,i #aahth ,,congress #ast ,session ,h4 ,r4 #dij ,,in ,,the ,,house ,,of ,,representatives ,january #bd1 #bjbc,mr4 ,webster of ,florida introduced the following bill2 which was referred to the ,committee on ,transportation and ,infrastructure1 and in addition to the ,committees on ,financial ,services1 and ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to establish the ,federal ,infrastructure ,bank to facilitate investment in1 and the long-term financing of1 economically viable ,united ,states infrastructure projects that provide a public benefit1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,federal ,infrastructure ,bank ,act of #bjbc4 #b4 ,definitions ,for the purposes of this ,act3 7#a7 ,bank ,the term ,bank means the ,federal ,infrastructure ,bank established under section #d4 7#b7 ,eligible entity ,the term eligible entity means-- 7,a7 a corporation1 limited liability company1 or any other legally established corporate form2 7,b7 a partnership1 including a public-private partnership2 7,c7 a joint venture2 7,d7 a trust2 7,e7 a ,state2 7,f7 any other governmental entity1 including a political subdivision or any other instrumentality of a ,state2 7,g7 a revolving fund2 or 7,h7 a ,state infrastructure bank4 7#c7 ,holding ,company ,the term ,holding ,company means the ,federal ,infrastructure ,bank ,holding ,company established under section #c4 7#d7 ,infrastructure project ,the term infrastructure project means the construction1 consolidation1 alteration1 operations1 maintenance1 or repair of projects1 which provide public benefit or use1 in the following categories3 7,a7 ,highway and roadway facilities1 including bridges and tunnels4 7,b7 ,port or marine terminal facilities1 including approaches to marine terminal facilities or inland port facilities1 and port or marine equipment including fixed equipment to serve approaches to marine terminals or inland ports4 7,c7 ,airports1 heliports1 vertiports1 spaceports1 or air traffic control systems and facilities4 7,d7 ,transmission or distribution pipelines4 7,e7 ,facilities or equipment for energy transmission1 distribution1 or storage4 7,f7 ,intercity passenger or freight rail lines1 facilities1 or equipment4 7,g7 ,intercity passenger bus facilities or equipment4 7,h7 ,public transportation facilities or equipment4 7,i7 ,inland waterways4 7,j7 ,intermodal facilities or equipment4 7,k7 ,water treatment and solid waste disposal facilities and associated infrastructure such as pipes4 7,l7 ,storm water management systems4 7,m7 ,dams and levees4 7,n7 ,any other infrastructure project which the ,bank identifies as providing a public benefit with regards to infrastructure4 7#e7 ,risk-based capital ,the term risk-based capital shall have the meaning given that term by the ,board of ,governors of the ,federal ,reserve ,system4 7#f7 ,rural ,the term rural means any area not in a metropolitan statistical area with a population of #ej1jjj or greater4 7#g7 ,state ,the term ,state means each of the #ej several ,states of the ,united ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 ,american ,samoa1 ,guam1 the ,united ,states ,virgin ,islands1 the ,commonwealth of the ,northern ,mariana ,islands1 and each federally recognized ,indian ,tribe4 7#h7 ,state infrastructure bank ,the term ,state infrastructure bank means a ,state infrastructure bank or multi-,state infrastructure bank established pursuant to-- 7,a7 section #cej of the ,national ,highway ,system ,designation ,act of #aiie2 7,b7 section #aeaa7l7 of the ,transportation ,equity ,act for the #bast ,century2 7,c7 section #faj of title #bc1 ,united ,states ,code2 or 7,d7 any ,state law as an agency1 component unit1 or other governmental entity of the ,state4 #c4 ,selection of the ,formation ,agent 7a7 ,in general ,within #fj days of the date of enactment of this ,act1 the ,secretary of the ,treasury1 in consultation with the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 shall select a ,formation ,agent which shall-- 7#a7 make and file with the ,secretary of the ,treasury an organization certificate for the ,bank in accordance with such rules and regulations as the ,secretary may prescribe1 including the establishment of the ,holding ,company2 and 7#b7 have significant experience in infrastructure and infrastructure finance4 7b7 ,establishment of the ,federal ,infrastructure ,bank ,holding ,company ,within #cj days after being selected under subsection 7a71 the ,formation ,agent shall establish the ,federal ,infrastructure ,bank ,holding ,company1 prescribe the governing structure of the ,holding ,company1 and establish the ,federal ,infrastructure ,bank ,holding ,company ,board of ,directors1 which shall-- 7#a7 initially consist of #g members2 7#b7 be elected by the shareholders of the ,holding ,company2 7#c7 serve #d-year terms1 only #b of which may