I
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 Infrastruc- ture Bank, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
SEPTEMBER 15, 2025
Mr. DAVIS of Illinois (for himself, Mr. S MITH of Washington, Mr. E SPAILLAT, Mr. L YNCH, Mr. T ONKO, Ms. P INGREE, Mr. M AGAZINER, Mr. C LEAVER, Mr. D ELUZIO, Mr. G ARAMENDI, Mr. M ULLIN, Ms. V ELA´ZQUEZ, Mr.
FROST, Mr. L ANDSMAN, Mr. S UOZZI, Mr. M CGOVERN, Mrs. R AMIREZ, Mr. A MO, Ms. T LAIB, Mr. K HANNA, Mr. T HANEDAR, Ms. K APTUR, Mr.
JACKSON of Illinois, Mr. J OHNSON of Georgia, Mr. T ORRES of New York, Mr. GOLDMAN of New York, Mr. N ADLER, Mr. L ATIMER, Mr. R YAN, Mr.
GARCI´A of Illinois, Mr. E VANS of Pennsylvania, Mr. C ARSON, and Ms.
NORTON) introduced the following bill; which was referred to the Com- mittee 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 pe- riod to be subsequently determined by the Speaker, in each case for con- sideration of such provisions as fall within the jurisdiction of the com- mittee concerned
A BILL
To facilitate efficient investments and financing of infrastruc- ture projects and new job creation through the establish- ment of a National Infrastructure Bank, and for other
purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 2 •HR 5356 IH
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 1
(a) IN GENERAL.—This Act may be cited as the ‘‘Na-2
tional Infrastructure Bank Act of 2025’’. 3
(b) TABLE OF CONTENTS.—The table of contents of 4
this Act is as follows: 5
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
TITLE I—REVENUE PROVISIONS
Sec. 101. Treatment of National Infrastructure Bank as a Government cor- poration 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.
6 Congress finds that— 7
(1) throughout the history of the United States, 8
national banks have played a crucial role in financ-9
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ing most of the public infrastructure of the United 1
States; 2
(2) the largest national banks included— 3
(A) the First Bank of the United States, 4
from 1791 through 1811; 5
(B) the Second Bank of the United States, 6
from 1816 through 1836; 7
(C) the national banking system instituted 8
by President Lincoln; and 9
(D) the Reconstruction Finance Corpora-10
tion instituted by President Franklin Delano 11
Roosevelt, from 1932 through 1957; 12
(3) those national banks were enacted with 13
broad bipartisan support, and financed the construc-14
tion of roads, turnpikes, bridges, canals, the Trans-15 continental Railroad, the Hoover Dam, rural elec-16
trification, manufacturing startups, and rail, school, 17 and farm improvements in every corner of the 18
United States; 19
(4) those infrastructure investments created the 20
conditions for improved productivity, economic 21
growth, and job creation, helped lift the United 22
States out of the Great Depression, and contributed 23
to victory in World War II; 24
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(5) the American Society of Civil Engineers (re-1
ferred to in this section as ‘‘ASCE’’), in its 2025 2
Report Card estimates that $9,139,000,000,000 (not 3
adjusted for inflation) is needed from 2024 to 2033 4
to meet all of the infrastructure needs of the United 5 States, and of that amount, $5,450,000,000,000 is 6
expected to be financed by the Federal Government 7
at continued appropriation levels, and by States, 8
counties, cities, utilities, and port and airport au-9
thorities through their general revenues, special 10
taxes, user fees, and borrowing from capital mar-11
kets; 12
(6) even with the investments described in para-13
graph (5), a financing gap of $3,689,000,000,000 14
remains, and to close that gap, the United States 15
will need to increase funding by all levels of govern-16 ment, in order to improve infrastructure quality and 17 resiliency, grow the economy faster, and maintain 18
our international competitiveness; 19
(7) ASCE further estimates that the added 20
$3,689,000,000,000 needed over a 10-year period to 21
bring systems up to a state of good repair in-22
cludes— 23
(A) $1,208,000,000,000 for roads, bridges, 24
and transit; 25
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(B) $1,015,000,000,000 for drinking 1
water, wastewater, and stormwater systems; 2
(C) $429,000,000,000 for schools and 3
broadband access; 4
(D) $578,000,000,000 for electricity gen-5
eration, transmission, and distribution; 6
(E) $113,000,000,000 for aviation; 7
(F) $286,000,000,000 for dams, levees, in-8
land waterways, and ports; 9
(G) $32,000,000,000 for passenger rail; 10
and 11
(H) $44,000,000,000 for public parks and 12
recreation; 13
(8) expanded investment of at least 14
$1,311,000,000,000 is also needed, including— 15
(A) $320,000,000,000 for new affordable 16
housing; 17
(B) $791,000,000,000 for a 17,000-mile 18
high-speed rail network; 19
(C) $200,000,000,000 for major water 20
supply projects; and 21
(D) incorporated in each of the categories 22
described in subparagraphs (A) through (C), 23
science and technology drivers, resiliency fea-24
tures, accommodation of population growth, en-25
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ergy savings, and improvements in rural, urban, 1
and low-income areas that the public and pri-2
vate sectors are not fully serving now; 3
(9) although Federal grant programs, along 4
with matching State and local funding, should con-5
tinue to play a coordinating role in financing infra-6
structure in the United States, current and foresee-7
able demands on existing Federal, State, and local 8
budgets exceed the resources to support those pro-9
grams by a wide margin; 10
(10) a sharp bout of inflation in 2021 through 11
2023, and a delay in the enactment of a robust, ade-12
quately sized, 10-year lending plan to the period of 13 2024 through 2033, should require a 40-percent in-14
crease above real costs to ensure adequate funding 15
in nominal dollars; 16
(11) the establishment of a United States pub-17
lic deposit bank would provide direct loans and other 18 financing of up to $5,000,000,000,000 for qualifying 19 infrastructure projects without requiring additional 20 Federal taxes or deficits; and 21
(12) that funding would— 22
(A) be adequate to finance all of the un-23
funded infrastructure needs of the United 24
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States, in all parts of the country, according to 1
well-developed strategic plans; and 2
(B) return the United States to its most 3
recent ‘‘golden age’’ when a National Infra-4
structure Bank was in place, from 1933 to 5
1957, during which time— 6
(i) total factor productivity advanced 7
by 3.5 percent per year; 8
(ii) the economy grew, on average, 5.5 9
percent per year; 10
(iii) income inequality decreased by 11
1⁄3; and 12
(iv) Federal and State tax receipts 13
rose dramatically. 14
TITLE I—REVENUE PROVISIONS 15
SEC. 101. TREATMENT OF NATIONAL INFRASTRUCTURE 16
BANK AS A GOVERNMENT CORPORATION EX-17
EMPT FROM TAX. 18
(a) I N GENERAL.—Section 501(l) of the Internal 19
Revenue Code of 1986 is amended by adding at the end 20 the following new paragraph: 21
‘‘(5) The National Infrastructure Bank estab-22
lished under title II of the National Infrastructure 23 Bank Act of 2025.’’. 24
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(b) E FFECTIVE DATE.—The amendment made by 1
this section shall apply to taxable years ending after the 2 date of the enactment of this Act. 3
SEC. 102. TREATMENT OF CONTRIBUTIONS TO THE NA-4
TIONAL INFRASTRUCTURE BANK AS CHARI-5
TABLE CONTRIBUTIONS. 6
(a) I N GENERAL.—Section 170(c) of the Internal 7
Revenue Code of 1986 is amended by inserting after para-8 graph (6) the following new paragraph: 9
‘‘(7) The National Infrastructure Bank estab-10
lished under title II of the National Infrastructure 11 Bank Act of 2025.’’. 12
(b) A PPLICATION OF PERCENTAGE LIMITATION.— 13
Section 170(b)(1)(A) of such Code is amended by striking 14 ‘‘or’’ at the end of clause (ix), by inserting ‘‘or’’ at the 15 end of clause (x), and by inserting after clause (x) the 16 following new clause: 17
‘‘(xi) the National Infrastructure 18
Bank referred to in subsection (c)(7),’’. 19
(c) E FFECTIVE DATE.—The amendments made by 20
this section shall apply to taxable years ending after the 21 date of the enactment of this Act. 22
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SEC. 103. PREFERRED DIVIDENDS OF NATIONAL INFRA-1
STRUCTURE BANK EXCLUDIBLE FROM GROSS 2
INCOME. 3
(a) IN GENERAL.—Part III of subchapter B of chap-4
ter 1 of the Internal Revenue Code of 1986 is amended 5 by inserting after section 139I the following new section: 6 ‘‘SEC. 139J. PREFERRED DIVIDENDS OF NATIONAL INFRA-7
STRUCTURE BANK. 8
‘‘Gross income shall not include any amount received 9
as a dividend on preferred stock of the National Infra-10 structure Bank pursuant to section 203(c) of the National 11 Infrastructure Bank Act of 2025 (as in effect on the date 12 of the enactment of this section).’’. 13
(b) C LERICAL AMENDMENT.—The table of sections 14
of such part is amended by inserting after the item relat-15 ing to section 139I the following new item: 16
‘‘Sec. 139J. Preferred dividends of National Infrastructure Bank.’’. (c) E FFECTIVE DATE.—The amendments made by 17
this section shall apply to taxable years ending after the 18 date of the enactment of this Act. 19
TITLE II—ESTABLISHMENT OF 20
NATIONAL INFRASTRUCTURE 21
BANK 22
SEC. 201. DEFINITIONS. 23
In this title: 24
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(1) AFFORDABLE HOUSING .—The term ‘‘afford-1
able housing’’ means housing that meets the criteria 2
established under section 215 of the Cranston-Gon-3
zalez National Affordable Housing Act (42 U.S.C. 4
12745). 5
(2) B ANK.—The term ‘‘Bank’’ means the Na-6
tional Infrastructure Bank established under section 7
202(a). 8
(3) B LENDED FINANCING .—The term ‘‘blended 9
financing’’ means financing provided through any 10
combination of loans or bond financing, in coopera-11
tion with private lenders or State revolving funds, 12
that is integrated into a single agreement with a sin-13 gle set of financial terms. 14
(4) B OARD.—The term ‘‘Board’’ means the 15
Board of Directors of the Bank established by sec-16
tion 206. 17
(5) CHIEF ASSET AND LIABILITY MANAGEMENT 18
OFFICER.—The term ‘‘chief asset and liability man-19
agement officer’’ means the individual responsible 20
for coordinating the management of assets and li-21
abilities of the Bank. 22
(6) C HIEF COMPLIANCE OFFICER .—The term 23
‘‘chief compliance officer’’ means the individual re-24 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 11 •HR 5356 IH
sponsible for overseeing and managing the compli-1
ance and regulatory affairs of the Bank. 2
(7) C HIEF EXECUTIVE OFFICER .—The term 3
‘‘chief executive officer’’ means the individual serv-4 ing as the executive director of the Bank. 5
(8) C HIEF FINANCIAL OFFICER .—The term 6
‘‘chief financial officer’’ means the individual respon-7 sible for managing the financial risks, planning, and 8 reporting of the Bank. 9
(9) C HIEF LOAN ORIGINATION OFFICER .—The 10
term ‘‘chief loan origination officer’’ means the indi-11 vidual responsible for managing the processing of 12
new loans provided by the Bank. 13
(10) C HIEF OPERATIONS OFFICER .—The term 14
‘‘chief operations officer’’ means the individual re-15 sponsible for the retail operations of the Bank and 16
the branches of the Bank, including the administra-17
tive, human resource, and information technology 18
systems of the Bank. 19
(11) C HIEF RISK OFFICER .—The term ‘‘chief 20
risk officer’’ means the individual responsible for 21
managing operational and compliance-related risks 22
