,i #aacth ,,congress #ast ,session ,h4 ,r4 #beec ,,in ,,the ,,house ,,of ,,representatives ,june #bg1 #bjac ,ms4 ,de,lauro 7for herself1 ,mr4 ,israel1 ,mr4 ,ellison1 ,mr4 ,tierney1 ,mr4 ,cicilline1 ,mr4 ,mc,govern1 ,ms4 ,meng1 ,mr4 ,maffei1 ,mr4 ,tonko1 ,ms4 ,slaughter1 ,ms4 ,schakowsky1 ,mr4 ,sarbanes1 ,mrs4 ,christensen1 ,mr4 ,braley of ,iowa1 ,mr4 ,yarmuth1 ,mr4 ,rush1 ,ms4 ,chu1 ,ms4 ,pingree of ,maine1 ,mr4 ,larson of ,connecticut1 ,ms4 ,norton1 ,mr4 ,honda1 ,ms4 ,eshoo1 ,mr4 ,lynch1 ,mr4 ,welch1 ,mr4 ,michaud1 ,mr4 ,sires1 ,ms4 ,bordallo1 ,ms4 ,shea-,porter1 ,ms4 ,speier1 ,mr4 ,lowenthal1 ,mr4 ,pocan1 ,mr4 ,takano1 ,mr4 ,richmond1 ,ms4 ,esty1 ,mr4 ,courtney1 ,mr4 ,pascrell1 ,mr4 ,deutch1 ,mr4 ,langevin1 ,ms4 ,bonamici1 ,ms4 ,mc,collum1 ,mrs4 ,capps1 ,mr4 ,blumenauer1 ,mr4 ,conyers1 ,mr4 ,al ,green of ,texas1 ,mr4 ,watt1 ,mr4 ,moran1 ,mr4 ,grijalva1 ,ms4 ,lee of ,california1 ,mr4 ,garamendi1 ,mr4 ,carson of ,indiana1 ,mr4 ,keating1 ,mr4 ,veasey1 ,ms4 ,duckworth1 ,mr4 ,van ,hollen1 ,ms4 ,matsui1 ,mrs4 ,kirkpatrick1 ,ms4 ,linda ,t4 ,snchez of ,california1 ,mr4 ,lipinski1 ,mr4 ,heck of ,washington1 ,mr4 ,sherman1 ,mr4 ,himes1 ,mr4 ,price of ,north ,carolina1 and ,mr4 ,farr7 introduced the following bill2 which was referred to the ,committee on ,energy and ,commerce1 and in addition to the ,committees on ,transportation and ,infrastructure1 ,financial ,services1 and ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a ,national ,infrastructure ,development ,bank1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,national ,infrastructure ,development ,bank ,act of #bjac4 #b4 ,findings ,congress finds the following3 7#a7 ,investment in infrastructure has always created jobs and economic growth for the ,united ,states and has been a key component of maintaining a global competitive edge for the ,united ,states4 7#b7 ,the ,erie ,canal1 the transcontinental railroad1 the ,hoover ,dam1 rural electrification1 and the interstate highway system are all examples of investments in infrastructure that created the conditions for future economic growth4 7#c7 ,according to the ,world ,economic ,forum ,global ,competitiveness ,report1 the ,united ,states ranks #adth overall in infrastructure4 7#d7 ,according to the ,american ,society of ,civil ,engineers1 the current condition of the infrastructure in the ,united ,states earns a grade point average of ,d1 and an estimated #c1fjj1jjj1jjj1jjj investment is needed by #bjbj to meet adequate conditions4 7#e7 ,according to the ,national ,surface ,transportation ,policy and ,revenue ,study ,commission1 #bbe1jjj1jjj1jjj is needed annually from all sources for the next #ej years to upgrade our surface transportation system to a state of good repair and create a more advanced system4 7#f7 ,the ,environmental ,protection ,agency projects that-- 7,a7 #ccd1hjj1jjj1jjj is needed to invest in infrastructure improvements over #bj years to ensure the provision of safe water2 and 7,b7 #bjb1ejj1jjj1jjj is needed for publicly owned wastewater systems-related infrastructure needs over #bj years4 7#g7 ,according to the ,edison ,electric ,institute1 the electric power industry will need to invest #bih1jjj1jjj1jjj in the ,nation's transmission system in the next #bj years in order to maintain reliable service4 7#h7 ,according to the ,organization for ,economic ,cooperation and ,development 7,,oecd71 the ,united ,states ranks #aeth among ,,oecd nations in fixed and wireless broadband access per #ajj inhabitants4 7#i7 ,although grant programs of the ,government must continue to play a central role in financing the transportation1 environment1 energy1 and telecommunications infrastructure needs of the ,united ,states1 current and foreseeable demands on existing ,federal1 ,state1 and local funding for infrastructure expansion exceed the resources to support these programs by margins wide enough to prompt serious concerns about the ,united ,states' ability to sustain long-term economic development1 productivity1 and international competitiveness4 7#aj7 ,the capital markets1 including central banks1 pension funds1 financial institutions1 sovereign wealth funds1 and insurance companies1 have a growing interest in infrastructure investment4 ,the establishment of a ,united ,states ,government-owned institution that would provide this investment opportunity to finance qualifying infrastructure projects would attract needed capital for ,united ,states infrastructure development4 #c4 ,definitions ,for purposes of this ,act1 the following definitions apply unless the context requires otherwise3 7#a7 ,american ,infrastructure ,bond ,the term ,american ,infrastructure ,bond means a bond described under section #ag4 7#b7 ,bank ,the term ,bank means the ,national ,infrastructure ,development ,bank established under section #d7;a74 7#c7 ,board ,the term ,board means the ,national ,infrastructure ,development ,bank ,board4 7#d7 ,chief asset and liability management officer ,the term chief asset and liability management officer means the chief individual responsible for coordinating the management of assets and liabilities of the ,bank4 7#e7 ,chief compliance officer ,the term chief compliance officer or ,,cco means the chief individual responsible for overseeing and managing the compliance and regulatory affairs issues of the ,bank4 7#f7 ,chief executive officer ,the term chief executive officer or ,,ceo means the individual serving as the executive director of the bank4 7#g7 ,chief financial officer ,the term chief financial officer or ,,cfo means the chief individual responsible for managing the financial risks1 planning1 and reporting of the ,bank4 7#h7 ,chief loan origination officer ,the term chief loan origination officer means the chief individual responsible for the processing of new loans provided by the ,bank4 7#i7 ,chief operations officer ,the term chief operations officer or ,,coo means the chief individual responsible for information technology and the day to day operations of the ,bank4 7#aj7 ,chief risk officer ,the term chief risk officer or ,,cro means the chief individual responsible for managing operational and compliance-related risks of the ,bank4 7#aa7 ,chief treasury officer ,the term chief treasury officer means the chief individual responsible for managing the ,bank's treasury operations4 7#ab7 ,development ,the terms development and develop mean1 with respect to an infrastructure project1 any-- 