,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #cigg  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #e1 #bjag,mr4 
,faso introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on               
,transportation & ,infra/ructure1 & 9   
addition to ! ,committees on ,f9ancial  
,s]vices1 & ,ways & ,means1 = a p]iod to
 be subsequ5tly det]m9$ by ! ,speak]1 9 
ea* case = consid]ation ( su* provisions
 z fall )9 ! jurisdiction ( ! committee 
conc]n$  ,a ,,bill  ,to e/abli% !       
,infra/ructure ,bank = ,am]ica to s]ve z
 a l5d] = infra/ructure projects1 bo?   
directly & ?r\gh ,/ate & local          
gov]nm5ts1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z !         
,infra/ructure ,bank = ,am]ica ,act (   
#bjag4  #b4 ,e/abli%m5t ( !             
,infra/ructure ,bank = ,am]ica  7a7 ,9  
g5]al ,! =mation ag5t %all1 9 accordance
 ) su* rules & regulations z ! ,secret>y
 ( ! ,treasury may prescribe1 make &    
file ) ! ,secret>y at ! e>lie/          
practicable date aft] ! date ( !        

enactm5t ( ?is ,act1 an organization    
c]tificate :i* %all conta9 su* in=mation
 z ! ,secret>y may require4 ,^u ! mak+ &
 fil+ ( su* organization c]tificate ) ! 
,secret>y1 su* =mation ag5t %all become 
a body corporate to be kn[n z !         
,infra/ructure ,bank ,hold+ ,company    
7h]e9aft] ref]r$ to z ! ,hold+          
,company71 :i* %all be ! p>5t company ( 
! ,infra/ructure ,bank = ,am]ica        
7h]e9aft] ref]r$ to z ! ,bank71 :i* is  
h]eby e/abli%$ & :i* %all--  7#a7 s]ve z
 a l5d] = infra/ructure projects1 bo?   
directly & indirectly ?r\gh ,/ate &     
local gov]nm5ts & ,/ate infra/ructure   
banks1 z provid$ "u ?is ,act2  7#b7     
ma9ta9 its pr9cipal (fice 9 ,new ,york  
,city or ! ,di/rict ( ,columbia or !    
metropolitan area !re(2  7#c7 be deem$1 
= purposes ( jurisdiction & v5ue 9 civil
 actions to be a ,delaw>e corporation2 &
  7#d7 h all p[]s1 n inconsi/5t ) !     
provisions ( ?is ,act1 z are cu/om>y &  
usual 9 corporations g5]ally4  7b7      
,regional (fices ,! ,bank %all e/abli%  

regional (fices1 = ! purpose ( focus+ on
 projects 9 diff]5t areas ( ! ,unit$    
,/ates4  7c7 ,bo>d ( directors ,! ,bank 
%all h a bo>d ( directors1 :i* %all--   
7#a7 initially consi/ ( #g memb]s1 or   
su* o!r numb] z ! ,bank det]m9es        
appropriate2  7#b7 be elect$ by !       
,bank's %>ehold]s2  7#c7 )9 !           
limitations ( law & regulation1 det]m9e 
! g5]al policies :i* %all gov]n !       
op]ations ( ! ,bank1 & h p[] to adopt1  
am5d1 & repeal bylaws gov]n+ ! p]=mance 
( ! p[]s & duties grant$ to or impos$ ^u
 ! ,bank by law2 &  7#d7 select & effect
 ! appo9tm5t ( qualifi$ p]sons to fill !
 (fice ( ! ,*ief ,executive ,(fic] &1   
along ) ! ,*ief ,executive ,(fic]1 su*  
o!r (fices z may be provid$ = 9 !       
bylaws4  7d7 ,treatm5t ( %>ehold]s ( !  
=mation ag5t ,! ,hold+ ,company %all1 ^u
 e/abli%m5t1 issue equity securities ( !
 ,hold+ ,company to ea* %>ehold] ( !    
=mation ag5t1 9 an am\nt t ! ,bo>d (    
,directors det]m9es has a value equal to
 ! value ( equity securities ( ! =mation

