,,ii #aadth ,,congress #ast ,session ,s4 #bfh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #bg1 #bjae ,mr4 ,sanders 7for himself and ,ms4 ,mikulski7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to improve the infrastructure of the ,united ,states1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,rebuild ,america ,act of #bjae4 7b7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,non-,federal cost share of affected programs4 ,,title ,i--,infrastructure programs ,sec4 #aja4 ,transportation infrastructure4 ,sec4 #ajb4 ,water infrastructure4 ,sec4 #ajc4 ,national ,park ,service4 ,sec4 #ajd4 ,miscellaneous infrastructure4 ,sec4 #aje4 ,maintenance of funding2 administrative expenses4 ,,title ,,ii--,national infrastructure bank ,sec4 #bja4 ,definitions4 ,sec4 #bjb4 ,establishment of ,national ,infrastructure ,development ,bank4 ,sec4 #bjc4 ,board of ,directors4 ,sec4 #bjd4 ,executive committee4 ,sec4 #bje4 ,risk management committee4 ,sec4 #bjf4 ,audit committee4 ,sec4 #bjg4 ,personnel4 ,sec4 #bjh4 ,eligibility criteria for assistance from ,bank4 ,sec4 #bji4 ,exemption from local taxation4 ,sec4 #baj4 ,status and applicability of certain ,federal laws2 full faith and credit4 ,sec4 #baa4 ,compliance with ,davis-,bacon ,act and certain grant requirements4 ,sec4 #bab4 ,use of iron1 steel1 and manufactured goods in infrastructure projects4 ,sec4 #bac4 ,compliance with certain domestic content laws4 ,sec4 #bad4 ,applicability of certain ,state laws4 ,sec4 #bae4 ,audits2 reports to ,president and ,congress4 ,sec4 #baf4 ,capitalization of ,bank4 #b4 ,non-,federal cost share of affected programs ,notwithstanding any other provision of law 7including regulations71 the non-,federal share of the cost of any activity carried out using funds provided by this ,act or an amendment made by this ,act shall be an amount equal to the product obtained by multiplying-- 7#a7 the non-,federal cost share of the activity1 as in effect on the day before the date of enactment of this ,act2 and 7#b7 #j4e4 ,i ,infrastructure programs #aja4 ,transportation infrastructure 7a7 ,highway ,trust ,fund ,out of funds of the ,treasury not otherwise appropriated1 in addition to any other funds made available for the ,highway ,trust ,fund1 there is appropriated #ge1jjj1jjj1jjj for each of fiscal years #bjae through #bjbb to the ,highway ,trust ,fund to improve roads1 bridges1 and other transportation infrastructure in the ,united ,states4 7b7 ,intercity passenger and high-,speed rail service ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #ae1jjj1jjj1jjj for each of fiscal years #bjae through #bjai to the ,secretary of ,transportation-- 7#a7 to make quarterly grants to the ,national ,railroad ,passenger ,corporation for the operation of intercity passenger rail1 as authorized by section #aja of the ,passenger ,rail ,investment and ,improvement ,act of #bjjh 7division ,b of ,public ,law #aaj-dcb2 #abb ,stat4 #dijh72 7#b7 to make discretionary grants to ,states to pay the cost of projects described in subparagraphs 7,a7 and 7,b7 of section #bddja7b7 of title #di1 ,united ,states ,code1 and section #bdaje7;b7 of that title1 subject to the condition that the ,secretary of ,transportation shall give priority to projects that support the development of intercity high-speed rail service2 and 7#c7 to carry out section #ecji of title #di1 ,united ,states ,code4 7c7 ,transportation infrastructure finance and innovation ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #b1jjj1jjj1jjj for each of fiscal years #bjae through #bjai to provide credit assistance for surface transportation projects of national and regional significance in accordance with chapter #f of title #bc1 ,united ,states ,code4 7d7 ,airport improvement ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #b1ejj1jjj1jjj for each of fiscal years #bjae through #bjai to implement airport improvement and noise compatibility projects at public-use airports in accordance with subchapter ,i of chapter #dga of title #di1 ,united ,states ,code4 7e7 ,next ,generation ,air ,transportation ,system ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #c1ejj1jjj1jjj for each of fiscal years #bjae through #bjai to the ,next ,generation ,air ,transportation ,system ,joint ,planning and ,development ,office of the ,federal ,aviation ,administration to accelerate deployment of satellite technology to improve airport safety and capacity4 7f7 ,national infrastructure investments ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #e1jjj1jjj1jjj for each of fiscal years #bjae through #bjai for the discretionary grant program under title ,i of division ,k of the ,consolidated and ,further ,continuing ,appropriations ,act1 #bjae 7,public ,law #aac-bce7 7commonly referred to as the ,,tiger ,discretionary ,grant ,program71 subject to the condition that1 for projects carried out under that program that are located in rural areas1 the ,secretary of ,transportation may increase the ,federal share of the costs of the project to #ajj percent4 #ajb4 ,water infrastructure 7a7 ,state water pollution control revolving funds ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #f1jjj1jjj1jjj for each of fiscal years #bjae through #bjai to the ,administrator of the ,environmental ,protection ,agency to make capitalization grants to ,states for the purpose of establishing water pollution control revolving funds under title ,,vi of the ,federal ,water ,pollution ,control ,act 7#cc ,u4,s4,c4 #acha et seq474 7b7 ,state drinking water treatment revolving loan funds ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #f1jjj1jjj1jjj for each of fiscal years #bjae through #bjai to the ,administrator of the ,environmental ,protection ,agency to make capitalization grants to ,states for the purpose of establishing drinking water treatment revolving loan funds under section #adeb7;a7 of the ,safe ,drinking ,water ,act 7#db ,u4,s4,c4 #cjj;j-#ab7;a774 7c7 ,water infrastructure finance and innovation ,out of funds of the ,treasury not otherwise appropriated1 in addition to the amounts made available under section #ejcc7;a7 of the ,water ,infrastructure ,finance and ,innovation ,act of #bjad 7#cc ,u4,s4,c4 #ciab7;a771 there is appropriated #b1jjj1jjj1jjj for each of fiscal years #bjae through #bjai the ,administrator of the ,environmental ,protection ,agency to provide long-term1 low-interest loans for large water infrastructure projects that are not eligible for funding from a ,state revolving loan fund1 in accordance with the ,water ,infrastructure ,finance and ,innovation ,act of #bjad 7#cc ,u4,s4,c4 #cija et seq474 7d7 ,non-,federal dams and levees ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #b1jjj1jjj1jjj to the ,director of the ,federal ,emergency ,management ,agency to carry out the predisaster hazard mitigation program under section #bjc of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eacc7 for each of fiscal years #bjae through #bjai for-- 7#a7 minor localized flood reduction projects2 and 7#b7 major flood risk reduction projects4 7e7 ,inland waterways ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #a1ejj1jjj1jjj for each of fiscal years #bjae through #bjai to the ,construction ,account of the ,corps of ,engineers for the construction1 replacement1 rehabilitation1 and expansion of inland waterways projects to improve the movement and transport of goods1 subject to the condition that1 notwithstanding any other provision of law1 none of the amounts provided by this subsection may be cost-shared with any amounts from the ,inland ,waterways ,trust ,fund established by section #iejf7;a7 of the ,internal ,revenue ,code of #aihf4 7f7 ,harbor maintenance ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #a1ejj1jjj1jjj for each of fiscal years #bjae through #bjai to the ,operation and ,maintenance ,account of the ,corps of ,engineers for the eligible operations and maintenance costs of all coastal harbors and channels and for inland harbors to improve the movement of goods through marine ports in the ,united ,states4 7g7 ,dams and levees 7#a7 ,in general ,subject to paragraph 7#b71 out of funds of the ,treasury not otherwise appropriated1 there is appropriated #aj1jjj1jjj1jjj for each of fiscal years #bjae through #bjai to the ,construction ,account of the ,corps of ,engineers for the following activities3 7,a7 ,activities falling within ,dam ,safety and ,levee ,safety ,action ,classifications #a1 #b1 and #c4 7,b7 ,activities authorized by subtitle ,b of title ,,iii of the ,water ,resources ,reform and ,development ,act of #bjad 7,public ,law #aac-aba2 #abh ,stat4 #abhd7 7including the amendments made by that subtitle74 7,c7 ,assistance for flood damage reduction activities authorized by the ,water ,infrastructure ,finance and ,innovation ,act of #bjad 7#cc ,u4,s4,c4 #cija et seq474 7#b7 ,requirements ,the ,secretary of the ,army1 acting through the ,chief of ,engineers-- 7,a7 may use the funds appropriated pursuant to this subsection to carry out authorized flood damage reduction and coastal storm damage reduction activities1 including the activities authorized by-- 7i7 section #ajja of the ,water ,resources ,development ,act of #bjjg 7,public ,law #aaj-aad2 #aba ,stat4 #ajdi72 and 7ii7 section #gjjb of the ,water ,resources ,reform and ,development ,act of #bjad 7,public ,law #aac-aba2 #abh ,stat4 #acfd72 and 7,b7 shall have unlimited reprogramming authority with respect to those funds4 #ajc4 ,national ,park ,service ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #c1jjj1jjj1jjj for each of fiscal years #bjae through #bjai for-- 7#a7 expenses necessary for the management1 operation1 and maintenance of areas and facilities administered by the ,national ,park ,service2 and 7#b7 the general administration of the ,national ,park ,service4 #ajd4 ,miscellaneous infrastructure 7a7 ,broadband initiatives program ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #b1ejj1jjj1jjj for each of fiscal years #bjae through #bjai for the broadband initiatives program established under title ,,vi of the ,rural ,electrification ,act of #aicf 7#g ,u4,s4,c4 #iej;bb et seq47 to expand the access and quality of broadband service across the rural ,united ,states4 7b7 ,broadband technology opportunities program ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #b1ejj1jjj1jjj for each of fiscal years #bjae through #bjai to the ,assistant ,secretary of ,commerce for ,communications and ,information to make grants for purposes of the ,broadband ,technology ,opportunities ,program established under section #fjja7;a7 of the ,american ,recovery and ,reinvestment ,act of #bjji 7#dg ,u4,s4,c4 #acje7;a771 including providing access and improving broadband service to underserved areas of the ,united ,states4 7c7 ,electric grid ,out of funds of the ,treasury not otherwise appropriated1 there is appropriated #aj1jjj1jjj1jjj for each of fiscal years #bjae through #bjai to the ,secretary of ,energy for expenses necessary for-- 7#a7 electricity delivery and energy reliability activities to modernize the electric grid1 including activities relating to-- 7,a7 demand responsive equipment2 7,b7 enhanced security and reliability of the energy infrastructure2 7,c7 energy storage research1 development1 demonstration1 and deployment2 and 7,d7 facilitating recovery from disruptions to the energy supply2 and 7#b7 implementation of the programs authorized under title ,,xiii of the ,energy ,independence and ,security ,act of #bjjg 7#db ,u4,s4,c4 #agcha et seq474 #aje4 ,maintenance of funding2 administrative expenses 7a7 ,maintenance of funding ,the funding provided to any program or account under this title shall supplement 7and not supplant7 any funding provided for that program or account under any other provision of law4 7b7 ,administrative expenses ,notwithstanding any other provision of law 7including regulations71 a ,federal department or agency that receives funds pursuant to this ,act may use not more than #e percent of the funds for administrative expenses4 ,,ii ,national infrastructure bank #bja4 ,definitions ,for purposes of this title1 the following definitions shall apply1 unless the context requires otherwise3 7#a7 ,bank ,the term ,bank means the ,national ,infrastructure ,development ,bank established under section #bjb7;a74 7#b7 ,board ,the term ,board means the ,national ,infrastructure ,development ,bank ,board4 7#c7 ,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#d7 ,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#e7 ,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#f7 ,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#g7 ,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#h7 ,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#i7 ,chief treasury officer ,the term chief treasury officer means the chief individual responsible for managing the ,bank's treasury operations4 7#aj7 ,develop2 development ,the terms develop and development mean1 with respect to an infrastructure project1 any-- 7,a7 preconstruction planning1 feasibility review1 permitting1 design work1 and other preconstruction activities2 and 7,b7 construction1 reconstruction1 rehabilitation1 replacement1 or expansion4 7#aa7 ,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#ab7 ,energy infrastructure project ,the term energy infrastructure project means any project for energy transmission1 energy efficiency enhancement for buildings1 public housing and federally assisted multifamily housing1 and schools1 renewable energy1 and energy storage4 7#ac7 ,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#ad7 ,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 dam1 levee1 open space management system1 solid waste disposal facility1 hazardous waste facility1 industrial site cleanup1 or redevelopment of a ,brownfield site 7as defined in section #aja of the ,comprehensive ,environmental ,response1 ,compensation1 and ,liability ,act of #aihj 7#db ,u4,s4,c4 #ifja774 7#ae7 ,executive director ,the term executive director means the individual serving as the chief executive officer of the ,bank4 7#af7 ,general counsel ,the term general counsel means the individual who serves as the chief lawyer for the ,bank4 7#ag7 ,infrastructure project ,the term infrastructure project means any energy1 environmental1 telecommunications1 data1 or transportation infrastructure project4 7#ah7 ,public benefit bond ,the term public benefit bond means a bond issued with respect to an infrastructure project in accordance with this title if-- 7,a7 the net spendable proceeds from the sale of the issue may be used for expenditures incurred after the date of issuance with respect to the project1 subject to the rules of the ,bank2 7,b7 the bond issued by the ,bank is in registered form and meets the requirements of this title and otherwise applicable law2 7,c7 the term of each bond which is part of the issue is greater than #cj years2 and 7,d7 the payment of principal with respect to the bond is the obligation of the ,bank4 7#ai7 ,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#bj7 ,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#ba7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury or the designee of the ,secretary4 7#bb7 ,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#bc7 ,smart growth ,the term smart growth means development that avoids sprawl1 including any activity-- 7,a7 relating to policy