,i #aagth ,,congress #ast ,session ,h4 ,r4 #ccci ,,in ,,the ,,house ,,of ,,representatives ,may #ai1 #bjba ,mr4 ,danny ,k4 ,davis of ,illinois introduced the following bill2 which was referred to the ,committee on ,energy and ,commerce1 and in addition to the ,committees on ,ways and ,means1 ,transportation and ,infrastructure1 ,financial ,services1 ,education and ,labor1 ,natural ,resources1 and the ,budget1 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 facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a ,national ,infrastructure ,bank1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,in general ,this ,act may be cited as the ,national ,infrastructure ,bank ,act of #bjba4 7b7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,findings4 ,title ,i--,revenue provisions ,sec4 #aja4 ,treatment of ,national ,infrastructure ,bank as a ,government corporation exempt from tax4 ,sec4 #ajb4 ,treatment of contributions to the ,national ,infrastructure ,bank as charitable contributions4 ,sec4 #ajc4 ,temporary rule to allow a deduction for cash contributions to the ,national ,infrastructure ,bank by certain taxpayers who do not elect to itemize deductions4 ,sec4 #ajd4 ,preferred dividends of ,national ,infrastructure ,bank excludible from gross income4 ,title ,,ii--,establishment of ,national ,infrastructure ,bank ,sec4 #bja4 ,definitions4 ,sec4 #bjb4 ,establishment of ,national ,infrastructure ,bank4 ,sec4 #bjc4 ,purposes and authorizations4 ,sec4 #bjd4 ,formation of regional economic accelerator planning groups4 ,sec4 #bje4 ,eligibility criteria for assistance from the bank4 ,sec4 #bjf4 ,board of ,directors4 ,sec4 #bjg4 ,powers and limitations of the ,board4 ,sec4 #bjh4 ,executive committee4 ,sec4 #bji4 ,risk management committee4 ,sec4 #baj4 ,audit committee4 ,sec4 #baa4 ,personnel4 ,sec4 #bab4 ,special ,inspector ,general for the ,national ,infrastructure ,bank4 ,sec4 #bac4 ,status and applicability of certain ,federal and ,state laws4 ,sec4 #bad4 ,exemption from certain laws4 ,sec4 #bae4 ,audits2 reports to ,president and ,congress4 ,sec4 #baf4 ,budgetary effects4 ,sec4 #bag4 ,authorization of appropriations4 #b4 ,findings ,congress finds the following3 7#a7 ,throughout our ,nation's history1 national banks have played a crucial role in financing most of our ,nation's public infrastructure4 ,the largest banks included3 ,the ,first 7#agia-ahaa7 and ,second 7#ahaf-ahcf7 ,banks of the ,united ,states1 ,president ,lincoln's national banking system1 and ,president ,franklin ,delano ,roosevelt's ,reconstruction ,finance ,corporation 7#aicb-aieg74 7#b7 ,these national banks were enacted with broad bi-partisan support1 and financed the construction of3 roads1 turnpikes1 bridges1 and canals2 the ,transcontinental ,railroad2 the ,hoover ,dam2 rural electrification2 manufacturing start-ups2 and rail1 school1 and farm improvements in every corner of our country4 ,investments created the conditions for improved productivity1 economic growth1 and job creation2 helped lift us out of the ,great ,depression2 and contributed to our victory in ,world ,war ,,ii4 7#c7 ,the ,american ,society of ,civil ,engineers 7hereinafter referred to as ,,asce71 in its #bjba ,report ,card and ,failure to ,act ,series1 estimates that #f1aji1jjj1jjj1jjj is needed over the next ten years 7#bjbj-bjbi7 to meet all of our country's infrastructure needs4 ,of that amount1 #c1dhc1jjj1jjj1jjj is expected to be financed by3 the ,federal government through its normal budget appropriations process2 and by ,states1 counties1 cities1 utilities1 and port and airport authorities through their general revenues1 special taxes1 user fees1 and borrowing4 ,even with this spending1 however1 a financing gap of #b1fbf1jjj1jjj1jjj remains4 ,to close this gap1 our nation will need to increase investment1 by all levels of government1 from #b4e percent to #c4e percent of ,,gdp by #bjbe4 7#d7 ,,asce estimates that the added #b1fbf1jjj1jjj1jjj needed over a ten year period to bring systems up to a state of good repair is as follows 7amounts in parentheses73 7,a7 ,roads1 bridges1 and transit 7#a1jce1jjj1jjj1jjj74 7,b7 ,drinking water1 wastewater1 and stormwater systems 7#hja1jjj1jjj1jjj74 7,c7 ,schools 7#bej1jjj1jjj1jjj74 7,d7 ,electricity generation1 transmission1 distribution 7#aig1jjj1jjj1jjj74 7,e7 ,aviation 7#aaa1jjj1jjj1jjj74 7,f7 ,dams1 levees1 inland waterways1 and ports 7#aji1jjj1jjj1jjj74 7,g7 ,passenger rail 7#de1jjj1jjj1jjj74 7,h7 ,public parks and recreation 7#gh1jjj1jjj1jjj74 7#e7 ,expanded investment of at least #b1cgd1jjj1jjj1jjj is needed for-- 7,a7 new affordable housing2 a #i1jjj mile high speed rail network2 7,b7 affordable and complete broadband access2 7,c7 major water projects2 7,d7 science and technology drivers2 7,e7 to accommodate population growth and save on energy use2 and 7,f7 improvements in rural1 urban1 and low-income areas that the private sector is not currently serving4 7#f7 ,although ,federal grant programs1 along with matching ,state and local funding1 should continue to play a coordinating role in financing infrastructure in the ,united ,states1 current and foreseeable demands on existing ,federal1 ,state1 and local budgets exceed the resources to support these programs by a wide margin4 ,in addition1 a severe economic downturn in #bjbj1 resulting in significant unemployment1 business losses1 and public budget deficits1 has placed further limits on infrastructure spending4 7#g7 ,the establishment of a ,united ,states public deposit money bank would provide direct loans and other financing of up to #e1jjj1jjj1jjj1jjj for qualifying infrastructure projects without requiring additional ,federal taxes or deficits4 ,such funding would be adequate to finance all of the ,united ,states' unfunded infrastructure needs1 in all parts of the country1 according to well-developed strategic plans4 ,at the same time1 it would return the ,united ,states to its most recent golden age when a ,national ,infrastructure ,bank was in place 7#aicc-aieg71 during which time total factor productivity advanced by #c4e percent per year1 the economy grew on average #e4e percent per year1 income inequality fell by one-third1 and ,federal and ,state tax receipts rose dramatically4 ,i ,revenue provisions #aja4 ,treatment of ,national ,infrastructure ,bank as a ,government corporation exempt from tax 7a7 ,in general ,section #eja7l7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#e7 ,the ,national ,infrastructure ,bank established under title ,,ii of the ,national ,infrastructure ,bank ,act of #bjba4 4 7b7 ,effective date ,the amendment made by this section shall apply to taxable years ending after the date of the enactment of this ,act4 #ajb4 ,treatment of contributions to the ,national ,infrastructure ,bank as charitable contributions 7a7 ,in general ,section #agj7;c7 of the ,internal ,revenue ,code of #aihf is amended by inserting after paragraph 7#e7 the following new paragraph3 7#f7 ,the ,national ,infrastructure ,bank established under title ,,ii of the ,national ,infrastructure ,bank ,act of #bjba4 4 7b7 ,application of percentage limitation ,section #agj7;b77#a77;,a7 of such ,code is amended by striking or at the end of clause 7viii71 by inserting or at the end of clause 7ix71 and by inserting after clause 7ix7 the following new clause3 7x7 the ,national ,infrastructure ,bank referred to in subsection 7c77#f71 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 #ajc4 ,temporary rule to allow a deduction for cash contributions to the ,national ,infrastructure ,bank by certain taxpayers who do not elect to itemize deductions 7a7 ,in general ,section #agj7p7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following flush sentence3 ,the #cjj or #fjj dollar limitation otherwise in effect under the preceding sentence with respect to any taxpayer for any taxable year shall be increased by the amount of contributions made in cash by such taxpayer during such taxable year 7determined without regard to subsections 7b77#a77;,g77ii7 and 7d77#a77 to the ,national ,infrastructure ,bank referred to in subsection 7c77#f74 4 7b7 ,effective date ,the