,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #dghj ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,octob] #bb1 #bjai,mr4 ,c>bajal introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,transportation & ,infra/ructure ,a ,,bill ,to e/abli% a ,gov]nm5t corporation to provide loans & loan gu>antees = infra/ructure projects1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,national ,infra/ructure ,inve/m5t ,corporation ,act ( #bjai4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,accord+ to ! ,am]ican ,society ( ,civil ,eng9e]s #bjag ,infra/ructure ,report1 ! curr5t condition ( ! infra/ructure 9 ! ,unit$ ,/ates e>ns a grade ( ,d & an e/imat$ #d1ejj1jjj1jjj1jjj is ne$$ by #bjbe to make conditions adequate4 7#b7 ,curr5t & =eseeable dem&s on traditional fund+ = infra/ructure expansion exce$ ! res\rces to support mu*-ne$$ infra/ructure programs4 7#c7 ,z ( ,april #ai1 #bjai1 ! top #ej /rategic infra/ructure projects1 includ+ transportation1 wat] & wa/ewat]1 ports & wat]ways1 & telecommunications1 total$ #bhi1cgj1jjj1jjj 9 unmet ne$s4 7#d7 ,infra/ructure ne$s are n limit$ to traditional roads & bridges b include a wide sector ( basic1 physical1 & organizational /ructures & facilities t are ne$$ = ! effective & productive op]ation ( society4 7#e7 ,inve/m5t 9 infra/ructure n only creates jobs & economic gr[? & is a key compon5t ( ma9ta9+ a global competitive edge b is also fundam5tal to enhanc+ & pres]v+ quality ( life4 7#f7 ,! e/abli%m5t ( a ,gov]nm5t corporation t provides loans support$ by p5sion funds to f9ance qualifi$ infra/ructure projects w\ld attract ne$$ supplem5tal capital = infra/ructure developm5t4 #c4 ,e/abli%m5t ,!re is e/abli%$ a corporation to be kn[n z ! ,national ,infra/ructure ,inve/m5t ,corporation 79 ?is ,act ref]r$ to z ! ,corporation71 :i* %all be a ,gov]nm5t corporation z def9$ 9 section #ajc ( title #e1 ,unit$ ,/ates ,code1 ^: purpose %all be to f9ance infra/ructure projects t are beyond ! f9anc+ capabilities ( ,/ates & cities1 includ+-- 7#a7 prioritiz+ projects 9 a fair & effici5t mann]2 & 7#b7 m9imiz+ f9ancial co/s to ! ,f$]al gov]nm5t4 #d4 ,bo>d ( ,directors & ,inspector ,g5]al 7a7 ,e/abli%m5t ,! managem5t ( ! ,corporation %all be ve/$ 9 a bo>d ( directors 79 ?is ,act ref]r$ to z ! ,bo>d74 7b7 ,memb]%ip ,! ,bo>d %all be compos$ ( #g memb]s t meet ! qualifications "u subsection 7c71 consi/+ (-- 7#a7 #c memb]s appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate2 7#b7 #a memb] appo9t$ by ! majority lead] ( ! ,s5ate2 7#c7 #a memb] appo9t$ by ! m9ority lead] ( ! ,s5ate2 7#d7 #a memb] appo9t$ by ! ,speak] ( ! ,h\se ( ,repres5tatives2 & 7#e7 #a memb] appo9t$ by ! m9ority lead] ( ! ,h\se ( ,repres5tatives4 7c7 ,qualifications ,ea* memb] ( ! ,bo>d %all-- 7#a7 be a citiz5 ( ! ,unit$ ,/ates2 7#b7 h significant demon/rat$ exp]i5ce or exp]tise 9-- 7,a7 infra/ructure1 & ) respect to infra/ructure1 exp]i5ce or exp]tise 9-- 7i7 heavy con/ruction2 7ii7 labor2 or 7iii7 gov]nm5t policy2 7,b7 ! f9anc+1 developm5t1 or op]ation ( infra/ructure projects1 includ+ ! evaluation & selection ( eligible projects2 or 7,c7 ! managem5t & adm9i/ration ( a f9ancial in/itution t provides f9anc+ = infra/ructure projects2 & 7#c7 repres5t diff]5t geographic regions ( ! ,unit$ ,/ates to ensure rural areas & small communities are repres5t$4 7d7 ,initial appo9tm5ts ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! ,presid5t & congressional lead]%ip %all appo9t ! memb]s ( ! ,bo>d 9 accordance ) subsections 7b7 & 7c74 7e7 ,*air ,! ,*air ( ! ,bo>d %all be designat$ by ! ,presid5t f among ! memb]s appo9t$ "u subsection 7b74 7f7 ,t]ms ,ea* memb] ( ! ,bo>d %all hold (fice = a t]m ( #e ye>s1 except z provid$ 9 ! foll[+ p>agraphs3 7#a7 ,t]ms ( initial appo9tees ,z designat$ by ! ,presid5t & congressional lead]%ip at ! "t ( appo9tm5t-- 7,a7 ! ,*air %all be appo9t$ = a t]m ( #e ye>s2 7,b7 ! #d memb]s appo9t$ by congressional lead]%ip %all be appo9t$ = a t]m ( #d ye>s2 & 7,c7 ! #b memb]s appo9t$ by ! ,presid5t %all be appo9t$ = a t]m ( #b ye>s4 7#b7 ,vacancies ,vacancies %all be fill$ accord+ to ! foll[+3 7,a7 ,a vacancy %all be fill$ 9 ! mann] 9 :i* ! orig9al appo9tm5t 0 made4 7,b7 ,any ,bo>d memb] elect$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m = :i* ! direct pr$ecessor ( ! memb] 0 appo9t$ %all be appo9t$ only = ! rema9d] ( t t]m4 7,c7 ,9 accordance ) subp>agraph 7,b71 a ,bo>d memb] may s]ve aft] ! expiration ( ! t]m ( ! direct pr$ecessor ( ! ,bo>d memb] until a successor has tak5 (fice4 7g7 ,responsibilities ( ! ,bo>d ,! responsibilities ( ! ,bo>d are z foll[s3 7#a7 ,provide l[-co/ loans & loan gu>antees to eligible applicants "u section #e4 7#b7 ,develop /rategic goals = ! ,corporation bas$ on ! purpose ( ! ,corporation4 7#c7 ,monitor & assess ! effectiv5ess ( ! ,corporation 9 a*iev+ su* /rategic goals4 7#d7 ,review & approve ! annual bus9ess plans1 annual budgets1 & long-t]m /rategies ( & = infra/ructure projects f9anc$ ?r\gh ! ,corporation4 7#e7 ,develop1 review1 & approve annual reports = ! ,corporation4 7#f7 ,employ at lea/ #a ext]nal auditor to conduct an annual audit ( su* infra/ructure projects4 7#g7 ,employ individuals z necess>y to c>ry out ! provisions ( ?is ,act4 7#h7 ,det]m9e ! op]ations & int]nal policies ( ! ,corporation4 7h7 ,inspector ,g5]al ,! ,bo>d %all appo9t an employee ( ! ,corporation to be kn[n z ! ,inspector ,g5]al ^: duties %all include ! foll[+3 7#a7 ,conduct audits "u section #f7;b74 7#b7 ,c>ry out1 ) respect to ! ,corporation1 duties & responsibilities e/abli%$ "u ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app474 7#c7 ,e/abli%1 ma9ta91 & ov]see su* audits z ! ,inspector ,g5]al consid]s appropriate "u ?is ,act4 #e4 ,loans & loan gu>antees 7a7 ,g5]al au?ority ,! ,corporation %all provide loans & loan gu>antees to eligible applicants = infra/ructure projects 9 ! ,unit$ ,/ates4 7b7 ,eligibility requirem5ts ,an applicant is eligible = a loan or loan gu>antee "u ?is section if ! applicant-- 7#a7 submits a detail$ lett] ( int]e/ to ! ,corporation t-- 7,a7 describes ! infra/ructure project & ! location1 purpose1 & co/ ( ! project2 7,b7 outl9es ! propos$ f9ancial plan ) respect to su* project1 includ+ ! reque/$ loan or loan gu>antee am\nt & ! propos$ obligor2 7,c7 provides a /atus ( environm5tal review2 & 7,d7 summ>izes ! geographic area affect$ by su* project2 7#b7 meets ! pr]equisites = assi/ance & conditions = assi/ance describ$ 9 subsections 7g7 & 7h7 ( section #ejb ( ! ,railroad ,revitalization & ,regulatory ,re=m ,act ( #aigf 7#de ,u4,s4,c4 #hbb7;g7 & 7h774 7c7 ,eligible uses ,loans & loan gu>antees provid$ "u ?is section may be us$ only = eligible project co/s 