analysis 7such as reviewing ,state and local codes1 school siting guidelines1 and transportation policies7 or a public participatory process 7such as visioning1 design workshops1 alternative analysis1 and build-out analysis72 and 7,b7 activities similar to those carried out pursuant to the ,department of ,housing and ,urban ,development-,department of ,transportation-,environmental ,protection ,agency ,partnership for ,sustainable ,communities4 7#bd7 ,state ,the term ,state includes the ,district of ,columbia1 ,puerto ,rico1 ,guam1 ,american ,samoa1 the ,virgin ,islands1 the ,commonwealth of the ,northern ,mariana ,islands1 and any other territory of the ,united ,states4 7#be7 ,telecommunications infrastructure project 7,a7 ,in general ,the term telecommunications infrastructure project means any project involving infrastructure required to provide information by wire or radio4 7,b7 ,inclusions ,the term telecommunications infrastructure project includes-- 7i7 a project carried out by a ,state1 county1 or municipal agency2 7ii7 a community-owned project2 and 7iii7 any other project administered by a public provider4 7#bf7 ,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 intercity bus1 high-speed rail1 and freight rail systems4 #bjb4 ,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 title4 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 title4 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 #bjc4 ,board of ,directors 7a7 ,in general ,the ,bank shall have a ,board of ,directors consisting of #e members appointed by the ,president1 by 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 and 7#b7 #c of the directors shall have private sector 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 be appointed for terms of #f years2 7,b7 #a shall be appointed for a term of #e years2 7,c7 #a shall be appointed for a term of #d years2 and 7,d7 #a shall be appointed for a term of #c years4 7e7 ,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 7f7 ,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 7g7 ,quorum ,three directors shall constitute a quorum4 7h7 ,reappointment ,a director of the ,board appointed by the ,president may be reappointed by the ,president in accordance with this section4 7i7 ,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 7j7 ,limitations ,a director of the ,board may not participate in any review or decision affecting a project under consideration for assistance under this title if the director has or is affiliated with a person who has an interest in such project4 7k7 ,powers and limitations of the board 7#a7 ,powers ,in order to carry out the purposes of the ,bank as set forth in this title1 the ,board shall be responsible for monitoring and overseeing infrastructure projects and have the following powers3 7,a7 ,to make senior and subordinated loans and purchase senior and subordinated debt securities and enter into a binding commitment to make any such loan or purchase any such security1 on such terms as the ,board may determine1 in the ,board's discretion1 to be appropriate1 the proceeds of which are to be used to finance or refinance the development of one or more infrastructure projects4 7,b7 ,to issue and sell debt securities of the ,bank on such terms as the ,board shall determine from time to time4 7,c7 ,to issue public benefit bonds and to provide direct subsidies to infrastructure projects from amounts made available from the issuance of such bonds4 7,d7 ,to make loan guarantees4 7,e7 ,to make agreements and contracts with any entity in furtherance of the business of the ,bank4 7,f7 ,to borrow on the global capital market and lend to regional1 ,state1 and local entities1 and commercial banks for the purpose of funding infrastructure projects4 7,g7 ,to purchase1 pool1 and sell infrastructure-related loans and securities on the global capital market4 7,h7 ,to purchase in the open market any of the ,bank's outstanding obligations at any time and at any price4 7,i7 ,to monitor and oversee infrastructure projects financed1 in whole or in part1 by the ,bank4 7,j7 ,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 such powers are appropriate to and consistent with the purposes of the ,bank4 7,k7 ,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,l7 ,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 in this title4 7,m7 ,to serve as the primary liaison between the ,bank1 ,congress1 the executive branch1 and ,state and local governments and to represent the ,bank's interests4 7,n7 ,to exercise all other lawful powers which are necessary or appropriate to carry out1 and are consistent with1 the purposes of the ,bank4 7#b7 ,limitations 7,a7 ,issuance of debt security ,the ,board may not issue any debt security without the prior consent of the ,secretary4 7,b7 ,issuance of voting security ,the ,board may not issue any voting security in the ,bank to any entity other than the ,secretary4 7,c7 ,employee protections ,prior to providing any financial assistance for an infrastructure project involving reconstruction1 rehabilitation1 replacement1 or expansion that may affect current employees on the