of the Bank. 23
(12) C HIEF TREASURY OFFICER .—The term 24
‘‘chief treasury officer’’ means the individual respon-25 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 12 •HR 5356 IH
sible for managing the treasury operations of the 1
Bank. 2
(13) C OMMUNITY DEVELOPMENT INFRASTRUC -3
TURE.—The term ‘‘community development infra-4
structure’’ means the development of affordable 5
housing, transportation, water infrastructure, 6
schools, affordable broadband, public parks and 7
recreation, libraries, or public facilities that train 8 workers and build labor skills. 9
(14) CONNECTIVITY.—The term ‘‘connectivity’’, 10
with respect to an infrastructure project, means the 11 linkages in transportation, energy, communications, 12
community development infrastructure, and manu-13
facturing and data centers, that tie geographic areas 14 together into economic units, including networks of 15
commuter routes, railways, shipping lanes, and 16
internet cables, including geomatic data collected by 17 the Department of Transportation. 18
(15) D EVELOP; DEVELOPMENT.—The terms 19
‘‘develop’’ and ‘‘development’’, with respect to an in-20 frastructure project, mean— 21
(A) any preconstruction planning, feasi-22
bility review for stand-alone projects or for bun-23
dled projects, permitting, design work, life-cycle 24
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maintenance planning, and other 1
preconstruction activities; and 2
(B) any construction, reconstruction, reha-3
bilitation, replacement, or expansion. 4
(16) D IRECT LOAN .—The term ‘‘direct loan’’ 5
has the meaning given the term in section 502 of the 6
Federal Credit Reform Act of 1990 (2 U.S.C. 661a). 7
(17) D ISADVANTAGED COMMUNITY .—The term 8
‘‘disadvantaged community’’ means a community 9
that is— 10
(A) a low-income community; or 11
(B) a federally recognized area of economic 12
distress (as defined in section 100002 of the In-13
frastructure Investment and Jobs Act (15 14
U.S.C. 9501)). 15
(18) E NERGY INFRASTRUCTURE PROJECT .— 16
The term ‘‘energy infrastructure project’’ means a 17
project that involves the construction of a new or 18
upgraded energy generation, transmission, distribu-19
tion, or storage facility. 20
(19) ENTITY.—The term ‘‘entity’’ means— 21
(A) a State or political subdivision of a 22
State; 23
(B) a unit of local government; 24
(C) a publicly owned utility; 25
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(D) a special purpose district, public au-1
thority, public corporation, or cooperative au-2
thorized to contract indebtedness; 3
(E) an Indian Tribe; 4
(F) a public trust; 5
(G) an authority, agency, or instrumen-6
tality of, or an entity owned by, 1 or more enti-7
ties described in subparagraphs (A) through 8
(F); 9
(H) a group of entities described in sub-10
paragraphs (A) through (G); 11
(I) a private entity; and 12
(J) a public-private partnership. 13
(20) E NVIRONMENTAL INFRASTRUCTURE 14
PROJECT.—The term ‘‘environmental infrastructure 15
project’’ means any project for— 16
(A) the establishment, deferred mainte-17
nance, or enhancement, including security en-18
hancement, of any drinking water and waste-19
water treatment facility, stormwater manage-20
ment system, flood gate, dam, levee, solid waste 21
disposal facility, or hazardous waste facility; 22
(B) dredging; 23
(C) wetland restoration or other open 24
space conservation; 25
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(D) infill development; or 1
(E) industrial site cleanup or remediation. 2
(21) E XECUTIVE COMMITTEE .—The term ‘‘Ex-3
ecutive Committee’’ means the Executive Committee 4
of the Bank established under section 208(a). 5
(22) F EDERALLY RECOGNIZED AREA OF ECO -6
NOMIC DISTRESS .—The term ‘‘federally recognized 7
area of economic distress’’ means— 8
(A) a HUBZone (as defined in section 9
31(b) of the Small Business Act (15 U.S.C. 10
657a(b))); 11
(B) an area that— 12
(i) has been designated as an em-13
powerment zone under section 1391 of the 14
Internal Revenue Code of 1986; 15
(ii) has been designated as a Promise 16
Zone by the Secretary of Housing and 17
Urban Development; or 18
(iii) is a low- or moderate-income 19
area, as determined by the Secretary of 20
Housing and Urban Development; and 21
(C) a qualified opportunity zone (as de-22
fined in section 1400Z–1(a) of the Internal 23
Revenue Code of 1986). 24
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(23) G ENERAL COUNSEL .—The term ‘‘general 1
counsel’’ means the individual who serves as the 2
chief lawyer for the Bank. 3
(24) G REENHOUSE GAS .—The term ‘‘green-4
house gas’’ means— 5
(A) carbon dioxide; 6
(B) hydrofluorocarbons; 7
(C) methane; 8
(D) nitrous oxide; 9
(E) perfluorocarbons; and 10
(F) sulfur hexafluoride. 11
(25) I NFRASTRUCTURE PROJECT .—The term 12
‘‘infrastructure project’’ means any transportation 13
infrastructure project, energy infrastructure project, 14 environmental infrastructure project, telecommuni-15
cations infrastructure project, community develop-16
ment infrastructure project, or other infrastructure 17 project for which a development plan is presented to 18 the Bank for financing. 19
(26) L OCAL FINANCIAL INSTITUTION .—The 20
term ‘‘local financial institution’’ means— 21
(A) a certified community development fi-22
nancial institution (as defined in section 103 of 23
the Riegle Community Development and Regu-24
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latory Improvement Act of 1994 (12 U.S.C. 1
4702)); 2
(B) a credit union the deposits of which 3
are insured under Federal or State law or are 4
protected or guaranteed under State law; 5
(C) a small bank and savings association 6
or an intermediate bank or savings association 7
(as those terms are defined in section 25.12 of 8
title 12, Code of Federal Regulations (or a suc-9
cessor regulation)); and 10
(D) a State public bank. 11
(27) L OW-INCOME COMMUNITY .—The term 12
‘‘low-income community’’ means any census block 13
group in which 30 percent or more of the population 14
are individuals with an annual household income 15
equal to, or less than, the greater of— 16
(A) an amount equal to 80 percent of the 17
median income of the area in which the house-18
hold is located, as reported by the Department 19
of Housing and Urban Development; and 20
(B) 200 percent of the Federal poverty 21
line. 22
(28) P RIVATE ENTITY .—The term ‘‘private en-23
tity’’ means a corporation, partnership, company, or 24 nonprofit organization. 25
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(29) P RODUCTIVITY.—The term ‘‘productivity’’ 1
means the improved efficiency in the economy asso-2
ciated with investments in public and private infra-3
structure, calculated as the difference between— 4
(A) the change in the value of total pro-5
duction; and 6
(B) the change in the value of inputs going 7
into production. 8
(30) P UBLIC BENEFIT .—The term ‘‘public ben-9
efit’’ means the clear and measurable benefit to soci-10 ety resulting from the use of the infrastructure 11
project by the public with respect to which a project 12 is carried out, or the improvement the infrastructure 13 project provides in— 14
(A) economic growth and productivity; 15
(B) air and water quality; 16
(C) energy savings; 17
(D) high-wage jobs; 18
(E) poverty reduction; or 19
(F) Federal, State, and local revenues. 20
(31) P UBLIC-PRIVATE PARTNERSHIP .—The 21
term ‘‘public-private partnership’’ means an agree-22
ment between an entity described in any of subpara-23
graphs (A) through (H) of paragraph (19) and a 24
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private entity to finance, build, and maintain or op-1
erate an infrastructure project. 2
(32) R EVOLVING FUND .—The term ‘‘revolving 3
fund’’ means a fund or program established by a 4
State or a political subdivision or other instrumen-5
tality of a State, the principal activity of which is to 6 make loans, commitments, or other financial accom-7
modations for the development of 1 or more cat-8
egories of infrastructure projects. 9
(33) S ECRETARY.—The term ‘‘Secretary’’ 10
means the Secretary of the Treasury. 11
(34) S TATE.—The term ‘‘State’’ means any of 12
the several States, the District of Columbia, the 13
Commonwealth of Puerto Rico, Guam, American 14
Samoa, the United States Virgin Islands, the Com-15
monwealth of the Northern Mariana Islands, and 16
any other territory or possession of the United 17
States. 18
(35) T ELECOMMUNICATIONS INFRASTRUCTURE 19
PROJECT.—The term ‘‘telecommunications infra-20
structure project’’ means any project involving infra-21 structure required— 22
(A) to provide communications by wire (in-23
cluding fiber optic cable), wireless (including 24
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satellite, microwave, or beam), internet, or radio 1
(including broadband); or 2
(B) to enhance performance and security 3
for that infrastructure (including networks and 4
artificial intelligence). 5
(36) T RANSPORTATION INFRASTRUCTURE 6
PROJECT.—The term ‘‘transportation infrastructure 7
project’’ means any project for the construction, de-8
ferred maintenance, or enhancement, including secu-9
rity enhancement, of a highway, road, bridge, transit 10 or intermodal system, inland waterway, commercial 11
port, airport, high-speed or passenger rail, or rail 12 track system. 13
(37) TRUST FUND .— 14
(A) I N GENERAL .—The term ‘‘trust fund’’ 15
means a delineated account in the books of the 16
Bank, set up to receive and disburse grant 17
money to fully or partially subsidize project 18
loans to entities operating in disadvantaged 19
communities. 20
(B) I NCLUSIONS.—The term ‘‘trust fund’’ 21
includes any trust fund receipts remaining from 22
net operations of the Bank, a Federal grant 23
disbursement, or a philanthropic or other gift 24
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from an individual or entity, as such a receipt 1
becomes available. 2
SEC. 202. ESTABLISHMENT OF NATIONAL INFRASTRUC-3
TURE BANK. 4
(a) E STABLISHMENT OF NATIONAL INFRASTRUC-5
TURE BANK.—There is established a National Infrastruc-6 ture Bank, which shall be a mixed-ownership Government 7 corporation subject to chapter 91 of title 31, United States 8 Code, except as otherwise provided in this Act. 9
(b) CONFORMING AMENDMENT.—Section 9101(2) of 10
title 31, United States Code, is amended by adding at the 11 end the following: 12
‘‘(K) the National Infrastructure Bank.’’. 13
(c) NATIONAL BANK CHARTER.—This Act shall serve 14
as the charter for the Bank. 15
(d) RESPONSIBILITY OF THE SECRETARY.—The Sec-16
retary shall take such action as may be necessary to assist 17 in the establishment of the Bank in accordance with this 18 Act. 19
SEC. 203. PURPOSES AND AUTHORIZATIONS. 20
(a) P URPOSE.—The purpose of National Infrastruc-21
ture Bank shall be to facilitate efficient, long-term financ-22 ing of infrastructure projects, business and economic 23 growth, and new job creation in the United States. 24
(b) CAPITALIZATION.— 25
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(1) I N GENERAL .—The National Infrastructure 1
Bank shall raise capital stock, in an amount ap-2
proved by the Board, but not to exceed 3
$500,000,000,000, to be held in the form of Treas-4
ury securities. 5
(2) S UBSCRIPTION.—The capital stock shall be 6
subscribed by— 7
(A) public holders of outstanding Treasury 8
securities of 3 years or greater maturity, or 9
outstanding municipal bonds of States or mu-10
nicipalities of 5 years or greater maturity, who 11
transfer such securities or bonds to the Bank in 12
exchange for the capital stock; 13
(B) paid-in share capital, paid in cash; and 14
(C) the United States Treasury, as on-call 15