be consecutive2 7#d7 within the limitations of law and regulation1 determine and sign the articles of association that govern the operations of the ,holding ,company1 and have the power to adopt1 amend1 and repeal bylaws governing the performance of the powers and duties granted to or imposed upon the ,holding ,company by law2 and 7#e7 select and effect the appointment of qualified persons to fill the office of the ,chief ,executive ,officer of the ,bank and such other offices as may be provided for in the bylaws of the ,holding ,company and the ,federal ,infrastructure ,bank4 7c7 ,earnings ,and reserves not ,government funds ,the earnings and reserves of the ,holding ,company shall be the sole property of the ,holding ,company and are not ,government funds or public funds4 7d7 ,treatment of shareholders of the ,formation ,agent ,the ,formation ,agent shall issue equity securities of the ,holding ,company to each shareholder of the ,formation ,agent1 in an amount that the ,formation ,agent determines has a value equal to the value of equity securities of the ,formation ,agent held by such shareholder upon the establishment of the ,holding ,company4 #d4 ,establishment of the ,federal ,infrastructure ,bank 7a7 ,in general ,the ,formation ,agent shall establish the ,federal ,infrastructure ,bank as a ,delaware corporation and the ,bank shall be a wholly owned subsidiary of the ,holding ,company4 7b7 ,federal banking charter ,the ,comptroller of the ,currency shall grant a national bank charter to the ,bank4 7c7 ,regional offices ,within #e years of the date of enactment of this ,act1 the ,bank shall establish regional offices for the purpose of focusing on infrastructure projects in different areas of the ,united ,states4 7d7 ,board of ,directors ,the ,board of ,directors of the ,holding ,company established under section #c shall be the initial ,board of ,directors of the ,bank4 7e7 ,earnings and reserves not government funds ,the earnings and reserves of the ,bank are not ,government funds or public funds4 #e4 ,functions of the ,bank 7a7 ,in general ,the ,bank shall provide equity investments1 direct loans1 indirect loans1 and loan guarantees to eligible entities for the planning1 pre-development1 design1 construction1 operations or maintenance of revenue-producing infrastructure projects in the ,united ,states with sufficient revenue sources and guarantees to support the interest and principal payments to the ,bank4 7b7 ,support for rural projects ,not less than #aj percent of the dollar amount of loans1 equity investments1 and loan guarantees provided by the ,bank shall be with respect to infrastructure projects in rural areas4 7c7 ,leveraging ,bank investments ,the ,bank shall attempt to cross subsidize non-revenue infrastructure projects with revenue generating infrastructure projects to diversify the loan portfolio4 7d7 ,no commercial or investment banking activities ,notwithstanding any other provision of law1 the ,bank is prohibited from-- 7#a7 accepting customer deposits2 or 7#b7 engaging in financial or investment banking activities1 except with respect to the ,bank's own revenues4 7e7 ,pledge and credit facilities 7#a7 ,pledge ,the ,bank shall have the authority to pledge its loans to the discount window of the ,board of ,governors of the ,federal ,reserve ,system4 7#b7 ,purchase of obligations ,the ,secretary of the ,treasury may purchase obligations issued by the ,bank in the same manner and under the same requirements that the ,secretary purchases obligations under section #cjf7;c7 of the ,federal ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #adee7;c774 7f7 ,leverage limitation ,the ,bank shall maintain risk-based capital at no less than #aj percent1 collectively for the ,bank and the ,holding ,company4 7g7 ,lifecycle ,the ,bank shall ensure that infrastructure projects account for long-term operations1 maintenance1 and life-cycle costs and obligations to ensure that the infrastructure projects maximize the useful life of each applicable asset4 7h7 ,infrastructure delivery ,the ,bank1 as a clearinghouse for infrastructure finance1 may provide implementation advisory assistance1 directly or indirectly1 to infrastructure projects4 7i7 ,credit rating ,the ,bank shall accept credit ratings consistent with typical infrastructure market practice to enhance deployment of capital4 7j7 ,prohibition on funding of foreign projects ,the ,bank is prohibited from providing equity investments1 direct loans1 indirect loans1 and loan guarantees for infrastructure projects not located within the ,united ,states4 7k7 ,prohibition with respect to ,china ,the ,bank is prohibited from providing equity investments1 direct loans1 indirect loans1 and loan guarantees for infrastructure projects that are owned1 directed1 controlled1 financed1 or influenced by the ,government