 ag5t held by su* %>ehold] ^u !         
e/abli%m5t ( ! ,hold+ ,company4  7e7    
,e>n+s & res]ves n ,gov]nm5t funds ,!   
e>n+s & res]ves ( ! ,hold+ ,company & ! 
,bank %all be ! sole prop]ty ( ! ,hold+ 
,company & ! ,bank & %all n be con/ru$  
to be ,gov]nm5t or public funds or      
appropriat$ money4  #c4 ,functions ( !  
,bank  7a7 ,9 g5]al ,! ,bank %all       
provide-- 7#a7 direct loans & loan      
gu>antees to private entities = !       
con/ruction or ma9t5ance (              
rev5ue-produc+ infra/ructure projects2 &
  7#b7 indirect loans & loan gu>antees  
to ,/ate & local gov]nm5ts & ,/ate      
infra/ructure banks1 = ! con/ruction or 
ma9t5ance ( infra/ructure projects4  7b7
 ,support = rural projects ,at lea/ #g  
p]c5t ( ! doll> am\nt ( loans & loan    
gu>antees provid$ by ! ,bank %all be )  
respect to infra/ructure projects 9     
rural areas4  7c7 ,no comm]cial or      
inve/m5t bank+ activities ,! ,bank %all 
n accept cu/om] deposits nor engage 9   
f9ancial or inve/m5t bank+ activities1  

su* z tru/ managem5t or und]writ+       
securities4  7d7 ,pl$ge & cr$it         
facilities  7#a7 ,pl$ge ,! ,bank %all h 
! au?ority to pl$ge its loans to !      
disc\nt w9d[ ( ! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em & z advances to   
any ,f$]al ,home ,loan ,bank4  7#b7 ,l9e
 ( cr$it ,! ,secret>y %all provide a l9e
 ( cr$it to ! ,bank 9 a simil> mann] to 
! facility available to ! ,f$]al        
,national ,mortgage ,association & !    
,f$]al ,home ,loan ,banks4  #d4 ,hold+  
,company securities  7a7 ,equity        
securities  7#a7 ,9 g5]al ,! ,hold+     
,company %all issue su* equity          
securities z ! ,hold+ ,company det]m9es 
appropriate4  7#b7 ,divid5ds ,! ,hold+  
,company may make su* divid5d paym5ts on
 ! equity securities ( ! ,hold+ ,company
 z ! ,hold+ ,company det]m9es           
appropriate4  7#c7 ,initial issuance    
am\nt ,! ,hold+ ,company %all h ! goal (
 rais+ #ajj1jjj1jjj1jjj 9 ! initial     
issuance ( equity securities1 ! purpose 
( :i* is to fund ! ,bank4  7b7 ,bonds   

7#a7 ,/&>d bonds ,! ,hold+ ,company %all
 issue /&>d bonds1 ) maturities up to   
#cj ye>s1 or long] z ne$$4  7#b7        
,repatriat$ ca% bonds  7,a7 ,9 g5]al ,! 
,hold+ ,company %all issue special      
bonds1 nam$ ,repatriation ,bonds1 )     
maturities up to #cj ye>s or long] z    
ne$$1 t are only pur*asable us+ divid5ds
 to :i* section #ife7;g7 ( ! ,int]nal   
,rev5ue ,code ( #aihf appli$4  7,b7 ,use
 ( repatriat$ ca% to pur*ase securities 
,= treatm5t ( divid5ds us$ to pur*as$   
special bonds "u ?is p>agraph1 see      
section #ife7;g7 ( ! ,int]nal ,rev5ue   
,code ( #aihf4  7,c7 #e-ye> limitation  
,! ,hold+ ,company may n issue any new  
,repatriation ,bonds aft] ! end ( !     
#e-ye> p]iod beg9n+ on ! date ! ,bank is
 e/abli%$4  7#c7 ,o!r bonds ,! ,hold+   
,company may issue su* o!r bonds1 notes1
 & m>ketable securities ) maturities &  
int]e/ rates z ! ,hold+ ,company        
det]m9es appropriate4  7#d7 ,initial    
issuance am\nt ,! ,hold+ ,company %all h
 ! goal ( mak+ initial bond sales 9 an  

