119-hr5356

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5356 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 5356

 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

 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. Velazquez, 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. Garcia 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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.

SEC. 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.

 TITLE I--REVENUE PROVISIONS

SEC. 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.

SEC. 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.

SEC. 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:

``

SEC. 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.

 TITLE II--ESTABLISHMENT OF NATIONAL INFRASTRUCTURE BANK

SEC. 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.

SEC. 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.

SEC. 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 \1/2\ 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 \1/2\ 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.

SEC. 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.
 <all>