,,ii  #aadth ,,congress  #ast ,session  
,s4 #abif  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #ab1 #bjae
 ,mrs4 ,fischer introduced the following
 bill2 which was read twice and referred
 to the ,committee on ,finance  ,a      
,,bill  ,to establish the ,american     
,infrastructure ,bank to offer ,states  
the option for more flexibility in      
financing and funding infrastructure    
projects4  #a4 ,short title2 table of   
contents  7a7 ,short title  ,this ,act  
may be cited as the ,build ,,usa ,act4  
7b7 ,table of contents ,the table of    
contents of this ,act is as follows3    
,sec4 #a4 ,short title2 table of        
contents4 ,sec4 #b4 ,definitions4       
,,title ,i--,american ,infrastructure   
,bank ,sec4 #aja4 ,establishment of     
,american ,infrastructure ,bank4 ,sec4  
#ajb4 ,state remittance agreements with 
,bank4 ,sec4 #ajc4 ,loans to ,states and
 units of local government for          
transportation projects4 ,,title        
,,ii--,capitalization of ,bank ,sec4    

#bja4 ,allowance of temporary dividends 
received deduction for dividends        
received from a controlled foreign      
corporation4 ,sec4 #bjb4 ,appropriations
 to ,bank4  #b4 ,definitions ,in this   
,act3 7#a7 ,bank ,the term ,bank means  
the ,american ,infrastructure ,bank     
established by section #aja7;a74  7#b7  
,board ,the term ,board means the ,board
 of ,directors of the ,bank4  7#c7 ,core
 infrastructure project ,the term core  
infrastructure project means a          
,federal-aid highway or highway 7as     
those terms are defined in section #aja 
of title #bc1 ,united ,states ,code7    
project of a ,state that is eligible for
 funding under chapter #a of title #bc1 
,united ,states ,code4  7#d7 ,secretary 
,the term ,secretary means the          
,secretary of ,transportation4  7#e7    
,state ,the term ,state has the meaning 
given the term in section #aja7;a7 of   
title #bc1 ,united ,states ,code4  ,i   
,american ,infrastructure ,bank  #aja4  
,establishment of ,american             

,infrastructure ,bank  7a7              
,establishment  7#a7 ,in general ,there 
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 ,act7 
7except as otherwise provided in this   
,act71 a bank to be known as the        
,american ,infrastructure ,bank4  7#b7  
,responsibility of ,secretary ,the      
,secretary shall take such action as the
 ,secretary determines to be necessary  
to assist in implementing the           
establishment of the ,bank in accordance
 with this ,act4  7#c7 ,conforming      
amendment ,section #iaja7c7 of title    
#ca1 ,united ,states ,code1 is amended  
by inserting after subparagraph 7,n7 the
 following3  7,o7 the ,american         
,infrastructure ,bank4  4  7b7 ,board of
 ,directors  7#a7 ,membership  7,a7 ,in 
general ,the ,bank shall have a         
bipartisan ,board of ,directors         
consisting of--  7i7 #d voting members1 

#a of each who shall be appointed1 by   
and with the advice and consent of the  
,senate--  7,i7 by the ,majority ,leader
 of the ,senate1 in consultation with   
the ,chairperson of the ,committee on   
,environment and ,public ,works of the  
,senate2  7,,ii7 by the ,minority       
,leader of the ,senate1 in consultation 
with the ,ranking ,member of the        
,committee on ,environment and ,public  
,works of the ,senate2  7,,iii7 by the  
,speaker of the ,house of               
,representatives1 in consultation with  
the ,chairperson of the ,committee on   
,transportation and ,infrastructure of  
the ,house of ,representatives2 and     
7,,iv7 by the ,minority ,leader of the  
,house of ,representatives1 in          
consultation with the ,ranking ,member  
of the ,committee on ,transportation and
 ,infrastructure of the ,house of       
,representatives2 and  7ii7 #a          
non-voting member1 who shall be the     
,secretary 7or a designee74  7,b7       
,qualifications ,a ,board member        