amendments made by this section shall apply to taxable years ending after the date of the enactment of this ,act4 #ajd4 ,preferred dividends of ,national ,infrastructure ,bank excludible from gross income 7a7 ,in general ,part ,,iii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #aci;,i the following new section3 #aci;,j4 ,preferred dividends of ,national ,infrastructure ,bank ,gross income shall not include any amount received as a dividend on preferred stock of the ,national ,infrastructure ,bank pursuant to section #bjc7;c7 of the ,national ,infrastructure ,bank ,act of #bjba 7as in effect on the date of the enactment of this section74 4 7b7 ,clerical amedment ,the table of sections of such part is amended by inserting after the item relating to section #aci;,i the following new item3 ,sec4 #aci;,j4 ,preferred dividends of ,national ,infrastructure ,bank4 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 ,,ii ,establishment of ,national ,infrastructure ,bank #bja4 ,definitions ,for purposes of this title1 the following definitions apply unless otherwise specified in this title3 7#a7 ,bank ,the term ,bank means the ,national ,infrastructure ,bank established under section #bjb7;a74 7#b7 ,blended financing ,the term blended financing means financing provided through any combination of loans or bond financing1 in cooperation with private lenders or ,state revolving funds1 that is integrated into a single agreement with a single set of financial terms4 7#c7 ,board ,the term ,board means the ,national ,infrastructure ,bank ,board4 7#d7 ,bond ,the terms ,bond means any bond issued in accordance with this ,act if-- 7,a7 the proceeds from the sale of the bond are to be used for expenditures incurred after the date of issuance with respect to any infrastructure project or other purpose1 subject to such rules as the ,bank may provide2 7,b7 the bond is issued in registered form2 7,c7 the bond has such terms1 and carries interest in such an amount1 as determined by the ,bank2 and 7,d7 payments of interest and principal with respect to the bond is the obligation of the ,bank1 and is backed by the full faith and credit of the ,united ,states4 7#e7 ,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#f7 ,chief compliance officer ,the terms chief compliance officer and ,,cco mean the chief individual responsible for overseeing and managing the compliance and regulatory affairs of the ,bank4 7#g7 ,chief executive officer ,the terms chief executive officer and ,,ceo mean the individual serving as the executive director of the ,bank4 7#h7 ,chief financial officer ,the terms chief financial officer and ,,cfo mean the chief individual responsible for managing the financial risks1 planning1 and reporting of the ,bank4 7#i7 ,chief loan origination officer ,the term chief loan origination officer means the chief individual responsible for managing the processing of new loans provided by the ,bank4 7#aj7 ,chief operations officer ,the terms chief operations officer and ,,coo mean the chief individual responsible for the retail operations of the ,bank and its branches1 including its administrative1 human resource1 and information technology systems4 7#aa7 ,chief risk officer ,the terms chief risk officer and ,,cro mean the chief individual responsible for managing operational and compliance-related risks of the ,bank4 7#ab7 ,chief treasury officer ,the term chief treasury officer means the chief individual responsible for managing the ,bank's treasury operations4 7#ac7 ,community development infrastructure project ,the term community development infrastructure project means any project for the development of affordable housing1 schools1 public parks and recreation1 libraries1 or public facilities that train workers and build labor skills4 7#ad7 ,connectivity ,the term connectivity means the linkages in transportation1 energy1 communications1 and community development infrastructure1 as well as manufacturing and data centers1 that tie geographic areas together into economic units1 including networks of commuter routes1 railways1 shipping lanes1 and internet cables1 and are best expressed in map form4 7#ae7 ,cost benefit analysis ,the term cost benefit analysis means the comparison of the stream of costs for a potential project over its useful lifetime1 to its public benefits over that time1 with cost and benefit flows expressed on a common basis in terms of net present value4 7#af7 ,development ,the terms development and develop mean1 with respect to an infrastructure project1 any-- 7,a7 preconstruction planning1 feasibility review for stand-alone projects or for bundled projects1 permitting1 design work1 life-cycle maintenance planning1 and other preconstruction activities2 and 7,b7 construction1 reconstruction1 rehabilitation1 replacement1 or expansion4 7#ag7 ,direct loan ,the term direct loan has the meaning given the term in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#ah7 ,disadvantaged community ,the term disadvantaged community means a county1 city1 or partial census tract area1 with any of the following characteristics3 7,a7 ,a median household income below #hj percent of the ,state nonmetropolitan median household income4 7,b7 ,persistent rural poverty1 in which #bj percent or more of the population has been living below the poverty line for the last #cj years4 7#ai7 ,energy infrastructure project ,the term energy infrastructure project means any project for energy transmission and distribution1 energy generation as needed1 energy efficiency enhancement for buildings1 and energy storage4 7#bj7 ,entity ,the term entity means-- 7,a7 a ,state1 municipality1 or other governmental agency 7including a political subdivision or any other instrumentality of a ,state or a revolving fund72 7,b7 a publicly owned utility2 7,c7 a public authority1 corporation1 or ,federal agency2 7,d7 a partnership 7including a public-private partnership72 7,e7 a joint venture2 or 7,f7 a trust4 7#ba7 ,environmental infrastructure project ,the term environmental infrastructure project means any project for the establishment1 deferred maintenance1 or enhancement1 including security enhancement1 of any drinking water and wastewater treatment facility1 storm water management system1 flood gate1 dam1 levee1 dredging1 wetland restoration or other open space conservation1 infill development1 solid waste disposal facility1 hazardous waste facility1 or industrial site cleanup or remediation project4 7#bb7 ,general counsel ,the term general counsel means the individual who serves as the chief lawyer for the ,bank4 7#bc7 ,greenhouse gases ,the term greenhouse gases means any man-made gas designated as a greenhouse gas by the ,administrator of the ,environmental ,protection ,agency4 7#bd7 ,infrastructure project ,the term infrastructure project means any transportation1 energy1 environmental1 telecommunications1 community development1 or other infrastructure project for which a development plan is presented to the ,bank for financing4 ,it shall exclude military infrastructure4 7#be7 ,loan guarantee ,the term loan guarantee has the same meaning as in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#bf7 ,productivity ,the term productivity means the improved efficiency in the economy associated with investments in public and private infrastructure4 ,it is calculated as the change in the value of total production1 minus the change in the value of inputs going into production4 7#bg7 ,public benefit ,the term public benefit means the clear and measurable benefit to society resulting from the public's use of the infrastructure with respect to which a project is carried out1 or the improvement such infrastructure provides in-- 7,a7 economic growth and productivity2 7,b7 air and water quality2 7,c7 energy savings2 7,d7 high-wage jobs2 7,e7 poverty reduction2 or 7,f7 increased ,federal1 ,state1 and local revenues4 7#bh7 ,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#bi7 ,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#cj7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#ca7 ,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#cb7 ,state ,the term ,state means any of the several ,states1 the ,district of ,columbia1 ,puerto ,rico1 ,guam1 ,american ,samoa1 the ,virgin ,islands1 the ,commonwealth of ,northern ,mariana ,islands1 and any other territory of the ,united ,states4 7#cc7 ,telecommunications infrastructure project ,the term telecommunications infrastructure project means any project involving infrastructure required to provide communications by wire1 fiber optic cable1 satellite1 or radio1 including broadband1 or to enhance security for such infrastructure4 7#cd7 ,transportation infrastructure project ,the term transportation infrastructure project means any project for the construction1 deferred maintenance1 or enhancement1 including security enhancement1 of highways1 roads1 bridges1 transit and intermodal systems1 inland waterways1 commercial ports1 airports1 high speed rail1 and rail track systems4 7#ce7 ,trust fund ,the term ,trust ,fund means a delineated account in the books of the ,bank1 set up to receive and disburse grant money to fully or partially subsidize project loans to entities operating in disadvantaged communities4 ,trust fund receipts shall include those left over from net operations of the ,bank1 ,federal grant disbursements1 and philanthropic and other gifts from individuals and corporations as they become available4 #bjb4 ,establishment of ,national ,infrastructure ,bank 7a7 ,establishment of national infrastructure bank ,the ,national ,infrastructure ,bank is established as a ,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 ,act4 7b7 ,conforming amendment ,section #iaja7c7 of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7,q7 the ,national ,infrastructure ,bank4 4 7c7 ,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 ,act1 including obtaining a national bank charter4 #bjc4 ,purposes and authorizations 7a7 ,purpose ,the purpose of ,national ,infrastructure ,bank shall be to facilitate efficient1 long-term financing of infrastructure projects1 business and economic growth1 and new job creation in the ,united ,states4 7b7 ,capitalization 7#a7 ,in general ,the ,national ,infrastructure ,bank shall raise capital stock1 in an amount approved by the ,board1 but not to exceed to #ejj1jjj1jjj1jjj1 to be held in the form of ,treasury securities4 7#b7 ,subscription ,the capital stock shall be subscribed by-- 7,a7 public holders of outstanding ,treasury securities of #c years or greater maturity1 or outstanding municipal bonds of ,states or municipalities of #e years or greater maturity1 who transfer such securities or bonds to the ,bank in exchange for the capital stock2 7,b7 paid-in share capital1 paid in cash2 and 7,c7 the ,united ,states ,treasury1 as on-call subscriber to the ,bank1 in an amount up to #ajj1jjj1jjj1jjj in #cj-year ,united ,states ,treasury ,bonds4 7#c7 ,capital adequacy ratio ,the ,bank shall maintain risk-based capital of no less than #aj4j percent4 7#d7 ,limitation ,the ,bank shall not purchase public debt of the ,united ,states1 as newly issued1 except for the purpose of rolling over the existing ,treasury holdings of the ,bank or to convert the proceeds of cash purchases of the ,bank's preferred stock into ,treasury securities4 7c7 ,preferred stock 7#a7 ,in general ,all subscribed capital shall be exchanged for an equivalent in preferred stock1 or shares1 in the ,bank1 callable only by the ,bank at the current market value of the shares during a period of #bj years following finalization of a stock purchase agreement4 ,notwithstanding any other provision of law1 a guarantee of redemption at the then current market price of the shares shall be included in the stock purchase agreement along with a contractual obligation by the ,united ,states ,treasury to fund the redemption4 ,preferred shareholders shall have no voting rights in the ,bank4 7#b7 ,dividends on preferred stock ,the ,bank shall pay dividends on its preferred stock semiannually at the following rates3 7,a7 ,for stock acquired in exchange for ,treasury securities by an individual1 by an entity that is not exempt from tax under section #eja of the ,internal ,revenue ,code of #aihf1 or by the ,united ,states ,treasury1 the same annual rate as the ,treasury security exchanged for the stock4 7,b7 ,for stock acquired in exchange for securities by an organization that is exempt from tax under section #eja of the ,internal ,revenue ,code of #aihf1 the same annual rate as the ,treasury security exchanged for the stock plus one half of one percent 7#j4e74 7,c7 ,for stock purchased in exchange for cash by an individual or an entity that is not exempt from tax under section #eja of the ,internal ,revenue ,code of #aihf1 the same annual rate payable on ,treasury bonds with a #cj-year maturity purchased from the ,treasury on the day the stock purchase agreement is finalized4 7,d7 ,for stock purchased in exchange for cash by an organization that is exempt from tax under section #eja of the ,internal ,revenue ,code of #aihf1 the same annual rate payable on ,treasury bonds with a #cj-year maturity on the day the stock purchase agreement is finalized plus one half of one percent 7#j4e74 7#c7 ,acquisitions for other than cash or ,treasury securities treated as acquisitions for cash ,for stock acquired in exchange for non-cash assets other than ,treasury securities1 the assets shall be liquidated by the ,bank and the proceeds treated as a cash purchase of stock4 7#d7 ,authority to modify rates ,if the dividends provided for in paragraph 7#b7 generate either more or less investment in the ,bank's preferred stock than is needed to achieve and maintain the ,bank's desired capitalization1 the ,directors may reduce or increase the dividends provided for new acquisitions of preferred stock in one or more of subparagraphs 7,a7 through 7,d7 of paragraph 7#b7 for such periods of time as the ,directors determine appropriate4 7#e7 ,priority and guarantee of dividend payments ,dividend payments on the ,bank's preferred stock shall have priority over other uses of interest payments received by the ,bank on its capital stock holdings of ,treasury securities1 and any such dividends owed in excess of the amount covered by these interest payments shall be guaranteed by the ,united ,states in the stock purchase agreement4 7d7 ,borrowed capital ,the ,bank is further authorized to raise borrowed capital for projects needs1 or to meet its cash flow 7liquidity7 needs1 by-- 7#a7 issuing ,bonds1 with a fixed #e to #aj year maturity2 and 7#b7 maintaining a permanent1 revolving discount line of credit account with the ,board of ,governors of the ,federal ,reserve ,system4 7e7 ,deposits ,once chartered as a national bank1 the ,bank shall accept deposits from individuals1 corporations1 or public entities1 into transaction deposit accounts on its books1 and pay interest on those deposits1 in an amount deemed appropriate by the ,board4 7f7 ,loans 7#a7 ,in general ,the ,bank shall provide loans1 in accordance with this ,act1 to entities1 or enter into blended financing credit1 for the financing1 development1 or operation of infrastructure projects4 7#b7 ,loan maturity ,the maturity of loans should match1 to the extent possible1 the maturity periods of anticipated profitability1 economic stimulus1 and projected useful life of projects financed by such loans4 7#c7 ,loan limit ,total loans contracted by the ,bank shall not exceed #e1jjj1jjj1jjj1jjj4 7#d7 ,interest charges on loans and other fees ,the ,bank-- 7,a7 shall charge fixed-rate-interest1 fees1 premiums1 or discounts based on the risk associated with a loan made by the ,bank1 taking into consideration-- 7i7 the price of ,treasury obligations of a similar maturity or #a4f percent per annum1 whichever is greater2 7ii7 the credit rating of the borrowing entity if expressly published1 or an assessment of the overall finances of the borrowing entity indicating an ability to service the loan2 7iii7 current and expected future economic conditions1 including expected improvements in the economy and the borrowing entity's finances resulting from the ,bank's overall lending operations2 and 7iv7 whether or