,i #aafth ,,congress #ast ,session ,h4 ,r4 #dghj ,,in ,,the ,,house ,,of ,,representatives ,october #bb1 #bjai,mr4 ,carbajal introduced the following bill2 which was referred to the ,committee on ,transportation and ,infrastructure ,a ,,bill ,to establish a ,government corporation to provide loans and loan guarantees for infrastructure projects1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,national ,infrastructure ,investment ,corporation ,act of #bjai4 #b4 ,findings ,congress finds the following3 7#a7 ,according to the ,american ,society of ,civil ,engineers #bjag ,infrastructure ,report1 the current condition of the infrastructure in the ,united ,states earns a grade of ,d and an estimated #d1ejj1jjj1jjj1jjj is needed by #bjbe to make conditions adequate4 7#b7 ,current and foreseeable demands on traditional funding for infrastructure expansion exceed the resources to support much-needed infrastructure programs4 7#c7 ,as of ,april #ai1 #bjai1 the top #ej strategic infrastructure projects1 including transportation1 water and wastewater1 ports and waterways1 and telecommunications1 totaled #bhi1cgj1jjj1jjj in unmet needs4 7#d7 ,infrastructure needs are not limited to traditional roads and bridges but include a wide sector of basic1 physical1 and organizational structures and facilities that are needed for the effective and productive operation of society4 7#e7 ,investment in infrastructure not only creates jobs and economic growth and is a key component of maintaining a global competitive edge but is also fundamental to enhancing and preserving quality of life4 7#f7 ,the establishment of a ,government corporation that provides loans supported by pension funds to finance qualified infrastructure projects would attract needed supplemental capital for infrastructure development4 #c4 ,establishment ,there is established a corporation to be known as the ,national ,infrastructure ,investment ,corporation 7in this ,act referred to as the ,corporation71 which shall be a ,government corporation as defined in section #ajc of title #e1 ,united ,states ,code1 whose purpose shall be to finance infrastructure projects that are beyond the financing capabilities of ,states and cities1 including-- 7#a7 prioritizing projects in a fair and efficient manner2 and 7#b7 minimizing financial costs to the ,federal government4 #d4 ,board of ,directors and ,inspector ,general 7a7 ,establishment ,the management of the ,corporation shall be vested in a board of directors 7in this ,act referred to as the ,board74 7b7 ,membership ,the ,board shall be composed of #g members that meet the qualifications under subsection 7c71 consisting of-- 7#a7 #c members appointed by the ,president1 by and with the advice and consent of the ,senate2 7#b7 #a member appointed by the majority leader of the ,senate2 7#c7 #a member appointed by the minority leader of the ,senate2 7#d7 #a member appointed by the ,speaker of the ,house of ,representatives2 and 7#e7 #a member appointed by the minority leader of the ,house of ,representatives4 7c7 ,qualifications ,each member of the ,board shall-- 7#a7 be a citizen of the ,united ,states2 7#b7 have significant demonstrated experience or expertise in-- 7,a7 infrastructure1 and with respect to infrastructure1 experience or expertise in-- 7i7 heavy construction2 7ii7 labor2 or 7iii7 government policy2 7,b7 the financing1 development1 or operation of infrastructure projects1 including the evaluation and selection of eligible projects2 or 7,c7 the management and administration of a financial institution that provides financing for infrastructure projects2 and 7#c7 represent different geographic regions of the ,united ,states to ensure rural areas and small communities are represented4 7d7 ,initial appointments ,not later than #cj days after the date of enactment of this ,act1 the ,president and congressional leadership shall appoint the members of the ,board in accordance with subsections 7b7 and 7c74 7e7 ,chair ,the ,chair of the ,board shall be designated by the ,president from among the members appointed under subsection 7b74 7f7 ,terms ,each member of the ,board shall hold office for a term of #e years1 except as provided in the following paragraphs3 7#a7 ,terms of initial appointees ,as designated by the ,president and congressional leadership at the time of appointment-- 7,a7 the ,chair shall be appointed for a term of #e years2 7,b7 the #d members appointed by congressional leadership shall be appointed for a term of #d years2 and 7,c7 the #b members appointed by the ,president shall be appointed for a term of #b years4 7#b7 ,vacancies ,vacancies shall be filled according to the following3 7,a7 ,a vacancy shall be filled in the manner in which the original appointment was made4 7,b7 ,any ,board member elected to fill a vacancy occurring before the expiration of the term for which the direct predecessor of the member was appointed shall be appointed only for the remainder of that term4 7,c7 ,in accordance with subparagraph 7,b71 a ,board member may serve after the expiration of the term of the direct predecessor of the ,board member until a successor has taken office4 7g7 ,responsibilities of the ,board ,the responsibilities of the ,board are as follows3 7#a7 ,provide low-cost loans and loan guarantees to eligible applicants under section #e4 7#b7 ,develop strategic goals for the ,corporation based on the purpose of the ,corporation4 7#c7 ,monitor and assess the effectiveness of the ,corporation in achieving such strategic goals4 7#d7 ,review and approve the annual business plans1 annual budgets1 and long-term strategies of and for infrastructure projects financed through the ,corporation4 7#e7 ,develop1 review1 and approve annual reports for the ,corporation4 7#f7 ,employ at least #a external auditor to conduct an annual audit of such infrastructure projects4 7#g7 ,employ individuals as necessary to carry out the provisions of this ,act4 7#h7 ,determine the operations and internal policies of the ,corporation4 7h7 ,inspector ,general ,the ,board shall appoint an employee of the ,corporation to be known as the ,inspector ,general whose duties shall include the following3 7#a7 ,conduct audits under section #f7;b74 7#b7 ,carry out1 with respect to the ,corporation1 duties and responsibilities established under the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7#c7 ,establish1 maintain1 and oversee such audits as the ,inspector ,general considers appropriate under this ,act4 #e4 ,loans and loan guarantees 7a7 ,general authority ,the ,corporation shall provide loans and loan guarantees to eligible applicants for infrastructure projects in the ,united ,states4 7b7 ,eligibility requirements ,an applicant is eligible for a loan or loan guarantee under this section if the applicant-- 7#a7 submits a detailed letter of interest to the ,corporation that-- 7,a7 describes the infrastructure project and the location1 purpose1 and cost of the project2 7,b7 outlines the proposed financial plan with respect to such project1 including the requested loan or loan guarantee amount and the proposed obligor2 7,c7 provides a status of environmental review2 and 7,d7 summarizes the geographic area affected by such project2 7#b7 meets the prerequisites for assistance and conditions for assistance described in subsections 7g7 and 7h7 of section #ejb of the ,railroad ,revitalization and ,regulatory ,reform ,act of #aigf 7#de ,u4,s4,c4 #hbb7;g7 and 7h774 7c7 ,eligible uses ,loans and loan guarantees provided under this section may be used only for eligible project costs 7as defined in section #fja7;a77#b7 of title #bc1 ,united ,states ,code7 for infrastructure projects1 including transportation1 energy1 environment1 and telecommunications4 7d7 ,consultation ,prior to approving a loan or loan guarantee under this section1 the ,corporation shall require the applicant to consult with any member of the ,house of ,representatives or member of the ,senate whose district or ,state1 respectively1 is affected by the infrastructure project to ensure that such project is meritorious and to avoid any problems that may arise with respect to such project4 7e7 ,timing ,a loan provided under subsection 7a7 shall be structured with respect to the expected timing and duration of the construction and utility of an infrastructure project4 7f7 ,,tifia ,except as inconsistent with this ,act1 the ,corporation shall provide for loans and loan guarantees under this section in the same manner and subject to the same requirements as the ,secretary of ,transportation enters into loans and loan agreements under section #fjb of chapter #f of title #bc1 ,united ,states ,code1 with respect to the ,,tifia program 7as defined in section #fja of such title74 #f4 ,audits and reports 7a7 ,report to ,congress ,not later than one year after the date of enactment of this ,act1 and annually thereafter1 the ,board shall submit to ,congress a report on the activities of the ,corporation4 7b7 ,annual audit ,not later than one year after the date of enactment of this ,act1 and annually thereafter1 the ,inspector ,general of the ,corporation shall-- 7#a7 conduct an account audit of the ,corporation2 7#b7 conduct1 supervise1 and coordinate investigations of the business activities of the ,corporation2 7#c7 ensure that the ,corporation is acting consistent with this ,act2 and 7#d7 submit the results of such audit to ,congress4 7c7 ,,gao audit and report ,not later than #e years after the date of enactment of this ,act1 and every #e years thereafter1 the ,comptroller ,general of the ,united ,states shall-- 7#a7 conduct an evaluation of the activities of the ,corporation from the previous #e fiscal years2 and 7#b7 submit to ,congress a report containing the results of such evaluation1 which shall include-- 7,a7 an assessment of the impact and benefits of each infrastructure project financed through the ,corporation2 and 7,b7 a review of the effectiveness of such infrastructure project in accomplishing the goals of this ,act4 7d7 ,application waiting period ,before any loan or loan guarantee is awarded under this ,act1 the ,corporation shall submit to ,congress a report describing the application for such loan or loan guarantee4 ,the ,corporation may not award the loan or loan agreement before the end of the #fj-;day period following the submission of such report to ,congress4 ,the ,corporation may award the loan or loan agreement after such period unless ,congress enacts a joint resolution disapproving the application with an explanation for such disapproval4 7e7 ,rejected applications ,an application that is rejected under subsection 7d7 shall not be resubmitted to the ,corporation unless the basis for the disapproval of the application has been addressed by the resubmitted application4 #g4 ,funding 7a7 ,pension fund loans ,for purposes of paying for the administrative costs of the ,corporation and to provide loans and loan guarantees for eligible infrastructure projects1 the ,board may accept loans during fiscal years #bjbj through #bjbd from pension funds4 7b7 ,limitation ,the ,board may not accept more than #e1jjj1jjj1jjj in loans under subsection 7a7 during any single fiscal year4 7c7 ,annual percentage rate ,with respect to a loan described under subsection 7a71 the ,board may not pay an annual percentage rate of less than #c percent or more than #d percent4