,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #ccci  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ai1 #bjba ,mr4  
,danny ,k4 ,davis ( ,ill9ois introduc$ !
 foll[+ bill2 :i* 0 ref]r$ to !         
,committee on ,en]gy & ,comm]ce1 & 9    
addition to ! ,committees on ,ways &    
,means1 ,transportation &               
,infra/ructure1 ,f9ancial ,s]vices1     
,education & ,labor1 ,natural ,res\rces1
 & ! ,budget1 = a p]iod to be           
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to facilitate      
effici5t inve/m5ts & f9anc+ (           
infra/ructure projects & new job        
creation ?r\gh ! e/abli%m5t ( a         
,national ,infra/ructure ,bank1 & = o!r 
purposes4  #a4 ,%ort title2 table (     
cont5ts  7a7 ,9 g5]al ,?is ,act may be  
cit$ z ! ,national ,infra/ructure ,bank 
,act ( #bjba4  7b7 ,table ( cont5ts ,!  
table ( cont5ts ( ?is ,act is z foll[s3 
,sec4 #a4 ,%ort title2 table ( cont5ts4 

,sec4 #b4 ,f9d+s4 ,title ,i--,rev5ue    
provisions ,sec4 #aja4 ,treatm5t (      
,national ,infra/ructure ,bank z a      
,gov]nm5t corporation exempt f tax4     
,sec4 #ajb4 ,treatm5t ( contributions to
 ! ,national ,infra/ructure ,bank z     
*>itable contributions4 ,sec4 #ajc4     
,tempor>y rule to all[ a d$uction = ca% 
contributions to ! ,national            
,infra/ructure ,bank by c]ta9 taxpay]s  
:o d n elect to itemize d$uctions4 ,sec4
 #ajd4 ,pref]r$ divid5ds ( ,national    
,infra/ructure ,bank excludible f gross 
income4 ,title ,,ii--,e/abli%m5t (      
,national ,infra/ructure ,bank ,sec4    
#bja4 ,def9itions4 ,sec4 #bjb4          
,e/abli%m5t ( ,national ,infra/ructure  
,bank4 ,sec4 #bjc4 ,purposes &          
au?orizations4 ,sec4 #bjd4 ,=mation (   
regional economic accel]ator plann+     
gr\ps4 ,sec4 #bje4 ,eligibility crit]ia 
= assi/ance f ! bank4 ,sec4 #bjf4 ,bo>d 
( ,directors4 ,sec4 #bjg4 ,p[]s &       
limitations ( ! ,bo>d4 ,sec4 #bjh4      
,executive committee4 ,sec4 #bji4 ,risk 

managem5t committee4 ,sec4 #baj4 ,audit 
committee4 ,sec4 #baa4 ,p]sonnel4 ,sec4 
#bab4 ,special ,inspector ,g5]al = !    
,national ,infra/ructure ,bank4 ,sec4   
#bac4 ,/atus & applicability ( c]ta9    
,f$]al & ,/ate laws4 ,sec4 #bad4        
,exemption f c]ta9 laws4 ,sec4 #bae4    
,audits2 reports to ,presid5t &         
,congress4 ,sec4 #baf4 ,budget>y        
effects4 ,sec4 #bag4 ,au?orization (    
appropriations4  #b4 ,f9d+s ,congress   
f9ds ! foll[+3 7#a7 ,?r\gh\t our        
,nation's hi/ory1 national banks h play$
 a crucial role 9 f9anc+ mo/ ( our      
,nation's public infra/ructure4 ,! l>ge/
 banks includ$3 ,! ,fir/ 7#agia-ahaa7 & 
,second 7#ahaf-ahcf7 ,banks ( ! ,unit$  
,/ates1 ,presid5t ,l9coln's national    
bank+ sy/em1 & ,presid5t ,frankl9       
,delano ,roosevelt's ,recon/ruction     
,f9ance ,corporation 7#aicb-aieg74  7#b7
 ,^! national banks 7 enact$ ) broad    
bi-p>tisan support1 & f9anc$ !          
con/ruction (3 roads1 turnpikes1        
bridges1 & canals2 ! ,transcont95tal    

,railroad2 ! ,hoov] ,dam2 rural         
electrification2 manufactur+ />t-ups2 & 
rail1 s*ool1 & f>m improvem5ts 9 e corn]
 ( our c\ntry4 ,inve/m5ts creat$ !      
conditions = improv$ productivity1      
economic gr[?1 & job creation2 help$    
lift u out ( ! ,great ,depression2 &    
contribut$ to our victory 9 ,_w ,w>     
,,ii4  7#c7 ,! ,am]ican ,society (      
,civil ,eng9e]s 7h]e9aft] ref]r$ to z   
,,asce71 9 its #bjba ,report ,c>d &     
,failure to ,act ,s]ies1 e/imates t     
#f1aji1jjj1jjj1jjj is ne$$ ov] ! next t5
 ye>s 7#bjbj-bjbi7 to meet all ( our    
c\ntry's infra/ructure ne$s4 ,( t am\nt1
 #c1dhc1jjj1jjj1jjj is expect$ to be    
f9anc$ by3 ! ,f$]al gov]nm5t ?r\gh its  
normal budget appropriations process2 & 
by ,/ates1 c\nties1 cities1 utilities1 &
 port & airport au?orities ?r\gh _!     
g5]al rev5ues1 special taxes1 us] fees1 
& borr[+4 ,ev5 ) ?is sp5d+1 h[ev]1 a    
f9anc+ gap ( #b1fbf1jjj1jjj1jjj rema9s4 
,to close ?is gap1 our nation w ne$ to  
increase inve/m5t1 by all levels (      

gov]nm5t1 f #b4e p]c5t to #c4e p]c5t (  
,,gdp by #bjbe4  7#d7 ,,asce e/imates t 
! add$ #b1fbf1jjj1jjj1jjj ne$$ ov] a t5 
ye> p]iod to br+ sy/ems up to a /ate (  
good repair is z foll[s 7am\nts 9       
p>5!ses73 7,a7 ,roads1 bridges1 &       
transit 7#a1jce1jjj1jjj1jjj74  7,b7     
,dr9k+ wat]1 wa/ewat]1 & /ormwat] sy/ems
 7#hja1jjj1jjj1jjj74  7,c7 ,s*ools      
7#bej1jjj1jjj1jjj74  7,d7 ,electricity  
g5]ation1 transmission1 di/ribution     
7#aig1jjj1jjj1jjj74  7,e7 ,aviation     
7#aaa1jjj1jjj1jjj74  7,f7 ,dams1 levees1
 inl& wat]ways1 & ports                 
7#aji1jjj1jjj1jjj74  7,g7 ,pass5g] rail 
7#de1jjj1jjj1jjj74  7,h7 ,public p>ks & 
recreation 7#gh1jjj1jjj1jjj74  7#e7     
,exp&$ inve/m5t ( at lea/               
#b1cgd1jjj1jjj1jjj is ne$$ =--  7,a7 new
 af=dable h\s+2 a #i1jjj mile high spe$ 
rail network2  7,b7 af=dable & complete 
broadb& access2  7,c7 major wat]        
projects2  7,d7 sci5ce & te*nology      
driv]s2  7,e7 to accommodate population 
gr[? & save on en]gy use2 &  7,f7       

improvem5ts 9 rural1 urban1 & l[-income 
areas t ! private sector is n curr5tly  
s]v+4  7#f7 ,al?\gh ,f$]al grant        
programs1 along ) mat*+ ,/ate & local   
fund+1 %\ld cont9ue to play a coord9at+ 
role 9 f9anc+ infra/ructure 9 ! ,unit$  
,/ates1 curr5t & =eseeable dem&s on     
exi/+ ,f$]al1 ,/ate1 & local budgets    
exce$ ! res\rces to support ^! programs 
by a wide m>g94 ,9 addition1 a sev]e    
economic d[nturn 9 #bjbj1 result+ 9     
significant unemploym5t1 bus9ess losses1
 & public budget deficits1 has plac$    
fur!r limits on infra/ructure sp5d+4    
7#g7 ,! e/abli%m5t ( a ,unit$ ,/ates    
public deposit money bank w\ld provide  
direct loans & o!r f9anc+ ( up to       
#e1jjj1jjj1jjj1jjj = qualify+           
infra/ructure projects )\t requir+      
additional ,f$]al taxes or deficits4    
,su* fund+ w\ld be adequate to f9ance   
all ( ! ,unit$ ,/ates' unfund$          
infra/ructure ne$s1 9 all p>ts ( !      
c\ntry1 accord+ to well-develop$        
/rategic plans4 ,at ! same "t1 x w\ld   

return ! ,unit$ ,/ates to its mo/ rec5t 
gold5 age :5 a ,national ,infra/ructure 
,bank 0 9 place 7#aicc-aieg71 dur+ :i*  
"t total factor productivity advanc$ by 
#c4e p]c5t p] ye>1 ! economy grew on    
av]age #e4e p]c5t p] ye>1 income        
inequality fell by "o-?ird1 & ,f$]al &  
,/ate tax receipts rose dramatically4   
,i ,rev5ue provisions  #aja4 ,treatm5t (
 ,national ,infra/ructure ,bank z a     
,gov]nm5t corporation exempt f tax  7a7 
,9 g5]al ,section #eja7l7 ( ! ,int]nal  
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new p>agraph3  7#e7 ,!
 ,national ,infra/ructure ,bank e/abli%$
 "u title ,,ii ( ! ,national            
,infra/ructure ,bank ,act ( #bjba4  4   
7b7 ,effective date ,! am5dm5t made by  
?is section %all apply to taxable ye>s  
end+ aft] ! date ( ! enactm5t ( ?is     
,act4  #ajb4 ,treatm5t ( contributions  
to ! ,national ,infra/ructure ,bank z   
*>itable contributions  7a7 ,9 g5]al    
,section #agj7;c7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by ins]t+ aft]   

p>agraph 7#e7 ! foll[+ new p>agraph3    
7#f7 ,! ,national ,infra/ructure ,bank  
e/abli%$ "u title ,,ii ( ! ,national    
,infra/ructure ,bank ,act ( #bjba4  4   
7b7 ,application ( p]c5tage limitation  
,section #agj7;b77#a77;,a7 ( su* ,code  
is am5d$ by /rik+ or at ! end ( clause  
7viii71 by ins]t+ or at ! end ( clause  
7ix71 & by ins]t+ aft] clause 7ix7 !    
foll[+ new clause3  7x7 ! ,national     
,infra/ructure ,bank ref]r$ to 9        
subsection 7c77#f71  4  7c7 ,effective  
date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s end+ aft] !  
date ( ! enactm5t ( ?is ,act4  #ajc4    
,tempor>y rule to all[ a d$uction = ca% 
contributions to ! ,national            
,infra/ructure ,bank by c]ta9 taxpay]s  
:o d n elect to itemize d$uctions  7a7  
,9 g5]al ,section #agj7p7 ( ! ,int]nal  
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ flu% s5t5ce3 ,! #cjj  
or #fjj doll> limitation o!rwise 9      
effect "u ! prec$+ s5t5ce ) respect to  
any taxpay] = any taxable ye> %all be   

increas$ by ! am\nt ( contributions made
 9 ca% by su* taxpay] dur+ su* taxable  
ye> 7det]m9$ )\t reg>d to subsections   
7b77#a77;,g77ii7 & 7d77#a77 to !        
,national ,infra/ructure ,bank ref]r$ to
 9 subsection 7c77#f74 4  7b7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply to taxable ye>s end+ aft] !  
date ( ! enactm5t ( ?is ,act4  #ajd4    
,pref]r$ divid5ds ( ,national           
,infra/ructure ,bank excludible f gross 
income  7a7 ,9 g5]al ,"p ,,iii (        
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #aci;,i ! foll[+ new      
section3  #aci;,j4 ,pref]r$ divid5ds (  
,national ,infra/ructure ,bank ,gross   
income %all n include any am\nt receiv$ 
z a divid5d on pref]r$ /ock ( !         
,national ,infra/ructure ,bank pursuant 
to section #bjc7;c7 ( ! ,national       
,infra/ructure ,bank ,act ( #bjba 7z 9  
effect on ! date ( ! enactm5t ( ?is     
section74  4  7b7 ,cl]ical am$m5t ,!    
table ( sections ( su* "p is am5d$ by   