subscriber to the Bank, in an amount up to 16
$100,000,000,000 in 30-year United States 17
Treasury bonds. 18
(3) C APITAL ADEQUACY RATIO .—The Bank 19
shall maintain risk-based capital of no less than 10 20 percent. 21
(4) L IMITATION ON PURCHASE OF NEWLY 22
ISSUED PUBLIC DEBT .—The Bank shall not pur-23
chase public debt of the United States, as newly 24
issued, except for the purpose of rolling over the ex-25 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 23 •HR 5356 IH
isting Treasury holdings of the Bank or to convert 1
the proceeds of cash purchases of the preferred 2
stock of the Bank into Treasury securities. 3
(5) A SSESSMENTS AND PHASE -IN OF LIMITA -4
TION ON CAPITAL STOCK .—The accumulation of cap-5
ital stock of the Bank shall be limited— 6
(A) to no more than $150,000,000,000 by 7
the end of its first full fiscal year of operations, 8
following the end of which fiscal year the Board 9
of Governors of the Federal Reserve System 10
shall conduct an assessment of the operations 11
of the Bank and report to Congress and the 12
Board of the Bank concerning the ways in 13
which the Bank is succeeding or falling short in 14
fulfilling the purposes of this Act; 15
(B) to no more than $300,000,000,000 by 16
the end of its third full fiscal year, following the 17 end of which fiscal year the Board of Governors 18
of the Federal Reserve System shall conduct 19
another assessment of the operations of the 20
Bank and submit similar reports to those speci-21
fied in subparagraph (A), noting in particular 22
the adequacy of the response of the Bank to 23
criticisms and recommendations included in the 24
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assessment conducted pursuant to subpara-1
graph (A); 2
(C) to no more than $500,000,000,000 by 3
the end of its fifth full fiscal year, following the 4
end of which fiscal year the Board of Governors 5
of the Federal Reserve System shall conduct 6
another assessment of the operations of the 7
Bank and submit similar reports to those speci-8
fied in subparagraphs (A) and (B), noting in 9
particular the adequacy of the response of the 10
Bank to criticisms and recommendations in-11
cluded in the assessments conducted pursuant 12
to subparagraphs (A) and (B); and 13
(D) thereafter to the full amount set forth 14
in paragraph (1), with the Board of Governors 15
of the Federal Reserve System conducting peri-16
odic assessments of the operations of the Bank 17
and submitting similar reports to those speci-18
fied in subparagraphs (A) through (C) following 19
the end of each fifth fiscal year beginning with 20
the tenth full fiscal year of the Bank. 21
(c) PREFERRED STOCK.— 22
(1) I N GENERAL .—All subscribed capital shall 23
be exchanged for an equivalent in preferred stock, or 24 shares, in the Bank, callable only by the Bank at the 25 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00024 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 25 •HR 5356 IH
current market value of the shares during a period 1
of 20 years following finalization of a stock purchase 2 agreement. Notwithstanding any other provision of 3
law, a guarantee of redemption at the then current 4
market price of the shares shall be included in the 5
stock purchase agreement. Preferred shareholders 6
shall have no voting rights in the Bank. 7
(2) D IVIDENDS ON PREFERRED STOCK .—The 8
Bank shall pay dividends on its preferred stock 9
semiannually at the following rates: 10
(A) For stock acquired in exchange for 11
Treasury securities by an individual, by an enti-12
ty that is not exempt from tax under section 13
501 of the Internal Revenue Code of 1986, or 14
by the United States Treasury, the same an-15
nual rate as the Treasury security exchanged 16
for the stock. 17
(B) For stock acquired in exchange for se-18
curities by an organization that is exempt from 19
tax under section 501 of the Internal Revenue 20
Code of 1986, the same annual rate as the 21
Treasury security exchanged for the stock plus 22
1⁄2 percent. 23
(C) For stock purchased in exchange for 24
cash by an individual or an entity that is not 25
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exempt from tax under section 501 of the Inter-1
nal Revenue Code of 1986 and for stock ac-2
quired in exchange for municipal bonds, the 3
same annual rate payable on Treasury bonds 4
with a 30-year maturity purchased from the 5
Treasury on the day the stock purchase agree-6
ment is finalized. 7
(D) For stock purchased in exchange for 8
cash by an organization that is exempt from tax 9
under section 501 of the Internal Revenue Code 10
of 1986, the same annual rate payable on 11
Treasury bonds with a 30-year maturity on the 12
day the stock purchase agreement is finalized 13
plus 1⁄2 percent. 14
(3) A CQUISITIONS FOR OTHER THAN CASH OR 15
TREASURY SECURITIES TREATED AS ACQUISITIONS 16
FOR CASH .—For stock acquired in exchange for non- 17
cash assets other than Treasury securities, the as-18
sets shall be liquidated by the Bank and the pro-19
ceeds treated as a cash purchase of stock. 20
(4) A UTHORITY TO MODIFY RATES .—If the 21
dividends provided for in paragraph (2) generate 22
more or less investment in the preferred stock of the 23 Bank than is needed to achieve and maintain the de-24
sired level of capital investment in the Bank, the di-25 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00026 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 27 •HR 5356 IH
rectors of the Bank may reduce or increase the divi-1
dends provided for new acquisitions of preferred 2
stock in 1 or more of subparagraphs (A) through 3
(D) of paragraph (2) for such periods of time as the 4
directors determine appropriate. 5
(5) P RIORITY AND OBLIGATION OF DIVIDEND 6
PAYMENTS.—Dividend payments on the preferred 7
stock shall have priority over other uses of interest 8 payments received by the Bank on its capital stock 9
holdings of Treasury securities, and any such divi-10
dends owed in excess of the amount covered by these 11
interest payments shall be guaranteed by the Bank 12
in the stock purchase agreement. 13
(d) BORROWED CAPITAL.— 14
(1) IN GENERAL .—The Bank is further author-15
ized to raise borrowed capital for projects needs, or 16 to meet its cash flow needs, by— 17
(A) issuing bonds, with a fixed 5- to 10- 18
year maturity; 19
(B) maintaining a permanent, revolving 20
discount line of credit account with the Board 21
of Governors of the Federal Reserve System; 22
and 23
(C) borrowing from other banks or whole-24
sale capital markets, under repurchase or other 25
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agreements, on a short-or medium-term basis, 1
as determined by the chief financial officer and 2
chief risk officers, with approval by the Board. 3
(2) D EFINITION.—In this subsection, the term 4
‘‘bond’’ means any bond issued in accordance with 5
this Act— 6
(A) the proceeds from the sale of which are 7
to be used for expenditures incurred after the 8
date of issuance with respect to any infrastruc-9
ture project or other purpose, subject to such 10
rules as the Bank may provide; 11
(B) that is issued in registered form; 12
(C) that has such terms, and carries inter-13
est in such an amount, as determined by the 14
Bank; and 15
(D) for which the payment of interest and 16
principal with respect to the bond is the obliga-17
tion of the Bank, and is backed by the full faith 18
and credit of the United States. 19
(e) D EPOSITS.—Once chartered as a national bank, 20
the Bank— 21
(1) shall accept deposits from individuals, cor-22
porations, public entities, or any other source, into 23 transaction deposit accounts on its books, and pay 24
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interest on those deposits, in an amount deemed ap-1
propriate by the Board; 2
(2) may deposit its funds in any bank or other 3
financial institution; and 4
(3) may utilize the services of electronic trans-5
fer systems to transfer funds among any deposit ac-6
counts. 7
(f) LOANS.— 8
(1) I N GENERAL .—The Bank shall provide 9
loans, in accordance with this Act, to entities, or 10
enter into blended financing credit, for the financ-11
ing, development, or operation of infrastructure 12
projects. 13
(2) L OAN MATURITY .—The maturity of loans 14
should match, to the extent possible, the maturity 15
periods of anticipated profitability, economic stim-16
ulus, and projected useful life of projects financed by 17 such loans. 18
(3) LOAN LIMIT .—Total loans contracted by the 19
Bank shall not exceed $5,000,000,000,000. 20
(4) I NTEREST CHARGES ON LOANS AND OTHER 21
FEES.—The Bank— 22
(A) shall charge fixed-rate interest, fees, 23
premiums, or discounts based on the risk asso-24
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ciated with a loan made by the Bank, taking 1
into consideration— 2
(i) the price of Treasury obligations of 3
a similar maturity or 1.6 percent per 4
annum, whichever is greater; 5
(ii) the credit rating of the borrowing 6
entity if expressly published, or an assess-7
ment of the overall finances of the bor-8
rowing entity indicating an ability to serv-9
ice the loan; 10
(iii) current and expected future eco-11
nomic conditions, including expected im-12
provements in the economy and the bor-13
rowing entity’s finances resulting from the 14
overall lending operations of the Bank; and 15
(iv) whether the borrowing entity 16
qualifies as a disadvantaged community, 17
and an interest rate subsidy, subject to 18
availability of funds; 19
(B) may, in connection with a loan ex-20
tended by the Bank, issue loan guarantees, in-21
surance, coinsurance, and reinsurance to bor-22
rowing entities, insurance companies, financial 23
institutions, or others, or groups thereof, and 24
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charge fees based on a similar risk analysis; 1
and 2
(C) may charge for the review of any 3
project proposal in such amount as may be ap-4
proved by the Board to cover the costs of such 5
review. 6
(5) R EFINANCING.—Subject to a full audit of 7
the project and borrower, and subject to Board re-8
view, the Bank may extend the time limit for repay-9
ment of a loan, through renewal, substitution of new 10 obligations, or otherwise, with the maximum time for 11 such renewal to be approved by the Board. The 12
Bank may make such further loans as necessary for 13
project completion, or to assure loan repayment. 14
(6) L IMITATIONS ON LOANS .—The Bank may 15
not— 16
(A) provide loans to consumers or provide 17
any other loans not described under this Act; or 18
(B) engage in investment banking activi-19
ties such as underwriting securities or trust 20
management for customers. 21
(g) C APITAL FOR LOAN DISBURSEMENTS.—Once 22
chartered as a deposit-taking bank, the Bank is authorized 23 to create funds in a deposit account in the name of a bor-24 rower, in accordance with the loan agreement, as each 25 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00031 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 32 •HR 5356 IH
scheduled loan disbursement is made. The Bank shall 1
draw up an aggregate loan disbursement plan, for the in-2 formation of the Comptroller of the Currency and the 3
Board of Governors of the Federal Reserve System. 4
(h) N ET EARNINGS.—After meeting current obliga-5