7,a7 preconstruction planning1 feasibility review1 permitting1 design work1 life-cycle maintenance planning1 and other preconstruction activities2 and 7,b7 construction1 reconstruction1 rehabilitation1 replacement1 or expansion4 7#ac7 ,direct loan ,the term direct loan has the same meaning as in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#ad7 ,disadvantaged community ,the term disadvantaged community means a community with a median household income of less than #hj percent of the statewide median household income for the ,state in which the community is located4 7#ae7 ,energy infrastructure project ,the term energy infrastructure project means any project for energy transmission and distribution1 energy efficiency enhancement for buildings1 public housing1 health facilities1 schools1 and energy storage4 7#af7 ,entity ,the term entity means an individual1 corporation1 partnership 7including a public-private partnership71 joint venture1 trust1 and a ,state or other governmental entity1 including a political subdivision or any other instrumentality of a ,state or a revolving fund4 7#ag7 ,environmental infrastructure project ,the term environmental infrastructure project means any project for the establishment1 maintenance1 or enhancement of any drinking water and wastewater treatment facility1 storm water management system1 flood gate1 dam1 levee1 dredging1 open space management system1 wetland restoration1 infill development1 solid waste disposal facility1 hazardous waste facility1 or industrial site cleanup or remediation projects4 7#ah7 ,general counsel ,the term general counsel means the individual who serves as the chief lawyer for the ,bank4 7#ai7 ,greenhouse gases ,the term greenhouse gases means any of the following3 7,a7 ,carbon dioxide4 7,b7 ,methane4 7,c7 ,nitrous oxide4 7,d7 ,sulfur hexafluoride4 7,e7 ,hydrofluorocarbons 7,f7 ,any perfluorocarbon4 7,g7 ,nitrogen trifluoride4 7,h7 ,any other anthropogenic gas designated as a greenhouse gas by the ,environmental ,protection ,agency ,administrator4 7#bj7 ,infrastructure project ,the term infrastructure project means any energy1 environmental1 telecommunications1 or transportation infrastructure project4 7#ba7 ,loan guarantee ,the term loan guarantee has the same meaning as in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#bb7 ,public ,benefit ,bond ,the term ,public ,benefit ,bond means any bond issued in accordance with this ,act if-- 7,a7 the proceeds from the sale of the bond are to be used for expenditures incurred after the date of issuance with respect to any infrastructure project or other purpose1 subject to such rules as the ,bank may provide2 7,b7 the bond is issued in registered form2 7,c7 the bond has such terms1 and carries interest in such an amount1 as determined by the ,bank2 and 7,d7 payments of interest and principal with respect to the bond is the obligation of the ,bank and is backed by the full faith and credit of the ,united ,states4 7#bc7 ,public-private partnership ,the term public-private partnership means any entity-- 7,a7 7i7 which is undertaking the development of all or part of an infrastructure project1 which will have a public benefit1 pursuant to requirements established in one or more contracts between the entity and a ,state or an instrumentality of a ,state2 or 7ii7 the activities of which1 with respect to such an infrastructure project1 are subject to regulation by a ,state or any instrumentality of a ,state2 and 7,b7 which owns1 leases1 or operates1 or will own1 lease1 or operate1 the project in whole or in part1 and at least one of the participants in the entity is a nongovernmental entity4 7#bd7 ,revolving fund ,the term revolving fund means a fund or program established by a ,state or a political subdivision or other instrumentality of a ,state1 the principal activity of which is to make loans1 commitments1 or other financial accommodation available for the development of one or more categories of infrastructure projects4 7#be7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury or the designee of the ,secretary4 7#bf7 ,smart grid ,the term smart grid means a system that provides for any of the smart grid functions set forth in section #acjf7;d7 of the ,energy ,independence and ,security ,act of #bjjg 7#db ,u4,s4,c4 #agchf7;d774 7#bg7 ,state ,the term ,state includes the ,district of ,columbia1 ,puerto ,rico1 ,guam1 ,american ,samoa1 the ,virgin ,islands1 the ,commonwealth of ,northern ,mariana ,islands1 and any other territory of the ,united ,states4 7#bh7 ,telecommunications infrastructure project ,the term telecommunications infrastructure project means any project involving infrastructure required to provide communications by wire or radio4 7#bi7 ,transportation infrastructure project ,the term transportation infrastructure project means any project for the construction1 maintenance1 or enhancement of highways1 roads1 bridges1 transit and intermodal systems1 inland waterways1 commercial ports1 airports1 high speed rail and freight rail systems4 #d4 ,establishment of national infrastructure development bank 7a7 ,establishment of national infrastructure development bank ,the ,national ,infrastructure ,development ,bank is established as a wholly owned ,government corporation subject to chapter #ia of title #ca1 ,united ,states ,code 7commonly known as the ,government ,corporation ,control ,act71 except as otherwise provided in this ,act4 7b7 ,responsibility of the secretary ,the ,secretary shall take such action as may be necessary to assist in implementing the establishment of the bank in accordance with this ,act4 7c7 ,conforming amendment ,section #iaja7c7 of title #ca1 ,united ,states ,code1 is amended by inserting after subparagraph 7,n7 the following3 7,o7 the ,national ,infrastructure ,development ,bank4 4 #e4 ,board of directors 7a7 ,in general ,the ,bank shall have a ,board of ,directors consisting of #g members appointed by the ,president and with the advice and consent of the ,senate4 7b7 ,qualifications ,the directors of the ,board shall include individuals representing different regions of the ,united ,states and-- 7#a7 #b of the directors shall have public sector experience2 7#b7 #b of the directors shall have private sector experience2 and 7#c7 #c of the directors shall have finance experience4 7c7 ,chairperson and vice chairperson ,as designated at the time of appointment1 one of the directors