not the borrowing entity qualifies as a disadvantaged community1 and an interest rate subsidy1 subject to availability of funds2 7,b7 may1 in connection with a loan extended by the ,bank1 issue guarantees1 insurance1 coinsurance1 and reinsurance to borrowing entities1 insurance companies1 financial institutions1 or others1 or groups thereof1 and charge fees based on a similar risk analysis2 and 7,c7 may charge for the review of any project proposal in such amount as may be approved by the ,board to cover the costs of such review4 7#e7 ,refinancing ,subject to a full audit of the project and borrower1 and subject to ,board review1 the ,bank may extend the time limit for repayment of a loan1 through renewal1 substitution of new obligations1 or otherwise1 with the maximum time for such renewal to be approved by the ,board4 ,the ,bank may make such further loans as necessary for project completion1 or to assure loan repayment4 7#f7 ,limitations on loans ,the ,bank may not-- 7,a7 provide loans to consumers or provide any other loans not described under this ,act2 or 7,b7 engage in investment banking activities such as underwriting securities or trust management for customers4 7g7 ,capital for loan disbursements ,once chartered as a deposit-taking bank1 the ,bank is authorized to create funds in a deposit account in a borrowers name1 in accordance with the loan agreement1 as each scheduled loan disbursement as it is made4 ,the ,bank shall draw up an ,aggregate ,loan ,disbursement ,plan1 for the information of the ,comptroller of the ,currency and the ,board of ,governors of the ,federal ,reserve ,system4 7h7 ,net earnings ,after meeting current obligations1 the ,bank is authorized to use its earnings1 and all moneys which have been or may hereafter be allocated to or borrowed by it1 in the exercise of its functions4 ,from those monies1 the ,bank shall set aside loan loss provisions equal to a proportion of loan book value1 as determined appropriate by the ,board4 ,net earnings of the ,bank1 after setting aside loan loss provisions and estimated forward cash flow needs1 shall be used for the payment of dividends to the ,united ,states ,treasury1 in an annual amount to be determined by the ,board4 ,any residual net earnings shall be deposited into a ,trust ,fund to subsidize loans for disadvantaged communities that are not able to repay infrastructure loans on normal loan terms1 in a manner to be determined by the ,board4 ,any direct ,federal contributions from the budget for the purpose of subsidizing disadvantaged communities may also be added and utilized via the ,trust ,fund4 7i7 ,guarantees and loan loss provisions ,in the event of any losses1 as determined by the ,board1 incurred on loans1 guarantees1 and insurance extended under this ,act1 they shall be borne by the ,bank out of its loan loss provisions4 ,any losses in excess thereof shall be borne by the ,secretary of the ,treasury4 ,that excess shall be considered a contingent obligation backed by the full faith and credit of the ,government of the ,united ,states of ,america4 7j7 ,reserves ,the ,bank shall maintain reserves against the ,bank's transaction accounts in such amount as the ,board may determine appropriate1 but not greater than #ad percent of the ,bank's total transaction accounts in excess of #be1jjj1jjj4 7k7 ,branches ,the ,bank shall establish an office of lending and deposit in each city that has a ,federal reserve bank1 via the internet1 and in any other location where the ,board determines it appropriate4 #bjd4 ,formation of regional economic accelerator planning groups 7a7 ,in general ,the ,bank1 through its branch offices1 shall facilitate the organization of at least #g ,regional ,economic ,accelerator ,planning ,groups1 to be defined by common economic1 demographic1 and infrastructure linkages4 7b7 ,duties ,the ,regional ,economic ,accelerator ,planning ,groups may-- 7#a7 organize themselves by1 and be composed of1 ,state and local public sector officials1 including through multijurisdictional or multistate agreements among agencies2 7#b7 identify economic mega-regions1 defined as hub cities1 related towns and suburbs1 manufacturing production corridors1 and rural areas woven together into the communities where people of the ,united ,states live1 work1 and provide goods or services for movement within the region1 and to other regions2 7#c7 identify infrastructure needs and priorities for mega-regions1 with input from the ,american ,society of ,civil ,engineers1 and other trade1 business1 and industrial associations2 7#d7 develop regional economic accelerator plans1 and a pipeline of infrastructure projects1 and their strategic placement1 needed to improve supply chains1 land use1 and productivity within each mega-region1 while seeking to include all communities2 7#e7 define how such projects will create energy savings1 environment improvements1 jobs and wage improvements1 regional economic growth1 and growth in regional tax income2 7#f7 identify where multijurisdictional agreements should be enacted or strengthened to improve the development of infrastructure projects that cross jurisdictional lines 7examples are transportation improvements along the northeast corridor1 flood mitigation in midwestern ,states along the ,missouri ,river1 or development of a national high-speed rail grid72 7#g7 identify where ,federal1 ,state1 or local laws and regulations should be streamlined to reduce infrastructure project approval times1 while maintaining environmental and safety objectives1 and work towards streamlining those laws and regulations2 7#h7 seek public input on the broad outlines of each regional infrastructure development plan2 7#i7 provide such plans to the ,bank1 to inform the ,bank on its selection of infrastructure projects for financing2 and 7#aj7 assist entities formulating and submitting projects for consideration of ,bank financing on the definition1 scope1 selection criteria1 and others factors under section #bje that will be considered in the approval process4 #bje4 ,eligibility criteria for assistance from the bank 7a7 ,in general ,financial assistance shall be available from the ,bank when the entity applying for such assistance has demonstrated to the satisfaction of the ,board that the project for which such assistance is being sought meets the requirements of this ,act4 ,any entity proposing a project for which the use or purpose is private1 and without public benefit1 shall not be eligible for financial assistance from the ,bank under this ,act4 7b7 ,applicants ,the ,bank shall accept applications for infrastructure projects for the designation of those projects that may receive financial assistance under this section for any infrastructure project having-- 7#a7 a public sponsor2 and 7#b7 local1 regional1 or national significance4 7c7 ,guidelines for infrastructure projects ,the ,executive ,committee and the ,board shall establish standard operating procedures1 and develop online application procedures1 to assist applications of infrastructure projects under this section to develop applications for financial assistance under this section4 7d7 ,criteria 7#a7 ,in general ,in making a determination as to whether to provide an infrastructure project with financial assistance1 the ,board shall evaluate and rate each applicant based on the factors appropriate for the type of the proposed infrastructure project1 including-- 7,a7 consistency of the project with a regional infrastructure development plan that builds economic connectivity in the project area and beyond1 so that maximum growth is achieved while leaving no community behind2 7,b7 a life cycle projection of the benefits1 as compared to costs1 of the project1 that incorporates the factors in subparagraphs 7,c7 through 7,n7 of this paragraph2 7,c7 promotion of economic growth1 including private sector-led growth associated with the project2 7,d7 job creation1 including fair and responsible employment practices1 and a workforce development to train workers in new skills1 including by union apprentice programs to train new hires2 7,e7 a preference for projects