project site1 the interests of those affected employees shall be protected in accordance with such arrangements as the ,secretary of ,labor determines to be fair and equitable4 7#c7 ,actions consistent with self-supporting entity status ,the ,board shall conduct its business in a manner consistent with the requirements of this section4 7#d7 ,coordination with ,state and local regulatory authority ,the provision of financial assistance by the ,board pursuant to this title 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 7#e7 ,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 7l7 ,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 all directors of the ,board are first 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 title 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 #bjd4 ,executive committee 7a7 ,in general ,the ,board shall have an executive committee consisting of #i members1 headed by the executive director of the ,bank4 7b7 ,executive director ,a majority of the ,board shall have the authority to appoint and reappoint the executive director4 7c7 ,,ceo ,the executive director shall be the chief executive officer of the ,bank1 with such executive functions1 powers1 and duties as may be prescribed by this title1 the bylaws of the ,bank1 or the ,board4 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 executive director and 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 title1 the executive committee shall-- 7#a7 establish disclosure and application procedures for entities nominating projects for assistance under this title2 7#b7 accept1 for consideration1 project proposals relating to the development of infrastructure projects1 which meet the basic criteria established by the ,board1 and which are submitted by an entity2 7#c7 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 and 7#d7 provide technical assistance to entities receiving financing from the ,bank and otherwise implement decisions of the ,board4 7g7 ,vacancy ,a vacancy in the position of executive director shall be filled in the manner in which the original appointment was made4 7h7 ,compensation ,the compensation of the executive director and other executive officers of the executive committee shall be determined by the ,board4 7i7 ,removal ,the executive director and other executive officers may be removed at the discretion of a majority of the ,board4 7j7 ,term ,the executive director and other executive officers shall serve a #f-year term and may be reappointed in accordance with this section4 7k7 ,limitations ,the executive director and other executive officers 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 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 #bje4 ,risk management committee 7a7 ,establishment of risk management committee ,the ,bank 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 title1 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 title1 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 region and infrastructure project type2 7,c7 create conforming standards for infrastructure finance securities2 7,d7 monitor financial1 credit and operational exposure of the ,bank2 and 7,e7 provide financial recommendations to the ,board4 7d7 ,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 7e7 ,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 7f7 ,vacancy ,a vacancy in the position of ,,cro or any other risk management officer shall be filled in the manner in which the original appointment was made4 7g7 ,compensation ,the compensation of the ,,cro and other risk management officers shall be determined by the ,board4 7h7 ,removal ,the ,,cro and any other risk management officers may be removed at the discretion of a majority of the ,board4 7i7 ,term ,the ,,cro and other risk management officers shall serve a #f-year term and may be reappointed in accordance with this section4 7j7 ,limitations ,the ,,cro and other risk management officers 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 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 #bjf4 ,audit committee 7a7 ,in general ,the ,bank shall have 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 title1 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 title1 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 or any other audit officer shall be filled in the manner in which the original appointment was made4 7h7 ,compensation ,the compensation of the ,,cco and other audit officers shall be determined by the ,board4 7i7 ,removal ,the ,,cco and other audit officers may be removed at the discretion of a majority of the ,board4 7j7 ,term ,the ,,cco and other audit officers shall serve a #f-year term and may be reappointed in accordance with this section4 7k7 ,limitations ,the ,,cco and other audit officers 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 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 #bjg4 ,personnel ,the chairperson of the ,board1 executive director1 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 title1 the bylaws of the ,bank1 and the ,board4 #bjh4 ,eligibility criteria for assistance from ,bank 7a7 ,in general ,no