tions, the Bank is authorized to use its earnings, and all 6 moneys which have been or may hereafter be allocated to 7 or borrowed by it, in the exercise of its functions. From 8 those monies, the Bank shall set aside loan-loss provisions 9 equal to a proportion of loan book value, as determined 10 appropriate by the Board. Net earnings of the Bank, after 11 setting aside loan-loss provisions and estimated forward 12 cash flow needs, shall be used for the payment of dividends 13 to the United States Treasury, in an annual amount to 14 be determined by the Board. Any residual net earnings 15 shall be deposited into a trust fund to subsidize loans for 16 disadvantaged communities that are not able to repay in-17 frastructure loans on normal loan terms, in a manner to 18 be determined by the Board. Any direct Federal contribu-19 tions from the budget for the purpose of subsidizing dis-20 advantaged communities may also be added and utilized 21 via the trust fund. 22
(i) L OAN-LOSS PROVISIONS AND FEDERAL CONTIN-23
GENT LIABILITY.—In the event of any losses, as deter-24 mined by the Board, incurred on loans, loan guarantees, 25 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00032 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 33 •HR 5356 IH
insurance, or for capital investment and dividend pay-1 ments on stock issues under this Act, they shall be borne 2 by the Bank out of its loan-loss provisions. Any losses in 3 excess thereof shall be borne by the Secretary of the 4 Treasury. That excess shall be considered a contingent ob-5 ligation backed by the full faith and credit of the United 6 States Government. 7
(j) R ESERVES.—The Bank shall maintain reserves 8
against the transaction accounts of the Bank in such 9
amount as the Board may determine appropriate, but not 10 greater than 14 percent of the total transaction accounts 11 of the Bank greater than $25,000,000. 12
(k) B RANCHES.—The Bank shall establish an office 13
of lending and deposit in each city that has a Federal re-14 serve bank, via the internet, and in any other location 15 where the Board determines appropriate. 16
SEC. 204. FORMATION OF REGIONAL ECONOMIC ACCEL-17
ERATOR PLANNING GROUPS. 18
(a) IN GENERAL.—The Bank, through the branch of-19
fices established under section 203(k), shall facilitate the 20 organization of not fewer than 7 regional economic accel-21 erator planning groups, which shall be defined by common 22 economic, demographic, and infrastructure connectivities. 23 (b) D UTIES.—The regional economic accelerator 24
planning groups may— 25
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(1) organize by, and be composed of, State and 1
local public sector officials, including through multi-2 jurisdictional or multistate agreements among agen-3
cies; 4
(2) identify economic megaregions, which shall 5
consist of hub cities, related towns and suburbs, 6
manufacturing production corridors, and rural areas 7
woven together into the communities where people of 8
the United States live, work, and provide goods or 9
services for movement within the region, and to 10
other regions; 11
(3) identify infrastructure needs and priorities 12
for economics megaregions, with input from the 13
American Society of Civil Engineers, and other 14
trade, business, and industrial associations; 15
(4) develop regional economic accelerator plans, 16
including a pipeline of infrastructure projects and 17
the strategic placement of those infrastructure 18
projects, needed to improve supply chains, land use, 19 and productivity within each economic megaregion, 20
while seeking to include all communities; 21
(5) define how those infrastructure projects will 22
create energy savings, improve the environment, im-23
prove jobs and wages, create regional economic 24
growth, and create growth in regional tax income; 25
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(6) identify where multijurisdictional agree-1
ments should be enacted or strengthened to improve 2
the development of infrastructure projects that cross 3 jurisdictional lines, such as transportation improve-4
ments along the northeast corridor, flood mitigation, 5 water management to relieve drought conditions in 6
southwestern States, or development of a national 7
high-speed rail grid; 8
(7) identify Federal, State, or local laws and 9
regulations that should be streamlined to reduce in-10
frastructure project costs and approval times, while 11 maintaining environmental and safety objectives, 12
and work towards streamlining those laws and regu-13
lations; 14
(8) seek public input on the broad outlines of 15
each regional infrastructure development plan; 16
(9) provide the regional infrastructure develop-17
ment plans to the Bank to inform the Bank on the 18
selection of infrastructure projects for financing; and 19 (10) assist entities formulating and submitting 20
projects for consideration of Bank financing on the 21
definition, scope, selection criteria, and other factors 22 under section 205 that will be considered in the ap-23
proval process. 24
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SEC. 205. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 1
THE BANK. 2
(a) I N GENERAL.—Subject to subsection (e), the 3
Bank may provide financial assistance to an entity for an 4 infrastructure project if the project— 5
(1) meets the criteria described in, and require-6
ments of, this Act; 7
(2) has local, regional, or national significance; 8
and 9
(3) is in the public interest. 10
(b) A PPLICATIONS.—To be considered for financial 11
assistance from the Bank for an infrastructure project, an 12 entity shall submit to the Bank an application at such 13 time, in such manner, and containing such information as 14 the Bank may require in accordance with subsection (c). 15 (c) G UIDELINES FOR INFRASTRUCTURE 16
PROJECTS.—The Executive Committee and the Board 17
shall establish standard operating procedures and develop 18 online application procedures for financial assistance from 19 the Bank. 20
(d) CRITERIA.— 21
(1) I N GENERAL .—The Board shall evaluate 22
and rate each application received under subsection 23
(b) based on the factors appropriate for the type of 24 the infrastructure project, including— 25
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(A) the consistency of the infrastructure 1
project with a regional infrastructure develop-2
ment plan that builds connectivity in the project 3
area and beyond, so that maximum growth is 4
achieved while leaving no community behind; 5
(B) the results of a life-cycle projection of 6
the benefits, as compared to costs, of the infra-7
structure project that incorporates the factors 8
described in subparagraphs (C) through (L); 9
(C) the extent to which the infrastructure 10
project would promote economic growth, includ-11
ing private sector-led growth associated with 12
the infrastructure project; 13
(D) the extent to which the infrastructure 14
project contributes to job creation, including 15
fair and responsible employment practices and 16
workforce development to train workers in new 17
skills, including by union apprentice programs 18
to train new hires; 19
(E) the extent to which the infrastructure 20
project provides environmental and public 21
health benefits, including a reduction in green-22
house gases, water pollution, and air pollution, 23
and the removal of lead and other hazardous 24
materials; 25
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(F) whether the applicant has a dem-1
onstrated ability to contract for design, con-2
struction, operation, and maintenance of the in-3
frastructure project throughout its estimated 4
useful life, including by defining project objec-5
tives, selecting experienced project managers, 6
and utilizing performance-based monitoring; 7
(G) whether the applicant has dem-8
onstrated an understanding of the strategic im-9
portance of bundling, sequencing, and correctly 10
sizing projects, and adopting value design and 11
procurement procedures, so as to realize long- 12
term cost savings through a principle known as 13
‘‘dig, build, expand, or improve only once’’; 14
(H) whether the applicant has dem-15
onstrated an understanding of the importance 16
of innovative and state-of-the-art technologies 17
that achieve project reliability, efficiency, resil-18
iency, sustainability, security, and public safety; 19
(I) the extent to which the infrastructure 20
project preserves and repurposes existing infra-21
structure and rationally connects to other cat-22
egories of existing or planned infrastructure 23
projects; 24
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(J) the extent to which the infrastructure 1
project promotes the domestic production of 2
construction inputs needed for projects that re-3
ceive financial assistance from the Bank; 4
(K) a categorical benefit as described in 5
paragraph (2); and 6
(L) any other criteria as determined by the 7
Board. 8
(2) C ATEGORICAL BENEFIT .—A categorical 9
benefit referred to in paragraph (1)(K) is— 10
(A) for a transportation infrastructure 11
project— 12
(i) a reduction in surface and air traf-13
fic congestion, by road, transit, passenger 14
rail, freight rail, port or inland water trav-15
el, or air travel, as measured by reductions 16
in transit, boarding, and total trip times; 17
(ii) an anticipated increase in capacity 18
for existing and expected new ridership or 19
transport use, including by high-speed rail; 20
(iii) a reduction in risks from mainte-21
nance decline, or structural failure, over 22
the service life of the project; 23
(iv) the coordination of improvements 24
in commuter passenger operations, freight 25
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transport, and new community design, with 1
the demographics of population, economic 2
production, and trade hubs according to a 3
regional infrastructure plan; 4
(v) an overall decline in greenhouse 5
gas emissions from surface and air trans-6
portation infrastructure projects financed 7
by the Bank; 8
(vi) an increase in access to affordable 9
transportation options, to improve access 10
to jobs, affordable housing, schools, med-11
ical services, food and other essential com-12
munity services; or 13
(vii) improvements in safety for users, 14
passengers, and operators, as measured by 15
a reduction in fatalities and serious inju-16
ries; 17
(B) for an environmental infrastructure 18
project— 19
(i) increased coastal and inland flood 20
mitigation and protection; 21
(ii) improvements in drinking water, 22
wastewater, or stormwater systems, 23
through the repair, expansion or replace-24
ment of those systems; 25
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(iii) a reduction in risk to any public 1
infrastructure from structural failure, or 2
damage, due to weather-related events, 3
cyber or physical attacks, or catastrophic 4
wildfires; or 5
(iv) environmental improvements from 6
the removal of hazardous wastes or chem-7
ical pollutants; 8
(C) for an energy infrastructure project— 9
(i) development of a system that pro-10
vides for any of the smart grid functions 11
described in section 1306(d) of the Energy 12
Independence and Security Act of 2007 13
(42 U.S.C. 17386(d)) (commonly known as 14
a ‘‘smart grid’’), with modern security and 15
resiliency systems; 16
(ii) expansion of transmission and dis-17
tribution capacity to cover new generation 18
suppliers, including a macrogrid overlay to 19
transport power from renewable sources, 20
and new generation demand, including 21
from global warming, or the electrification 22
of vehicles or rail transport systems; 23
(iii) enhancement of systems to bal-24
ance electricity supply and demand, curtail 25
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peak demand, restore power outages, or co-1
ordinate operating procedures among 2
power-supplying entities; or 3
(iv) energy-efficient buildings, includ-4
ing clean energy designated retrofits; 5
(D) for a telecommunications infrastruc-6
ture project— 7