7z def9$ 9 section #fja7;a77#b7 ( title #bc1 ,unit$ ,/ates ,code7 = infra/ructure projects1 includ+ transportation1 en]gy1 environm5t1 & telecommunications4 7d7 ,consultation ,prior to approv+ a loan or loan gu>antee "u ?is section1 ! ,corporation %all require ! applicant to consult ) any memb] ( ! ,h\se ( ,repres5tatives or memb] ( ! ,s5ate ^: di/rict or ,/ate1 respectively1 is affect$ by ! infra/ructure project to ensure t su* project is m]itori\s & to avoid any problems t may arise ) respect to su* project4 7e7 ,tim+ ,a loan provid$ "u subsection 7a7 %all be /ructur$ ) respect to ! expect$ tim+ & duration ( ! con/ruction & utility ( an infra/ructure project4 7f7 ,,tifia ,except z inconsi/5t ) ?is ,act1 ! ,corporation %all provide = loans & loan gu>antees "u ?is section 9 ! same mann] & subject to ! same requirem5ts z ! ,secret>y ( ,transportation ent]s into loans & loan agreem5ts "u section #fjb ( *apt] #f ( title #bc1 ,unit$ ,/ates ,code1 ) respect to ! ,,tifia program 7z def9$ 9 section #fja ( su* title74 #f4 ,audits & reports 7a7 ,report to ,congress ,n lat] ?an "o ye> aft] ! date ( enactm5t ( ?is ,act1 & annually !reaft]1 ! ,bo>d %all submit to ,congress a report on ! activities ( ! ,corporation4 7b7 ,annual audit ,n lat] ?an "o ye> aft] ! date ( enactm5t ( ?is ,act1 & annually !reaft]1 ! ,inspector ,g5]al ( ! ,corporation %all-- 7#a7 conduct an acc\nt audit ( ! ,corporation2 7#b7 conduct1 sup]vise1 & coord9ate inve/igations ( ! bus9ess activities ( ! ,corporation2 7#c7 ensure t ! ,corporation is act+ consi/5t ) ?is ,act2 & 7#d7 submit ! results ( su* audit to ,congress4 7c7 ,,gao audit & report ,n lat] ?an #e ye>s aft] ! date ( enactm5t ( ?is ,act1 & e #e ye>s !reaft]1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all-- 7#a7 conduct an evaluation ( ! activities ( ! ,corporation f ! previ\s #e fiscal ye>s2 & 7#b7 submit to ,congress a report conta9+ ! results ( su* evaluation1 :i* %all include-- 7,a7 an assessm5t ( ! impact & b5efits ( ea* infra/ructure project f9anc$ ?r\gh ! ,corporation2 & 7,b7 a review ( ! effectiv5ess ( su* infra/ructure project 9 accompli%+ ! goals ( ?is ,act4 7d7 ,application wait+ p]iod ,be=e any loan or loan gu>antee is aw>d$ "u ?is ,act1 ! ,corporation %all submit to ,congress a report describ+ ! application = su* loan or loan gu>antee4 ,! ,corporation may n aw>d ! loan or loan agreem5t be=e ! end ( ! #fj-;day p]iod foll[+ ! submission ( su* report to ,congress4 ,! ,corporation may aw>d ! loan or loan agreem5t aft] su* p]iod unless ,congress enacts a jo9t resolution disapprov+ ! application ) an explanation = su* disapproval4 7e7 ,reject$ applications ,an application t is reject$ "u subsection 7d7 %all n be resubmitt$ to ! ,corporation unless ! basis = ! disapproval ( ! application has be5 address$ by ! resubmitt$ application4 #g4 ,fund+ 7a7 ,p5sion fund loans ,= purposes ( pay+ = ! adm9i/rative co/s ( ! ,corporation & to provide loans & loan gu>antees = eligible infra/ructure projects1 ! ,bo>d may accept loans dur+ fiscal ye>s #bjbj ?r\gh #bjbd f p5sion funds4 7b7 ,limitation ,! ,bo>d may n accept m ?an #e1jjj1jjj1jjj 9 loans "u subsection 7a7 dur+ any s+le fiscal ye>4 7c7 ,annual p]c5tage rate ,) respect to a loan describ$ "u subsection 7a71 ! ,bo>d may n pay an annual p]c5tage rate ( less ?an #c p]c5t or m ?an #d p]c5t4