ins]t+ aft] ! item relat+ to section    
#aci;,i ! foll[+ new item3  ,sec4       
#aci;,j4 ,pref]r$ divid5ds ( ,national  
,infra/ructure ,bank4  4  7c7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply to taxable ye>s end+ aft] !  
date ( ! enactm5t ( ?is ,act4  ,,ii     
,e/abli%m5t ( ,national ,infra/ructure  
,bank  #bja4 ,def9itions ,= purposes (  
?is title1 ! foll[+ def9itions apply    
unless o!rwise specifi$ 9 ?is title3    
7#a7 ,bank ,! t]m ,bank means !         
,national ,infra/ructure ,bank e/abli%$ 
"u section #bjb7;a74  7#b7 ,bl5d$ f9anc+
 ,! t]m bl5d$ f9anc+ means f9anc+       
provid$ ?r\gh any comb9ation ( loans or 
bond f9anc+1 9 coop]ation ) private     
l5d]s or ,/ate revolv+ funds1 t is      
integrat$ into a s+le agreem5t ) a s+le 
set ( f9ancial t]ms4  7#c7 ,bo>d ,! t]m 
,bo>d means ! ,national ,infra/ructure  
,bank ,bo>d4  7#d7 ,bond ,! t]ms ,bond  
means any bond issu$ 9 accordance ) ?is 
,act if-- 7,a7 ! proce$s f ! sale ( !   
bond are to be us$ = exp5ditures incurr$

 aft] ! date ( issuance ) respect to any
 infra/ructure project or o!r purpose1  
subject to su* rules z ! ,bank may      
provide2  7,b7 ! bond is issu$ 9 regi/]$
 =m2  7,c7 ! bond has su* t]ms1 & c>ries
 int]e/ 9 su* an am\nt1 z det]m9$ by !  
,bank2 &  7,d7 paym5ts ( int]e/ &       
pr9cipal ) respect to ! bond is !       
obligation ( ! ,bank1 & is back$ by !   
full fai? & cr$it ( ! ,unit$ ,/ates4    
7#e7 ,*ief asset & liability managem5t  
(fic] ,! t]m *ief asset & liability     
managem5t (fic] means ! *ief individual 
responsible = coord9at+ ! managem5t (   
assets & liabilities ( ! ,bank4  7#f7   
,*ief compliance (fic] ,! t]ms *ief     
compliance (fic] & ,,cco mean ! *ief    
individual responsible = ov]see+ &      
manag+ ! compliance & regulatory affairs
 ( ! ,bank4  7#g7 ,*ief executive (fic] 
,! t]ms *ief executive (fic] & ,,ceo    
mean ! individual s]v+ z ! executive    
director ( ! ,bank4  7#h7 ,*ief f9ancial
 (fic] ,! t]ms *ief f9ancial (fic] &    
,,cfo mean ! *ief individual responsible

 = manag+ ! f9ancial risks1 plann+1 &   
report+ ( ! ,bank4  7#i7 ,*ief loan     
orig9ation (fic] ,! t]m *ief loan       
orig9ation (fic] means ! *ief individual
 responsible = manag+ ! process+ ( new  
loans provid$ by ! ,bank4  7#aj7 ,*ief  
op]ations (fic] ,! t]ms *ief op]ations  
(fic] & ,,coo mean ! *ief individual    
responsible = ! retail op]ations ( !    
,bank & its bran*es1 includ+ its        
adm9i/rative1 human res\rce1 & in=mation
 te*nology sy/ems4  7#aa7 ,*ief risk    
(fic] ,! t]ms *ief risk (fic] & ,,cro   
mean ! *ief individual responsible =    
manag+ op]ational & compliance-relat$   
risks ( ! ,bank4  7#ab7 ,*ief treasury  
(fic] ,! t]m *ief treasury (fic] means !
 *ief individual responsible = manag+ ! 
,bank's treasury op]ations4  7#ac7      
,community developm5t infra/ructure     
project ,! t]m community developm5t     
infra/ructure project means any project 
= ! developm5t ( af=dable h\s+1 s*ools1 
public p>ks & recreation1 libr>ies1 or  
public facilities t tra9 work]s & build 

labor skills4  7#ad7 ,connectivity ,!   
t]m connectivity means ! l9kages 9      
transportation1 en]gy1 communications1 &
 community developm5t infra/ructure1 z  
well z manufactur+ & data c5t]s1 t tie  
geographic areas toge!r into economic   
units1 includ+ networks ( commut] r\tes1
 railways1 %ipp+ lanes1 & int]net       
cables1 & are be/ express$ 9 map =m4    
7#ae7 ,co/ b5efit analysis ,! t]m co/   
b5efit analysis means ! comp>ison ( !   
/ream ( co/s = a pot5tial project ov]   
its useful lifetime1 to its public      
b5efits ov] t "t1 ) co/ & b5efit fl[s   
express$ on a common basis 9 t]ms ( net 
pres5t value4  7#af7 ,developm5t ,! t]ms
 developm5t & develop mean1 ) respect to
 an infra/ructure project1 any-- 7,a7   
precon/ruction plann+1 feasibility      
review = /&-alone projects or = bundl$  
projects1 p]mitt+1 design "w1 life-cycle
 ma9t5ance plann+1 & o!r precon/ruction 
activities2 &  7,b7 con/ruction1        
recon/ruction1 rehabilitation1          
replacem5t1 or expansion4  7#ag7 ,direct

 loan ,! t]m direct loan has ! mean+    
giv5 ! t]m 9 section #ejb ( ! ,f$]al    
,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 
#ffa;a74  7#ah7 ,disadvantag$ community 
,! t]m disadvantag$ community means a   
c\nty1 city1 or p>tial c5sus tract area1
 ) any ( ! foll[+ *>act]i/ics3 7,a7 ,a  
m$ian h\sehold income bel[ #hj p]c5t ( !
 ,/ate nonmetropolitan m$ian h\sehold   
income4  7,b7 ,p]si/5t rural pov]ty1 9  
:i* #bj p]c5t or m ( ! population has   
be5 liv+ bel[ ! pov]ty l9e = ! la/ #cj  
ye>s4  7#ai7 ,en]gy infra/ructure       
project ,! t]m en]gy infra/ructure      
project means any project = en]gy       
transmission & di/ribution1 en]gy       
g5]ation z ne$$1 en]gy effici5cy        
enhancem5t = build+s1 & en]gy /orage4   
7#bj7 ,entity ,! t]m entity means-- 7,a7
 a ,/ate1 municipality1 or o!r          
gov]nm5tal ag5cy 7includ+ a political   
subdivision or any o!r in/rum5tality ( a
 ,/ate or a revolv+ fund72  7,b7 a      
publicly own$ utility2  7,c7 a public   
au?ority1 corporation1 or ,f$]al ag5cy2 

7,d7 a p>tn]%ip 7includ+ a              
public-private p>tn]%ip72  7,e7 a jo9t  
v5ture2 or  7,f7 a tru/4  7#ba7         
,environm5tal infra/ructure project ,!  
t]m environm5tal infra/ructure project  
means any project = ! e/abli%m5t1 def]r$
 ma9t5ance1 or enhancem5t1 includ+      
security enhancem5t1 ( any dr9k+ wat] & 
wa/ewat] treatm5t facility1 /orm wat]   
managem5t sy/em1 flood gate1 dam1 levee1
 dr$g+1 wetl& re/oration or o!r op5     
space cons]vation1 infill developm5t1   
solid wa/e disposal facility1 haz>d\s   
wa/e facility1 or indu/rial site cleanup
 or rem$iation project4  7#bb7 ,g5]al   
c\nsel ,! t]m g5]al c\nsel means !      
individual :o s]ves z ! *ief lawy] = !  
,bank4  7#bc7 ,gre5h\se gases ,! t]m    
gre5h\se gases means any man-made gas   
designat$ z a gre5h\se gas by !         
,adm9i/rator ( ! ,environm5tal          
,protection ,ag5cy4  7#bd7              
,infra/ructure project ,! t]m           
infra/ructure project means any         
transportation1 en]gy1 environm5tal1    

telecommunications1 community           
developm5t1 or o!r infra/ructure project
 = :i* a developm5t plan is pres5t$ to !
 ,bank = f9anc+4 ,x %all exclude milit>y
 infra/ructure4  7#be7 ,loan gu>antee ,!
 t]m loan gu>antee has ! same mean+ z 9 
section #ejb ( ! ,f$]al ,cr$it ,re=m    
,act ( #aiij 7#b ,u4,s4,c4 #ffa;a74     
7#bf7 ,productivity ,! t]m productivity 
means ! improv$ effici5cy 9 ! economy   
associat$ ) inve/m5ts 9 public & private
 infra/ructure4 ,x is calculat$ z !     
*ange 9 ! value ( total production1 m9us
 ! *ange 9 ! value ( inputs go+ into    
production4  7#bg7 ,public b5efit ,! t]m
 public b5efit means ! cle> & measurable
 b5efit to society result+ f ! public's 
use ( ! infra/ructure ) respect to :i* a
 project is c>ri$ out1 or ! improvem5t  
su* infra/ructure provides 9--  7,a7    
economic gr[? & productivity2  7,b7 air 
& wat] quality2  7,c7 en]gy sav+s2  7,d7
 high-wage jobs2  7,e7 pov]ty r$uction2 
or  7,f7 increas$ ,f$]al1 ,/ate1 & local
 rev5ues4  7#bh7 ,public-private        

p>tn]%ip ,! t]m public-private p>tn]%ip 
means any entity-- 7,a7 7i7 :i* is      
und]tak+ ! developm5t ( all or "p ( an  
infra/ructure project1 :i* w h a public 
b5efit1 pursuant to requirem5ts e/abli%$
 9 "o or m contracts betwe5 ! entity & a
 ,/ate or an in/rum5tality ( a ,/ate2 or
  7ii7 ! activities ( :i*1 ) respect to 
su* an infra/ructure project1 are       
subject to regulation by a ,/ate or any 
in/rum5tality ( a ,/ate2 &  7,b7 :i*    
owns1 leases1 or op]ates1 or w own1     
lease1 or op]ate1 ! project 9 :ole or 9 
"p1 & at lea/ "o ( ! p>ticipants 9 !    
entity is a nongov]nm5tal entity4  7#bi7
 ,revolv+ fund ,! t]m revolv+ fund means
 a fund or program e/abli%$ by a ,/ate  
or a political subdivision or o!r       
in/rum5tality ( a ,/ate1 ! pr9cipal     
activity ( :i* is to make loans1        
commitm5ts1 or o!r f9ancial             
accommodation available = ! developm5t (
 "o or m categories ( infra/ructure     
projects4  7#cj7 ,secret>y ,! t]m       
,secret>y means ! ,secret>y ( !         