aggregate am\nt ( #a1jjj1jjj1jjj1jjj or 
m4  7#e7 ,treasury ov]sight & au?ority  
to pur*ase bonds  7,a7 ,approval requir$
 ,be=e issu+ any bonds1 ! ,hold+        
,company %all submit a proposal = su*   
bond issuance to ! ,secret>y1 & ! ,hold+
 ,company may only issue su* bonds if ! 
,secret>y approves ! proposal4  7,b7    
,au?ority to pur*ase bonds  7i7 ,9 g5]al
 ,! ,secret>y may pur*ase bonds issu$ "u
 ?is subsection4  7ii7 ,limitation ,!   
aggregate am\nt ( out/&+ bonds pur*as$  
by ! ,secret>y "u ?is subsection may n  
exce$ #e p]c5t ( ! total am\nt ( !      
,hold+ ,company's out/&+ bonds4  7c7    
,lev]age limitation ,! ,hold+ ,company &
 ! ,bank %all seek to ma9ta9 risk bas$  
capital at no less ?an #aj p]c5t4  #e4  
,ov]sight & regulation  7a7 ,bo>d (     
,gov]nors ( ! ,f$]al ,res]ve ,sy/em ,!  
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all h ov]sight & sup]visory     
au?ority ov] ! ,infra/ructure ,bank     
,hold+ ,company & ! ,bank 9 ord] to     
ensure ! safe & s\nd op]ations ( !      

,infra/ructure ,bank ,hold+ ,company & !
 ,bank4  7b7 ,secret>y ( ! ,treasury ,! 
,secret>y %all e/abli% an (fice1 :i*    
%all report to ! ,assi/ant ,secret>y ( !
 ,treasury = ,f9ancial ,in/itutions1 :i*
 %all h ov]sight & sup]visory au?ority  
ov] ! issuance ( bonds by !             
,infra/ructure ,bank ,hold+ ,company & !
 ,bank 9 ord] to ensure ! safe & s\nd   
f9anc+ ( ! ,infra/ructure ,bank ,hold+  
,company & ! ,bank4  #f4 ,infra/ructure 
,gu>antee ,fund  7a7 ,e/abli%m5t ,!     
,bank %all e/abli% an ,infra/ructure    
,gu>antee ,fund1 :i* %all be available =
 ,/ate & local gov]nm5ts & o!r p]sons :o
 wi% to deposit funds to be us$ )       
respect to specific loans or loan       
gu>antees made by ! ,bank1 9 ! ev5t (   
any non-paym5t by ! recipi5t ( su* loan 
or loan gu>antee4  7b7 ,return ( funds  
,any funds describ$ "u subsection 7a7 t 
are rema9+ at ! "t su* loans or gu>ante$
 loans are repaid %all be return$ to !  
,/ate or local gov]nm5t or o!r p]son :o 
deposit$ ! funds4  #g4 ,hold+ ,company &

 ,bank exemption f taxation ,! ,hold+   
,company & ! ,bank1 includ+ its         
fran*ise1 its capital1 res]ves1 &       
surplus1 its advances1 & its income %all
 be exempt f all taxation n[ or h]eaft] 
impos$ by ! ,unit$ ,/ates1 by any       
t]ritory1 dep5d5cy1 or possession !re(1 
or by any ,/ate1 c\nty1 municipal1 or   
local tax+ au?ority1 except t any real  
prop]ty ( ! ,hold+ ,company & ! ,bank   
%all be subject to ,/ate1 t]ritorial1   
c\nty1 municipal1 or local taxation to !
 same ext5t accord+ to its value z o!r  
real prop]ty is tax$4  #h4 ,ext5sion &  
modification ( divid5ds receiv$ d$uction
 = repatriat$ =eign e>n+s us$ to pur*ase
 ,hold+ ,company bonds  7a7 ,9 g5]al    
,section #ife ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by add+ at ! end !    
foll[+ new subsection3  7g7 ,tempor>y   
ext5sion & modification  7#a7 ,9 g5]al  
,9 ! case ( an election "u ?is          
subsection1 subsection 7f77#a7 %all be  
appli$ by sub/itut+ ! date ( ! enactm5t 
( subsection 7g7 = ! date ( ! enactm5t (