of the ,board shall be designated chairperson of the ,board by the ,president and one shall be designated as vice chairperson of the ,board by the ,president4 7d7 ,terms 7#a7 ,in general ,except as provided in paragraph 7#b7 and subsection 7f71 each director shall be appointed for a term of #f years4 7#b7 ,initial staggered terms ,of the initial members of the ,board-- 7,a7 the chairperson and vice chairperson shall each be appointed for terms of #f years2 7,b7 #c shall be appointed for a term of #d years2 and 7,c7 #b shall be appointed for a term of #b years4 7e7 ,congressional recommendations ,not later than #cj days after the date of enactment of this ,act1 the majority leader of the ,senate1 the minority leader of the ,senate1 the ,speaker of the ,house of ,representatives1 and the minority leader of the ,house of ,representatives shall each submit a recommendation to the ,president for appointment of a member of the ,board of ,directors1 after consultation with the appropriate committees of ,congress4 7f7 ,date of initial nominations ,the initial nominations by the ,president for appointment of directors to the ,board shall be made not later than #fj days after the date of enactment of this ,act4 7g7 ,vacancies 7#a7 ,in general ,a vacancy on the ,board shall be filled in the manner in which the original appointment was made4 7#b7 ,appointment to replace during term ,any director appointed to fill a vacancy occurring before the expiration of the term for which the director's predecessor was appointed shall be appointed only for the remainder of the term4 7#c7 ,duration ,a director may serve after the expiration of that director's term until a successor has taken office4 7h7 ,quorum ,four directors shall constitute a quorum4 7i7 ,reappointment ,a director of the ,board appointed by the ,president may be reappointed by the ,president in accordance with this section4 7j7 ,per diem reimbursement ,directors of the ,board shall serve on a part-time basis and shall receive a per diem when engaged in the actual performance of ,bank business1 plus reasonable reimbursement for travel1 subsistence1 and other necessary expenses incurred in the performance of their duties4 7k7 ,limitations ,a director of the ,board may not participate in any review or decision affecting a project under consideration for assistance under this ,act if the director has or is affiliated with a person who has an interest in such project4 7l7 ,responsibilities ,the ,board shall-- 7#a7 as soon as is practicable after the date on which the last director is appointed1 establish an ,executive ,committee1 ,risk ,management ,committee and ,audit ,committee as prescribed by this ,act2 7#b7 not later than #ahj days after the date on which the last director is appointed develop and approve the bylaws of the ,bank1 including bylaws for the regulation of the affairs and conduct of the business of the ,bank1 consistent with the purpose1 goals1 objectives1 and policies set forth in this ,act2 7#c7 ensure that the ,bank is at all times operated in a manner that is consistent with this ,act1 by-- 7,a7 monitoring and assessing the effectiveness of the ,bank in achieving its strategic goals2 7,b7 periodically reviewing internal policies submitted by the chief executive officer2 7,c7 reviewing and approving annual business plans1 annual budgets1 and long-term strategies submitted by the chief executive officer2 7,d7 reviewing and approving annual reports submitted by the chief executive officer2 7,e7 reviewing risk management and audit practices of the ,bank2 and 7,f7 reviewing and approving all changes to the organization of the ,bank2 and 7#d7 establish such other criteria1 requirements1 or procedures as the ,board may consider to be appropriate in carrying out this ,act4 7m7 ,meetings 7#a7 ,open to the public2 notice ,all meetings of the ,board held to conduct the business of the ,bank shall be open to the public and shall be preceded by reasonable notice4 7#b7 ,initial meeting ,the ,board shall meet not later than #ij days after the date on which the last director is appointed and otherwise at the call of the ,chairperson4 7#c7 ,exception for closed meetings ,pursuant to such rules as the ,board may establish through their bylaws1 the directors may close a meeting of the ,board if1 at the meeting1 there is likely to be disclosed information which could adversely affect or lead to speculation relating to an infrastructure project under consideration for assistance under this ,act or in financial or securities or commodities markets or institutions1 utilities1 or real estate4 ,the determination to close any meeting of the ,board shall be made in a meeting of the ,board1 open to the public1 and preceded by reasonable notice4 ,the ,board shall prepare minutes of any meeting which is closed to the public and make such minutes available as soon as the considerations necessitating closing such meeting no longer apply4 #f4 ,powers and limitations of the ,board 7a7 ,powers ,in order to carry out the purposes of the ,bank as set forth in this ,act1 the ,board shall be responsible for monitoring and overseeing infrastructure projects and have the following powers3 7#a7 ,to make senior and subordinated direct loans on such terms as the ,board may determine1 in the ,board's discretion1 to be appropriate to assist in the financing or refinancing of an infrastructure project4 7#b7 ,to make loan guarantees on such terms as the ,board may determine1 in the ,board's discretion1 to be appropriate to assist in the financing or refinancing of an infrastructure project4 7#c7 ,to issue ,public ,benefit ,bonds1 to provide financing to infrastructure projects from amounts made available from the issuance of such bonds4 7#d7 ,to pay an interest subsidy on ,american ,infrastructure ,bonds to the issuer of such bonds4 7#e7 ,to make agreements and contracts with any entity in furtherance of the business of the ,bank4 7#f7 ,to monitor and oversee infrastructure projects financed1 in whole or in part1 by the ,bank4 7#g7 ,to sue and be sued in the ,bank's corporate capacity in any court of competent jurisdiction1 except that no attachment1 injunction1 or similar process1 may be issued against the property of the ,bank or against the ,bank with respect to such property4 7#h7 ,to indemnify the directors and officers of the ,bank for liabilities arising out of the actions of the directors and