financial assistance shall be available under this title from the ,bank unless the applicant for such assistance has demonstrated to the satisfaction of the ,board that the project for which such assistance is being sought meets-- 7#a7 the requirements of this title2 and 7#b7 any criteria established in accordance with this title by the ,board4 7b7 ,establishment of project criteria 7#a7 ,in general ,consistent with the requirements of subsections 7c7 and 7d71 the ,board shall establish-- 7,a7 criteria for determining eligibility for financial assistance under this title2 7,b7 disclosure and application procedures to be followed by entities to nominate projects for assistance under this title2 and 7,c7 such other criteria as the ,board may consider to be appropriate for purposes of carrying out this title4 7#b7 ,factors to be taken into account 7,a7 ,in general ,the ,bank shall conduct an analysis that takes into account the economic1 environmental1 social benefits1 and costs of each project under consideration for financial assistance under this title1 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 title3 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 and 7,,ii7 the financial assumptions and projections on which the project is based4 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 7c7 ,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 quality job training opportunities4 7,b7 ,reduction in carbon emissions4 7,c7 ,reduction in surface and air traffic congestion4 7,d7 ,smart growth4 7,e7 ,poverty and inequality reduction through targeted training and employment opportunities for low-income workers4 7,f7 ,public health benefits4 7#b7 ,environmental infrastructure project ,for any environmental infrastructure project1 the ,board shall consider the following3 7,a7 ,public health benefits4 7,b7 ,pollution reductions4 7,c7 ,job creation1 including workforce development for women and minorities1 responsible employment practices1 and quality job training opportunities4 7,d7 ,poverty and inequality reduction through targeted training and employment opportunities for low-income workers4 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 quality job training opportunities4 7,b7 ,poverty and inequality reduction through targeted training and employment opportunities for low-income workers4 7,c7 ,reduction in carbon emissions4 7,d7 ,smart growth in urban areas4 7,e7 ,expanded use of renewable energy1 including hydroelectric1 solar1 and wind4 7,f7 ,development of a smart grid4 7,g7 ,energy efficient building1 housing1 and school modernization4 7,h7 ,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,i7 ,public health benefits4 7#d7 ,telecommunications ,for any telecommunications project1 the ,board shall consider the following3 7,a7 ,the extent to which assistance expands or improves broadband and wireless services in rural and disadvantaged communities4 7,b7 ,poverty and inequality reduction through targeted training and employment opportunities for low-income workers4 7,c7 ,job creation1 including work force development for women and minorities1 responsible employment practices1 and quality job training opportunities4 7d7 ,consideration of project proposals 7#a7 ,participation by other agency personnel ,consideration of projects by the executive committee and the ,board shall be conducted with personnel on detail to the ,bank from relevant ,federal agencies from among individuals who are familiar with and experienced in the selection criteria for competitive projects4 7#b7 ,fees ,a fee may be charged for the review of any project proposal in such amount as maybe considered appropriate by the executive committee to cover the cost of such review4 7e7 ,discretion of ,board ,consistent with other provisions of this title1 any determination of the ,board to provide assistance to any 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 7f7 ,state and local permits required ,the provision of assistance by the ,board in accordance with this title shall not be deemed to relieve any recipient of assistance or the related project of any obligation to obtain required ,state and local permits and approvals4 7g7 ,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 project assisted or proposed to be assisted under this title4 #bji4 ,exemption from local taxation ,all notes1 debentures1 bonds or other such obligations issued by the ,bank1 and the interest on or credits with respect to such bonds or other obligations1 shall not be subject to taxation by any ,state1 county1 municipality1 or local taxing authority4 #baj4 ,status and applicability of certain ,federal laws2 full faith and credit 7a7 ,budgeting and auditors practices ,the ,bank shall comply with all ,federal laws regulating the budgetary and auditing practices of a government corporation1 except as otherwise provided in this title4 7b7 ,full faith and credit ,any bond or other obligation issued by the ,bank under this title shall be an obligation supported by the full faith and credit of the ,united ,states4 7c7 ,effect of and exemptions from other laws 7#a7 ,exempt securities ,all debt securities