appointed under subparagraph 7,a77i7    
shall have relevant expertise in the    
fields of public or private finance1    
infrastructure financing1 or            
transportation infrastructure policy4   
7,c7 ,term ,a member of the ,board shall
 be appointed for a term of #c years4   
7,d7 ,date of initial appointments ,the 
initial appointments to the ,board under
 subparagraph 7,a77i7 shall be made not 
later than #ahj days after the date of  
enactment of this ,act4  7,e7 ,vacancies
 ,a vacancy on the ,board--  7i7 shall  
not affect the powers of the ,board2 and
  7ii7 shall be filled in the same      
manner as the original appointment was  
made4  7,f7 ,meetings ,the ,board shall 
meet at the call of the chairperson4    
7,g7 ,quorum ,a majority of the members 
of the ,board shall constitute a quorum4
  7,h7 ,chairperson and vice chairperson
 ,the ,board shall select a chairperson 
and vice chairperson from among the     
members of the ,board4  7,i7            
,compensation  7i7 ,in general ,subject 

to clause 7ii71 the ,secretary shall    
determine compensation of members of the
 ,board in a manner that is consistent  
with similar compensation for members of
 other boards in the ,federal           
,government4  7ii7 ,federal employees   
and officials ,a member of the          
,commission who is an officer or        
employee of the ,federal ,government    
shall serve without compensation in     
addition to the compensation received   
for the services of the member as an    
officer or employee of the ,federal     
,government4  7,j7 ,administrative costs
  7i7 ,in general ,for the first #c     
years beginning on the date of enactment
 of this ,act1 not more than  of #a     
percent of the funds made available     
under section #bjb shall be used for--  
7,i7 compensation for members of the    
,board under subparagraph 7,i72  7,,ii7 
compensation for employees of the       
,board2  7,,iii7 administrative         
expenses2 and  7,,iv7 any other expenses
 incurred by the ,bank4  7ii7 #c years  

after the date of enactment ,for any    
year beginning after the date that is #c
 years after the date of enactment of   
this ,act1 funds from interest received 
by the ,bank shall be used to provide   
funds for the expenses described in     
clause 7i74  7#b7 ,duties ,the ,board   
shall-- 7,a7 not later than #ah months  
after the date of enactment of this     
,act1 commence operation of the ,bank1  
including by establishing all           
operational and administrative          
parameters of the ,bank2 and  7,b7      
monitor and exercise oversight of core  
infrastructure projects as necessary to 
achieve the purposes of the ,bank4  7#c7
 ,powers ,the ,board shall have the     
authority-- 7,a7 in accordance with such
 terms as the ,board determines to be   
appropriate1 to make senior and         
subordinated loans1 purchase senior and 
subordinated debt securities1 and enter 
into a binding commitment to make any   
such loan or purchase any such security1
 the proceeds of which are used to      

assist in the financing or refinancing  
of the development of #a or more core   
infrastructure projects2  7,b7 to issue 
and sell debt securities of the ,bank on
 such terms as the ,board determines to 
be appropriate2  7,c7 to issue public   
benefit bonds and provide financing to  
core infrastructure projects from       
amounts made available from the issuance
 of those bonds2  7,d7 to make loan     
guarantees2  7,e7 to enter into         
agreements or contracts with any        
individual or entity in support of the  
business of the ,bank2  7,f7 to purchase
 in the open market any outstanding     
obligation of the ,bank at any time and 
at any price2  7,g7 to acquire1 lease1  
pledge1 exchange1 and dispose of real   
and personal property and otherwise     
exercise all the usual incidents of     
ownership of property to the extent the 
exercise of those powers are appropriate
 to1 and consistent with1 the purposes  
of the ,bank2  7,h7 to sue and be sued  
in a 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 that property2    
7,i7 to indemnify the members of the    
,board for liabilities arising out of   
the actions of the ,board1 in accordance
 with1 and subject to the limitations   
contained in1 this ,act2 and  7,j7 to   
exercise all other lawful powers that   
are necessary or appropriate to carry   
out1 and are consistent with1 the       
purposes of the ,bank4  7#d7            
,limitations  7,a7 ,issuance of debt    
security ,the ,board may not issue any  
debt security without the consent of the
 ,secretary4  7,b7 ,issuance of voting  
security ,the ,board may not issue any  
voting security in the ,bank4  7c7      
,audits2 reports  7#a7 ,accounting ,the 
book of accounts of the ,bank shall be--
 7,a7 maintained in accordance with     
generally accepted accounting           
principles2 and  7,b7 subject to an     