 ?is section4  7#b7 ,p]c5tage d$uctible 
,9 ! case ( an election "u ?is          
subsection1 subsection 7a77#a7 %all be  
appli$ by sub/itut+ #ajj p]c5t = #he    
p]c5t4  7#c7 ,requirem5t to inve/ 9     
bonds ,9 ! case ( an election "u ?is    
subsection-- 7,a7 subsection 7b77#d7    
%all n apply1 &  7,b7 subsection 7a7    
%all only apply to s mu* ( ! portion    
divid5ds receiv$ by a ,unit$ ,/ates     
%>ehold] dur+ ! taxable ye> z does n    
exce$ ! am\nt paid by ! %>ehold] dur+   
su* taxable ye> = bonds issu$ "u section
 #d7;b77#b7 ( ! ,infra/ructure ,bank =  
,am]ica ,act ( #bjag4  7#d7 ,special    
rules  7,a7 ,recapture 9 case ( bonds   
sold dur+ recapture p]iod ,! ,secret>y  
%all1 by regulations1 provide =         
recaptur+ ! applicable p]c5tage ( !     
b5efit "u any d$uction all[able by ?is  
subsection if be=e ! end ( ! #aj-ye>    
p]iod beg9n+ on ! date ( ! pur*ase ( !  
bond to :i* ?is subsection applies !    
taxpay] disposes ( su* bond4  7,b7      
,applicable p]c5tage ,= purposes ( ?is  

p>agraph1 ! applicable p]c5tage %all be 
det]m9$ "u ! foll[+ table3 ,9 ! case ( a
 disposition  9 ! foll[+ ye> ( ,!       
applicable  su* #aj-ye> p]iod3 p]c5tage 
%all be3,fir/ ye> #ajj percent,second   
ye>#ij percent,third ye>#hj             
percent,fourth ye>#gj percent,fifth     
ye>#fj percent,sixth ye>#ej             
percent,seventh ye>#dj percent,eighth   
ye>#cj percent,ninth ye>#bj             
percent,tenth ye>#aj p]c5t4  4  7b7     
,con=m+ am5dm5t  7#a7 ,section #ife (   
su* ,code is am5d$ by /rik+ ,june #cj1  
#bjjc ea* place x occurs & ins]t+ ,june 
#cj1 #bjaf4  7#b7 ,subp>agraph 7,b7 (   
section #ife7;b77#c7 ( su* ,code is     
am5d$ by /rik+ ,octob] #c1 #bjjd &      
ins]t+ ,septemb] #a1 #bjag4  7c7        
,effective date ,! am5dm5t made by ?is  
section %all apply to taxable ye>s end+ 
on or aft] ! date ( ! enactm5t ( ?is    
,act4  #i4 ,infra/ructure ,bank ,hold+  
,company cr$it  7a7 ,9 g5]al ,subp>t ,d 
( "p ,,iv ( sub*apt] ,a ( *apt] #a ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 

by add+ at ! end ! foll[+ new section3  
#de,s4 ,infra/ructure ,bank ,hold+      
,company cr$it  7a7 ,9 g5]al ,= purposes
 ( section #ch1 9 ! case ( a taxpay] :o 
holds a qualifi$ ,hold+ ,company equity 
inve/m5t on a cr$it all[ance date ( su* 
inve/m5t :i* occurs dur+ ! taxable ye>1 
! ,infra/ructure ,bank ,hold+ ,company  
cr$it det]m9$ "u ?is section = su*      
taxable ye> is an am\nt equal to #af    
p]c5t ( ! am\nt paid to ! ,hold+        
,company = su* inve/m5t at its orig9al  
issue4  7b7 ,cr$it all[ance date ,=     
purposes ( ?is section1 cr$it all[ance  
date ) respect to any qualifi$ ,hold+   
,company equity inve/m5t is--  7#a7 !   
date on :i* su* inve/m5t is initially   
made1 &  7#b7 ea* ( ! #d anniv]s>y dates
 ( su* date !reaft]4  7c7 ,qualifi$     
,hold+ ,company equity inve/m5t ,=      
purposes ( ?is section1 ! t]m qualifi$  
,hold+ ,company equity inve/m5t means   
any equity inve/m5t orig9ally issu$ by !
 ,hold+ ,company to ! taxpay] "u section
 #d7;a77#a7 ( ! ,infra/ructure ,bank =  