,treasury4  7#ca7 ,sm>t grid ,! t]m sm>t
 grid means a sy/em t provides = any ( !
 sm>t grid functions set =? 9 section   
#acjf7;d7 ( ! ,en]gy ,indep5d5ce &      
,security ,act ( #bjjg 7#db ,u4,s4,c4   
#agchf7;d774  7#cb7 ,/ate ,! t]m ,/ate  
means any ( ! sev]al ,/ates1 ! ,di/rict 
( ,columbia1 ,pu]to ,rico1 ,guam1       
,am]ican ,samoa1 ! ,virg9 ,isl&s1 !     
,commonweal? ( ,nor!rn ,m>iana ,isl&s1 &
 any o!r t]ritory ( ! ,unit$ ,/ates4    
7#cc7 ,telecommunications infra/ructure 
project ,! t]m telecommunications       
infra/ructure project means any project 
involv+ infra/ructure requir$ to provide
 communications by wire1 fib] optic     
cable1 satellite1 or radio1 includ+     
broadb&1 or to enhance security = su*   
infra/ructure4  7#cd7 ,transportation   
infra/ructure project ,! t]m            
transportation infra/ructure project    
means any project = ! con/ruction1      
def]r$ ma9t5ance1 or enhancem5t1 includ+
 security enhancem5t1 ( highways1 roads1
 bridges1 transit & int]modal sy/ems1   

inl& wat]ways1 comm]cial ports1         
airports1 high spe$ rail1 & rail track  
sy/ems4  7#ce7 ,tru/ fund ,! t]m ,tru/  
,fund means a del9eat$ acc\nt 9 ! books 
( ! ,bank1 set up to receive & disburse 
grant money to fully or p>tially        
subsidize project loans to entities     
op]at+ 9 disadvantag$ communities4 ,tru/
 fund receipts %all include ^? left ov] 
f net op]ations ( ! ,bank1 ,f$]al grant 
disbursem5ts1 & philan?ropic & o!r gifts
 f individuals & corporations z !y      
become available4  #bjb4 ,e/abli%m5t (  
,national ,infra/ructure ,bank  7a7     
,e/abli%m5t ( national infra/ructure    
bank ,! ,national ,infra/ructure ,bank  
is e/abli%$ z a ,gov]nm5t corporation   
subject to *apt] #ia ( title #ca1 ,unit$
 ,/ates ,code 7commonly kn[n z !        
,gov]nm5t ,corporation ,control ,act71  
except z o!rwise provid$ 9 ?is ,act4    
7b7 ,con=m+ am5dm5t ,section #iaja7c7 ( 
title #ca1 ,unit$ ,/ates ,code1 is am5d$
 by add+ at ! end ! foll[+3  7,q7 !     
,national ,infra/ructure ,bank4  4  7c7 

,responsibility ( ! ,secret>y ,!        
,secret>y %all take su* action z may be 
necess>y to assi/ 9 implem5t+ !         
e/abli%m5t ( ! ,bank 9 accordance ) ?is 
,act1 includ+ obta9+ a national bank    
*>t]4  #bjc4 ,purposes & au?orizations  
7a7 ,purpose ,! purpose ( ,national     
,infra/ructure ,bank %all be to         
facilitate effici5t1 long-t]m f9anc+ (  
infra/ructure projects1 bus9ess &       
economic gr[?1 & new job creation 9 !   
,unit$ ,/ates4  7b7 ,capitalization     
7#a7 ,9 g5]al ,! ,national              
,infra/ructure ,bank %all raise capital 
/ock1 9 an am\nt approv$ by ! ,bo>d1 b n
 to exce$ to #ejj1jjj1jjj1jjj1 to be    
held 9 ! =m ( ,treasury securities4     
7#b7 ,subscription ,! capital /ock %all 
be subscrib$ by--  7,a7 public hold]s ( 
out/&+ ,treasury securities ( #c ye>s or
 great] maturity1 or out/&+ municipal   
bonds ( ,/ates or municipalities ( #e   
ye>s or great] maturity1 :o transf] su* 
securities or bonds to ! ,bank 9 ex*ange
 = ! capital /ock2  7,b7 paid-9 %>e     

capital1 paid 9 ca%2 &  7,c7 ! ,unit$   
,/ates ,treasury1 z on-call subscrib] to
 ! ,bank1 9 an am\nt up to              
#ajj1jjj1jjj1jjj 9 #cj-ye> ,unit$ ,/ates
 ,treasury ,bonds4  7#c7 ,capital       
adequacy ratio ,! ,bank %all ma9ta9     
risk-bas$ capital ( no less ?an #aj4j   
p]c5t4  7#d7 ,limitation ,! ,bank %all n
 pur*ase public debt ( ! ,unit$ ,/ates1 
z newly issu$1 except = ! purpose (     
roll+ ov] ! exi/+ ,treasury hold+s ( !  
,bank or to conv]t ! proce$s ( ca%      
pur*ases ( ! ,bank's pref]r$ /ock into  
,treasury securities4  7c7 ,pref]r$ /ock
  7#a7 ,9 g5]al ,all subscrib$ capital  
%all be ex*ang$ = an equival5t 9 pref]r$
 /ock1 or %>es1 9 ! ,bank1 callable only
 by ! ,bank at ! curr5t m>ket value ( ! 
%>es dur+ a p]iod ( #bj ye>s foll[+     
f9alization ( a /ock pur*ase agreem5t4  
,not)/&+ any o!r provision ( law1 a     
gu>antee ( r$emption at ! !n curr5t     
m>ket price ( ! %>es %all be includ$ 9 !
 /ock pur*ase agreem5t along ) a        
contractual obligation by ! ,unit$      

,/ates ,treasury to fund ! r$emption4   
,pref]r$ %>ehold]s %all h no vot+ rights
 9 ! ,bank4  7#b7 ,divid5ds on pref]r$  
/ock ,! ,bank %all pay divid5ds on its  
pref]r$ /ock semiannually at ! foll[+   
rates3 7,a7 ,= /ock acquir$ 9 ex*ange = 
,treasury securities by an individual1  
by an entity t is n exempt f tax "u     
section #eja ( ! ,int]nal ,rev5ue ,code 
( #aihf1 or by ! ,unit$ ,/ates          
,treasury1 ! same annual rate z !       
,treasury security ex*ang$ = ! /ock4    
7,b7 ,= /ock acquir$ 9 ex*ange =        
securities by an organization t is      
exempt f tax "u section #eja ( !        
,int]nal ,rev5ue ,code ( #aihf1 ! same  
annual rate z ! ,treasury security      
ex*ang$ = ! /ock plus "o half ( "o p]c5t
 7#j4e74  7,c7 ,= /ock pur*as$ 9 ex*ange
 = ca% by an individual or an entity t  
is n exempt f tax "u section #eja ( !   
,int]nal ,rev5ue ,code ( #aihf1 ! same  
annual rate payable on ,treasury bonds )
 a #cj-ye> maturity pur*as$ f !         
,treasury on ! day ! /ock pur*ase       

agreem5t is f9aliz$4  7,d7 ,= /ock      
pur*as$ 9 ex*ange = ca% by an           
organization t is exempt f tax "u       
section #eja ( ! ,int]nal ,rev5ue ,code 
( #aihf1 ! same annual rate payable on  
,treasury bonds ) a #cj-ye> maturity on 
! day ! /ock pur*ase agreem5t is f9aliz$
 plus "o half ( "o p]c5t 7#j4e74  7#c7  
,acquisitions = o!r ?an ca% or ,treasury
 securities treat$ z acquisitions = ca% 
,= /ock acquir$ 9 ex*ange = non-ca%     
assets o!r ?an ,treasury securities1 !  
assets %all be liquidat$ by ! ,bank & ! 
proce$s treat$ z a ca% pur*ase ( /ock4  
7#d7 ,au?ority to modify rates ,if !    
divid5ds provid$ = 9 p>agraph 7#b7      
g5]ate ei!r m or less inve/m5t 9 !      
,bank's pref]r$ /ock ?an is ne$$ to     
a*ieve & ma9ta9 ! ,bank's desir$        
capitalization1 ! ,directors may r$uce  
or increase ! divid5ds provid$ = new    
acquisitions ( pref]r$ /ock 9 "o or m ( 
subp>agraphs 7,a7 ?r\gh 7,d7 ( p>agraph 
7#b7 = su* p]iods ( "t z ! ,directors   
det]m9e appropriate4  7#e7 ,priority &  

gu>antee ( divid5d paym5ts ,divid5d     
paym5ts on ! ,bank's pref]r$ /ock %all h
 priority ov] o!r uses ( int]e/ paym5ts 
receiv$ by ! ,bank on its capital /ock  
hold+s ( ,treasury securities1 & any su*
 divid5ds ow$ 9 excess ( ! am\nt cov]$  
by ^! int]e/ paym5ts %all be gu>ante$ by
 ! ,unit$ ,/ates 9 ! /ock pur*ase       
agreem5t4  7d7 ,borr[$ capital ,! ,bank 
is fur!r au?oriz$ to raise borr[$       
capital = projects ne$s1 or to meet its 
ca% fl[ 7liquidity7 ne$s1 by-- 7#a7     
issu+ ,bonds1 ) a fix$ #e to #aj ye>    
maturity2 &  7#b7 ma9ta9+ a p]man5t1    
revolv+ disc\nt l9e ( cr$it acc\nt ) !  
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em4  7e7 ,deposits ,once *>t]$ z a  
national bank1 ! ,bank %all accept      
deposits f individuals1 corporations1 or
 public entities1 into transaction      
deposit acc\nts on its books1 & pay     
int]e/ on ^? deposits1 9 an am\nt deem$ 
appropriate by ! ,bo>d4  7f7 ,loans     
7#a7 ,9 g5]al ,! ,bank %all provide     
loans1 9 accordance ) ?is ,act1 to      

entities1 or ent] into bl5d$ f9anc+     
cr$it1 = ! f9anc+1 developm5t1 or       
op]ation ( infra/ructure projects4  7#b7
 ,loan maturity ,! maturity ( loans %\ld
 mat*1 to ! ext5t possible1 ! maturity  
p]iods ( anticipat$ pr(itability1       
economic /imulus1 & project$ useful life
 ( projects f9anc$ by su* loans4  7#c7  
,loan limit ,total loans contract$ by ! 
,bank %all n exce$ #e1jjj1jjj1jjj1jjj4  
7#d7 ,int]e/ *>ges on loans & o!r fees  
,! ,bank--  7,a7 %all *>ge              
fix$-rate-int]e/1 fees1 premiums1 or    
disc\nts bas$ on ! risk associat$ ) a   
loan made by ! ,bank1 tak+ into         
consid]ation-- 7i7 ! price ( ,treasury  
obligations ( a simil> maturity or #a4f 
p]c5t p] annum1 :i*ev] is great]2  7ii7 
! cr$it rat+ ( ! borr[+ entity if       
expressly publi%$1 or an assessm5t ( !  
ov]all f9ances ( ! borr[+ entity        
indicat+ an ability to s]vice ! loan2   
7iii7 curr5t & expect$ future economic  
conditions1 includ+ expect$ improvem5ts 
9 ! economy & ! borr[+ entity's f9ances 

result+ f ! ,bank's ov]all l5d+         
op]ations2 &  7iv7 :e!r or n ! borr[+   
entity qualifies z a disadvantag$       
community1 & an int]e/ rate subsidy1    
subject to availability ( funds2  7,b7  
may1 9 connection ) a loan ext5d$ by !  
,bank1 issue gu>antees1 insurance1      
co9surance1 & re9surance to borr[+      
entities1 insurance companies1 f9ancial 
in/itutions1 or o!rs1 or gr\ps !re(1 &  
*>ge fees bas$ on a simil> risk         
analysis2 &  7,c7 may *>ge = ! review ( 
any project proposal 9 su* am\nt z may  
be approv$ by ! ,bo>d to cov] ! co/s (  
su* review4  7#e7 ,ref9anc+ ,subject to 
a full audit ( ! project & borr[]1 &    
subject to ,bo>d review1 ! ,bank may    
ext5d ! "t limit = repaym5t ( a loan1   
?r\gh r5ewal1 sub/itution ( new         
obligations1 or o!rwise1 ) ! maximum "t 
= su* r5ewal to be approv$ by ! ,bo>d4  
,! ,bank may make su* fur!r loans z     
necess>y = project completion1 or to    
assure loan repaym5t4  7#f7 ,limitations
 on loans ,! ,bank may n-- 7,a7 provide 

loans to consum]s or provide any o!r    
loans n describ$ "u ?is ,act2 or  7,b7  
engage 9 inve/m5t bank+ activities su* z
 und]writ+ securities or tru/ managem5t 
= cu/om]s4  7g7 ,capital = loan         
disbursem5ts ,once *>t]$ z a            
deposit-tak+ bank1 ! ,bank is au?oriz$  
to create funds 9 a deposit acc\nt 9 a  
borr[]s "n1 9 accordance ) ! loan       
agreem5t1 z ea* s*$ul$ loan disbursem5t 
z x is made4 ,! ,bank %all draw up an   
,aggregate ,loan ,disbursem5t ,plan1 = !
 in=mation ( ! ,comptroll] ( ! ,curr5cy 
& ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve
 ,sy/em4  7h7 ,net e>n+s ,aft] meet+    
curr5t obligations1 ! ,bank is au?oriz$ 
to use its e>n+s1 & all moneys :i* h be5
 or may h]eaft] be allocat$ to or borr[$
 by x1 9 ! ex]cise ( its functions4 ,f  
^? monies1 ! ,bank %all set aside loan  
loss provisions equal to a proportion ( 
loan book value1 z det]m9$ appropriate  
by ! ,bo>d4 ,net e>n+s ( ! ,bank1 aft]  
sett+ aside loan loss provisions &      
e/imat$ =w>d ca% fl[ ne$s1 %all be us$ =

 ! paym5t ( divid5ds to ! ,unit$ ,/ates 
,treasury1 9 an annual am\nt to be      
det]m9$ by ! ,bo>d4 ,any residual net   
e>n+s %all be deposit$ into a ,tru/     
,fund to subsidize loans = disadvantag$ 
communities t are n able to repay       
infra/ructure loans on normal loan t]ms1
 9 a mann] to be det]m9$ by ! ,bo>d4    
,any direct ,f$]al contributions f !    
budget = ! purpose ( subsidiz+          
disadvantag$ communities may also be    
add$ & utiliz$ via ! ,tru/ ,fund4  7i7  
,gu>antees & loan loss provisions ,9 !  
ev5t ( any losses1 z det]m9$ by ! ,bo>d1
 incurr$ on loans1 gu>antees1 &         
insurance ext5d$ "u ?is ,act1 !y %all be
 borne by ! ,bank out ( its loan loss   
provisions4 ,any losses 9 excess !re(   
%all be borne by ! ,secret>y ( !        
,treasury4 ,t excess %all be consid]$ a 
cont+5t obligation back$ by ! full fai? 
& cr$it ( ! ,gov]nm5t ( ! ,unit$ ,/ates 
( ,am]ica4  7j7 ,res]ves ,! ,bank %all  
ma9ta9 res]ves aga9/ ! ,bank's          
transaction acc\nts 9 su* am\nt z !     