(i) completion of, or improvement in, 8
broadband and wireless access and afford-9
ability in rural and disadvantaged commu-10
nities not served by the private sector; or 11
(ii) improvement of the global tele-12
communication satellite network; and 13
(E) for a community development infra-14
structure project— 15
(i) promotion of economic growth and 16
poverty reduction; 17
(ii) modernization of local land use 18
policies, including those that promote tran-19
sit-oriented development and location effi-20
ciency; 21
(iii) expansion in the provision of pub-22
lic housing, or publicly assisted affordable 23
housing, to provide long-term affordability 24
in targeted, disadvantaged communities, 25
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for families and persons with incomes 1
equivalent to those currently assisted, and 2
improvement in the physical condition of 3
that housing; 4
(iv) replacement of schools that have 5
reached their service lifetime or expansion 6
of school facilities with growing popu-7
lations or to house new programs for work-8
force development; or 9
(v) improvements in national, State, 10
and local parks and recreation facilities 11
and related open space land management. 12
(3) S TIMULATION OF DOMESTIC PRODUC -13
TION.—If the Bank determines that any type of 14
iron, steel, manufactured product, or construction 15
material is not produced in the United States in suf-16 ficient and reasonably available quantities or of a 17
satisfactory quality to meet the infrastructure needs 18 in the United States, the Bank may solicit loan ap-19
plications for projects to increase or improve the do-20 mestic production of that iron, steel, manufactured 21
product, or construction material. 22
(4) LENDER OF LAST RESORT .—In selecting in-23
frastructure projects to receive financial assistance 24 from the Bank, the Board shall also lend for— 25
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(A) an infrastructure project in an area of 1
high unemployment or a disadvantaged commu-2
nity, including a workforce development plan to 3
train workers in new skills and connect those 4
workers with job openings financed by the 5
Bank; and 6
(B) an infrastructure project— 7
(i) that leverages or complements 8
Federal, State, local, and private financing; 9
or 10
(ii) for which the applicant dem-11
onstrates that the additional capital could 12
not be obtained from commercial sources 13
at reasonable financing costs. 14
(e) EXCLUSIONS.—The Bank may not provide finan-15
cial assistance for any infrastructure project that sub-16 sidizes or otherwise encourages the sale or lease of infra-17 structure currently owned or controlled by an entity de-18 scribed in subparagraphs (A) through (G) of section 19
201(19), or will result in the private control or operation 20 of infrastructure currently owned or controlled by such an 21 entity under any agreement, including a public-private 22 partnership. 23
(f) E MPLOYEE PROTECTIONS.—The Bank may not 24
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involving reconstruction, rehabilitation, replacement, or 1 expansion that may impact current employees on the 2
project site, until the entity submitting an application for 3 an infrastructure project certifies to the Bank that the 4 entity is in compliance with section 213 with respect to 5 the interests of employees affected by the financial assist-6 ance. 7
(g) EMERGENCY PROCEDURES.— 8
(1) I N GENERAL .—During the period described 9
in paragraph (2), the Board may waive such selec-10
tion criteria and procedures as the Board determines 11 to be necessary in order to provide loans more quick-12 ly for infrastructure projects— 13
(A) that reduce unemployment; 14
(B) that address the backlog of critical, 15
shovel-ready projects for which preliminary en-16
gineering or permitting is already completed; or 17
(C) that address a critical safety or other 18
public need. 19
(2) P ERIOD DESCRIBED .—The period referred 20
to in paragraph (1) is the period beginning on the 21
date of enactment of this Act and ending on the 22
later of— 23
(A) 1 year after the date on which the 24
Bank begins operations; and 25
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(B) the date on which the Bank has pro-1
vided a total of $500,000,000,000 in loans. 2
SEC. 206. BOARD OF DIRECTORS. 3
(a) I N GENERAL.—The Bank shall have a Board of 4
Directors consisting of 25 members, appointed by the 5
President by and with the advice and consent of the Sen-6 ate. 7
(b) Q UALIFICATIONS.—The members of the Board 8
shall include individuals representing different regions of 9 the United States, of whom— 10
(1) 12 shall have not less than 15 years of in-11
dustrial and engineering experience; 12
(2) 1 shall be a representative of the AFL–CIO; 13
(3) 2 shall be representatives of North Amer-14
ica’s Building Trades Unions; 15
(4) 2 shall be representatives of the Corps of 16
Engineers; 17
(5) 2 shall have State and local public sector 18
experience; 19
(6) 2 shall have finance experience; 20
(7) 2 shall have economic development experi-21
ence; and 22
(8) 2 shall represent minority communities or 23
disadvantaged communities. 24
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(c) CHAIRPERSON AND VICE CHAIRPERSON.—At the 1
time of appointment, the President shall designate— 2
(1) 1 member of the Board to serve as chair-3
person; and 4
(2) 1 member of the Board to serve as vice 5
chairperson. 6
(d) TERMS.— 7
(1) I N GENERAL .—Except as provided in para-8
graph (2), each member shall be appointed for a 9
term of 6 years. 10
(2) I NITIAL STAGGERED TERMS .—Of the initial 11
members of the Board— 12
(A) the chairperson and vice chairperson 13
shall each be appointed for terms of 6 years; 14
(B) 12 shall be appointed for a term of 4 15
years; and 16
(C) 11 shall be appointed for a term of 2 17
years. 18
(e) CONGRESSIONAL RECOMMENDATIONS.—Not later 19
than 30 days after the date of enactment of this Act, the 20 majority leader of the Senate, the minority leader of the 21 Senate, the Speaker of the House of Representatives, and 22 the minority leader of the House of Representatives shall 23 each submit to the President a recommendation for ap-24 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00047 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 48 •HR 5356 IH
pointment of a member of the Board, after consultation 1 with the appropriate committees of Congress. 2
(f) D ATE OF INITIAL NOMINATIONS.—The initial 3
nominations by the President for appointment of members 4 to the Board shall be made not later than 60 days after 5 the date of enactment of this Act. 6
(g) VACANCIES.— 7
(1) I N GENERAL .—A vacancy on the Board 8
shall be filled in the manner in which the original 9
appointment was made. 10
(2) A PPOINTMENT TO REPLACE DURING 11
TERM.—A member of the Board appointed to fill a 12
vacancy occurring before the expiration of the term 13
for which the predecessor of the member was ap-14
pointed shall be appointed only for the remainder of 15 the term. 16
(3) D URATION.—A member of the Board may 17
serve after the expiration of the term of the member 18 until a successor has taken office. 19
(h) QUORUM.—At the time of any Board meeting, 75 20
percent of the members confirmed by the Senate (rounded 21 down to a whole number) shall constitute a quorum. 22
(i) R EAPPOINTMENT.—A member of the Board may 23
be reappointed by the President in accordance with this 24 section. 25
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(j) P ER DIEM REIMBURSEMENT.—Members of the 1
Board shall serve on a part-time basis and shall receive 2 a per diem when engaged in the actual performance of 3
Bank business, plus reasonable reimbursement for travel, 4 subsistence, and other necessary expenses incurred in the 5 performance of their duties. 6
(k) LIMITATIONS.—A member of the Board may not 7
participate in any review or decision affecting a project 8 under consideration for assistance under this Act if the 9 member has, or is affiliated with a person who has, an 10 interest in the project. 11
(l) RESPONSIBILITIES.—The Board shall— 12
(1) as soon as practicable after the date on 13
which the last member is appointed, establish an Ex-14
ecutive Committee, risk management committee and 15
audit committee pursuant to this Act; 16
(2) not later than 180 days after the date on 17
which the last member is appointed, develop and ap-18
prove the bylaws of the Bank, and publish those by-19
laws in the Federal Register, including bylaws for 20
the regulation of the affairs and conduct of the busi-21 ness of the Bank, consistent with the purpose, goals, 22 objectives, and policies described in this Act; 23
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(3) ensure that the Bank is at all times oper-1
ated in a manner that is consistent with this Act, 2
by— 3
(A) monitoring and assessing the effective-4
ness of the Bank in achieving strategic goals; 5
(B) periodically reviewing internal policies 6
submitted by the chief executive officer; 7
(C) reviewing and approving annual busi-8
ness plans, annual budgets, and long-term 9
strategies submitted by the chief executive offi-10
cer; 11
(D) reviewing and approving annual re-12
ports submitted by the chief executive officer; 13
(E) reviewing risk management and audit 14
practices of the Bank; and 15
(F) reviewing and approving all changes to 16
the organization of the Bank; and 17
(4) establishing such other criteria, require-18
ments, and procedures as the Board may consider to 19
be appropriate in carrying out this Act. 20
(m) MEETINGS.— 21
(1) O PEN TO THE PUBLIC ; NOTICE.—All meet-22
ings of the Board held to conduct the business of the 23 Bank shall be open to the public and shall be pre-24
ceded by reasonable notice. 25
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(2) I NITIAL MEETING .—The Board shall 1
meet— 2
(A) not later than 90 days after the date 3
on which the last member is appointed; and 4
(B) at the call of the chairperson. 5
(3) EXCEPTION FOR CLOSED MEETINGS .— 6
(A) I N GENERAL .—Pursuant to such rules 7
as the Board may establish through bylaws, the 8
members may close a meeting of the Board if, 9
at the meeting, there is likely to be disclosed in-10
formation that could adversely affect or lead to 11
speculation— 12
(i) relating to an infrastructure 13
project under consideration for assistance 14
under this Act; or 15
(ii) in financial, securities, or com-16
modities markets or institutions, utilities, 17
or real estate. 18
(B) N OTICE.—The determination to close 19
any meeting of the Board shall be made in a 20
meeting of the Board, open to the public, and 21
preceded by reasonable notice. 22
(C) M INUTES.—The Board shall prepare 23
minutes of any meeting that is closed to the 24
public and make those minutes available as 25
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soon as the considerations necessitating the clo-1
sure of the meeting no longer apply. 2
SEC. 207. POWERS AND LIMITATIONS OF THE BOARD. 3
(a) POWERS.—In order to carry out the purposes of 4
the Bank as described in this Act, the Board shall be re-5 sponsible for the approval and monitoring of infrastruc-6 ture projects, and shall have the following powers: 7
(1) To make senior and subordinated direct 8
loans on such terms as the Board may determine to 9
be appropriate to assist in the financing or refi-10
nancing of an infrastructure project. 11
(2) Subject to the availability of funding, to de-12
velop specialized loan programs, such as a disadvan-13
taged communities loan program, or a community 14
cooperative startup, that provide project financing 15
