,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #gbca  ,,in ,,the ,,house ,,of  
,,representatives  ,june #ae1 #bjbj,mr4 
,webster of ,florida 7for himself1 ,mr4 
,meuser1 ,mr4 ,reed1 and ,mr4 ,la,malfa7
 introduced the following bill2 which   
was referred to the ,committee on       
,transportation and ,infrastructure1 and
 in addition to the ,committees on      
,financial ,services1 and ,ways and     
,means1 for a period to be subsequently 
determined by the ,speaker1 in each case
 for consideration of such provisions as
 fall within the jurisdiction of the    
committee concerned  ,a ,,bill  ,to     
establish the ,infrastructure ,bank for 
,america as a corporation to serve as a 
lender for and investor in              
infrastructure projects1 and for other  
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,infrastructure     
,bank for ,america ,act of #bjbj4  #b4  
,establishment of the ,infrastructure   
,bank ,holding ,company  7a7 ,in general
 ,there is established a corporation to 

be known as the ,infrastructure ,bank   
,holding ,company 7in this ,act referred
 to as the ,holding ,company71 which    
shall be the parent company of the      
,infrastructure ,bank for ,america      
established under section #c4  7b7      
,board of directors ,the ,holding       
,company shall have a ,board of         
,directors1 which shall-- 7#a7 initially
 consist of #g members1 or such other   
number as the formation agent determines
 appropriate2  7#b7 be elected by the   
shareholders of the ,holding ,company2  
7#c7 within the limitations of law and  
regulation1 determine the general       
policies that govern the operations of  
the ,holding ,company1 and have the     
power to adopt1 amend1 and repeal bylaws
 governing the performance of the powers
 and duties granted to or imposed upon  
the ,holding ,company by law2 and  7#d7 
select and effect the appointment of    
qualified persons to fill the office of 
the ,chief ,executive ,officer and such 
other offices as may be provided for in 

the bylaws of the ,holding ,company and 
the ,infrastructure ,bank for ,america  
established under section #c4  7c7      
,treatment of shareholders of the       
formation agent ,the formation agent    
shall issue equity securities of the    
,holding ,company to each shareholder of
 the formation agent1 in an amount that 
the formation agent determines has a    
value equal to the value of equity      
securities of the formation agent held  
by such shareholder upon the            
establishment of the ,holding ,company4 
7d7 ,earnings and reserves not          
government funds ,the earnings and      
reserves of the ,holding ,company shall 
be the sole property of the ,holding    
,company and may not be construed to be 
,government funds1 public funds1 or     
appropriated money4  #c4 ,establishment 
of the ,infrastructure ,bank for        
,america  7a7 ,in general ,the formation
 agent shall establish a corporation to 
be known as the ,infrastructure ,bank   
for ,america 7in this ,act referred to  

as the ,bank74 ,the ,bank shall-- 7#a7  
maintain its principle office in ,new   
,york ,city or the ,district of         
,columbia2 and  7#b7 be registered as a 
,delaware corporation1 and1 for the     
purposes of jurisdiction and venue in   
civil actions1 operate as a ,delaware   
corporation4  7b7 ,duties of the        
formation agent ,at the earliest        
practicable date after the date of the  
enactment of this ,act1 the formation   
agent shall make and file with the      
,secretary of the ,treasury 7in this    
,act referred to as the ,secretary7 an  
organization certificate for the ,bank  
in accordance with such rules and       
regulations as the ,secretary may       
prescribe4  7c7 ,regional offices ,the  
,bank shall establish regional offices  
for the purpose of focusing on          
infrastructure projects in different    
areas of the ,unites ,states4  7d7      
,board of directors ,the ,board of      
,directors of the ,holding ,company     
established under section #b7;b7 shall  

be the initial ,board of ,directors of  
the ,bank4  #d4 ,functions of the ,bank 
7a7 ,in general ,the ,bank shall        
provide-- 7#a7 equity investments1      
direct loans1 indirect loans1 and loan  
guarantees for the construction or      
maintenance of revenue-producing        
infrastructure projects in the ,united  
,states with sufficient revenue sources 
and guarantees to support the interest  
and principal payments to the ,bank2 and
  7#b7 direct and indirect loans and    
loan guarantees to ,state and local     
governments and ,state infrastructure   
banks for the construction or           
maintenance of infrastructure projects4 
7b7 ,support for rural projects ,at     
least #g percent of the dollar amount of
 loans1 equity investments1 and loan    
guarantees provided by the ,bank shall  
be with respect to infrastructure       
projects in rural areas4  7c7 ,no       
commercial or investment banking        
activities ,the ,bank shall not accept  
customer deposits nor engage in         