in areas of high unemployment1 or disadvantaged communities1 including a workforce development plan to train workers in new skills2 7,f7 environmental and public health benefits including the reduction in greenhouse gases1 and water and air pollution1 and the removal of lead and other hazardous materials2 7,g7 a demonstrated ability to contract for design1 construction1 operation1 and maintenance of the infrastructure project throughout its estimated useful life1 including by defining project objectives and utilizing performance-based monitoring2 7,h7 an understanding of the strategic importance of bundling of projects1 correctly sizing projects1 and adopting value design and procurement procedures1 so as to realize long-run cost savings from dig1 build1 expand1 or improve only once2 7,i7 an understanding of the importance of innovative and state-of-the-art technologies that achieve project reliability1 efficiency1 resiliency1 sustainability1 security1 and public safety2 7,j7 in cases where infrastructure is publicly or privately owned1 a preference for projects that leverage ,federal1 ,state1 local1 and private financing1 including public-private partnerships1 or where companies can show that the additional capital could not be obtained from commercial sources2 7,k7 a consideration of the costs and benefits of preserving and repurposing existing infrastructure1 in particular to mitigate against unemployment and bolster manufacturing in the ,united ,states2 7,l7 integration of other qualified projects that may or should be done concurrently2 7,m7 a categorical benefit2 and 7,n7 any other criteria as determined by the ,board1 with approval by the ,board4 7#b7 ,categorical benefit ,in this subsection1 the term categorical benefit means the following3 7,a7 ,for any transportation infrastructure project3 7i7 ,a reduction in surface and air traffic congestion1 by road1 transit1 passenger rail1 freight rail1 port or inland water travel1 or air travel1 as measured by reductions in transit1 boarding1 and total trip times4 7ii7 ,an anticipated increase in capacity for existing and expected new ridership or transport use1 including by high-speed rail4 7iii7 ,a reduction in risks from maintenance decline1 or structural failure1 over the service life of the project4 7iv7 ,the coordination of improvements in commuter passenger operations1 freight transport1 and new community design1 with the demographics of population1 economic production1 and trade hubs according to a regional infrastructure plan4 7v7 ,an overall decline in greenhouse gas emissions from surface and air transportation projects financed by the ,bank4 7vi7 ,an increase in access to affordable transportation options1 including by low-income populations and the disabled4 7vii7 ,improvements in safety for users1 passengers1 and operators1 as measured by a reduction in fatalities and serious injuries4 7,b7 ,for any environmental infrastructure project3 7i7 ,increased coastal and inland flood mitigation and protection4 7ii7 ,improvements in drinking water1 wastewater1 or stormwater systems1 through the repair1 expansion or replacement of such systems4 7iii7 ,a reduction in risk to any public infrastructure from structural failure1 or damage1 due to weather-related events or catastrophic wildfires4 7iv7 ,environmental improvements from the removal of hazardous wastes4 7,c7 ,for any energy infrastructure project3 7i7 ,development of a smart grid1 with modern security and resiliency systems4 7ii7 ,expanded use of clean energy4 7iii7 ,energy efficient buildings1 including clean energy designated retrofits4 7iv7 ,development of localized power generation1 and its integration into the grid4 7,d7 ,for any telecommunications project3 7i7 ,completion or improvement in broadband and wireless access and affordability in rural and disadvantaged communities that private companies do not serve4 7ii7 ,improvement of the global telecommunication satellite network4 7,e7 ,for any community development infrastructure project3 7i7 ,modernization of local land use policies1 including those that promote transit-oriented development and location efficiency4 7ii7 ,expansion in the provision of public housing1 or publicly assisted affordable housing1 to provide long-term affordability in targeted1 disadvantaged communities1 for families and persons with incomes equivalent to those currently assisted1 and improvement in the physical condition of such housing4 7iii7 ,replacement of schools that have reached their service lifetime2 or expansion of school facilities with growing populations1 or to house new programs for workforce development4 7iv7 ,improvements in ,national1 ,state1 and local parks and recreation facilities and related open space land management4 7e7 ,emergency procedures ,during the ,bank's first year of operation1 or until the ,bank has provided a total of #ejj1jjj1jjj1jjj in loans1 the ,board may relax its selection criteria and procedures in favor of lending quickly for projects-- 7#a7 that reduce unemployment2 7#b7 that address the backlog of critical1 shovel-ready projects for which preliminary engineering or permitting is already completed2 or 7#c7 where there is a critical safety or other public need4 #bjf4 ,board of ,directors 7a7 ,in general ,the ,bank shall have a ,board of ,directors consisting of #be members appointed by the ,president 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 #ab of the directors shall have at least #ae years of industrial and engineering experience2 7#b7 #a director shall be from the ,,afl-,,cio2 7#c7 #b of the directors shall be from ,north ,america's ,building ,trades ,unions2 7#d7 #b of the directors shall be from the ,united ,states ,army ,corp of ,engineers2 7#e7 #b of the directors shall have ,state and local public sector experience2 7#f7 #b of the directors shall have finance experience2 7#g7 #b of the directors shall have economic development experience2 and 7#h7 #b director shall represent minority communities or disadvantaged communities4 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#b71 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 each be appointed for terms of #f years2 7,b7 #ab directors shall be appointed for a term of #d years2 and 7,c7 #aa directors shall be appointed for a term of #b years4 7e7 ,congressional recommendations ,not later than #cj days after the date of enactment of this ,act1 the majority leader of the ,senate1 the minority leader of the ,senate1 the ,speaker of the ,house of ,representatives1 and the minority leader of the ,house of ,representatives shall each submit a recommendation to the ,president for appointment of a member of the ,board of ,directors1 after consultation with the appropriate committees of ,congress4 7f7 ,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 7g7 ,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 7h7 ,quorum ,at the time of any ,board meeting1 #ge percent of the directors confirmed by ,congress 7rounded down to a whole number7 shall constitute a quorum4 7i7 ,reappointment ,a director of the ,board appointed by the ,president may be reappointed by the ,president in accordance with this section4 7j7 ,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 7k7 ,limitations ,a director of the ,board may not participate in any review or decision affecting a project under consideration for assistance under this ,act if the director has or is affiliated with a person who has an interest in such project4 7l7 ,responsibilities ,the ,board shall-- 7#a7 as soon as is practicable after the date on which the last director is appointed1 establish an ,executive ,committee1 ,risk ,management ,committee and ,audit ,committee as prescribed by this ,act2 7#b7 not later than #ahj days after the date on which the last director is appointed develop and approve the bylaws of the ,bank1 and publish such bylaws in the ,federal ,register1 including bylaws for the regulation of the affairs and conduct of the business of the ,bank1 consistent with the purpose1 goals1 objectives1 and policies set forth in this ,act2 7#c7 ensure that the ,bank is at all times operated