on flexible repayment terms. 16
(3) To make loan guarantees on such terms as 17
the Board may determine to be appropriate to assist 18
in the financing or refinancing of an infrastructure 19 project. 20
(4) To issue bonds to provide financing for in-21
frastructure projects from amounts made available 22
from the issuance of those bonds. 23
(5) To make agreements and contracts with any 24
entity in furtherance of the business of the Bank. 25
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(6) To approve infrastructure loans financed in 1
whole or in part by the Bank after receiving rec-2
ommendations from the Executive Committee. 3
(7) To monitor infrastructure projects financed 4
in whole or in part by the Bank after receiving as-5
sessments from the Executive Committee. 6
(8) To sue and be sued in the Bank’s corporate 7
capacity in any court of competent jurisdiction, ex-8
cept that no attachment, injunction, or similar proc-9
ess, may be issued against the property of the Bank 10
or against the Bank with respect to such property. 11
(9) To indemnify the members of the Board 12
and officers of the Bank for liabilities arising out of 13 the actions of the Board and officers of the Bank in 14 such capacity, in accordance with, and subject to the 15 limitations contained in, this Act. 16
(10) To serve as the primary liaison between 17
the Bank and Congress, the executive branch, and 18
State and local governments, and to represent the 19
interests of the Bank. 20
(11) To exercise all other lawful powers that 21
are necessary or appropriate to carry out, and are 22
consistent with, the purposes of the Bank. 23
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(b) COORDINATION WITH STATE AND LOCAL REGU-1
LATORY AUTHORITIES.—The provision of financial assist-2 ance by the Board pursuant to this Act shall not— 3
(1) limit the right of any State or political sub-4
division or other instrumentality of a State to ap-5
prove or regulate rates of return on private equity 6
invested in an infrastructure project; or 7
(2) otherwise supersede any State law or regu-8
lation applicable to an infrastructure project. 9
(c) FEDERAL PERSONNEL REQUESTS.— 10
(1) I N GENERAL .—The Board may request the 11
detail, on a reimbursable basis, of personnel from 12
other Federal agencies with specific expertise not 13
available from within the Bank, including personnel 14
with experience in the selection process for competi-15 tive awards from— 16
(A) the Corps of Engineers; 17
(B) the Department of Transportation; 18
(C) the Department of Labor; 19
(D) the Department of Housing and 20
Urban Development; 21
(E) the Environmental Protection Agency; 22
(F) the Department of the Treasury; 23
(G) the Department of Commerce; and 24
(H) other relevant Federal agencies. 25
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(2) D ETAIL.—The head of any Federal agen-1
cy— 2
(A) may detail, on a reimbursable basis, 3
any personnel of the agency requested by the 4
Board; and 5
(B) shall not withhold unreasonably the 6
detail of any personnel requested by the Board. 7
SEC. 208. EXECUTIVE COMMITTEE. 8
(a) IN GENERAL.—The Board shall establish an Ex-9
ecutive Committee consisting of 9 members, including— 10 (1) the chief executive officer, who shall serve 11
as the head of the Executive Committee; 12
(2) the chief risk officer; 13
(3) the chief operations officer; 14
(4) the chief loan origination officer; 15
(5) the chief compliance officer; 16
(6) the chief financial officer; 17
(7) the chief treasury officer; 18
(8) the chief asset and liability management of-19
ficer; and 20
(9) the general counsel. 21
(b) A PPOINTMENTS.—A majority of the Board shall 22
have the authority— 23
(1) to appoint the members of the Executive 24
Committee; and 25
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(2) to define the duties of each member of the 1
Executive Committee in accordance with this Act, 2
the bylaws of the Bank, and requirements of the 3
Board. 4
(c) Q UALIFICATIONS.—Each member of the Execu-5
tive Committee and all loan origination officers of the 6 Bank shall have extensive experience and expertise in re-7 tail banking, and in 1 or more of the following: 8
(1) Transportation infrastructure. 9
(2) Environmental infrastructure. 10
(3) Energy infrastructure. 11
(4) Telecommunications infrastructure. 12
(5) Public housing and urban or rural develop-13
ment. 14
(6) Economic development. 15
(7) Workforce development. 16
(8) Public finance. 17
(d) D UTIES OF CHIEF EXECUTIVE OFFICER.—The 18
chief executive officer shall have responsibility for the de-19 velopment and implementation of the strategy of the 20
Bank, including— 21
(1) the development and submission to the 22
Board of the annual business plans and budget; 23
(2) the development and submission to the 24
Board of a long-term strategic infrastructure devel-25
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opment plan that is consistent with regional plans 1
presented to the Bank by regional economic accel-2
erator planning groups established under section 3
204; and 4
(3) the development, revision, and submission 5
to the Board of other internal policies of the Bank. 6
(e) D UTIES OF EXECUTIVE COMMITTEE.—In order 7
to carry out the purposes of the Bank, the Executive Com-8 mittee shall— 9
(1) establish and submit to the Board for ap-10
proval disclosure and application procedures for enti-11 ties submitting applications for infrastructure 12
projects for assistance under this Act; 13
(2) establish and submit to the Board for ap-14
proval standardized terms and conditions, fee sched-15
ules, or legal requirements of a contract or program 16 to carry out this Act; 17
(3) establish and submit to the Board for ap-18
proval guidelines for the selection and approval of 19
infrastructure projects and specific criteria for deter-20 mining eligibility for project selection, subject to the 21 general criteria provided in section 205; 22
(4) accept for consideration project proposals 23
from entities for the development of infrastructure 24
projects in accordance with this Act; 25
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(5) provide recommendations to the Board and 1
place project proposals accepted by the Executive 2
Committee on a list for consideration for financial 3
assistance from the Board; and 4
(6) establish a plan, and build capacity within 5
the Bank, to provide technical assistance to State 6
and local governments, regional economic accelerator 7
planning groups established under section 204, joint 8
ventures, regional economic accelerator agencies, and 9 other borrowing entities on— 10
(A) the borrowing procedures and selection 11
criteria of the Bank; 12
(B) the development of a pipeline of 13
projects suitable for financing that meet the se-14
lection criteria developed by the Bank; 15
(C) the development of specialized institu-16
tional structures and cross-regional planning to 17
help in the planning of complex projects; 18
(D) best practices for design, construction, 19
and management, including those identified in 20
global infrastructure databases; 21
(E) contract evaluation methods, including 22
procurement value-for-money options; and 23
(F) institution strengthening relating to 24
the management of projects and work con-25
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tracts, including through performance-based 1
project delivery. 2
(f) V ACANCY.—A vacancy on the Executive Com-3
mittee shall be filled in the manner in which the original 4 appointment was made. 5
(g) C OMPENSATION.—The compensation of a mem-6
ber of the Executive Committee shall be determined by 7 the Board. 8
(h) R EMOVAL.—A member of the Executive Com-9
mittee may be removed at the discretion of a majority of 10 the Board. 11
(i) T ERM.—A member of the Executive Committee 12
shall serve a term of 6 years and may be reappointed in 13 accordance with this section. 14
(j) LIMITATIONS.— 15
(1) I N GENERAL .—During the period described 16
in paragraph (2), a member of the Executive Com-17
mittee may not— 18
(A) hold any other public office; 19
(B) have any interest in an infrastructure 20
project considered by the Board; or 21
(C) have any interest in an entity seeking 22
financial assistance from the Bank for any in-23
frastructure project. 24
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(2) P ERIOD DESCRIBED .—The period referred 1
to in paragraph (1) is the period— 2
(A) beginning on the date on which the 3
member of the Executive Committee is ap-4
pointed; and 5
(B) ending on the date on which the mem-6
ber ceases to serve on the Executive Committee. 7
SEC. 209. RISK MANAGEMENT COMMITTEE. 8
(a) E STABLISHMENT.—The Board, in consultation 9
with the chief loan origination officer, shall establish a risk 10 management committee consisting of 5 members, headed 11 by the chief risk officer. 12
(b) A PPOINTMENT.—A majority of the Board shall 13
have the authority— 14
(1) to appoint the members of the risk manage-15
ment committee; and 16
(2) to define the duties of the chief risk officer 17
and each remaining member of the risk management 18
committee in accordance with this Act, the bylaws of 19 the Bank, and requirements of the Board. 20
(c) Q UALIFICATIONS.—Each member of the risk 21
management committee shall have demonstrated experi-22
ence and expertise in 1 or more of the following: 23
(1) Treasury and asset and liability manage-24
ment. 25
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(2) Investment regulations. 1
(3) Insurance. 2
(4) Credit risk management and credit evalua-3
tions. 4
(5) Infrastructure development projects. 5
(d) D UTIES OF CHIEF RISK OFFICER.—The chief 6
risk officer shall— 7
(1) have such functions, powers, and duties as 8
may be prescribed by this Act, the bylaws of the 9
Bank, and the Board; and 10
(2) report directly to the Board. 11
(e) D UTIES OF RISK MANAGEMENT COMMITTEE.— 12
The risk management committee shall— 13
(1) develop overarching financial, credit, and 14
operational risk management guidelines and policies 15
to be adhered to by the Bank; 16
(2) develop conforming standards for loan 17
agreements to ensure diversification of lending ac-18
tivities by geographic region, infrastructure project 19 type, and inclusion of rural and disadvantaged com-20
munities; 21
(3) ensure compliance with Federal and State 22
laws referred to in section 213; 23
(4) develop specific plans for all financial assist-24
ance provided by the Bank, including subsidy pro-25
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grams for disadvantaged communities and the inclu-1
sion of minorities, women, and indigenous people, 2
and disadvantaged business participation in infra-3
structure projects financed by the Bank in accord-4
ance with section 213; 5
(5) monitor the overall financial, credit, and 6
operational exposure of the Bank; 7
(6) establish a standing subcommittee to per-8
form regular credit evaluations and report on large 9
infrastructure loans extended by the Bank to mon-10
itor compliance with terms and attainment of per-11
formance targets contained in loan agreements; and 12
(7) provide financial recommendations to the 13
Board for approval. 14
(f) V ACANCY.—A vacancy on the risk management 15
committee shall be filled in the manner in which the origi-16 nal appointment was made. 17
(g) C OMPENSATION.—The compensation of a mem-18
ber of the risk management committee shall be determined 19 by the Board. 20
(h) R EMOVAL.—A member of the risk management 21
committee may be removed at the discretion of a majority 22 of the Board. 23
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(i) TERM.—A member of the risk management com-1