officers in such capacity1 in accordance with1 and subject to the limitations contained in1 this ,act4 7#i7 ,to serve as the primary liaison between the ,bank and the ,congress1 the executive branch1 and ,state and local governments1 and to represent the ,bank's interests4 7#aj7 ,to exercise all other lawful powers which are necessary or appropriate to carry out1 and are consistent with1 the purposes of the ,bank4 7b7 ,limitations 7#a7 ,issuance of ,public ,benefit ,bonds ,the ,board may not issue any ,public ,benefit ,bond without the prior consent of the ,secretary4 7#b7 ,employee protections ,prior to providing any financial assistance for an infrastructure project involving reconstruction1 rehabilitation1 replacement or expansion that may impact current employees on the project site1 the interests of employees affected by the financial assistance shall be protected under arrangements the ,secretary of ,labor concludes are fair and equitable in accordance with section #eccc7;b77#b7 of title #di4 7c7 ,actions consistent with self-,supporting entity status ,the ,board shall conduct its business in a manner consistent with the requirements of this section4 7d7 ,coordination with state and local regulatory authority ,the provision of financial assistance by the ,board pursuant to this ,act shall not be construed as-- 7#a7 limiting the right of any ,state or political subdivision or other instrumentality of a ,state to approve or regulate rates of return on private equity invested in a project2 or 7#b7 otherwise superseding any ,state law or regulation applicable to a project4 7e7 ,federal personnel requests ,the ,board shall have the power to request the detail1 on a reimbursable basis1 of personnel from other ,federal agencies with specific expertise not available from within the ,bank or elsewhere4 ,the head of any ,federal agency may detail1 on a reimbursable basis1 any personnel of such agency requested by the ,board and shall not withhold unreasonably the detail of any personnel requested by the ,board4 #g4 ,executive committee 7a7 ,in general ,the ,board shall establish an ,executive ,committee consisting of #i members1 headed by the chief executive officer of the ,bank4 7b7 ,,ceo ,a majority of the ,board shall have the authority to appoint and reappoint the chief executive officer with such executive functions1 powers1 and duties as may be prescribed by this ,act1 the bylaws of the ,bank1 or the ,board4 7c7 ,,ceo responsibilities ,the ,,ceo shall have responsibility for the development and implementation of the strategy of ,bank1 including-- 7#a7 the development and submission to the ,board of the annual business plans and budget2 7#b7 the development and submission to the ,board of a long-term strategic plan2 and 7#c7 the development1 revision1 and submission to the ,board of ,directors of internal policies4 7d7 ,other executive officers ,the ,board shall appoint1 remove1 fix the compensation1 and define duties of #h other executive officers to serve on the ,executive ,committee as the-- 7#a7 chief compliance officer2 7#b7 chief financial officer2 7#c7 chief asset and liability management officer2 7#d7 chief loan origination officer2 7#e7 chief operations officer2 7#f7 chief risk officer2 7#g7 chief treasury officer2 and 7#h7 general counsel4 7e7 ,qualifications ,the ,,ceo shall have experience and expertise in finance and the other executive officers shall have demonstrated experience and expertise in one or more of the following3 7#a7 ,transportation infrastructure4 7#b7 ,environmental infrastructure4 7#c7 ,energy infrastructure4 7#d7 ,telecommunications infrastructure4 7#e7 ,economic development4 7#f7 ,workforce development4 7#g7 ,public health4 7#h7 ,private or public finance4 7f7 ,duties ,in order to carry out the purposes of the ,bank as set forth in this ,act1 the ,executive ,committee shall-- 7#a7 establish and submit to the ,board disclosure and application procedures for entities nominating projects for assistance under this ,act2 7#b7 establish and submit to the ,board standardized terms and conditions1 fee schedules1 or legal requirements of a contract or program to carry out this ,act2 7#c7 establish and submit to the ,board guidelines for the selection and approval of projects and specific criteria for determining eligibility for project selection2 7#d7 accept1 for consideration1 project proposals relating to the development of infrastructure projects1 which meet the basic criteria established by the ,executive ,committee1 and which are submitted by an entity2 7#e7 provide recommendations to the ,board and place project proposals accepted by the ,executive ,committee on a list for consideration for financial assistance from the ,board2 7#f7 recommend to the ,board the percentage subsidy amount for an approved application for an ,american ,infrastructure ,bond1 with such recommendation based on the strength of the related infrastructure project's ability to meet the criteria described under section #aa and the ability of such project to attract private investment in an infrastructure project's early development stages2 7#g7 provide technical assistance1 including public-private partnership infrastructure project value for money assessments1 long-term economic benefit projections1 and contract evaluations1 to entities receiving financing from the ,bank and otherwise implement decisions of the ,board2 and 7#h7 provide technical assistance to ,state and local governments who wish to have the ,bank's approval to issue ,american ,infrastructure bonds4 7g7 ,vacancy ,a vacancy in the position of ,,ceo and other executive officers of the ,executive ,committee shall be filled in the manner in which the original appointment was made4 7h7 ,compensation ,the compensation of the ,,ceo and other executive officers of the ,executive ,committee shall be determined by the ,board4 7i7 ,removal ,the ,,ceo and other executive officers of the ,executive ,committee may be removed at the discretion of a majority of the ,board4 7j7 ,term ,the ,,ceo and other executive officers of the ,executive ,committee shall serve a #f-year term and may be reappointed in accordance with this section4 7k7 ,limitations ,the ,,ceo and other executive officers of the ,executive ,committee shall not-- 7#a7 hold any other public office2 7#b7 have any interest in an infrastructure project considered by the ,board2 7#c7 have any interest in an investment