davis-Bacon Act.--All laborers and mechanics
employed by contractors and subcontractors on infrastructure projects
funded directly by or assisted in whole or in part by and 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 part A of title 40, United States Code. With respect
to the labor standards specified in this section, 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.--In States in which
project labor agreements are authorized or encouraged (in which
contractors enter into binding, pre-hire agreements with labor unions
in the construction industry), recipients of financial assistance made
available under this Act must comply with such agreements (in
accordance with subsections (e) and (f) of section 8 of the National
Labor Relations Act (29 U.S.C. 158) and Executive Order 13502). In
States in which project labor agreements are prohibited by law to be
required for a project, projects financed by the Bank pursuant to the
Act shall permit voluntary collective bargaining of such agreements.
(d) 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 title VI of the Civil Rights Act of 1964 as to hiring and awarding
contracts to build projects.
(e) Buy America.--None of the financing provided by the Bank may be
used for an infrastructure project unless all of the iron, steel,
cement, and manufactured goods used in construction, alteration,
maintenance, repair, or equipping of the project are produced within
the United States. During the application process for a loan under this
Act, a request for a waiver to the requirements of the preceding
sentence by reason of the public interest, or on account of
unavailability or unsatisfactory quality of domestically produced
goods, can be considered only if there is clear demonstration that jobs
in the United States would not be lost due to the waiver.
(f) Compliance With Applicable Federal Law.--In any case in which a
project receives pooled financial assistance from both the Bank and the
Federal Government, such project shall comply with applicable
provisions of Federal law and regulation, including--
(1) for transit, requirements that would apply to a project
receiving funding under section 5307 or 47113 of title 49,
United States Code;
(2) for public housing, requirements that would apply to a
project receiving funding from a grant under section 24 of the
United States Housing Act of 1937 (42 U.S.C. 1437v);
(3) for publicly assisted affordable housing, requirements
that would apply to the preservation of such housing under
other provisions of law governing such housing;
(4) for roads and bridges, requirements that would apply to
a project that receives funds under section 104(b)(3) of title
23, United States Code, or section 47113 of title 49, United
States Code, and meets the goals under section 150(b) of title
23, United States Code;
(5) for freight and passenger rail projects, requirements
that would apply to a project that receives funds under
subtitle V of title 49, United States Code;
(6) for airport and air traffic control projects,
requirements that would apply to a project that receives funds
under chapters 471 and 501 of title 49, United States Code, or
section 47113 of such title;
(7) for water, requirements that would apply to a project
grant or loan under--
(A) section 103 of the Housing and Community
Development Act of 1974 (42 U.S.C. 5303);
(B) section 1452 of the Public Health Service Act
(42 U.S.C. 300j-12); or
(C) section 601 of the Federal Water Pollution
Control Act (33 U.S.C. 1381), as that section applied
before the beginning of fiscal year 1995; and
(8) for rural development projects, requirements that would
apply to a project financed by any of the following programs of
the Department of Agriculture:
(A) Rural Economic Development Loans & Grants.
(B) Community Facilities Direct Loans & Grants.
(C) Single- and Multi-Family Housing Repair and
Rental Assistance Loans & Grants.
(D) Electric Infrastructure Loans & Loan
Guarantees.
(E) Rural Broadband Access, and Telecommunications
Infrastructure Loans & Guarantees.
(F) Water & Waste Disposal Loans & Grants.
(g) Authority To Determine Funding.--Notwithstanding any other
provision of law, the Bank shall determine the appropriate Federal
share of funds, subject to loan approval by the Bank, and the
availability of such Federal funding, for each project described in
subsection (f) for purposes of this title.
(h) State and Local Permit Requirements.--The provision of
assistance by the Board in accordance with this Act shall not be deemed
to relieve any recipient of assistance or the related infrastructure
project of any obligation to obtain required State and local permits
and approvals.
SEC. 16. 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)) requiring
prior budget authority shall not apply to any contract or loan under
this Act.
(b) No Priority as a Federal Claim.--The priority established in
favor of the United States by section 3713 of title 31, United States
Code, shall not apply with respect to any indebtedness of the Bank.
(c) From Local Taxation.--All bonds issued by the Bank, and the
interest on or credits with respect to such bonds, shall not be subject
to taxation by any State, county, municipality, or local taxing
authority.
SEC. 17. AUDITS; REPORTS TO PRESIDENT AND CONGRESS.
(a) Accounting.--The books of account of the Bank shall be
maintained in accordance with generally accepted accounting principles
as used in the United States, and shall be subject to an annual audit
by independent public accountants appointed by the Board and of
nationally recognized standing.
(b) Reports.--
(1) Board.--The Board shall submit to the President and
Congress, within 90 days after the last day of each fiscal
year, a complete and detailed report with respect to the
preceding fiscal year, setting forth--
(A) a summary of the Bank's operations, for such
preceding fiscal year;
(B) a schedule of the Bank's obligations
outstanding at the end of such preceding fiscal year,
with a statement of the amounts issued and redeemed or
paid during such preceding fiscal year; and
(C) the status of infrastructure projects receiving
funding or other assistance pursuant to this Act,
including disclosure of all entities with a
development, ownership, or operational interest in such
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 for the fiscal years covered by the report that
includes an assessment of the impact and benefits of each
funded infrastructure project, including a review of how
effectively each project accomplished the goals prioritized by
the Bank's project criteria.
(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
project maintained on a publicly accessible database.
(2) Public comment period.--The Bank shall post
infrastructure financing agreements on the database providing
30 days for public comments 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.
SEC. 18. 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.
SEC. 19. AUTHORIZATION OF APPROPRIATIONS.
There is authorized to be appropriated $50,000,000 for each of
fiscal years 2021 and 2022 for the initial organization of the Bank,
and its Directors and staff.
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National Infrastructure Bank Act of 2020
#6422 | HR Congress #116
Policy Area: Finance and Financial Sector
Subjects: Accounting and auditingAdvisory bodiesAir qualityAlternative and renewable resourcesAviation and airportsBank accounts, deposits, capitalBanking and financial institutions regulationBudget deficits and national debtBuilding constructionCivil actions and liabilityCongressional operations and organizationCongressional oversightCongressional-executive branch relationsContracts and agencyCorporate finance and managementCredit and credit marketsDebt collectionEconomic developmentEducational facilities and institutions
Last Action: Referred to the Subcommittee on National Parks, Forests, and Public Lands. (4/23/2020)
Bill Text Source: Congress.gov
Summary and Impacts
Original Text