,bo>d may det]m9e appropriate1 b n      
great] ?an #ad p]c5t ( ! ,bank's total  
transaction acc\nts 9 excess (          
#be1jjj1jjj4  7k7 ,bran*es ,! ,bank %all
 e/abli% an (fice ( l5d+ & deposit 9 ea*
 city t has a ,f$]al res]ve bank1 via ! 
int]net1 & 9 any o!r location :]e !     
,bo>d det]m9es x appropriate4  #bjd4    
,=mation ( regional economic accel]ator 
plann+ gr\ps  7a7 ,9 g5]al ,! ,bank1    
?r\gh its bran* (fices1 %all facilitate 
! organization ( at lea/ #g ,regional   
,economic ,accel]ator ,plann+ ,gr\ps1 to
 be def9$ by common economic1           
demographic1 & infra/ructure l9kages4   
7b7 ,duties ,! ,regional ,economic      
,accel]ator ,plann+ ,gr\ps may--  7#a7  
organize !mselves by1 & be compos$ (1   
,/ate & local public sector (ficials1   
includ+ ?r\gh multijurisdictional or    
multi/ate agreem5ts among ag5cies2  7#b7
 id5tify economic mega-regions1 def9$ z 
hub cities1 relat$ t[ns & suburbs1      
manufactur+ production corridors1 &     
rural areas wov5 toge!r into !          

communities :]e p ( ! ,unit$ ,/ates     
live1 "w1 & provide goods or s]vices =  
movem5t )9 ! region1 & to o!r regions2  
7#c7 id5tify infra/ructure ne$s &       
priorities = mega-regions1 ) input f !  
,am]ican ,society ( ,civil ,eng9e]s1 &  
o!r trade1 bus9ess1 & indu/rial         
associations2  7#d7 develop regional    
economic accel]ator plans1 & a pipel9e (
 infra/ructure projects1 & _! /rategic  
placem5t1 ne$$ to improve supply *a9s1  
l& use1 & productivity )9 ea*           
mega-region1 :ile seek+ to include all  
communities2  7#e7 def9e h[ su* projects
 w create en]gy sav+s1 environm5t       
improvem5ts1 jobs & wage improvem5ts1   
regional economic gr[?1 & gr[? 9        
regional tax income2  7#f7 id5tify :]e  
multijurisdictional agreem5ts %\ld be   
enact$ or /r5g!n$ to improve !          
developm5t ( infra/ructure projects t   
cross jurisdictional l9es 7examples are 
transportation improvem5ts along !      
nor!a/ corridor1 flood mitigation 9     
midwe/]n ,/ates along ! ,miss\ri ,riv]1 

or developm5t ( a national high-spe$    
rail grid72  7#g7 id5tify :]e ,f$]al1   
,/ate1 or local laws & regulations %\ld 
be /reaml9$ to r$uce infra/ructure      
project approval times1 :ile ma9ta9+    
environm5tal & safety objectives1 & "w  
t[>ds /reaml9+ ^? laws & regulations2   
7#h7 seek public input on ! broad       
outl9es ( ea* regional infra/ructure    
developm5t plan2  7#i7 provide su* plans
 to ! ,bank1 to in=m ! ,bank on its     
selection ( infra/ructure projects =    
f9anc+2 &  7#aj7 assi/ entities =mulat+ 
& submitt+ projects = consid]ation (    
,bank f9anc+ on ! def9ition1 scope1     
selection crit]ia1 & o!rs factors "u    
section #bje t w be consid]$ 9 !        
approval process4  #bje4 ,eligibility   
crit]ia = assi/ance f ! bank  7a7 ,9    
g5]al ,f9ancial assi/ance %all be       
available f ! ,bank :5 ! entity apply+ =
 su* assi/ance has demon/rat$ to !      
satisfaction ( ! ,bo>d t ! project = :i*
 su* assi/ance is be+ s\ght meets !     
requirem5ts ( ?is ,act4 ,any entity     

propos+ a project = :i* ! use or purpose
 is private1 & )\t public b5efit1 %all n
 be eligible = f9ancial assi/ance f !   
,bank "u ?is ,act4  7b7 ,applicants ,!  
,bank %all accept applications =        
infra/ructure projects = ! designation (
 ^? projects t may receive f9ancial     
assi/ance "u ?is section = any          
infra/ructure project hav+--  7#a7 a    
public sponsor2 &  7#b7 local1 regional1
 or national significance4  7c7         
,guidel9es = infra/ructure projects ,!  
,executive ,committee & ! ,bo>d %all    
e/abli% /&>d op]at+ proc$ures1 & develop
 onl9e application proc$ures1 to assi/  
applications ( infra/ructure projects "u
 ?is section to develop applications =  
f9ancial assi/ance "u ?is section4  7d7 
,crit]ia  7#a7 ,9 g5]al ,9 mak+ a       
det]m9ation z to :e!r to provide an     
infra/ructure project ) f9ancial        
assi/ance1 ! ,bo>d %all evaluate & rate 
ea* applicant bas$ on ! factors         
appropriate = ! type ( ! propos$        
infra/ructure project1 includ+--  7,a7  

consi/5cy ( ! project ) a regional      
infra/ructure developm5t plan t builds  
economic connectivity 9 ! project area &
 beyond1 s t maximum gr[? is a*iev$ :ile
 leav+ no community beh9d2  7,b7 a life 
cycle projection ( ! b5efits1 z comp>$  
to co/s1 ( ! project1 t incorporates !  
factors 9 subp>agraphs 7,c7 ?r\gh 7,n7 (
 ?is p>agraph2  7,c7 promotion (        
economic gr[?1 includ+ private sector-l$
 gr[? associat$ ) ! project2  7,d7 job  
creation1 includ+ fair & responsible    
employm5t practices1 & a work=ce        
developm5t to tra9 work]s 9 new skills1 
includ+ by union appr5tice programs to  
tra9 new hires2  7,e7 a pref]5ce =      
projects 9 areas ( high unemploym5t1 or 
disadvantag$ communities1 includ+ a     
work=ce developm5t plan to tra9 work]s 9
 new skills2  7,f7 environm5tal & public
 heal? b5efits includ+ ! r$uction 9     
gre5h\se gases1 & wat] & air pollution1 
& ! removal ( lead & o!r haz>d\s        
mat]ials2  7,g7 a demon/rat$ ability to 
contract = design1 con/ruction1         

op]ation1 & ma9t5ance ( ! infra/ructure 
project ?r\gh\t its e/imat$ useful life1
 includ+ by def9+ project objectives &  
utiliz+ p]=mance-bas$ monitor+2  7,h7 an
 und]/&+ ( ! /rategic importance (      
bundl+ ( projects1 correctly siz+       
projects1 & adopt+ value design &       
procurem5t proc$ures1 s z to realize    
long-run co/ sav+s f dig1 build1 exp&1  
or improve only once2  7,i7 an und]/&+ (
 ! importance ( innovative &            
/ate-(-!-art te*nologies t a*ieve       
project reliability1 effici5cy1         
resili5cy1 su/a9ability1 security1 &    
public safety2  7,j7 9 cases :]e        
infra/ructure is publicly or privately  
own$1 a pref]5ce = projects t lev]age   
,f$]al1 ,/ate1 local1 & private f9anc+1 
includ+ public-private p>tn]%ips1 or :]e
 companies c %[ t ! additional capital  
c\ld n be obta9$ f comm]cial s\rces2    
7,k7 a consid]ation ( ! co/s & b5efits (
 pres]v+ & repurpos+ exi/+              
infra/ructure1 9 p>ticul> to mitigate   
aga9/ unemploym5t & bol/] manufactur+ 9 

! ,unit$ ,/ates2  7,l7 integration ( o!r
 qualifi$ projects t may or %\ld be done
 concurr5tly2  7,m7 a categorical       
b5efit2 &  7,n7 any o!r crit]ia z       
det]m9$ by ! ,bo>d1 ) approval by !     
,bo>d4  7#b7 ,categorical b5efit ,9 ?is 
subsection1 ! t]m categorical b5efit    
means ! foll[+3 7,a7 ,= any             
transportation infra/ructure project3   
7i7 ,a r$uction 9 surface & air traffic 
conge/ion1 by road1 transit1 pass5g]    
rail1 freight rail1 port or inl& wat]   
travel1 or air travel1 z measur$ by     
r$uctions 9 transit1 bo>d+1 & total trip
 times4  7ii7 ,an anticipat$ increase 9 
capacity = exi/+ & expect$ new rid]%ip  
or transport use1 includ+ by high-spe$  
rail4  7iii7 ,a r$uction 9 risks f      
ma9t5ance decl9e1 or /ructural failure1 
ov] ! s]vice life ( ! project4  7iv7 ,! 
coord9ation ( improvem5ts 9 commut]     
pass5g] op]ations1 freight transport1 & 
new community design1 ) ! demographics (
 population1 economic production1 &     
trade hubs accord+ to a regional        

infra/ructure plan4  7v7 ,an ov]all     
decl9e 9 gre5h\se gas emissions f       
surface & air transportation projects   
f9anc$ by ! ,bank4  7vi7 ,an increase 9 
access to af=dable transportation       
options1 includ+ by l[-income           
populations & ! disabl$4  7vii7         
,improvem5ts 9 safety = us]s1 pass5g]s1 
& op]ators1 z measur$ by a r$uction 9   
fatalities & s]i\s injuries4  7,b7 ,=   
any environm5tal infra/ructure project3 
7i7 ,increas$ coa/al & inl& flood       
mitigation & protection4  7ii7          
,improvem5ts 9 dr9k+ wat]1 wa/ewat]1 or 
/ormwat] sy/ems1 ?r\gh ! repair1        
expansion or replacem5t ( su* sy/ems4   
7iii7 ,a r$uction 9 risk to any public  
infra/ructure f /ructural failure1 or   
damage1 due to wea!r-relat$ ev5ts or    
cata/rophic wildfires4  7iv7            
,environm5tal improvem5ts f ! removal ( 
haz>d\s wa/es4  7,c7 ,= any en]gy       
infra/ructure project3 7i7 ,developm5t (
 a sm>t grid1 ) mod]n security &        
resili5cy sy/ems4  7ii7 ,exp&$ use (    