institution1 commercial bank1 or other entity seeking financial assistance for any infrastructure project from or investing in the ,bank2 and 7#d7 have any such interest during the #b-year period beginning on the date such officer ceases to serve in such capacity4 #h4 ,risk management committee 7a7 ,establishment of risk management committee ,the ,board shall establish a risk management committee consisting of #e members1 headed by the chief risk officer4 7b7 ,appointments ,a majority of the ,board shall have the authority to appoint and reappoint the ,,cro of the ,bank4 7c7 ,functions2 duties 7#a7 ,in general ,the ,,cro shall have such functions1 powers1 and duties as may be prescribed by one or more of the following3 ,this ,act1 the bylaws of the ,bank1 and the ,board4 ,the ,,cro shall report directly to the ,board4 7#b7 ,risk management duties ,in order to carry out the purposes of this ,act1 the risk management committee shall-- 7,a7 create financial1 credit1 and operational risk management guidelines and policies to be adhered to by the ,bank2 7,b7 set guidelines to ensure diversification of lending activities by both geographic region and infrastructure project type2 7,c7 create conforming standards for all financial assistance provided by the ,bank2 7,d7 monitor financial1 credit and operational exposure of the ,bank2 and 7,e7 provide financial recommendations to the ,board4 7d7 ,duty with respect to ,american ,infrastructure ,bonds ,the risk management committee shall ensure that the aggregate amount of interest subsidies provided for ,american ,infrastructure ,bonds in a given calendar year do not exceed an amount equal to #bh percent of interest payable under all such bonds4 7e7 ,other risk management officers ,the ,board shall appoint1 remove1 fix the compensation1 and define the duties of #d other risk management officers to serve on the risk management committee4 7f7 ,qualifications ,the ,,cro and other risk management officers shall have demonstrated experience and expertise in one or more of the following3 7#a7 ,treasury and asset and liability management4 7#b7 ,investment regulations4 7#c7 ,insurance4 7#d7 ,credit risk management and credit evaluations4 7#e7 ,related disciplines4 7g7 ,vacancy ,a vacancy in the position of ,,cro and other risk management officers of the risk management committee shall be filled in the manner in which the original appointment was made4 7h7 ,compensation ,the compensation of the ,,cro and other risk management officers of the risk management committee shall be determined by the ,board4 7i7 ,removal ,the ,,cro and other risk management officers of the risk management committee may be removed at the discretion of a majority of the ,board4 7j7 ,term ,the ,,cro and other risk management officers of the risk management committee shall serve a #f-year term and may be reappointed in accordance with this section4 7k7 ,limitations ,the ,,cro and other risk management officers of the risk management committee shall not-- 7#a7 hold any other public office2 7#b7 have any interest in an infrastructure project considered by the ,board2 7#c7 have any interest in an investment institution1 commercial bank1 or other entity seeking financial assistance for any infrastructure project from or investing in the ,bank2 and 7#d7 have any such interest during the #b-year period beginning on the date such officer ceases to serve in such capacity4 #i4 ,audit ,committee 7a7 ,in general ,the ,bank shall establish an audit committee consisting of #e members1 headed by the chief compliance officer of the ,bank4 7b7 ,appointments ,a majority of the ,board shall have the authority to appoint and reappoint the ,,cco of the ,bank4 7c7 ,functions2 duties ,the ,,cco shall have such functions1 powers1 and duties as may be prescribed by one or more of the following3 ,this ,act1 the bylaws of the ,bank1 and the ,board4 ,the ,,cco shall report directly to the ,board4 7d7 ,audit duties ,in order to carry out the purposes of the ,bank under this ,act1 the audit committee shall-- 7#a7 provide internal controls and internal auditing activities for the ,bank2 7#b7 maintain responsibility for the accounting activities of the ,bank2 7#c7 issue financial reports of the ,bank2 and 7#d7 complete reports with outside auditors and public accountants appointed by the ,board4 7e7 ,other audit officers ,the ,board shall appoint1 remove1 fix the compensation1 and define the duties of #d other audit officers to serve on the audit committee4 7f7 ,qualifications ,the ,,cco and other audit officers shall have demonstrated experience and expertise in one or more of the following3 7#a7 ,internal auditing4 7#b7 ,internal investigations4 7#c7 ,accounting practices4 7#d7 ,financing practices4 7g7 ,vacancy ,a vacancy in the position of ,,cco and other audit officers of the audit committee shall be filled in the manner in which the original appointment was made4 7h7 ,compensation ,the compensation of the ,,cco and other audit officers of the audit committee shall be determined by the ,board4 7i7 ,removal ,the ,,cco and other audit officers of the audit committee may be removed at the discretion of a majority of the ,board4 7j7 ,term ,the ,,cco and other audit officers of the audit committee shall serve a #f-year term and may be reappointed in accordance with this section4 7k7 ,limitations ,the ,,cco and other audit officers of the audit committee shall not-- 7#a7 hold any other public office2 7#b7 have any interest in an infrastructure project considered by the ,board2 7#c7 have any interest in an investment institution1 commercial bank1 or other entity seeking financial assistance for any infrastructure project from or investing in the ,bank2 and 7#d7 have any such interest during the #b-year period beginning on the date such officer ceases to serve in such capacity4 #aj4 ,personnel ,the chairperson of the ,board1 chief executive officer1 chief risk officer1 and chief compliance officer shall appoint1 remove1 fix the compensation of1 and define the duties of such qualified personnel to serve under the ,board1 ,executive ,committee1 risk management committee1 or audit committee1 as the case may be1 as necessary and prescribed by one or more of the following3 ,this ,act1 the bylaws of the ,bank1 and the ,board4 #aa4 ,eligibility criteria for assistance from ,bank 7a7 ,in general ,any entity proposing a project for which the use or purpose