financial or investment banking         
activities such as trust management or  
underwriting securities4  7d7 ,pledge   
and credit facilities  7#a7 ,pledge ,the
 ,bank shall have the authority to      
pledge its loans to the discount window 
of the ,board of ,governors of the      
,federal ,reserve ,system4  7#b7        
,purchase of obligations ,the ,secretary
 may1 subject to amounts provided in    
advance by appropriation ,acts1 purchase
 obligations issued by the ,bank in the 
same manner and under the same          
requirements that the ,secretary        
purchases obligations under section     
#cjf7;c7 of the ,federal ,home ,loan    
,mortgage ,corporation ,act 7#ab        
,u4,s4,c4 #adee7;c774  7e7 ,leverage    
limitation ,the ,bank shall seek to     
maintain risk-based capital at no less  
than #aj percent4  #e4 ,holding ,company
 securities  7a7 ,equity securities     
7#a7 ,in general ,the ,holding ,company 
shall issue such equity securities as   
the ,holding ,company determines        

appropriate4  7#b7 ,dividends ,the      
,holding ,company may make such dividend
 payments on the equity securities of   
the ,holding ,company as the ,holding   
,company determines appropriate4  7#c7  
,initial issuance amount ,the ,holding  
,company shall have the goal of raising 
#a1jjj1jjj1jjj in the initial issuance  
of equity securities in a private       
placement and up to #ajj1jjj1jjj1jjj or 
more of equity securities in public     
offerings over time1 the purpose of     
which is to fund the ,bank4  7#d7       
,restriction on voting rights ,any      
holder of an equity security of the     
,holding ,company that is a non-,u4,s4  
individual or entity shall have no      
voting rights with respect to such      
equity security4  7b7 ,bonds  7#a7      
,standard bonds ,the ,holding ,company  
may issue standard bonds with maturities
 up to #cj years or longer1 as needed4  
7#b7 ,other bonds ,the ,holding ,company
 may issue such other bonds1 notes1 and 
marketable securities with maturities   

and interest rates as the ,holding      
,company determines appropriate4  7#c7  
,initial issuance amount ,the ,holding  
,company shall have the goal of making  
initial bond sales in a private         
placement in an aggregate amount of     
#aj1jjj1jjj1jjj and in public offerings 
in an amount of #a1jjj1jjj1jjj1jjj or   
more over time4  7#d7 ,oversight and    
authority to purchase bonds  7,a7       
,approval required ,before issuing any  
bonds1 the ,holding ,company shall      
submit a proposal for such bond issuance
 to the ,secretary1 and the ,holding    
,company may only issue such bonds if   
the ,secretary approves the proposal4   
7,b7 ,authority to purchase bonds  7i7  
,in general ,the ,secretary and the     
,board of ,governors of the ,federal    
,reserve ,system may purchase bonds     
issued under this subsection4  7ii7     
,limitation ,the aggregate amount of    
outstanding bonds purchased by the      
,secretary under this subparagraph may  
not exceed #e percent of the total      

amount of the outstanding bonds of the  
,holding ,company4  7#e7 ,leverage      
limitation ,the ,holding ,company shall 
seek to maintain risk-based capital at  
no less than #aj percent4  7c7          
,investment limitation on ,non-,u4,s4   
individuals and entities                
,notwithstanding any other provision of 
law-- 7#a7 non-,u4,s4 individuals and   
entities may not hold more than #be     
percent1 in the aggregate1 of the equity
 securities and bonds of the ,holding   
,company2 and  7#b7 nothing in this     
section shall prevent non-,u4,s4        
individuals and entities that are       
shareholders from receiving equity      
shares and dividend payments4  #f4      
,oversight and regulation  7a7 ,board of
 ,governors of the ,federal ,reserve    
,system ,the ,board of ,governors of the
 ,federal ,reserve ,system shall have   
oversight and supervisory authority over
 the ,holding ,company and the ,bank in 
order to ensure the safe and sound      
operation of the ,holding ,company and  

the ,bank4  7b7 ,secretary of the       
,treasury ,the ,secretary shall oversee 
and supervise the issuance of bonds by  
the ,holding ,company and the ,bank1 in 
order to ensure the safe and sound      
financing of the ,holding ,company and  
the ,bank4  7c7 ,consultation ,the      
,secretary shall consult with the ,board
 of ,governors of the ,federal ,reserve 
,system and may consult with the        
,secretary of ,transportation and any   
other head of ,federal agency when      
carrying out the ,secretary's duties    
under this ,act4  #g4 ,infrastructure   
,guarantee ,fund  7a7 ,establishment    
,the ,bank shall establish an           
,infrastructure ,guarantee ,fund that   
shall be available for ,state and local 
governments and other persons who wish  
to deposit funds to be used with respect
 to specific loans or loan guarantees   
made by the ,bank in the event of any   
non-payment by the recipient of such    
loan or loan guarantee4  7b7 ,return of 
funds ,any funds described under        

subsection 7a7 that are remaining at the
 time such loans or guaranteed loans are
 repaid in full shall be returned to the
 ,state or local government or other    
person who deposited the funds4  #h4    
,holding ,company and ,bank exemption   
from taxation ,effective for taxable    
years ending on or after the date of    
enactment of this ,act1 the ,holding    
,company and the ,bank1 including       
franchises1 capital1 reserves1 surplus1 
advances1 and income of the ,holding    
,company or ,bank shall be exempt from  
all taxation imposed by the ,united     
,states1 by any territory1 dependency1  
or possession thereof1 or by any ,state1
 county1 municipal1 or local taxing     
authority1 except that any real property
 of the ,holding ,company and the ,bank 
shall be subject to ,state1 territorial1
 county1 municipal1 or local taxation to
 the same extent according to its value 
as other real property is taxed4  #i4   
,infrastructure ,bank ,holding ,company 
credit  7a7 ,in general ,subpart ,d of  