clean en]gy4  7iii7 ,en]gy effici5t     
build+s1 includ+ clean en]gy designat$  
retr(its4  7iv7 ,developm5t ( localiz$  
p[] g5]ation1 & its integration into !  
grid4  7,d7 ,= any telecommunications   
project3  7i7 ,completion or improvem5t 
9 broadb& & wireless access &           
af=dability 9 rural & disadvantag$      
communities t private companies d n     
s]ve4  7ii7 ,improvem5t ( ! global      
telecommunication satellite network4    
7,e7 ,= any community developm5t        
infra/ructure project3 7i7 ,mod]nization
 ( local l& use policies1 includ+ ^? t  
promote transit-ori5t$ developm5t &     
location effici5cy4  7ii7 ,expansion 9 !
 provision ( public h\s+1 or publicly   
assi/$ af=dable h\s+1 to provide        
long-t]m af=dability 9 t>get$1          
disadvantag$ communities1 = families &  
p]sons ) incomes equival5t to ^?        
curr5tly assi/$1 & improvem5t 9 !       
physical condition ( su* h\s+4  7iii7   
,replacem5t ( s*ools t h rea*$ _! s]vice
 lifetime2 or expansion ( s*ool         

facilities ) gr[+ populations1 or to    
h\se new programs = work=ce developm5t4 
7iv7 ,improvem5ts 9 ,national1 ,/ate1 & 
local p>ks & recreation facilities &    
relat$ op5 space l& managem5t4  7e7     
,em]g5cy proc$ures ,dur+ ! ,bank's fir/ 
ye> ( op]ation1 or until ! ,bank has    
provid$ a total ( #ejj1jjj1jjj1jjj 9    
loans1 ! ,bo>d may relax its selection  
crit]ia & proc$ures 9 favor ( l5d+      
quickly = projects--  7#a7 t r$uce      
unemploym5t2  7#b7 t address ! backlog (
 critical1 %ovel-ready projects = :i*   
prelim9>y eng9e]+ or p]mitt+ is already 
complet$2 or  7#c7 :]e !re is a critical
 safety or o!r public ne$4  #bjf4 ,bo>d 
( ,directors  7a7 ,9 g5]al ,! ,bank %all
 h a ,bo>d ( ,directors consi/+ ( #be   
memb]s appo9t$ by ! ,presid5t by & ) !  
advice & cons5t ( ! ,s5ate4  7b7        
,qualifications ,! directors ( ! ,bo>d  
%all include individuals repres5t+      
diff]5t regions ( ! ,unit$ ,/ates &--   
7#a7 #ab ( ! directors %all h at lea/   
#ae ye>s ( indu/rial & eng9e]+ exp]i5ce2

  7#b7 #a director %all be f !          
,,afl-,,cio2  7#c7 #b ( ! directors %all
 be f ,nor? ,am]ica's ,build+ ,trades   
,unions2  7#d7 #b ( ! directors %all be 
f ! ,unit$ ,/ates ,army ,corp (         
,eng9e]s2  7#e7 #b ( ! directors %all h 
,/ate & local public sector exp]i5ce2   
7#f7 #b ( ! directors %all h f9ance     
exp]i5ce2  7#g7 #b ( ! directors %all h 
economic developm5t exp]i5ce2 &  7#h7 #b
 director %all repres5t m9ority         
communities or disadvantag$ communities4
  7c7 ,*airp]son & vice *airp]son ,z    
designat$ at ! "t ( appo9tm5t1 "o ( !   
directors ( ! ,bo>d %all be designat$   
*airp]son ( ! ,bo>d by ! ,presid5t & "o 
%all be designat$ z vice *airp]son ( !  
,bo>d by ! ,presid5t4  7d7 ,t]ms  7#a7  
,9 g5]al ,except z provid$ 9 p>agraph   
7#b71 ea* director %all be appo9t$ = a  
t]m ( #f ye>s4  7#b7 ,initial /agg]$    
t]ms ,( ! initial memb]s ( ! ,bo>d--    
7,a7 ! *airp]son & vice *airp]son %all  
ea* be appo9t$ = t]ms ( #f ye>s2  7,b7  
#ab directors %all be appo9t$ = a t]m ( 

#d ye>s2 &  7,c7 #aa directors %all be  
appo9t$ = a t]m ( #b ye>s4  7e7         
,congressional recomm5dations ,n lat]   
?an #cj days aft] ! date ( enactm5t (   
?is ,act1 ! majority lead] ( ! ,s5ate1 !
 m9ority lead] ( ! ,s5ate1 ! ,speak] ( !
 ,h\se ( ,repres5tatives1 & ! m9ority   
lead] ( ! ,h\se ( ,repres5tatives %all  
ea* submit a recomm5dation to !         
,presid5t = appo9tm5t ( a memb] ( !     
,bo>d ( ,directors1 aft] consultation ) 
! appropriate committees ( ,congress4   
7f7 ,date ( initial nom9ations ,!       
initial nom9ations by ! ,presid5t =     
appo9tm5t ( directors to ! ,bo>d %all be
 made n lat] ?an #fj days aft] ! date ( 
enactm5t ( ?is ,act4  7g7 ,vacancies    
7#a7 ,9 g5]al ,a vacancy on ! ,bo>d %all
 be fill$ 9 ! mann] 9 :i* ! orig9al     
appo9tm5t 0 made4  7#b7 ,appo9tm5t to   
replace dur+ t]m ,any director appo9t$  
to fill a vacancy occurr+ be=e !        
expiration ( ! t]m = :i* ! director's   
pr$ecessor 0 appo9t$ %all be appo9t$    
only = ! rema9d] ( ! t]m4  7#c7         

,duration ,a director may s]ve aft] !   
expiration ( t director's t]m until a   
successor has tak5 (fice4  7h7 ,quorum  
,at ! "t ( any ,bo>d meet+1 #ge p]c5t ( 
! directors confirm$ by ,congress 7r\nd$
 d[n to a :ole numb]7 %all con/itute a  
quorum4  7i7 ,reappo9tm5t ,a director ( 
! ,bo>d appo9t$ by ! ,presid5t may be   
reappo9t$ by ! ,presid5t 9 accordance ) 
?is section4  7j7 ,p] diem reimbursem5t 
,directors ( ! ,bo>d %all s]ve on a     
"p-"t basis & %all receive a p] diem :5 
engag$ 9 ! actual p]=mance ( ,bank      
bus9ess1 plus reasonable reimbursem5t = 
travel1 subsi/5ce1 & o!r necess>y       
exp5ses incurr$ 9 ! p]=mance ( _!       
duties4  7k7 ,limitations ,a director ( 
! ,bo>d may n p>ticipate 9 any review or
 decision affect+ a project "u          
consid]ation = assi/ance "u ?is ,act if 
! director has or is affiliat$ ) a p]son
 :o has an int]e/ 9 su* project4  7l7   
,responsibilities ,! ,bo>d %all-- 7#a7 z
 soon z is practicable aft] ! date on   
:i* ! la/ director is appo9t$1 e/abli%  

an ,executive ,committee1 ,risk         
,managem5t ,committee & ,audit          
,committee z prescrib$ by ?is ,act2     
7#b7 n lat] ?an #ahj days aft] ! date on
 :i* ! la/ director is appo9t$ develop &
 approve ! bylaws ( ! ,bank1 & publi%   
su* bylaws 9 ! ,f$]al ,regi/]1 includ+  
bylaws = ! regulation ( ! affairs &     
conduct ( ! bus9ess ( ! ,bank1 consi/5t 
) ! purpose1 goals1 objectives1 &       
policies set =? 9 ?is ,act2  7#c7 ensure
 t ! ,bank is at all times op]at$ 9 a   
mann] t is consi/5t ) ?is ,act1 by--    
7,a7 monitor+ & assess+ ! effectiv5ess (
 ! ,bank 9 a*iev+ its /rategic goals2   
7,b7 p]iodically review+ int]nal        
policies submitt$ by ! *ief executive   
(fic]2  7,c7 review+ & approv+ annual   
bus9ess plans1 annual budgets1 &        
long-t]m /rategies submitt$ by ! *ief   
executive (fic]2  7,d7 review+ & approv+
 annual reports submitt$ by ! *ief      
executive (fic]2  7,e7 review+ risk     
managem5t & audit practices ( ! ,bank2 &
  7,f7 review+ & approv+ all *anges to !

 organization ( ! ,bank2 &  7#d7        
e/abli%+ su* o!r crit]ia1 requirem5ts1  
or proc$ures z ! ,bo>d may consid] to be
 appropriate 9 c>ry+ out ?is ,act4  7m7 
,meet+s  7#a7 ,op5 to ! public2 notice  
,all meet+s ( ! ,bo>d held to conduct ! 
bus9ess ( ! ,bank %all be op5 to !      
public & %all be prec$$ by reasonable   
notice4  7#b7 ,initial meet+ ,! ,bo>d   
%all meet n lat] ?an #ij days aft] !    
date on :i* ! la/ director is appo9t$ & 
o!rwise at ! call ( ! ,*airp]son4  7#c7 
,exception = clos$ meet+s ,pursuant to  
su* rules z ! ,bo>d may e/abli% ?r\gh _!
 bylaws1 ! directors may close a meet+ (
 ! ,bo>d if1 at ! meet+1 !re is likely  
to be disclos$ in=mation :i* c\ld       
adv]sely affect or lead to speculation  
relat+ to an infra/ructure project "u   
consid]ation = assi/ance "u ?is ,act or 
9 f9ancial or securities or commodities 
m>kets or in/itutions1 utilities1 or    
real e/ate4 ,! det]m9ation to close any 
meet+ ( ! ,bo>d %all be made 9 a meet+ (
 ! ,bo>d1 op5 to ! public1 & prec$$ by  

reasonable notice4 ,! ,bo>d %all prep>e 
m9utes ( any meet+ :i* is clos$ to !    
public & make su* m9utes available z    
soon z ! consid]ations necessitat+ clos+
 su* meet+ no long] apply4  #bjg4 ,p[]s 
& limitations ( ! ,bo>d  7a7 ,p[]s ,9   
ord] to c>ry out ! purposes ( ! ,bank z 
set =? 9 ?is ,act1 ! ,bo>d %all be      
responsible = ! approval & monitor+ (   
infra/ructure projects1 & h ! foll[+    
p[]s3 7#a7 ,to make s5ior & subord9at$  
direct loans on su* t]ms z ! ,bo>d may  
det]m9e1 9 ! ,bo>d's discretion1 to be  
appropriate to assi/ 9 ! f9anc+ or      
ref9anc+ ( an infra/ructure project4    
7#b7 ,subject to ! availability ( fund+1
 z det]m9$ by ! ,bo>d1 to develop       
specializ$ loan programs1 su* z a       
disadvantag$ communities loan program1  
or a community coop]ative />tup1 t      
provide project f9anc+ on flexible      
repaym5t t]ms4  7#c7 ,to make loan      
gu>antees on su* t]ms z ! ,bo>d may     
det]m9e1 9 ! ,bo>d's discretion1 to be  
appropriate to assi/ 9 ! f9anc+ or      

ref9anc+ ( an infra/ructure project4    
7#d7 ,to issue ,bonds1 to provide f9anc+
 to infra/ructure projects f am\nts made
 available f ! issuance ( su* bonds4    
7#e7 ,to make agreem5ts & contracts )   
any entity 9 fur!rance ( ! bus9ess ( !  
,bank4  7#f7 ,to approve infra/ructure  
loans f9anc$ 9 :ole or 9 "p1 by ! ,bank1
 aft] receiv+ recomm5dations f !        
,executive ,committee e/abli%$ 9 section
 #bjh4  7#g7 ,to monitor infra/ructure  
projects f9anc$ 9 :ole or 9 "p1 by !    
,bank1 aft] receiv+ assessm5ts f !      
,executive ,committee4  7#h7 ,to sue &  
be su$ 9 ! ,bank's corporate capacity 9 
any c\rt ( compet5t jurisdiction1 except
 t no atta*m5t1 injunction1 or simil>   
process1 may be issu$ aga9/ ! prop]ty ( 
! ,bank or aga9/ ! ,bank ) respect to   
su* prop]ty4  7#i7 ,to indemnify !      
directors & (fic]s ( ! ,bank =          
liabilities aris+ out ( ! actions ( !   
directors & (fic]s 9 su* capacity1 9    
accordance )1 & subject to ! limitations
 conta9$ 91 ?is ,act4  7#aj7 ,to s]ve z 