in a manner that is consistent with this ,act1 by-- 7,a7 monitoring and assessing the effectiveness of the ,bank in achieving its strategic goals2 7,b7 periodically reviewing internal policies submitted by the chief executive officer2 7,c7 reviewing and approving annual business plans1 annual budgets1 and long-term strategies submitted by the chief executive officer2 7,d7 reviewing and approving annual reports submitted by the chief executive officer2 7,e7 reviewing risk management and audit practices of the ,bank2 and 7,f7 reviewing and approving all changes to the organization of the ,bank2 and 7#d7 establishing such other criteria1 requirements1 or procedures as the ,board may consider to be appropriate in carrying out this ,act4 7m7 ,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 the last director is 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 ,act 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 #bjg4 ,powers and limitations of the ,board 7a7 ,powers ,in order to carry out the purposes of the ,bank as set forth in this ,act1 the ,board shall be responsible for the approval and monitoring of infrastructure projects1 and have the following powers3 7#a7 ,to make senior and subordinated direct loans on such terms as the ,board may determine1 in the ,board's discretion1 to be appropriate to assist in the financing or refinancing of an infrastructure project4 7#b7 ,subject to the availability of funding1 as determined by the ,board1 to develop specialized loan programs1 such as a disadvantaged communities loan program1 or a community cooperative startup1 that provide project financing on flexible repayment terms4 7#c7 ,to make loan guarantees on such terms as the ,board may determine1 in the ,board's discretion1 to be appropriate to assist in the financing or refinancing of an infrastructure project4 7#d7 ,to issue ,bonds1 to provide financing to infrastructure projects from amounts made available from the issuance of such bonds4 7#e7 ,to make agreements and contracts with any entity in furtherance of the business of the ,bank4 7#f7 ,to approve infrastructure loans financed in whole or in part1 by the ,bank1 after receiving recommendations from the ,executive ,committee established in section #bjh4 7#g7 ,to monitor infrastructure projects financed in whole or in part1 by the ,bank1 after receiving assessments from the ,executive ,committee4 7#h7 ,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#i7 ,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 in1 this ,act4 7#aj7 ,to serve as the primary liaison between the ,bank and the ,congress1 the executive branch1 and ,state and local governments1 and to represent the ,bank's interests4 7#aa7 ,to exercise all other lawful powers which are necessary or appropriate to carry out1 and are consistent with1 the purposes of the ,bank4 7b7 ,employee protections ,prior to providing any financial assistance for an infrastructure project involving reconstruction1 rehabilitation1 replacement1 or expansion that may impact current employees on the project site1 the interests of employees affected by the financial assistance shall comply with applicable ,federal law as set out in section #bae4 7c7 ,coordination with ,state and local regulatory authority ,the provision of financial assistance by the ,board pursuant to this ,act 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 7d7 ,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 #bjh4 ,executive committee 7a7 ,in general ,the ,board shall establish an ,executive ,committee consisting of #i members1 headed by the chief executive officer of the ,bank4 7b7 ,,ceo ,a majority of the ,board shall have the authority to appoint and reappoint the chief executive officer with such executive functions1 powers1 and duties as may be prescribed by this ,act1 the bylaws of the ,bank1 or the ,board4 7c7 ,,ceo responsibilities ,the ,,ceo shall have responsibility for the development and implementation of the strategy of the ,bank1 including-- 7#a7 the development and submission to the ,board of the annual business plans and budget2 7#b7 the development and submission to the ,board of a long-term strategic infrastructure development plan that is consistent with regional plans as presented to the ,bank by ,regional ,economic ,accelerator ,planning ,groups2 and 7#c7 the development1 revision1 and submission to the ,board of ,directors of the ,bank's other internal policies4 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 risk officer2 7#b7 chief operations officer2 7#c7 chief loan origination officer2 7#d7 chief compliance officer2 7#e7 chief financial officer2 7#f7 chief treasury officer2 7#g7 chief asset and liability management officer2 and 7#h7 general counsel4 7e7 ,qualifications ,the ,,ceo1 as well as other executive officers1 and all loan origination officers1 shall have extensive experience and expertise in retail banking1 and 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 ,public housing and urban or rural development4 7#f7 ,economic development4 7#g7 ,workforce development4 7#h7 ,public finance4 7f7 ,duties ,in order to carry out the purposes of the ,bank as set forth in this ,act1 the ,executive ,committee shall-- 7#a7 establish and submit to the ,board disclosure and application procedures for entities nominating projects for assistance under this ,act2 7#b7 establish and submit to the ,board standardized terms and conditions1 fee schedules1 or legal requirements of a contract or program to carry out this ,act2 7#c7 establish and submit to the ,board guidelines for the selection and approval of projects and specific criteria for determining eligibility for project selection1 subject to the general criteria provided in section #bje2 7#d7 accept1 for consideration1 project proposals relating to the development of infrastructure projects1 which meet the basic criteria established by this ,act and by the ,executive ,committee1 and which are submitted by an entity2 7#e7 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#f7 establish a plan1 and build capacity within the ,bank1 to provide technical assistance to ,state and local governments1 regional economic accelerator planning groups established under section #bjd1 joint ventures1 regional economic accelerator agencies1 and other borrowing entities on-- 7,a7 the ,bank's borrowing procedures and selection criteria2 7,b7 development of a pipeline of projects suitable for financing1 that meet the selection criteria developed by the ,bank2 7,c7 development of specialized institutional structures1 and cross-region planning1 to help in the planning of complex projects2 7,d7 best design1 construction1 and management practices1 including those identified in global infrastructure databases2 7,e7 contract evaluation methods1 including procurement value-for-money options2 and 7,f7 institution strengthening relating to the management of projects and work contracts1 including through performance-based project delivery4 7g7 ,vacancy ,a vacancy in the position of ,,ceo and other executive officers of the ,executive ,committee shall be filled in the manner in which the original appointment was made4 7h7 ,compensation ,the compensation of the ,,ceo and other executive officers of the ,executive ,committee shall be determined by the ,board4 7i7 ,removal ,the ,,ceo and other executive officers of the ,executive ,committee may be removed at the discretion of a majority of the ,board4 7j7 ,term ,the ,,ceo and other executive officers of the ,executive ,committee shall serve a #f-year term and may be reappointed in accordance with this section4 7k7 ,limitations ,the ,,ceo and other executive officers of the ,executive ,committee 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 or investing in 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 #bji4 ,risk management committee 7a7 ,establishment of risk management committee ,the ,board shall establish a risk management committee consisting of #e members1 headed by the chief risk officer1 with participation from the chief loan origination 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 ,act1 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 ,act1 the risk management committee shall-- 7,a7 create overarching financial1 credit1 and operational risk management guidelines and policies to be adhered to by the ,bank2 7,b7 create conforming standards for loan agreements to ensure diversification of lending activities by-- 7i7 geographic region1 infrastructure project type1 and inclusion of disadvantaged and rural communities2 and 7ii7 compliance with ,federal and ,state laws referred to in section #bac2 7,c7 create specific plans for all financial assistance provided by the ,bank1 including subsidy programs for disadvantaged communities and project targeting for disadvantaged business enterprises covered by section #dgaac of title #di1 ,united ,states ,code2 7,d7 monitor overall financial1 credit1 and operational exposure of the ,bank2 7,e7 create a standing subcommittee to perform regular credit evaluations and report on large infrastructure loans extended by the ,bank that monitor compliance with terms1 and attainment of performance targets contained in loan agreements2 and 7,f7 provide financial recommendations to the ,board for ,board approval4 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 ,infrastructure development projects4 7f7 ,vacancy ,a vacancy in the position of ,,cro and other risk management officers of the risk management committee 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 of the risk management committee shall be determined by the ,board4 7h7 ,removal ,the ,,cro and other risk management officers of the risk management committee may be removed at the discretion of a majority of the ,board4 7i7 ,term ,the ,,cro and other risk management officers of the risk management committee shall serve a #f-year term and may be reappointed in accordance with this section4 7j7 ,limitations ,the ,,cro and other risk management officers of the risk management committee 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 or investing in 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 #baj4 ,audit committee 7a7 ,in general ,the ,bank shall establish 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 this ,act1 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 ,act1 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 conduct internal investigations of the business activities of the ,bank2 7#d7 issue financial reports of the ,bank2 and 7#e7 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 and other audit officers of the audit committee shall be filled in the manner in which the original appointment was made4 7h7 ,compensation ,the compensation of the ,,cco and other audit officers of the audit committee shall be determined by the ,board4 7i7 ,removal ,the ,,cco and other audit officers of the audit committee may be removed at the discretion of a majority of the ,board4 7j7 ,term ,the ,,cco and other audit officers of the audit committee shall serve a #f-year term and may be reappointed in accordance with this section4 7k7 ,limitations ,the ,,cco and other audit officers of the audit committee 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 or investing in 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 #baa4 ,personnel 7a7 ,compensation2 duties ,the chairperson of the ,board1 chief executive officer1 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 this ,act1 the bylaws of the ,bank1 and the ,board4 7b7 ,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 ,united ,states ,army ,corps of ,engineers1 the ,department of ,transportation1 the ,department of ,labor1 the ,department of ,housing and ,urban ,development1 the ,environmental ,protection ,agency1 the ,department of the ,treasury1 the ,department of ,commerce1 and other relevant departments and agencies from among individuals who are familiar with and experienced in the selection criteria for competitive projects4 ,the ,bank shall reimburse those departments and agencies for the staff who are on detail to the ,bank4 #bab4 ,special ,inspector ,general for the ,national ,infrastructure ,bank 7a7 ,in general ,beginning on the date on which the ,president appoints a ,special ,inspector ,general for the ,bank 7referred to in this ,act as the ,special ,inspector ,general7 under subsection 7b71 there is established an ,office of the ,special ,inspector ,general for the ,bank4 7b7 ,appointment of inspector general2 removal 7#a7 ,appointment ,the ,special ,inspector ,general for the ,bank shall be appointed by the ,president1 by and with the advice and consent of the ,senate4 7#b7 ,basis of appointment ,the appointment of the ,special ,inspector ,general shall be made on the basis of integrity and demonstrated ability in accounting1 auditing1 financial analysis1 law1 management analysis1 public administration1 or investigations4 7#c7 ,timing of nomination ,the nomination of an individual as ,special ,inspector ,general shall be made as soon as practicable after the date of enactment of this ,act4 7#d7 ,removal ,the ,special ,inspector ,general shall be removable from office in accordance with the provisions of section #c7;b7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7#e7 ,rule of construction ,for purposes of section #gcbd of title #e1 ,united ,states ,code1 the ,special ,inspector ,general shall not be considered an employee who determines policies to be pursued by the ,united ,states in the nationwide administration of ,federal law4 7#f7 ,rate of pay ,the annual rate of basic pay of the ,special ,inspector ,general shall be the annual rate of basic pay for an ,inspector ,general under section #c7;e7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7c7 ,duties ,the ,special ,inspector ,general shall-- 7#a7 conduct1 supervise1 and coordinate audits and investigations of the business activities of the ,bank2 7#b7 establish1 maintain1 and oversee such systems1 procedures1 and controls as the ,special ,inspector ,general considers appropriate to discharge the duty under paragraph 7#a72 and 7#c7 carry out any other duties and responsibilities of inspectors general under the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7d7 ,powers and authorities 7#a7 ,in general ,in carrying out the duties specified in subsection 7c71 the ,special ,inspector ,general shall have the authorities provided in section #f of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7#b7 ,additional authority ,the ,special ,inspector ,general shall carry out the duties specified in subsection 7c77#a7 in accordance with section #d7;b77#a7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7e7 ,personnel1 facilities1 and other resources 7#a7 ,additional officers 7,a7 ,in general ,the ,special ,inspector ,general may select1 appoint1 and employ such officers and employees as may be necessary for carrying out the duties of the ,special ,inspector ,general1 subject to the provisions of title #e1 ,united ,states ,code1 governing appointments in the competitive service1 and the provisions of chapter #ea and subchapter ,,iii of chapter #ec of such title1 relating to classification and ,general ,schedule pay rates4 7,b7 ,employment and compensation ,the ,special ,inspector ,general may exercise the authorities of subsections 7b7 through 7i7 of section #cafa of title #e1 ,united ,states ,code 7without regard to subsection 7a7 of that section74 7#b7 ,retention of services ,the ,special ,inspector ,general may obtain services as authorized by section #caji of title #e1 ,united ,states ,code1 at daily rates not to exceed the equivalent rate prescribed for grade ,,gs-#ae of the ,general ,schedule by section #eccb of such title4 7#c7 ,ability to contract for audits1 studies1 and other services ,the ,special ,inspector ,general may enter into contracts and other arrangements for audits1 studies1 analyses1 and other services with public agencies and with private persons1 and make such payments as may be necessary to carry out the duties of the ,special ,inspector ,general4 7#d7 ,request for information 7,a7 ,in general ,upon request of the ,special ,inspector ,general for information or assistance from any department1 