part ,,iv of subchapter ,a of chapter #a
 of the ,internal ,revenue ,code of     
#aihf is amended-- 7#a7 by adding at the
 end the following new section3  #de,u4 
,infrastructure ,bank ,holding ,company 
credit  7a7 ,in general ,for purposes of
 section #ch1 in the case of a taxpayer 
who holds a qualified ,holding ,company 
equity investment on a credit allowance 
date of such investment which occurs    
during the taxable year1 the            
,infrastructure ,bank ,holding ,company 
credit determined under this section for
 such taxable year is an amount equal to
 #aj percent of the amount paid to the  
,holding ,company for such investment at
 its original issue4  7b7 ,credit       
allowance date ,for purposes of this    
section1 the credit allowance date with 
respect to any qualified ,holding       
,company equity investment is-- 7#a7 the
 date on which such investment is       
initially made2 and  7#b7 each of the #d
 anniversary dates of such date         
thereafter4  7c7 ,qualified ,holding    

,company equity investment ,for purposes
 of this section1 the term qualified    
,holding ,company equity investment     
means any equity investment originally  
issued by the ,holding ,company to the  
taxpayer under section #e7;a77#a7 of the
 ,infrastructure ,bank for ,america ,act
 of #bjbj not later than #c years after 
the date of the enactment of such ,act4 
7d7 ,holding ,company ,for purposes of  
this section1 the term ,holding ,company
 means the ,infrastructure ,bank        
,holding ,company established by the    
,infrastructure ,bank for ,america ,act 
of #bjbj4  7e7 ,basis reduction ,the    
basis of any qualified ,holding ,company
 equity investment shall be reduced by  
the amount of any credit determined     
under this section with respect to such 
investment4  2 and  7#b7 in the table of
 contents for such subpart1 by adding at
 the end the following3  #de,u4         
,infrastructure ,bank ,holding ,company 
credit4  4  7b7 ,conforming amendments  
7#a7 ,section #ch7;b7 of such ,code is  

amended by striking plus at the end of  
paragraph 7#cb71 by striking the period 
at the end of paragraph 7#cc7 and       
inserting 1 plus1 and by adding at the  
end the following new paragraph3  7#cd7 
the ,infrastructure ,bank ,holding      
,company credit determined under section
 #de,u4  4  7#b7 ,section #ajaf7;a7 of  
such ,code is amended by striking and at
 the end of paragraph 7#cg71 by striking
 the period at the end of paragraph     
7#ch7 and inserting 1 and1 and by adding
 at the end the following new paragraph3
  7#ci7 to the extent provided in       
section #de,u7e74  4  7c7 ,effective    
date ,the amendments made by this       
section shall apply to taxable years    
ending after the date of the enactment  
of this ,act4  #aj4 ,rule of            
construction ,nothing in this ,act may  
be construed as authorizing the ,federal
 ,government to guarantee the assets of 
the ,bank or ,holding ,company4  #aa4   
,definitions ,for the purposes of this  
,act3 7#a7 ,bank ,the term ,bank means  

the ,infrastructure ,bank for ,america  
established under section #c4  7#b7     
,formation agent ,the term formation    
agent means an entity selected by the   
,secretary of the ,treasury with        
significant experience in infrastructure
 and infrastructure finance4  7#c7      
,holding ,company ,the term ,holding    
,company means the ,infrastructure ,bank
 ,holding ,company established under    
section #b4  7#d7 ,revenue-producing    
infrastructure project ,the term        
revenue-producing infrastructure project
 means an infrastructure project that1  
when complete1 generates revenue from   
user fees or other sources4  7#e7       
,risk-based capital ,the term risk-based
 capital shall have the meaning given   
that term by the ,board of ,governors of
 the ,federal ,reserve ,system4  7#f7   
,rural ,the term rural means a county   
that is neither in a metropolitan       
statistical area nor in a micropolitan  
statistical area that is adjacent to a  
metropolitan statistical area1 as those 

terms are defined by the ,office of     
,management and ,budget and as applied  
under currently applicable ,urban       
,influence ,codes1 established by the   
,economic ,research ,service of the     
,department of ,agriculture4  7#g7      
,state ,the term ,state means each of   
the several ,states1 the ,district of   
,columbia1 each territory or possession 
of the ,united ,states1 and each        
federally recognized ,indian ,tribe4    
7#h7 ,state infrastructure bank ,the    
term ,state infrastructure bank means a 
,state infrastructure bank or           
multi-,state infrastructure bank        
established pursuant to-- 7,a7 section  
#cej of the ,national ,highway ,system  
,designation ,act of #aiie2  7,b7       
section #aeaa7l7 of the ,transportation 
,equity ,act for the #bast ,century2    
7,c7 section #faj of title #bc1 ,united 
,states ,code2 or  7,d7 any ,state law  
as an agency1 component unit1 or other  
governmental entity of the ,state4