! prim>y liaison betwe5 ! ,bank & !     
,congress1 ! executive bran*1 & ,/ate & 
local gov]nm5ts1 & to repres5t ! ,bank's
 int]e/s4  7#aa7 ,to ex]cise all o!r    
lawful p[]s :i* are necess>y or         
appropriate to c>ry out1 & are consi/5t 
)1 ! purposes ( ! ,bank4  7b7 ,employee 
protections ,prior to provid+ any       
f9ancial assi/ance = an infra/ructure   
project involv+ recon/ruction1          
rehabilitation1 replacem5t1 or expansion
 t may impact curr5t employees on !     
project site1 ! int]e/s ( employees     
affect$ by ! f9ancial assi/ance %all    
comply ) applicable ,f$]al law z set out
 9 section #bae4  7c7 ,coord9ation )    
,/ate & local regulatory au?ority ,!    
provision ( f9ancial assi/ance by !     
,bo>d pursuant to ?is ,act %all n be    
con/ru$ z--  7#a7 limit+ ! "r ( any     
,/ate or political subdivision or o!r   
in/rum5tality ( a ,/ate to approve or   
regulate rates ( return on private      
equity inve/$ 9 a project2 or  7#b7     
o!rwise sup]s$+ any ,/ate law or        

regulation applicable to a project4  7d7
 ,f$]al p]sonnel reque/s ,! ,bo>d %all h
 ! p[] to reque/ ! detail1 on a         
reimbursable basis1 ( p]sonnel f o!r    
,f$]al ag5cies ) specific exp]tise n    
available f )9 ! ,bank or else:]e4 ,!   
head ( any ,f$]al ag5cy may detail1 on a
 reimbursable basis1 any p]sonnel ( su* 
ag5cy reque/$ by ! ,bo>d & %all n )hold 
unreasonably ! detail ( any p]sonnel    
reque/$ by ! ,bo>d4  #bjh4 ,executive   
committee  7a7 ,9 g5]al ,! ,bo>d %all   
e/abli% an ,executive ,committee consi/+
 ( #i memb]s1 head$ by ! *ief executive 
(fic] ( ! ,bank4  7b7 ,,ceo ,a majority 
( ! ,bo>d %all h ! au?ority to appo9t & 
reappo9t ! *ief executive (fic] ) su*   
executive functions1 p[]s1 & duties z   
may be prescrib$ by ?is ,act1 ! bylaws (
 ! ,bank1 or ! ,bo>d4  7c7 ,,ceo        
responsibilities ,! ,,ceo %all h        
responsibility = ! developm5t &         
implem5tation ( ! /rategy ( ! ,bank1    
includ+--  7#a7 ! developm5t &          
submission to ! ,bo>d ( ! annual bus9ess

 plans & budget2  7#b7 ! developm5t &   
submission to ! ,bo>d ( a long-t]m      
/rategic infra/ructure developm5t plan t
 is consi/5t ) regional plans z pres5t$ 
to ! ,bank by ,regional ,economic       
,accel]ator ,plann+ ,gr\ps2 &  7#c7 !   
developm5t1 revision1 & submission to ! 
,bo>d ( ,directors ( ! ,bank's o!r      
int]nal policies4  7d7 ,o!r executive   
(fic]s ,! ,bo>d %all appo9t1 remove1 fix
 ! comp5sation1 & def9e duties ( #h o!r 
executive (fic]s to s]ve on ! ,executive
 ,committee z !--  7#a7 *ief risk (fic]2
  7#b7 *ief op]ations (fic]2  7#c7 *ief 
loan orig9ation (fic]2  7#d7 *ief       
compliance (fic]2  7#e7 *ief f9ancial   
(fic]2  7#f7 *ief treasury (fic]2  7#g7 
*ief asset & liability managem5t (fic]2 
&  7#h7 g5]al c\nsel4  7e7              
,qualifications ,! ,,ceo1 z well z o!r  
executive (fic]s1 & all loan orig9ation 
(fic]s1 %all h ext5sive exp]i5ce &      
exp]tise 9 retail bank+1 & 9 "o or m ( !
 foll[+3 7#a7 ,transportation           
infra/ructure4  7#b7 ,environm5tal      

infra/ructure4  7#c7 ,en]gy             
infra/ructure4  7#d7 ,telecommunications
 infra/ructure4  7#e7 ,public h\s+ &    
urban or rural developm5t4  7#f7        
,economic developm5t4  7#g7 ,work=ce    
developm5t4  7#h7 ,public f9ance4  7f7  
,duties ,9 ord] to c>ry out ! purposes (
 ! ,bank z set =? 9 ?is ,act1 !         
,executive ,committee %all--  7#a7      
e/abli% & submit to ! ,bo>d disclosure &
 application proc$ures = entities       
nom9at+ projects = assi/ance "u ?is     
,act2  7#b7 e/abli% & submit to ! ,bo>d 
/&>diz$ t]ms & conditions1 fee s*$ules1 
or legal requirem5ts ( a contract or    
program to c>ry out ?is ,act2  7#c7     
e/abli% & submit to ! ,bo>d guidel9es = 
! selection & approval ( projects &     
specific crit]ia = det]m9+ eligibility =
 project selection1 subject to ! g5]al  
crit]ia provid$ 9 section #bje2  7#d7   
accept1 = consid]ation1 project         
proposals relat+ to ! developm5t (      
infra/ructure projects1 :i* meet ! basic
 crit]ia e/abli%$ by ?is ,act & by !    

,executive ,committee1 & :i* are        
submitt$ by an entity2  7#e7 provide    
recomm5dations to ! ,bo>d & place       
project proposals accept$ by !          
,executive ,committee on a li/ =        
consid]ation = f9ancial assi/ance f !   
,bo>d2 &  7#f7 e/abli% a plan1 & build  
capacity )9 ! ,bank1 to provide te*nical
 assi/ance to ,/ate & local gov]nm5ts1  
regional economic accel]ator plann+     
gr\ps e/abli%$ "u section #bjd1 jo9t    
v5tures1 regional economic accel]ator   
ag5cies1 & o!r borr[+ entities on--     
7,a7 ! ,bank's borr[+ proc$ures &       
selection crit]ia2  7,b7 developm5t ( a 
pipel9e ( projects suitable = f9anc+1 t 
meet ! selection crit]ia develop$ by !  
,bank2  7,c7 developm5t ( specializ$    
in/itutional /ructures1 & cross-region  
plann+1 to help 9 ! plann+ ( complex    
projects2  7,d7 be/ design1 con/ruction1
 & managem5t practices1 includ+ ^?      
id5tifi$ 9 global infra/ructure         
databases2  7,e7 contract evaluation    
me?ods1 includ+ procurem5t value-=-money

 options2 &  7,f7 in/itution /r5g!n+    
relat+ to ! managem5t ( projects & "w   
contracts1 includ+ ?r\gh p]=mance-bas$  
project deliv]y4  7g7 ,vacancy ,a       
vacancy 9 ! position ( ,,ceo & o!r      
executive (fic]s ( ! ,executive         
,committee %all be fill$ 9 ! mann] 9 :i*
 ! orig9al appo9tm5t 0 made4  7h7       
,comp5sation ,! comp5sation ( ! ,,ceo & 
o!r executive (fic]s ( ! ,executive     
,committee %all be det]m9$ by ! ,bo>d4  
7i7 ,removal ,! ,,ceo & o!r executive   
(fic]s ( ! ,executive ,committee may be 
remov$ at ! discretion ( a majority ( ! 
,bo>d4  7j7 ,t]m ,! ,,ceo & o!r         
executive (fic]s ( ! ,executive         
,committee %all s]ve a #f-ye> t]m & may 
be reappo9t$ 9 accordance ) ?is section4
  7k7 ,limitations ,! ,,ceo & o!r       
executive (fic]s ( ! ,executive         
,committee %all n-- 7#a7 hold any o!r   
public (fice2  7#b7 h any int]e/ 9 an   
infra/ructure project consid]$ by !     
,bo>d2  7#c7 h any int]e/ 9 an inve/m5t 
in/itution1 comm]cial bank1 or o!r      

entity seek+ f9ancial assi/ance = any   
infra/ructure project f or inve/+ 9 !   
,bank2 &  7#d7 h any su* int]e/ dur+ !  
#b-ye> p]iod beg9n+ on ! date su* (fic] 
ceases to s]ve 9 su* capacity4  #bji4   
,risk managem5t committee  7a7          
,e/abli%m5t ( risk managem5t committee  
,! ,bo>d %all e/abli% a risk managem5t  
committee consi/+ ( #e memb]s1 head$ by 
! *ief risk (fic]1 ) p>ticipation f !   
*ief loan orig9ation (fic]4  7b7        
,appo9tm5ts ,a majority ( ! ,bo>d %all h
 ! au?ority to appo9t & reappo9t ! ,,cro
 ( ! ,bank4  7c7 ,functions2 duties     
7#a7 ,9 g5]al ,! ,,cro %all h su*       
functions1 p[]s1 & duties z may be      
prescrib$ by "o or m ( ! foll[+3 ,?is   
,act1 ! bylaws ( ! ,bank1 & ! ,bo>d4 ,! 
,,cro %all report directly to ! ,bo>d4  
7#b7 ,risk managem5t duties ,9 ord] to  
c>ry out ! purposes ( ?is ,act1 ! risk  
managem5t committee %all-- 7,a7 create  
ov]>*+ f9ancial1 cr$it1 & op]ational    
risk managem5t guidel9es & policies to  
be adh]$ to by ! ,bank2  7,b7 create    

con=m+ /&>ds = loan agreem5ts to ensure 
div]sification ( l5d+ activities by--   
7i7 geographic region1 infra/ructure    
project type1 & inclusion ( disadvantag$
 & rural communities2 &  7ii7 compliance
 ) ,f$]al & ,/ate laws ref]r$ to 9      
section #bac2  7,c7 create specific     
plans = all f9ancial assi/ance provid$  
by ! ,bank1 includ+ subsidy programs =  
disadvantag$ communities & project      
t>get+ = disadvantag$ bus9ess ent]prises
 cov]$ by section #dgaac ( title #di1   
,unit$ ,/ates ,code2  7,d7 monitor      
ov]all f9ancial1 cr$it1 & op]ational    
exposure ( ! ,bank2  7,e7 create a /&+  
subcommittee to p]=m regul> cr$it       
evaluations & report on l>ge            
infra/ructure loans ext5d$ by ! ,bank t 
monitor compliance ) t]ms1 & atta9m5t ( 
p]=mance t>gets conta9$ 9 loan          
agreem5ts2 &  7,f7 provide f9ancial     
recomm5dations to ! ,bo>d = ,bo>d       
approval4  7d7 ,o!r risk managem5t      
(fic]s ,! ,bo>d %all appo9t1 remove1 fix
 ! comp5sation1 & def9e ! duties ( #d   

o!r risk managem5t (fic]s to s]ve on !  
risk managem5t committee4  7e7          
,qualifications ,! ,,cro & o!r risk     
managem5t (fic]s %all h demon/rat$      
exp]i5ce & exp]tise 9 "o or m ( !       
foll[+3 7#a7 ,treasury & asset &        
liability managem5t4  7#b7 ,inve/m5t    
regulations4  7#c7 ,insurance4  7#d7    
,cr$it risk managem5t & cr$it           
evaluations4  7#e7 ,infra/ructure       
developm5t projects4  7f7 ,vacancy ,a   
vacancy 9 ! position ( ,,cro & o!r risk 
managem5t (fic]s ( ! risk managem5t     
committee %all be fill$ 9 ! mann] 9 :i* 
! orig9al appo9tm5t 0 made4  7g7        
,comp5sation ,! comp5sation ( ! ,,cro & 
o!r risk managem5t (fic]s ( ! risk      
managem5t committee %all be det]m9$ by !
 ,bo>d4  7h7 ,removal ,! ,,cro & o!r    
risk managem5t (fic]s ( ! risk managem5t
 committee may be remov$ at ! discretion
 ( a majority ( ! ,bo>d4  7i7 ,t]m ,!   
,,cro & o!r risk managem5t (fic]s ( !   
risk managem5t committee %all s]ve a    
#f-ye> t]m & may be reappo9t$ 9         

accordance ) ?is section4  7j7          
,limitations ,! ,,cro & o!r risk        
managem5t (fic]s ( ! risk managem5t     
committee %all n-- 7#a7 hold any o!r    
public (fice2  7#b7 h any int]e/ 9 an   
infra/ructure project consid]$ by !     
,bo>d2  7#c7 h any int]e/ 9 an inve/m5t 
in/itution1 comm]cial bank1 or o!r      
entity seek+ f9ancial assi/ance = any   
infra/ructure project f or inve/+ 9 !   
,bank2 &  7#d7 h any su* int]e/ dur+ !  
#b-ye> p]iod beg9n+ on ! date su* (fic] 
ceases to s]ve 9 su* capacity4  #baj4   
,audit committee  7a7 ,9 g5]al ,! ,bank 
%all e/abli% an audit committee consi/+ 
( #e memb]s1 head$ by ! *ief compliance 
(fic] ( ! ,bank4  7b7 ,appo9tm5ts ,a    
majority ( ! ,bo>d %all h ! au?ority to 
appo9t & reappo9t ! ,,cco ( ! ,bank4    
7c7 ,functions2 duties ,! ,,cco %all h  
su* functions1 p[]s1 & duties z may be  
prescrib$ by ?is ,act1 ! bylaws ( !     
,bank1 & ! ,bo>d4 ,! ,,cco %all report  
directly to ! ,bo>d4  7d7 ,audit duties 
,9 ord] to c>ry out ! purposes ( ! ,bank