agency1 or other entity of the ,federal ,government1 the head of that entity shall1 insofar as is practicable and not in contravention of any existing law1 furnish the information or assistance to the ,special ,inspector ,general or an authorized designee4 7,b7 ,refusal to comply ,if information or assistance requested by the ,special ,inspector ,general is1 in the judgment of the ,special ,inspector ,general1 unreasonably refused or not provided1 the ,special ,inspector ,general shall report the circumstances to the ,secretary1 without delay4 7f7 ,reports 7#a7 ,annual report ,not later than #a year after the date on which the ,special ,inspector ,general is confirmed1 and every calendar year thereafter1 the ,special ,inspector ,general shall submit to the ,president and appropriate committees of ,congress a report summarizing the activities of the ,special ,inspector ,general during the previous #a-year period ending on the date on which such report is required4 7#b7 ,public disclosures ,nothing in this subsection authorizes the public disclosure of information that is-- 7,a7 specifically prohibited from disclosure by any other provision of law2 7,b7 specifically required by ,executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs2 or 7,c7 a part of an ongoing criminal investigation4 #bac4 ,status and applicability of certain ,federal and ,state laws 7a7 ,national ,bank ,charter ,as soon as practicable after being established1 the ,bank shall apply for a national bank charter4 7b7 ,compliance with ,davis-,bacon ,act ,all laborers and mechanics employed by contractors and subcontractors on infrastructure projects funded directly by or assisted in whole or in part by and through the ,bank pursuant to this ,act 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 7c7 ,compliance with ,project ,labor ,agreements ,in ,states in which project labor agreements are authorized or encouraged 7in which contractors enter into binding1 pre-hire agreements with labor unions in the construction industry71 recipients of financial assistance made available under this ,act must comply with such agreements 7in accordance with subsections 7e7 and 7f7 of section #h of the ,national ,labor ,relations ,act 7#bi ,u4,s4,c4 #aeh7 and ,executive ,order #acejb74 ,in ,states in which project labor agreements are prohibited by law to be required for a project1 projects financed by the ,bank pursuant to the ,act shall permit voluntary collective bargaining of such agreements4 7d7 ,compliance with ,civil ,rights ,act of #aifd ,the ,bank1 along with contractors and subcontractors on infrastructure projects funded directly by1 or assisted in whole or in part by the ,bank1 shall comply with title ,,vi of the ,civil ,rights ,act of #aifd as to hiring and awarding contracts to build projects4 7e7 ,buy ,america ,none of the financing provided by the ,bank may be used for an infrastructure project unless all of the iron1 steel1 cement1 and manufactured goods used in construction1 alteration1 maintenance1 repair1 or equipping of the project are produced within the ,united ,states4 ,during the application process for a loan under this ,act1 a request for a waiver to the requirements of the preceding sentence by reason of the public interest1 or on account of unavailability or unsatisfactory quality of domestically produced goods1 can be considered only if there is clear demonstration that jobs in the ,united ,states would not be lost due to the waiver4 7f7 ,compliance with ,applicable ,federal ,law ,projects receiving financial assistance from the ,bank shall comply with applicable provisions of ,federal law and regulation1 including-- 7#a7 for transit1 requirements that would apply to a project receiving funding under section #ecjg or #dgaac of title #di1 ,united ,states ,code2 7#b7 for public housing1 requirements that would apply to a project receiving funding from a grant under section #bd of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcgv72 7#c7 for publicly assisted affordable housing1 requirements that would apply to the preservation of such housing under other provisions of law governing such housing2 7#d7 for roads and bridges1 requirements that would apply to a project that receives funds under section #ajd7;b77#c7 of title #bc1 ,united ,states ,code1 or section #dgaac of title #di1 ,united ,states ,code1 and meets the goals under section #aej7;b7 of title #bc1 ,united ,states ,code2 7#e7 for freight and passenger rail projects1 requirements that would apply to a project that receives funds under subtitle ,v of title #di1 ,united ,states ,code2 7#f7 for airport and air traffic control projects1 requirements that would apply to a project that receives funds under chapters #dga and #eja of title #di1 ,united ,states ,code1 or section #dgaac of such title2 7#g7 for water1 requirements that would apply to a project grant or loan under-- 7,a7 section #ajc of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjc72 7,b7 section #adeb of the ,public ,health ,service ,act 7#db ,u4,s4,c4 #cjj;j-#ab72 or 7,c7 section #fja of the ,federal ,water ,pollution ,control ,act 7#cc ,u4,s4,c4 #acha71 as that section applied before the beginning of fiscal year #aiie2 and 7#h7 for rural development projects1 requirements that would apply to a project financed by any of the following programs of the ,department of ,agriculture3 7,a7 ,rural ,economic ,development ,loans ,grants4 7,b7 ,community ,facilities ,direct ,loans ,grants4 7,c7 ,single- and ,multi-,family ,housing ,repair and ,rental ,assistance ,loans ,grants4 7,d7 ,electric ,infrastructure ,loans ,loan ,guarantees4 7,e7 ,rural ,broadband ,access1 and ,telecommunications ,infrastructure ,loans ,guarantees4 7,f7 ,water ,waste ,disposal ,loans ,grants4 7g7 ,authority to determine funding ,notwithstanding any other provision of law1 the ,bank shall determine the appropriate ,federal share of funds1 subject to loan approval by the ,bank1 and the availability of such ,federal funding1 for each project described in subsection 7f7 for purposes of this title4 7h7 ,state and local permit requirements ,the provision of assistance by the ,board in accordance with this ,act shall not be deemed to relieve any recipient of assistance or the related infrastructure project of any obligation to obtain required ,state and local permits and approvals4 #bad4 ,exemption from certain laws 7a7 ,no budget authority for contracts or loans ,section #ejd7;b7 of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;c7b77 requiring prior budget authority shall not apply to any contract or loan under this ,act4 7b7 ,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 #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 as used in the ,united ,states1 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 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 infrastructure projects receiving funding or other assistance pursuant to this ,act1 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 infrastructure 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 publicly accessible database4 7#b7 ,public comment period ,the ,bank shall post infrastructure financing agreements on the database providing #cj days for public comments before providing final financing for the infrastructure project4 7#c7 ,audits by the secretary and gao ,the books and records of the ,bank shall be open to inspection by the ,secretary and the ,comptroller ,general of the ,united ,states4 #baf4 ,budgetary effects ,the budgetary effects of this ,act1 for the purpose of complying with the ,statutory ,pay-,as-,you-,go ,act of #bjaj1 shall be determined by reference to the latest statement titled ,budgetary ,effects of ,,paygo ,legislation for this ,act1 submitted for printing in the ,congressional ,record by the ,chairman of the ,house ,budget ,committee1 provided that such statement has been submitted prior to the vote on passage4 #bag4 ,authorization of appropriations ,there is authorized to be appropriated #ej1jjj1jjj for each of fiscal years #bjba and #bjbb for the initial organization of the ,bank1 and its ,directors and staff4