annual audit by an independent public   
accountant that is-- 7i7 appointed by   
the ,board2 and  7ii7 of nationally     
recognized standing4  7#b7 ,reports ,not
 later than #ij days after the last day 
of each fiscal year during which the    
,bank is in operation1 the ,board shall 
submit to the ,president and the        
appropriate committees of ,congress a   
report that describes1 with respect to  
the preceding fiscal year--  7,a7 the   
operations of the ,bank2  7,b7 a        
schedule of the obligations and         
outstanding capital securities of the   
,bank1 together with a statement of the 
amounts issued and redeemed or paid     
during that fiscal year2 and  7,c7 the  
status of core infrastructure projects  
receiving funding or other assistance   
pursuant to this ,act1 including        
disclosure of all entities with a       
development1 ownership1 or operational  
interest in those core infrastructure   
projects4  7#c7 ,books and records  7,a7
 ,in general ,the ,bank shall maintain  

adequate books and records to support   
the financial transactions of the ,bank1
 including a description1 to be         
maintained on a publically accessible   
database1 of--  7i7 each financial      
transaction of the ,bank and each core  
infrastructure project that receives    
funding from the ,bank2 and  7ii7 the   
amount of funding for each core         
infrastructure project4  7,b7 ,audits   
,the books and records of the ,bank     
shall be--  7i7 maintained in accordance
 with recommended accounting practices2 
and  7ii7 open to inspection by the     
,comptroller ,general of the ,united    
,states4  #ajb4 ,state remittance       
agreements with ,bank  7a7 ,in general  
,a ,state may enter into an agreement of
 not less than #c years with the ,bank1 
under which-- 7#a7 the ,state agrees to 
remit not less than #fj percent of the  
total amount of funds received by the   
,state in each year of the #c-year      
period from the ,federal ,government for
 ,federal-aid highway activities under  

sections #aai7;d7 and #acc7;b7 of title 
#bc1 ,united ,states ,code2  7#b7 the   
,board will issue to the ,state funds   
from the ,bank received under section   
#bjb in an amount equal to #ij percent  
of the amount the ,state remitted to the
 ,bank under paragraph 7#a72 and  7#c7  
the ,state will use the funds received  
from the ,bank under paragraph 7#b7 to  
carry out core infrastructure projects  
in accordance with subsection 7b74  7b7 
,state determination of compliance      
,notwithstanding any other provision of 
law1 in carrying out a project under    
subsection 7a77#c71 a ,state shall--    
7#a7 have the authority to determine    
whether the ,state is in compliance with
 all ,federal requirements of--  7,a7   
environmental approvals relating to the 
project2  7,b7 environmental permits    
relating to the project2  7,c7 section  
#cac of title #bc1 ,united ,states      
,code2  7,d7 the development and        
construction of the project1 including--
  7i7 preliminary design2  7ii7         