mittee shall serve a term of 6 years and may be re-2
appointed in accordance with this section. 3
(j) LIMITATIONS.— 4
(1) I N GENERAL .—During the period described 5
in paragraph (2), a member of the risk management 6
committee may not— 7
(A) hold any other public office; 8
(B) have any interest in an infrastructure 9
project considered by the Board; or 10
(C) have any interest in an investment in-11
stitution, commercial bank, or other entity seek-12
ing financial assistance from the Bank for any 13
infrastructure project. 14
(2) P ERIOD DESCRIBED .—The period referred 15
to in paragraph (1) is the period— 16
(A) beginning on the date on which the 17
member of the risk management committee is 18
appointed; and 19
(B) ending on the date on which the mem-20
ber ceases to serve on the risk management 21
committee. 22
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SEC. 210. AUDIT COMMITTEE. 1
(a) IN GENERAL.—The Bank shall establish an audit 2
committee consisting of 5 members, headed by the chief 3 compliance officer. 4
(b) A PPOINTMENT.—A majority of the Board shall 5
have the authority— 6
(1) to appoint the members of the audit com-7
mittee; and 8
(2) to define the duties of the chief compliance 9
officer and each remaining member of the audit 10
committee in accordance with this Act, the bylaws of 11 the Bank, and requirements of the Board. 12
(c) Q UALIFICATIONS.—Each member of the audit 13
committee shall have demonstrated experience and exper-14 tise in 1 or more of the following: 15
(1) Internal auditing. 16
(2) Internal investigations. 17
(3) Accounting practices. 18
(4) Financing practices. 19
(d) DUTIES OF CHIEF COMPLIANCE OFFICER.—The 20
chief compliance officer shall— 21
(1) have such functions, powers, and duties as 22
may be prescribed by this Act, the bylaws of the 23
Bank, and the Board; and 24
(2) report directly to the Board. 25
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(e) DUTIES OF AUDIT COMMITTEE.—The audit com-1
mittee shall— 2
(1) provide internal controls and internal audit-3
ing activities for the Bank; 4
(2) maintain responsibility for the accounting 5
activities of the Bank; 6
(3) conduct internal investigations of the busi-7
ness activities of the Bank; 8
(4) issue financial reports of the Bank; and 9
(5) complete reports with outside auditors and 10
public accountants appointed by the Board. 11
(f) V ACANCY.—A vacancy on the audit committee 12
shall be filled in the manner in which the original appoint-13 ment was made. 14
(g) C OMPENSATION.—The compensation of a mem-15
ber of the audit committee shall be determined by the 16 Board. 17
(h) R EMOVAL.—A member of the audit committee 18
may be removed at the discretion of a majority of the 19 Board. 20
(i) T ERM.—A member of the audit committee shall 21
serve a term of 6 years and may be reappointed in accord-22 ance with this section. 23
(j) LIMITATIONS.— 24
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(1) I N GENERAL .—During the period described 1
in paragraph (2), a member of the audit committee 2
may not— 3
(A) hold any other public office; 4
(B) have any interest in an infrastructure 5
project considered by the Board; or 6
(C) have any interest in an investment in-7
stitution, commercial bank, or other entity seek-8
ing financial assistance from the Bank for any 9
infrastructure project. 10
(2) P ERIOD DESCRIBED .—The period referred 11
to in paragraph (1) is the period— 12
(A) beginning on the date on which the 13
member of the audit committee is appointed; 14
and 15
(B) ending on the date on which the mem-16
ber ceases to serve on the audit committee. 17
SEC. 211. PERSONNEL. 18
(a) C OMPENSATION; D UTIES.—The chairperson of 19
the Board, chief executive officer, chief risk officer, and 20 chief compliance officer shall appoint, remove, fix the com-21 pensation of, and define the duties of such qualified per-22 sonnel to serve the Board, Executive Committee, risk 23 management committee, or audit committee, as applicable, 24 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00066 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 67 •HR 5356 IH
as necessary and prescribed by this Act, the bylaws of the 1 Bank, and the Board. 2
(b) NONDISCRIMINATION AND EQUAL OPPORTUNITY 3
EMPLOYMENT.— 4
(1) IN GENERAL .—The Bank shall not discrimi-5
nate on the basis of race, religion, color, national or-6 igin, age, physical or mental handicap or disability, 7 medical condition, marital status, sex, sexual ori-8
entation, gender identity, pregnancy, or ethnic or so-9 cial origin against any employee or applicant for em-10 ployment. 11
(2) INCLUSIONS.—Paragraph (1) shall apply to, 12
at a minimum, employment, upgrading, demotion or 13
transfer, recruitment or recruitment advertising, lay-14 off or termination, rates of pay or other forms of 15
compensation, and selection for training, including 16
apprenticeship. 17
SEC. 212. SPECIAL INSPECTOR GENERAL FOR THE NA-18
TIONAL INFRASTRUCTURE BANK. 19
(a) I N GENERAL.—Beginning on the date on which 20
the President appoints a Special Inspector General for the 21 Bank (referred to in this section as the ‘‘Special Inspector 22 General’’) under subsection (b), there is established an Of-23 fice of the Special Inspector General for the Bank. 24
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(b) A PPOINTMENT OF INSPECTOR GENERAL; R E-1
MOVAL.— 2
(1) A PPOINTMENT.—The Special Inspector 3
General for the Bank shall be appointed by the 4
President, by and with the advice and consent of the 5
Senate. 6
(2) B ASIS OF APPOINTMENT .—The appoint-7
ment of the Special Inspector General shall be made 8
on the basis of integrity and demonstrated ability in 9 accounting, auditing, financial analysis, law, man-10
agement analysis, public administration, or inves-11
tigations. 12
(3) T IMING OF NOMINATION .—The nomination 13
of an individual as Special Inspector General shall 14
be made as soon as practicable after the date of en-15
actment of this Act. 16
(4) R EMOVAL.—The Special Inspector General 17
shall be removable from office in accordance with 18
the provisions of section 403(b) of title 5, United 19
States Code. 20
(5) RULE OF CONSTRUCTION .—For purposes of 21
section 7324 of title 5, United States Code, the Spe-22 cial Inspector General shall not be considered an em-23 ployee who determines policies to be pursued by the 24
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United States in the nationwide administration of 1
Federal law. 2
(6) R ATE OF PAY .—The annual rate of basic 3
pay of the Special Inspector General shall be the an-4
nual rate of basic pay for an Inspector General 5
under section 403(e) of title 5, United States Code. 6
(c) D UTIES.—The Special Inspector General shall— 7
(1) conduct, supervise, and coordinate audits 8
and investigations of the business activities of the 9
Bank; 10
(2) establish, maintain, and oversee such sys-11
tems, procedures, and controls as the Special Inspec-12 tor General considers appropriate to discharge the 13
duty under paragraph (1); and 14
(3) carry out any other duties and responsibil-15
ities of inspectors general under chapter 4 of title 5, 16 United States Code. 17
(d) POWERS AND AUTHORITIES.— 18
(1) I N GENERAL .—In carrying out the duties 19
specified in subsection (c), the Special Inspector 20
General shall have the authorities provided in section 21 406 of title 5, United States Code. 22
(2) A DDITIONAL AUTHORITY .—The Special In-23
spector General shall carry out the duties specified 24 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00069 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 70 •HR 5356 IH
in subsection (c)(1) in accordance with section 1
404(b)(1) of title 5, United States Code. 2
(e) P ERSONNEL, F ACILITIES, AND OTHER RE-3
SOURCES.— 4
(1) ADDITIONAL OFFICERS .— 5
(A) I N GENERAL .—The Special Inspector 6
General may select, appoint, and employ such 7
officers and employees as may be necessary for 8
carrying out the duties of the Special Inspector 9
General, subject to the provisions of title 5, 10
United States Code, governing appointments in 11
the competitive service, and the provisions of 12
chapter 51 and subchapter III of chapter 53 of 13
such title, relating to classification and General 14
Schedule pay rates. 15
(B) E MPLOYMENT AND COMPENSATION .— 16
The Special Inspector General may exercise the 17
authorities of subsections (b) through (i) of sec-18
tion 3161 of title 5, United States Code (with-19
out regard to subsection (a) of that section). 20
(2) RETENTION OF SERVICES .—The Special In-21
spector General may obtain services as authorized by 22 section 3109 of title 5, United States Code, at daily 23 rates not to exceed the equivalent rate prescribed for 24 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00070 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 71 •HR 5356 IH
grade GS–15 of the General Schedule by section 1
5332 of such title. 2
(3) A BILITY TO CONTRACT FOR AUDITS , STUD-3
IES, AND OTHER SERVICES .—The Special Inspector 4
General may enter into contracts and other arrange-5
ments for audits, studies, analyses, and other serv-6
ices with public agencies and with private persons, 7
and make such payments as may be necessary to 8
carry out the duties of the Special Inspector Gen-9
eral. 10
(4) REQUEST FOR INFORMATION .— 11
(A) I N GENERAL .—Upon request of the 12
Special Inspector General for information or as-13
sistance from any department, agency, or other 14
entity of the Federal Government, the head of 15
that entity shall, insofar as is practicable and 16
not in contravention of any existing law, furnish 17
the information or assistance to the Special In-18
spector General or an authorized designee. 19
(B) REFUSAL TO COMPLY .—If information 20
or assistance requested by the Special Inspector 21
General is, in the judgment of the Special In-22
spector General, unreasonably refused or not 23
provided, the Special Inspector General shall re-24
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port the circumstances to the Secretary, with-1
out delay. 2
(f) REPORTS.— 3
(1) A NNUAL REPORT .—Not later than 1 year 4
after the date on which the Special Inspector Gen-5
eral is confirmed, and every calendar year thereafter, 6 the Special Inspector General shall submit to the 7
President and appropriate committees of Congress a 8
report summarizing the activities of the Special In-9
spector General during the previous 1-year period 10
ending on the date on which such report is required. 11 (2) P UBLIC DISCLOSURES .—Nothing in this 12
subsection authorizes the public disclosure of infor-13 mation that is— 14
(A) specifically prohibited from disclosure 15
by any other provision of law; 16
(B) specifically required by Executive order 17
to be protected from disclosure in the interest 18
of national defense or national security or in 19
the conduct of foreign affairs; or 20
(C) a part of an ongoing criminal inves-21
tigation. 22
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SEC. 213. STATUS AND APPLICABILITY OF CERTAIN FED-1
ERAL AND STATE LAWS. 2
(a) C OMPLIANCE WITH FEDERAL AND STATE 3
LAWS.— 4
(1) I N GENERAL .—The Bank, any entity that 5
receives financial assistance from the Bank, and any 6
contractor or subcontractor that receives funds from 7
financial assistance provided by the Bank shall com-8
ply with all applicable Federal and State laws, in-9
cluding this section. 10
(2) A GREEMENTS.—The Bank shall require 11
that an entity that receives financial assistance from 12 the Bank shall— 13
(A) confirm compliance with applicable 14
Federal and State laws in a loan agreement be-15