is private and without public benefit shall not be eligible for financial assistance from the ,bank under this ,act4 ,no financial assistance shall be available from the ,bank unless the entity for such assistance has demonstrated to the satisfaction of the ,board that the project for which such assistance is being sought meets the requirements of this ,act4 7b7 ,establishment of project criteria 7#a7 ,in general ,consistent with the requirements of subsections 7c7 and 7d71 the ,board shall approve-- 7,a7 criteria for determining eligibility for financial assistance established by the ,executive ,committee under this ,act2 7,b7 revisions to criteria for determining eligibility for financial assistance established by the ,executive ,committee under this ,act2 7,c7 the weight given to factors to be taken into account established by the ,executive ,committee2 7,d7 disclosure and application procedures to be followed by entities to nominate projects for assistance established by the ,executive ,committee under this ,act2 and 7,e7 such other criteria as the ,board may consider to be appropriate for the purposes of carrying out this ,act4 7#b7 ,factors to be taken into account 7,a7 ,in general ,the ,executive ,committee shall conduct an analysis that takes into account the economic1 environmental1 and social benefits1 and costs of each project under consideration for financial assistance under this ,act1 prioritizing projects that contribute to economic growth1 lead to job creation1 and are of regional or national significance4 7,b7 ,criteria ,the criteria established pursuant to paragraph 7#a77;,a7 shall provide for the consideration of the following factors in considering eligibility for financial assistance under this ,act3 7i7 ,the means by which development of the infrastructure project under consideration is being financed1 including-- 7,i7 the terms and conditions and financial structure of the proposed financing2 7,,ii7 the credit worthiness and standing of the project sponsors1 providers of equity1 and cofinanciers2 7,,iii7 the financial assumptions and projections on which the project is based2 and 7,,iv7 the extent to which the infrastructure project maximizes investment from other sources4 7ii7 ,the likelihood that the provision of assistance by the ,bank will cause such development to proceed more promptly and with lower costs for financing than would be the case without such assistance4 7iii7 ,the extent to which the provision of assistance by the ,bank maximizes the level of private investment in the infrastructure project while providing a public benefit4 7,c7 ,dedicated revenue sources ,any financial assistance for an infrastructure project shall be repayable1 in whole or in part1 from dedicated revenue sources that also secure the infrastructure project obligations4 7,d7 ,amount of financial assistance ,the amount of financial assistance under this ,act shall not exceed the lesser of #ej percent of the reasonably anticipated eligible infrastructure project costs4 7c7 ,public input ,in developing proposed infrastructure project criteria and conducting reviews of infrastructure project criteria for the ,board1 the ,executive ,committee shall seek input from the public including views related to-- 7#a7 the weight given to different factors to be taken into account2 7#b7 measuring whether projects are meeting approved criteria2 and 7#c7 any other input considered by the ,executive ,committee and the public for the purposes of carrying out this ,act4 7d7 ,factors for specific types of projects 7#a7 ,transportation infrastructure projects ,for any transportation infrastructure project1 the ,board shall consider the following3 7,a7 ,job creation1 including workforce development for women and minorities1 responsible employment practices1 and targeted job training and employment opportunities for low income workers4 7,b7 ,reduction in greenhouse gases4 7,c7 ,reduction in surface and air traffic congestion4 7,d7 ,use of smart tolling1 such as vehicle miles traveled and congestion pricing1 for highway1 road1 and bridge projects4 7,e7 ,increased access to transportation options4 7,f7 ,increased safety of transportation systems for motorized and non-motorized users4 7,g7 ,public health benefits1 including the removal of lead coatings or other hazardous chemicals and materials4 7,h7 ,reduction in risk of structural failure over the service life of the project4 7#b7 ,environmental infrastructure project ,for any environmental infrastructure project1 the ,board shall consider the following3 7,a7 ,job creation1 including workforce development for women and minorities1 responsible employment practices1 and targeted job training and employment opportunities for low income workers4 7,b7 ,public health benefits1 including the removal of lead coatings or other hazardous materials4 7,c7 ,pollution reductions4 7,d7 ,reductions in greenhouse gas4 7,e7 ,increased coastal and inland flood mitigation and protection4 7,f7 ,reduction in risk of structural failure over the service life of the project4 7#c7 ,energy infrastructure project ,for any energy infrastructure project1 the ,board shall consider the following3 7,a7 ,job creation1 including workforce development for women and minorities1 responsible employment practices1 and targeted job training and employment opportunities for low income workers4 7,b7 ,reduction in greenhouse gas4 7,c7 ,expanded use of renewable energy4 7,d7 ,development of a smart grid4 7,e7 ,energy efficient building1 housing1 and school modernization1 including renewable energy designated retrofits4 7,f7 ,in any case in which the project is also a public housing project-- 7i7 improvement of the physical shape and layout2 7ii7 environmental improvement2 and 7iii7 mobility improvements for residents4 7,g7 ,public health benefits including the removal of lead coatings or other hazardous chemicals and materials4 7,h7 ,reduction in risk of structural failure over the service life of the project4 7#d7 ,telecommunications ,for any telecommunications project1 the ,board shall consider the following3 7,a7 ,job creation1 including workforce development for women and minorities1 responsible employment practices1 and targeted job training and employment opportunities for low income workers4 7,b7 ,the extent to which assistance expands or improves broadband and wireless services in rural and disadvantaged communities4 7e7 ,consideration of project proposals 7#a7 ,participation by other agency personnel ,consideration of a project under this section by the ,executive ,committee and the ,board shall be conducted with personnel on detail to the ,bank from relevant ,federal agencies among individuals who are familiar with and experienced in the selection criteria for competitive infrastructure projects4 7#b7 ,fees ,a fee may be charged for the review of any project proposal in such amount as may be considered appropriate by the ,executive ,committee approved by the ,board to cover the cost of such review4 7f7 ,discretion of board ,consistent with other provisions of this ,act1 any determination of the ,board to provide assistance to any infrastructure project1 and the manner in which such assistance is provided1 including the terms1 conditions1 fees1 and charges shall be at the sole discretion of the ,board4 7g7 ,state and local permits required ,the provision of assistance by the ,board in accordance with this ,act shall not be deemed to relieve any recipient of assistance or the related infrastructure project of any obligation to obtain required ,state and local permits and approvals4 7h7 ,annual report ,an entity receiving assistance from the ,board shall make annual reports to the ,board on the use of any such assistance1 compliance with the criteria set forth in this section1 and a disclosure of all entities with a development1 ownership1 or operational interest in a infrastructure project assisted or proposed to be assisted under this ,act4 #ab4 ,exemption from local taxation ,all bonds issued by the ,bank1 and the interest on or credits with respect to such bonds1 shall not be subject to taxation by any ,state1 county1 municipality1 or local taxing authority4 #ac4 ,status and applicability of certain ,federal laws 7a7 ,compliance with ,davis-,bacon ,act ,all laborers and mechanics employed by contractors and subcontractors on infrastructure projects funded directly by or assisted in whole or in part by and through the ,bank pursuant to this ,act shall be paid wages at rates not less than those prevailing on projects of a character similar in the locality as determined by the ,secretary of ,labor in accordance with subchapter ,,iv of chapter #ca of part ,a of title #dj1 ,united ,states ,code4 ,with respect to the labor standards specified in this section1 the ,secretary of ,labor shall have the authority and functions set forth in ,reorganization ,plan ,numbered #ad of #aiej 7#fd ,stat4 #abfg2 #e ,u4,s4,c4 ,app47 and section #cade of title #dj1 ,united ,states ,code4 7b7 ,no priority as a ,federal claim ,the priority established in favor of the ,united ,states by section #cgac of title #ca1 ,united ,states ,code1 shall not apply with respect to any indebtedness of the ,bank4 7c7 ,employee protective arrangements ,recipients of any financial assistance authorized under this ,act that funds public transportation capital projects1 as defined in section #ecjb of title #di1 ,united ,states ,code1 must comply with the grant requirements described under section #ecji of such title4 #ad4 ,compliance with certain domestic content statutes ,the financing provided for an infrastructure project shall be in accordance with the following statutory provisions of the ,united ,states ,code under the jurisdiction of the ,department of ,transportation3 section #bdcje of title #di1 ,united ,states ,code 7,,amtrak71 section #cac of title #bc1 ,united ,states ,code 7,,fhwa71 section #ecbc7;j7 of title #di1 ,united ,states ,code 7,,fta71 section #bddje of title #di1 ,united ,states ,code 7,intercity ,rail ,passenger ,corporation7 and sections #ejaja and #ejaje of title #di1 ,united ,states ,code 7,,faa74 #ae4 ,use of iron1 steel1 and manufactured goods in infrastructure projects 7a7 ,buy ,america ,none of the financing provided for by the ,bank may be used for a public infrastructure project unless all of the iron1 steel1 and manufactured goods used for the construction1 alteration1 maintenance or repair of the project are produced in the ,united ,states4 7b7 ,exception ,subsection 7a7 shall not apply in any case or category of cases in which the ,secretary of the ,treasury finds that-- 7#a7 applying subsection 7a7 would be inconsistent with the public interest2 7#b7 iron1 steel1 and the relevant manufactured goods are not produced in the ,united ,states in sufficient and reasonably available quantities and of a satisfactory quality2 or 7#c7 inclusion of iron1 steel1 and manufactured goods produced in the ,united ,states will increase the cost of the overall infrastructure project by more than #be percent4 7c7 ,publication of waivers ,if the ,secretary of the ,treasury determines that it is necessary to waive the application of subsection 7a7 based on a finding under subsection 7b71 the ,treasury ,secretary shall publish in the ,federal ,register a detailed written justification as to why the provision is being waived4 7d7 ,application of section ,this section shall be applied in a manner consistent with the ,united ,states obligations under international agreements4 7e7 ,consultations ,the ,secretary of the ,treasury shall consult with the ,board and may consult with the ,secretary of ,transportation and other ,federal ,secretaries and ,administrators when applying this section4 #af4 ,audits2 reports to ,president and ,congress 7a7 ,accounting ,the books of account of the ,bank shall be maintained in accordance with generally accepted accounting principles and shall be subject to an annual audit by independent public accountants appointed by the ,board and of nationally recognized standing4 7b7 ,reports 7#a7 ,board ,the ,board shall submit to the ,president and ,congress1 within #ij days after the last day of each fiscal year1 a complete and detailed report with respect to the preceding fiscal year1 setting forth-- 7,a7 a summary of the ,bank's operations1 for such preceding fiscal year2 7,b7 a schedule of the ,bank's obligations outstanding at the end of such preceding fiscal year1 with a statement of the amounts issued and redeemed or paid during such preceding fiscal year2 and 7,c7 the status of infrastructure projects receiving funding or other assistance pursuant to this ,act1 including disclosure of all entities with a development1 ownership1 or operational interest in such projects4 7#b7 ,,gao ,not later than #e years after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to ,congress a report evaluating activities of the ,bank for the fiscal years covered by the report that includes an assessment of the impact and benefits of each funded infrastructure project1 including a review of how effectively each project accomplished the goals prioritized by the ,bank's project criteria4 7c7 ,books and records 7#a7 ,in general ,the ,bank shall maintain adequate books and records to support the financial transactions of the ,bank with a description of financial transactions and infrastructure projects receiving funding1 and the amount of funding for each project maintained on a publically accessible database4 7#b7 ,public comment period ,the ,bank shall post infrastructure financing agreements on the database providing #cj days for public comments before providing final financing for the infrastructure project4 7#c7 ,audits by the secretary and ,,gao ,the books and records of the ,bank shall be maintained in accordance with recommended accounting practices and shall be open to inspection by the ,secretary and the ,comptroller ,general of the ,united ,states4 #ag4 ,american ,infrastructure ,bond 7a7 ,in general ,in the case of an ,american ,infrastructure ,bond1 the ,bank shall pay 7contemporaneously with each interest payment date under such bond7 to the issuer of such bond 7or to any person who makes such interest payments on behalf of the issuer7 the applicable percentage of the interest payable under such bond on such date4 7b7 ,american ,infrastructure ,bond 7#a7 ,in general ,for purposes of this section1 the term ,american ,infrastructure ,bond means any obligation 7other than a private activity bond7 if-- 7,a7 the interest on such obligation would 7but for this section7 be excludable from gross income under section #ajc of the ,internal ,revenue ,code of #aihf2 7,b7 such obligation would have been a qualified bond under section #ed;,,aa of such ,code 7determined without regard to subparagraphs 7,b7 and 7,c7 of subsection 7d77#a7 and subsection 7g77#b77;,b7 thereof72 7,c7 such obligation is approved under the ,american ,infrastructure ,bond program2 and 7,d7 the issuer makes an irrevocable election to have this section apply4 7#b7 ,applicable rules ,for purposes of applying paragraph 7#a7-- 7,a7 for purposes of section #adi7;b7 of such ,code1 an ,american ,infrastructure ,bond shall not be treated as federally guaranteed by reason of the subsidy provided under subsection 7a72 7,b7 for purposes of section #adh of such ,code1 the yield on an ,american ,infrastructure ,bond shall be determined without regard to the subsidy provided under subsection 7a72 and 7,c7 a bond shall not be treated as an ,american ,infrastructure ,bond if the issue price has more than a de minimis amount 7determined under rules similar to the rules of section #abgc7;a77#c7 of such ,code7 of premium over the stated principal amount of the bond4 7c7 ,interest on bonds included in gross income ,for purposes of the ,internal ,revenue ,code of #aihf1 interest on any ,american ,infrastructure ,bond shall be includible in gross income4 7d7 ,definitions ,for purposes of this section-- 7#a7 ,interest payment date ,the term interest payment date means any date on which the holder of record of the ,american ,infrastructure ,bond is entitled to a payment of interest under such bond4 7#b7 ,applicable percentage ,the applicable percentage with respect to the interest subsidy provided for any bond under the ,american ,infrastructure ,bond program shall be a percentage recommended by the ,executive ,committee1 reviewed by the risk management committee1 and approved by the ,board4 7e7 ,american ,infrastructure ,bond program 7#a7 ,in general ,not later than #ahj days after the date of the enactment of this ,act1 the ,board1 in consultation with the ,executive ,committee1 risk management committee1 and the ,secretary of the ,treasury1 shall establish an ,american ,infrastructure ,bond program1 under which the ,board may-- 7,a7 approve bond issuances for purposes of this section1 and 7,b7 assign an applicable percentage with respect to any bond so approved4 7#b7 ,application ,issuers may apply for the approval of a bond issuance for purposes of this section1 and any such application shall contain such information as the ,executive ,committee and the risk management committee may require in order to accept or reject an application and to assign an applicable percentage to such bond4 7#c7 ,criteria ,approval of an application and the applicable percentage subsidy assigned under the program shall be based on the ability of each project to meet the criteria established under section #h7;d74 7#d7 ,limitations 7,a7 ,per bond subsidy ,the applicable percentage with respect to any bond may not exceed #dj percent4 7,b7 ,aggregate subsidy limitation ,for any calendar year1 the aggregate amount of interest subsidies provided under this section with respect to all ,american ,infrastructure ,bonds shall not exceed an amount equal to #bh percent of interest payable under all such bonds4 #ah4 ,national ,infrastructure ,development ,bank ,trust ,fund 7a7 ,in general ,there is established in the ,treasury of the ,united ,states a trust fund to be known as the ,national ,infrastructure ,development ,bank ,trust ,fund consisting of such amounts as may be appropriated to such trust fund as provided in this section4 7b7 ,transfer to trust fund ,there are hereby appropriated to the ,national ,infrastructure ,development ,bank ,trust ,fund such amount as the ,secretary of the ,treasury estimates is equivalent to the tax receipts attributable to interest payable under ,american ,infrastructure ,bonds4 7c7 ,expenditures from trust fund ,amounts in the ,national ,infrastructure ,development ,bank ,trust ,fund shall be available1 as provided in appropriation ,acts1 only for purposes of the ,secretary making transfers to the ,national ,infrastructure ,development ,bank for infrastructure project assistance provided by the ,bank under this ,act4 #ai4 ,authorization of appropriations ,there is authorized to be appropriated #e1jjj1jjj1jjj for each of fiscal years #bjad1 #bjae1 #bjaf1 #bjag1 and #bjah to capitalize the ,bank and to remain available until expended1 of which not more than #be1jjj1jjj for each of fiscal years #bjad and #bjae1 and not more than #ej1jjj1jjj for each fiscal year thereafter1 may be used for administrative costs of the ,bank4