 "u ?is ,act1 ! audit committee %all--  
7#a7 provide int]nal controls & int]nal 
audit+ activities = ! ,bank2  7#b7      
ma9ta9 responsibility = ! acc\nt+       
activities ( ! ,bank2  7#c7 conduct     
int]nal inve/igations ( ! bus9ess       
activities ( ! ,bank2  7#d7 issue       
f9ancial reports ( ! ,bank2 &  7#e7     
complete reports ) outside auditors &   
public acc\ntants appo9t$ by ! ,bo>d4   
7e7 ,o!r audit (fic]s ,! ,bo>d %all     
appo9t1 remove1 fix ! comp5sation1 &    
def9e ! duties ( #d o!r audit (fic]s to 
s]ve on ! audit committee4  7f7         
,qualifications ,! ,,cco & o!r audit    
(fic]s %all h demon/rat$ exp]i5ce &     
exp]tise 9 "o or m ( ! foll[+3  7#a7    
,int]nal audit+4  7#b7 ,int]nal         
inve/igations4  7#c7 ,acc\nt+ practices4
  7#d7 ,f9anc+ practices4  7g7 ,vacancy 
,a vacancy 9 ! position ( ,,cco & o!r   
audit (fic]s ( ! audit committee %all be
 fill$ 9 ! mann] 9 :i* ! orig9al        
appo9tm5t 0 made4  7h7 ,comp5sation ,!  
comp5sation ( ! ,,cco & o!r audit (fic]s

 ( ! audit committee %all be det]m9$ by 
! ,bo>d4  7i7 ,removal ,! ,,cco & o!r   
audit (fic]s ( ! audit committee may be 
remov$ at ! discretion ( a majority ( ! 
,bo>d4  7j7 ,t]m ,! ,,cco & o!r audit   
(fic]s ( ! audit committee %all s]ve a  
#f-ye> t]m & may be reappo9t$ 9         
accordance ) ?is section4  7k7          
,limitations ,! ,,cco & o!r audit (fic]s
 ( ! audit committee %all n-- 7#a7 hold 
any o!r public (fice2  7#b7 h any int]e/
 9 an infra/ructure project consid]$ by 
! ,bo>d2  7#c7 h any int]e/ 9 an        
inve/m5t in/itution1 comm]cial bank1 or 
o!r entity seek+ f9ancial assi/ance =   
any infra/ructure project f or inve/+ 9 
! ,bank2 &  7#d7 h any su* int]e/ dur+ !
 #b-ye> p]iod beg9n+ on ! date su* (fic]
 ceases to s]ve 9 su* capacity4  #baa4  
,p]sonnel  7a7 ,comp5sation2 duties ,!  
*airp]son ( ! ,bo>d1 *ief executive     
(fic]1 *ief risk (fic]1 & *ief          
compliance (fic] %all appo9t1 remove1   
fix ! comp5sation (1 & def9e ! duties ( 
su* qualifi$ p]sonnel to s]ve "u !      

,bo>d1 ,executive ,committee1 risk      
managem5t committee1 or audit committee1
 z ! case may be1 z necess>y & prescrib$
 by ?is ,act1 ! bylaws ( ! ,bank1 & !   
,bo>d4  7b7 ,p>ticipation by o!r ag5cy  
p]sonnel ,consid]ation ( projects by !  
,executive ,committee & ! ,bo>d %all be 
conduct$ ) p]sonnel on detail to ! ,bank
 f ,unit$ ,/ates ,army ,corps (         
,eng9e]s1 ! ,dep>tm5t ( ,transportation1
 ! ,dep>tm5t ( ,labor1 ! ,dep>tm5t (    
,h\s+ & ,urban ,developm5t1 !           
,environm5tal ,protection ,ag5cy1 !     
,dep>tm5t ( ! ,treasury1 ! ,dep>tm5t (  
,comm]ce1 & o!r relevant dep>tm5ts &    
ag5cies f among individuals :o are      
famili> ) & exp]i5c$ 9 ! selection      
crit]ia = competitive projects4 ,! ,bank
 %all reimburse ^? dep>tm5ts & ag5cies =
 ! /aff :o are on detail to ! ,bank4    
#bab4 ,special ,inspector ,g5]al = !    
,national ,infra/ructure ,bank  7a7 ,9  
g5]al ,beg9n+ on ! date on :i* !        
,presid5t appo9ts a ,special ,inspector 
,g5]al = ! ,bank 7ref]r$ to 9 ?is ,act z

 ! ,special ,inspector ,g5]al7 "u       
subsection 7b71 !re is e/abli%$ an      
,(fice ( ! ,special ,inspector ,g5]al = 
! ,bank4  7b7 ,appo9tm5t ( inspector    
g5]al2 removal  7#a7 ,appo9tm5t ,!      
,special ,inspector ,g5]al = ! ,bank    
%all be appo9t$ by ! ,presid5t1 by & ) !
 advice & cons5t ( ! ,s5ate4  7#b7      
,basis ( appo9tm5t ,! appo9tm5t ( !     
,special ,inspector ,g5]al %all be made 
on ! basis ( integrity & demon/rat$     
ability 9 acc\nt+1 audit+1 f9ancial     
analysis1 law1 managem5t analysis1      
public adm9i/ration1 or inve/igations4  
7#c7 ,tim+ ( nom9ation ,! nom9ation ( an
 individual z ,special ,inspector ,g5]al
 %all be made z soon z practicable aft] 
! date ( enactm5t ( ?is ,act4  7#d7     
,removal ,! ,special ,inspector ,g5]al  
%all be removable f (fice 9 accordance )
 ! provisions ( section #c7;b7 ( !      
,inspector ,g5]al ,act ( #aigh 7#e      
,u4,s4,c4 ,app474  7#e7 ,rule (         
con/ruction ,= purposes ( section #gcbd 
( title #e1 ,unit$ ,/ates ,code1 !      

,special ,inspector ,g5]al %all n be    
consid]$ an employee :o det]m9es        
policies to be pursu$ by ! ,unit$ ,/ates
 9 ! nationwide adm9i/ration ( ,f$]al   
law4  7#f7 ,rate ( pay ,! annual rate ( 
basic pay ( ! ,special ,inspector ,g5]al
 %all be ! annual rate ( basic pay = an 
,inspector ,g5]al "u section #c7;e7 ( ! 
,inspector ,g5]al ,act ( #aigh 7#e      
,u4,s4,c4 ,app474  7c7 ,duties ,!       
,special ,inspector ,g5]al %all-- 7#a7  
conduct1 sup]vise1 & coord9ate audits & 
inve/igations ( ! bus9ess activities ( !
 ,bank2  7#b7 e/abli%1 ma9ta91 & ov]see 
su* sy/ems1 proc$ures1 & controls z !   
,special ,inspector ,g5]al consid]s     
appropriate to dis*>ge ! duty "u        
p>agraph 7#a72 &  7#c7 c>ry out any o!r 
duties & responsibilities ( inspectors  
g5]al "u ! ,inspector ,g5]al ,act (     
#aigh 7#e ,u4,s4,c4 ,app474  7d7 ,p[]s &
 au?orities  7#a7 ,9 g5]al ,9 c>ry+ out 
! duties specifi$ 9 subsection 7c71 !   
,special ,inspector ,g5]al %all h !     
au?orities provid$ 9 section #f ( !     

,inspector ,g5]al ,act ( #aigh 7#e      
,u4,s4,c4 ,app474  7#b7 ,additional     
au?ority ,! ,special ,inspector ,g5]al  
%all c>ry out ! duties specifi$ 9       
subsection 7c77#a7 9 accordance )       
section #d7;b77#a7 ( ! ,inspector ,g5]al
 ,act ( #aigh 7#e ,u4,s4,c4 ,app474  7e7
 ,p]sonnel1 facilities1 & o!r res\rces  
7#a7 ,additional (fic]s  7,a7 ,9 g5]al  
,! ,special ,inspector ,g5]al may       
select1 appo9t1 & employ su* (fic]s &   
employees z may be necess>y = c>ry+ out 
! duties ( ! ,special ,inspector ,g5]al1
 subject to ! provisions ( title #e1    
,unit$ ,/ates ,code1 gov]n+ appo9tm5ts 9
 ! competitive s]vice1 & ! provisions ( 
*apt] #ea & sub*apt] ,,iii ( *apt] #ec (
 su* title1 relat+ to classification &  
,g5]al ,s*$ule pay rates4  7,b7         
,employm5t & comp5sation ,! ,special    
,inspector ,g5]al may ex]cise !         
au?orities ( subsections 7b7 ?r\gh 7i7 (
 section #cafa ( title #e1 ,unit$ ,/ates
 ,code 7)\t reg>d to subsection 7a7 ( t 
section74  7#b7 ,ret5tion ( s]vices ,!  

,special ,inspector ,g5]al may obta9    
s]vices z au?oriz$ by section #caji (   
title #e1 ,unit$ ,/ates ,code1 at daily 
rates n to exce$ ! equival5t rate       
prescrib$ = grade ,,gs-#ae ( ! ,g5]al   
,s*$ule by section #eccb ( su* title4   
7#c7 ,ability to contract = audits1     
/udies1 & o!r s]vices ,! ,special       
,inspector ,g5]al may ent] into         
contracts & o!r arrangem5ts = audits1   
/udies1 analyses1 & o!r s]vices ) public
 ag5cies & ) private p]sons1 & make su* 
paym5ts z may be necess>y to c>ry out ! 
duties ( ! ,special ,inspector ,g5]al4  
7#d7 ,reque/ = in=mation  7,a7 ,9 g5]al 
,^u reque/ ( ! ,special ,inspector      
,g5]al = in=mation or assi/ance f any   
dep>tm5t1 ag5cy1 or o!r entity ( !      
,f$]al ,gov]nm5t1 ! head ( t entity     
%all1 ins(> z is practicable & n 9      
contrav5tion ( any exi/+ law1 furni% !  
in=mation or assi/ance to ! ,special    
,inspector ,g5]al or an au?oriz$        
designee4  7,b7 ,refusal to comply ,if  
in=mation or assi/ance reque/$ by !     