,am]ica ,act ( #bjag n lat] ?an #c ye>s 
aft] ! date ( ! enactm5t ( su* ,act4    
7d7 ,hold+ ,company ,= purposes ( ?is   
section1 ! t]m ,hold+ ,company means !  
,infra/ructure ,bank ,hold+ ,company    
e/abli%$ "u ! ,infra/ructure ,bank =    
,am]ica ,act ( #bjag4  7e7 ,basis       
r$uction ,! basis ( any qualifi$ ,hold+ 
,company equity inve/m5t %all be r$uc$  
by ! am\nt ( any cr$it det]m9$ "u ?is   
section ) respect to su* inve/m5t4  4   
7b7 ,con=m+ am5dm5ts  7#a7 ,section     
#ch7;b7 ( su* ,code is am5d$ by /rik+   
plus at ! end ( p>agraph 7#ce71 by /rik+
 ! p]iod at ! end ( p>agraph 7#cf7 &    
ins]t+ 1 plus1 & by add+ at ! end !     
foll[+ new p>agraph3  7#cg7 !           
,infra/ructure ,bank ,hold+ ,company    
cr$it det]m9$ "u section #de,s4  4  7#b7
 ,section #ajaf7;a7 ( su* ,code is am5d$
 by /rik+ & at ! end ( p>agraph 7#cf71  
by /rik+ ! p]iod at ! end ( p>agraph    
7#cg7 & ins]t+ 1 &1 & by add+ at ! end !
 foll[+ new p>agraph3  7#ch7 to ! ext5t 
provid$ 9 section #de,s7e74  4  7c7     

,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s end+ 
aft] ! date ( ! enactm5t ( ?is ,act4    
#aj4 ,def9itions ,= purposes ( ?is ,act3
 7#a7 ,bank ,! t]m ,bank means !        
,infra/ructure ,bank = ,am]ica e/abli%$ 
"u section #b4  7#b7 ,=mation ag5t ,!   
t]m =mation ag5t means an entity select$
 by ! ,secret>y4  7#c7 ,infra/ructure   
,bank ,hold+ ,company ,! t]m            
,infra/ructure ,bank ,hold+ ,company    
means ! company--  7,a7 by t "n         
incorporat$ by ! =mation ag5t2 &  7,b7  
act+ z ! p>5t company ( ! ,bank aft] !  
e/abli%m5t ( ! ,bank4  7#d7             
,rev5ue-produc+ infra/ructure project ,!
 t]m rev5ue-produc+ infra/ructure       
project means an infra/ructure project  
t1 :5 complete1 g5]ates rev5ue f us]    
fees4  7#e7 ,risk bas$ capital ,! t]m   
risk bas$ capital %all h ! mean+ giv5 t 
t]m by ! ,bo>d ( ,gov]nors ( ! ,f$]al   
,res]ve ,sy/em4  7#f7 ,rural ,! t]m     
rural means a c\nty t is nei!r 9 a      
metropolitan /ati/ical area nor 9 a     

micropolitan /ati/ical area t is adjac5t
 to a metropolitan /ati/ical area1 z ^? 
t]ms are def9$ by ! ,u4,s4 ,(fice (     
,managem5t & ,budget & z !y are appli$  
"u curr5tly applicable ,urban ,influ5ce 
,codes1 e/abli%$ by ! ,unit$ ,/ates     
,dep>tm5t ( ,agriculture's ,economic    
,rese>* ,s]vice4  7#g7 ,secret>y ,! t]m 
,secret>y means ! ,secret>y ( !         
,treasury4  7#h7 ,/ate ,! t]m ,/ate     
means ea* ( ! sev]al ,/ates1 ! ,di/rict 
( ,columbia1 ea* t]ritory or possession 
( ! ,unit$ ,/ates1 & ea* f$]ally        
recogniz$ ,indian tribe4  7#i7 ,/ate    
infra/ructure bank ,! t]m ,/ate         
infra/ructure bank means a ,/ate        
infra/ructure bank or multi/ate         
infra/ructure bank e/abli%$ pursuant    
to-- 7,a7 section #cej ( ! ,national    
,highway ,sy/em ,designation ,act (     
#aiie2  7,b7 section #aeaa7l7 ( !       
,transportation ,equity ,act = ! #ba/   
,c5tury2 or  7,c7 section #faj ( title  
#bc1 ,unit$ ,/ates ,code4  7#aj7 ,/ate  
or local gov]nm5t ,! t]m ,/ate or local 

gov]nm5t means a ,/ate or local gov]nm5t
 or any ag5cy or in/rum5tality ( a ,/ate
 or local gov]nm5t4