right-of-way acquisition2  7iii7        
construction engineering2 and  7iv7     
final acceptance of the project2  7,e7  
preapproval for preventative maintenance
 projects and procedures2  7,f7 project 
agreements and modifications to project 
agreements2 and  7,g7 consultant        
procurement services relating to the    
project2  7#b7 assume responsibility of 
and oversight duties over compliance    
with the requirements described in      
paragraph 7#a72 and  7#c7 to the maximum
 extent practicable1 attempt to carry   
out the project in compliance with all  
,federal requirements4  7c7 ,use of     
,state-,remitted funds  ,the ,bank shall
 use an amount equal to #aj percent of  
the funds remitted to the ,bank by      
,states under subsection 7a77#a7 to     
carry out section #ajc4  #ajc4 ,loans to
 ,states and units of local government  
for transportation projects  7a7 ,in    
general ,the ,bank may grant a loan to a
 ,state or a unit of local government to
 carry out a core infrastructure project

 in compliance with all applicable      
,federal laws and requirements4  7b7    
,submission of applications ,in order to
 be eligible to receive a loan under    
subsection 7a71 a ,state or unit of     
local government shall submit to the    
,board an application at such time1 in  
such manner1 and containing such        
information as the ,board may reasonably
 require4  7c7 ,interest rates for loans
 ,the ,board shall-- 7#a7 set the       
interest rate for a loan provided under 
subsection 7a72 and  7#b7 ensure that   
the interest rate remains at a level    
that is more favorable than that of     
similar infrastructure loans available  
on the private market4  ,,ii            
,capitalization of ,bank  #bja4         
,allowance of temporary dividends       
received deduction for dividends        
received from a controlled foreign      
corporation  7a7 ,applicability of      
temporary dividends received deduction  
7#a7 ,in general ,subsection 7f7 of     
section #ife of the ,internal ,revenue  

,code of #aihf is amended to read as    
follows3  7f7 ,election  7#a7 ,in       
general ,the taxpayer may elect to apply
 this section to the #c-taxable year    
period beginning with--  7,a7 the       
taxpayer's last taxable year which      
begins before the date of the enactment 
of the ,build ,,usa ,act1 or  7,b7 the  
taxpayer's first taxable year which     
begins during the #a-year period        
beginning on such date of enactment4    
7#b7 ,time for making election ,any     
election made under this section shall  
be made on or before the due date       
7including extensions7 for filing the   
return of tax for the first taxable year
 in the #c-taxable year period described
 in paragraph 7#a74  7#c7 ,declaration  
of amount repatriated ,an election under
 this section shall designate a         
limitation of the aggregate amount of   
dividends to be taken into account under
 subsection 7a7 during the #c-taxable   
year period4  4  7#b7 ,conforming       
amendments  7,a7 ,extraordinary         

dividends ,section #ife7;b77#b7 of such 
,code is amended by striking ,june #cj1 
#bjjc and inserting ,december #ca1      
#bjad1 and  7,b7 ,determinations        
relating to related party indebtedness  
,section #ife7;b77#c77;,b7 of such ,code
 is amended by striking ,october #c1    
#bjjd and inserting ,december #ca1      
#bjad4  7,c7 ,determinations relating to
 base period ,section #ife7;c77#b7 of   
such ,code is amended by striking ,june 
#cj1 #bjjc and inserting ,december #ca1 
#bjad4  7b7 ,amount of deduction        
,paragraph 7#a7 of section #ife7;a7 of  
the ,internal ,revenue ,code of #aihf is
 amended by striking #he percent and    
inserting #ha4d percent4  7c7 ,effective
 date ,the amendments made by this      
section shall apply to taxable years    
ending after the date of the enactment  
of this ,act4  #bjb4 ,appropriations to 
,bank  7a7 ,estimation of revenues from 
repatriation ,not later than #fj days   
after the date of enactment of this     
,act1 the ,secretary of the ,treasury   

7or the ,secretary's delegate7 shall    
estimate the increase in the amount of  
revenues to be received in the ,treasury
 after the date of enactment of this    
,act and before ,october #a1 #bjai1     
attributable to the amendments made by  
this title4  7b7 ,appropriation ,out of 
any money in the ,treasury not otherwise
 appropriated1 there is hereby          
appropriated to the ,bank an amount     
equal to the amount described in        
subsection 7a71 to remain available     
until expended4