,special ,inspector ,g5]al is1 9 !      
judgm5t ( ! ,special ,inspector ,g5]al1 
unreasonably refus$ or n provid$1 !     
,special ,inspector ,g5]al %all report !
 circum/ances to ! ,secret>y1 )\t delay4
  7f7 ,reports  7#a7 ,annual report ,n  
lat] ?an #a ye> aft] ! date on :i* !    
,special ,inspector ,g5]al is confirm$1 
& e cal5d> ye> !reaft]1 ! ,special      
,inspector ,g5]al %all submit to !      
,presid5t & appropriate committees (    
,congress a report summ>iz+ ! activities
 ( ! ,special ,inspector ,g5]al dur+ !  
previ\s #a-ye> p]iod end+ on ! date on  
:i* su* report is requir$4  7#b7 ,public
 disclosures ,no?+ 9 ?is subsection     
au?orizes ! public disclosure (         
in=mation t is--  7,a7 specifically     
prohibit$ f disclosure by any o!r       
provision ( law2  7,b7 specifically     
requir$ by ,executive ord] to be        
protect$ f disclosure 9 ! int]e/ (      
national def5se or national security or 
9 ! conduct ( =eign affairs2 or  7,c7 a 
"p ( an ongo+ crim9al inve/igation4     

#bac4 ,/atus & applicability ( c]ta9    
,f$]al & ,/ate laws  7a7 ,national ,bank
 ,*>t] ,z soon z practicable aft] be+   
e/abli%$1 ! ,bank %all apply = a        
national bank *>t]4  7b7 ,compliance )  
,davis-,bacon ,act ,all labor]s &       
me*anics employ$ by contractors &       
subcontractors on infra/ructure projects
 fund$ directly by or assi/$ 9 :ole or 9
 "p by & ?r\gh ! ,bank pursuant to ?is  
,act %all be paid wages at rates n less 
?an ^? prevail+ on projects ( a "*      
simil> 9 ! locality z det]m9$ by !      
,secret>y ( ,labor 9 accordance )       
sub*apt] ,,iv ( *apt] #ca ( "p ,a (     
title #dj1 ,unit$ ,/ates ,code4 ,)      
respect to ! labor /&>ds specifi$ 9 ?is 
section1 ! ,secret>y ( ,labor %all h !  
au?ority & functions set =? 9           
,reorganization ,plan ,numb]$ #ad (     
#aiej 7#fd ,/at4 #abfg2 #e ,u4,s4,c4    
,app47 & section #cade ( title #dj1     
,unit$ ,/ates ,code4  7c7 ,compliance ) 
,project ,labor ,agreem5ts ,9 ,/ates 9  
:i* project labor agreem5ts are au?oriz$

 or enc\rag$ 79 :i* contractors ent]    
into b9d+1 pre-hire agreem5ts ) labor   
unions 9 ! con/ruction indu/ry71        
recipi5ts ( f9ancial assi/ance made     
available "u ?is ,act mu/ comply ) su*  
agreem5ts 79 accordance ) subsections   
7e7 & 7f7 ( section #h ( ! ,national    
,labor ,relations ,act 7#bi ,u4,s4,c4   
#aeh7 & ,executive ,ord] #acejb74 ,9    
,/ates 9 :i* project labor agreem5ts are
 prohibit$ by law to be requir$ = a     
project1 projects f9anc$ by ! ,bank     
pursuant to ! ,act %all p]mit volunt>y  
collective b>ga9+ ( su* agreem5ts4  7d7 
,compliance ) ,civil ,rights ,act (     
#aifd ,! ,bank1 along ) contractors &   
subcontractors on infra/ructure projects
 fund$ directly by1 or assi/$ 9 :ole or 
9 "p by ! ,bank1 %all comply ) title    
,,vi ( ! ,civil ,rights ,act ( #aifd z  
to hir+ & aw>d+ contracts to build      
projects4  7e7 ,buy ,am]ica ,none ( !   
f9anc+ provid$ by ! ,bank may be us$ =  
an infra/ructure project unless all ( ! 
iron1 /eel1 cem5t1 & manufactur$ goods  

us$ 9 con/ruction1 alt]ation1 ma9t5ance1
 repair1 or equipp+ ( ! project are     
produc$ )9 ! ,unit$ ,/ates4 ,dur+ !     
application process = a loan "u ?is     
,act1 a reque/ = a waiv] to !           
requirem5ts ( ! prec$+ s5t5ce by reason 
( ! public int]e/1 or on acc\nt (       
unavailability or unsatisfactory quality
 ( dome/ically produc$ goods1 c be      
consid]$ only if !re is cle>            
demon/ration t jobs 9 ! ,unit$ ,/ates   
w\ld n be lo/ due to ! waiv]4  7f7      
,compliance ) ,applicable ,f$]al ,law   
,projects receiv+ f9ancial assi/ance f !
 ,bank %all comply ) applicable         
provisions ( ,f$]al law & regulation1   
includ+-- 7#a7 = transit1 requirem5ts t 
w\ld apply to a project receiv+ fund+ "u
 section #ecjg or #dgaac ( title #di1   
,unit$ ,/ates ,code2  7#b7 = public     
h\s+1 requirem5ts t w\ld apply to a     
project receiv+ fund+ f a grant "u      
section #bd ( ! ,unit$ ,/ates ,h\s+ ,act
 ( #aicg 7#db ,u4,s4,c4 #adcgv72  7#c7 =
 publicly assi/$ af=dable h\s+1         

requirem5ts t w\ld apply to !           
pres]vation ( su* h\s+ "u o!r provisions
 ( law gov]n+ su* h\s+2  7#d7 = roads & 
bridges1 requirem5ts t w\ld apply to a  
project t receives funds "u section     
#ajd7;b77#c7 ( title #bc1 ,unit$ ,/ates 
,code1 or section #dgaac ( title #di1   
,unit$ ,/ates ,code1 & meets ! goals "u 
section #aej7;b7 ( title #bc1 ,unit$    
,/ates ,code2  7#e7 = freight & pass5g] 
rail projects1 requirem5ts t w\ld apply 
to a project t receives funds "u        
subtitle ,v ( title #di1 ,unit$ ,/ates  
,code2  7#f7 = airport & air traffic    
control projects1 requirem5ts t w\ld    
apply to a project t receives funds "u  
*apt]s #dga & #eja ( title #di1 ,unit$  
,/ates ,code1 or section #dgaac ( su*   
title2  7#g7 = wat]1 requirem5ts t w\ld 
apply to a project grant or loan "u--   
7,a7 section #ajc ( ! ,h\s+ & ,community
 ,developm5t ,act ( #aigd 7#db ,u4,s4,c4
 #ecjc72  7,b7 section #adeb ( ! ,public
 ,heal? ,s]vice ,act 7#db ,u4,s4,c4     
#cjj;j-#ab72 or  7,c7 section #fja ( !  

,f$]al ,wat] ,pollution ,control ,act   
7#cc ,u4,s4,c4 #acha71 z t section      
appli$ be=e ! beg9n+ ( fiscal ye> #aiie2
 &  7#h7 = rural developm5t projects1   
requirem5ts t w\ld apply to a project   
f9anc$ by any ( ! foll[+ programs ( !   
,dep>tm5t ( ,agriculture3  7,a7 ,rural  
,economic ,developm5t ,loans  ,grants4  
7,b7 ,community ,facilities ,direct     
,loans  ,grants4  7,c7 ,s+le- &         
,multi-,family ,h\s+ ,repair & ,r5tal   
,assi/ance ,loans  ,grants4  7,d7       
,electric ,infra/ructure ,loans  ,loan  
,gu>antees4  7,e7 ,rural ,broadb&       
,access1 & ,telecommunications          
,infra/ructure ,loans  ,gu>antees4  7,f7
 ,wat]  ,wa/e ,disposal ,loans  ,grants4
  7g7 ,au?ority to det]m9e fund+        
,not)/&+ any o!r provision ( law1 !     
,bank %all det]m9e ! appropriate ,f$]al 
%>e ( funds1 subject to loan approval by
 ! ,bank1 & ! availability ( su* ,f$]al 
fund+1 = ea* project describ$ 9         
subsection 7f7 = purposes ( ?is title4  
7h7 ,/ate & local p]mit requirem5ts ,!  

provision ( assi/ance by ! ,bo>d 9      
accordance ) ?is ,act %all n be deem$ to
 relieve any recipi5t ( assi/ance or !  
relat$ infra/ructure project ( any      
obligation to obta9 requir$ ,/ate &     
local p]mits & approvals4  #bad4        
,exemption f c]ta9 laws  7a7 ,no budget 
au?ority = contracts or loans ,section  
#ejd7;b7 ( ! ,f$]al ,cr$it ,re=m ,act ( 
#aiij 7#b ,u4,s4,c4 #ffa;c7b77 requir+  
prior budget au?ority %all n apply to   
any contract or loan "u ?is ,act4  7b7  
,no priority z a ,f$]al claim ,!        
priority e/abli%$ 9 favor ( ! ,unit$    
,/ates by section #cgac ( title #ca1    
,unit$ ,/ates ,code1 %all n apply )     
respect to any indebt$ness ( ! ,bank4   
#bae4 ,audits2 reports to ,presid5t &   
,congress  7a7 ,acc\nt+ ,! books (      
acc\nt ( ! ,bank %all be ma9ta9$ 9      
accordance ) g5]ally accept$ acc\nt+    
pr9ciples z us$ 9 ! ,unit$ ,/ates1 &    
%all be subject to an annual audit by   
indep5d5t public acc\ntants appo9t$ by !
 ,bo>d & ( nationally recogniz$ /&+4    

7b7 ,reports  7#a7 ,bo>d ,! ,bo>d %all  
submit to ! ,presid5t & ,congress1 )9   
#ij days aft] ! la/ day ( ea* fiscal    
ye>1 a complete & detail$ report )      
respect to ! prec$+ fiscal ye>1 sett+   
=?--  7,a7 a summ>y ( ! ,bank's         
op]ations1 = su* prec$+ fiscal ye>2     
7,b7 a s*$ule ( ! ,bank's obligations   
out/&+ at ! end ( su* prec$+ fiscal ye>1
 ) a /atem5t ( ! am\nts issu$ & r$eem$  
or paid dur+ su* prec$+ fiscal ye>2 &   
7,c7 ! /atus ( infra/ructure projects   
receiv+ fund+ or o!r assi/ance pursuant 
to ?is ,act1 includ+ disclosure ( all   
entities ) a developm5t1 own]%ip1 or    
op]ational int]e/ 9 su* projects4  7#b7 
,,gao ,n lat] ?an #e ye>s aft] ! date ( 
enactm5t ( ?is ,act1 ! ,comptroll]      
,g5]al ( ! ,unit$ ,/ates %all submit to 
,congress a report evaluat+ activities (
 ! ,bank = ! fiscal ye>s cov]$ by !     
report t includes an assessm5t ( !      
impact & b5efits ( ea* fund$            
infra/ructure project1 includ+ a review 
( h[ effectively ea* project accompli%$ 

! goals prioritiz$ by ! ,bank's project 
crit]ia4  7c7 ,books & records  7#a7 ,9 
g5]al ,! ,bank %all ma9ta9 adequate     
books & records to support ! f9ancial   
transactions ( ! ,bank ) a description (
 f9ancial transactions & infra/ructure  
projects receiv+ fund+1 & ! am\nt (     
fund+ = ea* project ma9ta9$ on a        
publicly accessible database4  7#b7     
,public comm5t p]iod ,! ,bank %all po/  
infra/ructure f9anc+ agreem5ts on !     
database provid+ #cj days = public      
comm5ts be=e provid+ f9al f9anc+ = !    
infra/ructure project4  7#c7 ,audits by 
! secret>y & gao ,! books & records ( ! 
,bank %all be op5 to inspection by !    
,secret>y & ! ,comptroll] ,g5]al ( !    
,unit$ ,/ates4  #baf4 ,budget>y effects 
,! budget>y effects ( ?is ,act1 = !     
purpose ( comply+ ) ! ,/atutory         
,pay-,z-,y-,g ,act ( #bjaj1 %all be     
det]m9$ by ref]5ce to ! late/ /atem5t   
titl$ ,budget>y ,effects ( ,,paygo      
,legislation = ?is ,act1 submitt$ =     
pr9t+ 9 ! ,congressional ,record by !   

,*airman ( ! ,h\se ,budget ,committee1  
provid$ t su* /atem5t has be5 submitt$  
prior to ! vote on passage4  #bag4      
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ #ej1jjj1jjj =
 ea* ( fiscal ye>s #bjba & #bjbb = !    
initial organization ( ! ,bank1 & its   
,directors & /aff4