tween the Bank and the entity; and 16
(B) ensure, through a written agreement, 17
that contractors and subcontractors used by the 18
entity for an infrastructure project carried out 19
with that financial assistance are in compliance 20
with applicable Federal and State laws. 21
(b) COMPLIANCE WITH DAVIS-BACON ACT.— 22
(1) I N GENERAL .—All laborers and mechanics 23
employed by contractors and subcontractors on in-24
frastructure projects funded directly by or assisted 25 in whole or in part by or through the Bank pursuant 26
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to this Act shall be paid wages at rates not less than 1 those prevailing on projects of a character similar in 2 the locality as determined by the Secretary of Labor 3
in accordance with subchapter IV of chapter 31 of 4
title 40, United States Code. 5
(2) L ABOR STANDARDS .—With respect to the 6
labor standards described in paragraph (1), the Sec-7
retary of Labor shall have the authority and func-8
tions set forth in Reorganization Plan Numbered 14 9
of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 10
3145 of title 40, United States Code. 11
(c) C OMPLIANCE WITH PROJECT LABOR AGREE-12
MENTS.— 13
(1) IN GENERAL .— 14
(A) C OVERED STATES .—Any recipient of 15
financial assistance from the Bank in a covered 16
State shall, for purposes of an infrastructure 17
project funded by such financial assistance, be 18
a party to a project labor agreement with an 19
applicable labor organization. 20
(B) S TATES THAT ARE NOT COVERED 21
STATES.—Any recipient of financial assistance 22
from the Bank in a State that is not a covered 23
State shall, for purposes of the infrastructure 24
project funded by such financial assistance, per-25
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mit voluntary collective bargaining with respect 1
to becoming a party to a project labor agree-2
ment. 3
(2) D EFINITIONS.—For purposes of this sub-4
section: 5
(A) C OVERED STATES .—The term ‘‘cov-6
ered State’’ means a State in which— 7
(i) the laws of such State permit an 8
entity to require project labor agreements; 9
or 10
(ii) the total amount of all construc-11
tion contracts financed by the Bank in 12
such State is not less than $35,000,000. 13
(B) P ROJECT LABOR AGREEMENT .—The 14
term ‘‘project labor agreement’’ means a pre- 15
hire collective bargaining agreement with one or 16
more labor organizations that establishes the 17
terms and conditions of employment for a spe-18
cific construction project and is described in 19
section 8(f) of the National Labor Relations 20
Act (29 U.S.C. 158(f)). 21
(d) BUY AMERICA REQUIREMENT.—Section 70914 of 22
the Infrastructure Investment and Jobs Act (41 U.S.C. 23 8301 note; Public Law 117–58) shall apply to the Bank, 24 including financial assistance provided by the Bank. 25 VerDate Sep 11 2014 21:06 Sep 30, 2025 Jkt 059200 PO 00000 Frm 00075 Fmt 6652 Sfmt 6201 E:\BILLS\H5356.IH H5356ssavage on LAPJG3WLY3PROD with BILLS 76 •HR 5356 IH
(e) NONDISCRIMINATION.— 1
(1) I N GENERAL .—For the purpose of applying 2
the prohibitions against discrimination on the basis 3
of age under the Age Discrimination Act of 1975 4
(42 U.S.C. 6101 et seq.), of disability under section 5 504 of the Rehabilitation Act of 1973 (29 U.S.C. 6
794), on the basis of sex under title IX of the Edu-7
cation Amendments of 1972 (20 U.S.C. 1681 et 8
seq.), programs and activities funded or otherwise fi-9 nancially assisted in whole or in part under this Act 10 by the Bank, directly or indirectly, are considered to 11 be education programs and activities receiving Fed-12
eral financial assistance. 13
(2) C OMPLIANCE WITH CIVIL RIGHTS ACT OF 14
1964.—The Bank, along with contractors and sub-15
contractors on infrastructure projects funded di-16
rectly by, or assisted in whole or in part by the 17
Bank, shall comply with titles VI and VII of the 18
Civil Rights Act of 1964 as to hiring and awarding 19
contracts to build projects. The Bank shall imple-20
ment such titles, in part, by including language in 21
loan agreements to require contracted work financed 22
in whole or in part by the Bank to include an equal 23
opportunity clause as set out in section 60–1.4 of 24
title 41 of the Code of Federal Regulations. 25
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(f) MINORITY, WOMEN, AND DISADVANTAGED BUSI-1
NESS ENTERPRISE PARTICIPATION.—For each fiscal year, 2
the Bank shall ensure that not less than 10 percent of 3 the financial assistance provided by the Bank is expended 4 through small business concerns owned and controlled by 5 socially and economically disadvantaged individuals or 6 qualified HUBZone small business concerns (as those 7
terms are defined in section 47113(a) of title 49, United 8 States Code). 9
(g) LOCAL HIRING PREFERENCE.— 10
(1) IN GENERAL .—In providing financial assist-11
ance under this Act, the Bank shall ensure that re-12
cipients of financial assistance from the Bank imple-13 ment a local, rural, or other geographic or economic 14 hiring preference relating to the use of labor for con-15 struction of an infrastructure project funded by the 16 assistance, including prehire agreements, subject to 17 any applicable State and local laws, policies, and 18
procedures, in partnership with a registered appren-19
ticeship program (as defined in section 20
3131(e)(3)(B) of the Internal Revenue Code of 21
1986), if applicable, or with a State board or local 22 board (as those terms are defined in section 3 of the 23 Workforce Innovation and Opportunity Act (29 24
U.S.C. 3102)). 25
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(2) P RIORITY.—In carrying out paragraph (1), 1
the Bank shall ensure that recipients of financial as-2 sistance from the Bank give priority in hiring to— 3
(A) individuals with a barrier to employ-4
ment (as defined in section 3 of the Workforce 5
Innovation and Opportunity Act (29 U.S.C. 6
3102)), including ex-offenders and disabled in-7
dividuals; 8
(B) veterans; and 9
(C) individuals that represent populations 10
that are traditionally underrepresented in the 11
infrastructure workforce, such as women and 12
racial and ethnic minorities. 13
(h) I NFRASTRUCTURE PLANNING, C OORDINATION 14
AND NONDUPLICATION.—To the maximum extent prac-15
ticable, the Bank shall ensure that activities of the Bank 16 are coordinated with, and do not duplicate the efforts of, 17 any Federal or State department or agency. 18
(i) S TATE AND LOCAL PERMITS.—The provision of 19
financial assistance by the Bank with respect to an infra-20 structure project does not relieve any recipient of the as-21 sistance of any obligation to obtain required State and 22 local permits and approvals with respect to the infrastruc-23 ture project. 24
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SEC. 214. EXEMPTION FROM CERTAIN LAWS. 1
(a) N O BUDGET AUTHORITY FOR CONTRACTS OR 2
LOANS.—Section 504(b) of the Federal Credit Reform Act 3 of 1990 (2 U.S.C. 661c(b)) shall not apply to any contract 4 or loan under this Act. 5
(b) N O PRIORITY AS A FEDERAL CLAIM.—Section 6
3713 of title 31, United States Code, shall not apply with 7 respect to any indebtedness of the Bank. 8
SEC. 215. RELATIONS WITH LOCAL FINANCIAL INSTITU-9
TIONS. 10
(a) COMPLEMENTARY PROVISION OF SERVICES.— 11
(1) I N GENERAL .—Except as provided in sub-12
section (b), the Bank— 13
(A) shall conduct loan activities in partner-14
ship with local financial institutions; and 15
(B) shall not compete with local financial 16
institutions. 17
(2) P ARTNERSHIP.—A partnership under para-18
graph (1)(A) may include the participation of a local 19 financial institution in loan requests, loan moni-20
toring, or blended financing of project loans. 21
(b) EXCEPTION.—The Bank may engage in loan ac-22
tivities without partnering with a local financial institution 23 if those loan activities are not offered or provided by local 24 financial institutions in the jurisdiction in which the loan 25 is being provided. 26
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(c) BANK AS A CLEARINGHOUSE.—For local financial 1
institutions that make the Bank a reserve depositary, the 2 Bank may perform the functions and render the services 3 of a clearinghouse, including all facilities for providing do-4 mestic and foreign exchange, or rediscounting paper on 5 such terms as the Board shall provide. 6
SEC. 216. AUDITS; REPORTS TO PRESIDENT AND CON-7
GRESS. 8
(a) ACCOUNTING.—The books of account of the Bank 9
shall be— 10
(1) maintained in accordance with generally ac-11
cepted accounting principles as used in the United 12
States; and 13
(2) subject to an annual audit by independent 14
public accountants of nationally recognized standing, 15 to be appointed by the Board. 16
(b) REPORTS.— 17
(1) B OARD.—Not later than 90 days after the 18
end of each fiscal year, the Board shall submit to 19
the President and Congress a complete and detailed 20
report with respect to the preceding fiscal year that 21 describes— 22
(A) a summary of the operations of the 23
Bank; 24
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(B) a schedule of the obligations of the 1
Bank that are outstanding at the end of that 2
preceding fiscal year, with a statement of the 3
amounts issued and redeemed or paid during 4
that preceding fiscal year; and 5
(C) the status of infrastructure projects 6
that have received funding or other assistance 7
pursuant to this Act, including disclosure of all 8
entities with a development, ownership, or oper-9
ational interest in those infrastructure projects. 10
(2) GAO.—Not later than 5 years after the 11
date of enactment of this Act, the Comptroller Gen-12
eral of the United States shall submit to Congress 13
a report evaluating activities of the Bank that in-14
cludes an assessment of the impact and benefits of 15
each funded infrastructure project, including a re-16
view of how effectively each infrastructure project 17
accomplished the goals prioritized by the project cri-18 teria of the Bank. 19
(c) BOOKS AND RECORDS.— 20
(1) I N GENERAL .—The Bank shall maintain 21
adequate books and records to support the financial 22
transactions of the Bank with a description of finan-23 cial transactions and infrastructure projects receiv-24 ing funding, and the amount of funding for each in-25
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frastructure project maintained on a publicly acces-1
sible database. 2
(2) P UBLIC COMMENT PERIOD .—The Bank 3
shall provide a period of not less than 30 days for 4
public comment on each infrastructure financing 5
agreement posted on the database referred to in 6
paragraph (1) before providing final financing for 7
the infrastructure project. 8
(3) A UDITS BY THE SECRETARY AND GAO .— 9
The books and records of the Bank shall be open to 10
inspection by the Secretary and the Comptroller 11
General of the United States. 12
SEC. 217. BUDGETARY EFFECTS. 13
The budgetary effects of this Act, for the purpose of 14 complying with the Statutory Pay-As-You-Go Act of 2010, 15 shall be determined by reference to the latest statement 16 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 17 Act, submitted for printing in the Congressional Record 18 by the Chairman of the House Budget Committee, pro-19
vided that such statement has been submitted prior to the 20 vote on passage. 21
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SEC. 218. AUTHORIZATION OF APPROPRIATIONS. 1
There is authorized to be appropriated $50,000,000 2
for each of fiscal years 2025 and 2026 for the initial orga-3 nization of the Bank, the Board, and Bank staff. 4
Æ
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