and other obligations issued by the ,bank pursuant to this title shall be deemed to be exempt securities within the meaning of laws administered by the ,securities and ,exchange ,commission to the same extent as securities which are direct obligations of1 or obligations fully guaranteed as to principal or interest by1 the ,united ,states4 7#b7 ,open market operations and ,state tax exempt status ,the obligations of the ,bank shall be deemed to be obligations of the ,united ,states for the purposes of the provision designated as 7b77#b7 of the #bnd undesignated paragraph of section #ad of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cee7 and section #cabd of title #ca1 ,united ,states ,code4 7#c7 ,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 7d7 ,federal reserve banks as depositories1 custodians1 and fiscal agents ,the ,federal reserve banks may act as depositories for1 or custodians or fiscal agents of1 the ,bank4 7e7 ,access to book-,entry system ,the ,secretary may authorize the ,bank to use the book-entry system of the ,federal reserve system4 #baa4 ,compliance with ,davis-,bacon ,act and certain grant requirements 7a7 ,davis-,bacon ,act ,all laborers and mechanics employed by contractors and subcontractors on projects funded directly by or assisted in whole or in part by and through the ,bank pursuant to this title 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 ,grant requirements ,a recipient of financial assistance provided pursuant to this ,act that funds any public transportation capital project 7as defined in section #ecjb of title #di1 ,united ,states ,code7 shall comply with the grant requirements applicable to grants made under section #ecji of that title4 #bab4 ,use of iron1 steel1 and manufactured goods in infrastructure projects 7a7 ,buy ,america ,except as provided in subsection 7b71 none of the financing provided 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 maintenance1 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 determines that-- 7#a7 applying subsection 7a7 would be inconsistent with the public interest2 7#b7 iron1 steel1 or a relevant manufactured good is not produced in the ,united ,states in sufficient and reasonably available quantities and of a satisfactory quality2 or 7#c7 the inclusion of iron1 steel1 or a manufactured good 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 provides a waiver of the requirements of subsection 7a7 based on a determination under subsection 7b71 the ,secretary shall publish in the ,federal ,register a detailed written justification of the reasons for the waiver4 7d7 ,applicability ,this section shall be applied in a manner consistent with the obligations of the ,united ,states under international agreements4 7e7 ,consultation ,the ,secretary shall consult with the ,board and may consult with the ,secretary of ,transportation and the head of any other ,federal department or agency in applying this section4 #bac4 ,compliance with certain domestic content laws ,the financing provided for an infrastructure project shall be provided in accordance with the following provisions of law subject to the jurisdiction of the ,secretary of ,transportation3 7#a7 ,section #cac of title #bc1 ,united ,states ,code4 7#b7 ,section #ecbc7;j7 of title #di1 ,united ,states ,code4 7#c7 ,section #bdcje of title #di1 ,united ,states ,code4 7#d7 ,section #bddje of title #di1 ,united ,states ,code4 7#e7 ,sections #ejaja and #ejaje of title #di1 ,united ,states ,code4 #bad4 ,applicability of certain ,state laws ,the receipt by any entity of any assistance under this title1 directly or indirectly1 and any financial assistance provided by any governmental entity in connection with such assistance under this title shall be valid and lawful notwithstanding any ,state or local restrictions regarding extensions of credit or other benefits to private persons or entities1 or other similar restrictions4 #bae4 ,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 and capital securities 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 projects receiving funding or other assistance pursuant to this title1 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 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 ,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 #baf4 ,capitalization of ,bank 7a7 ,authorization of appropriation ,subject to subsection 7b71 there is authorized to be appropriated to the ,secretary for purchase of the shares of the ,bank #e1jjj1jjj1jjj for each of fiscal years #bjae through #bjai1 with the aggregate representing #aj percent of the total subscribed capital of the ,bank4 7b7 ,reservation for rural areas ,for each fiscal year1 not less than #bj percent of any amounts appropriated to carry out this title shall be used to finance projects in rural areas4 7c7 ,callable capital ,of the total subscribed capital of the ,bank1 #ij percent shall be callable capital subject to call from the ,secretary only as and when required by the ,bank to meet its obligations on borrowing of funds for inclusion in its ordinary capital resources or guarantees chargeable to such resources4