of the ,people's ,republic of ,china1 the ,chinese ,communist ,party1 or the ,people's ,liberation ,army4 #f4 ,holding ,company securities 7a7 ,equity securities 7#a7 ,in general ,the ,holding ,company shall issue such equity securities as the ,board of ,directors of the ,holding ,company determines appropriate4 7#b7 ,dividends ,the ,holding ,company may make such dividend payments on the equity securities of the ,holding ,company as the ,holding ,company determines appropriate4 7#c7 ,restriction on voting rights ,any holder of an equity security of the ,holding ,company that is a non-,united ,states individual or entity shall have no voting rights with respect to such equity security4 7b7 ,bonds 7#a7 ,standard bonds ,the ,holding ,company may issue standard bonds with maturities up to #cj years or longer1 as needed4 7#b7 ,other bonds ,the ,holding ,company may issue other bonds1 notes1 and marketable securities with maturities and interest rates as the ,holding ,company determines appropriate4 7#c7 ,authority to purchase bonds 7,a7 ,in general ,the ,secretary of the ,treasury and the ,board of ,governors of the ,federal ,reserve ,system may purchase bonds issued under this section4 7,b7 ,limitation ,the aggregate amount of outstanding bonds purchased by the ,secretary under this paragraph may not exceed #e percent of the total amount of the outstanding bonds of the ,holding ,company4 7c7 ,leverage limitation ,the ,holding ,company shall maintain risk-based capital at no less than #aj percent1 collectively for the ,bank and the ,holding ,company4 7d7 ,investment limitation on non-,united ,states individuals and entities 7#a7 ,non-,united ,states individuals and entities may not hold more than #be percent1 in the aggregate1 of the equity securities and bonds of the ,holding ,company4 7#b7 ,the ,formation ,agent and ,holding ,company are prohibited from issuing any bond1 note1 marketable security1 or other financial instrument to any person or entity-- 7,a7 affiliated with1 owned by1 or directed1 controlled1 financed1 or influenced by the ,government of the ,people's ,republic of ,china1 the ,chinese ,communist ,party1 or the ,people's ,liberation ,army2 or 7,b7 affiliated with1 owned by1 or directed1 controlled1 financed1 or influenced by a ,state ,sponsor of ,terrorism1 as so designated by the ,secretary of ,state4 #g4 ,oversight and regulation ,the ,board of ,governors of the ,federal ,reserve ,system shall-- 7#a7 have oversight and supervisory authority over the ,holding ,company and the ,bank1 in order to ensure the safe and sound operation of the ,holding ,company and the ,bank2 and 7#b7 shall regulate ,bank activities to ensure compliance with the requirements set forth in this ,act4 #h4 ,infrastructure ,guarantee ,fund ,the ,bank shall establish an ,infrastructure ,guarantee ,fund that shall be used with respect to specific loans or loan guarantees made by the ,bank in the event of any non-payment by the recipient of such loan or loan guarantee4 #i4 ,holding ,company and ,bank exemption from taxation ,effective for taxable years ending on or after the date of enactment of this ,act1 the ,holding ,company and the ,bank1 including franchises1 capital1 reserves1 surplus1 advances1 and income of the ,holding ,company or ,bank1 shall be exempt from all taxation imposed by the ,united ,states and any ,state1 county1 municipal1 or local taxing authority1 except that any real property of the ,holding ,company and the ,bank shall be subject to ,state1 county1 municipal1 or local taxation to the same extent according to its value as other real property is taxed4 #aj4 ,federal ,infrastructure ,bank ,holding ,company credit 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by adding at the end the following new section3 #de;,,aa4 ,federal ,infrastructure ,bank ,holding ,company credit 7a7 ,in general ,for purposes of section #ch1 in the case of a taxpayer who holds a qualified ,holding ,company equity investment on a credit allowance date of such investment which occurs during the taxable year1 the ,federal ,infrastructure ,bank ,holding ,company credit determined under this section for such taxable year is an amount equal to #aj percent of the amount paid to the ,holding ,company for such investment at its original issue4 7b7 ,credit allowance date ,for purposes of this section1 the credit allowance date with respect to any qualified ,holding ,company equity investment is-- 7#a7 the date on which such investment is initially made2 and 7#b7 each of the #d taxable years thereafter4 7c7 ,qualified holding company equity investment ,for purposes of this section1 the term qualified ,holding ,company equity investment means any equity investment originally issued by the ,holding ,company to the taxpayer under section #f7;a77#a7 of the ,federal ,infrastructure ,bank ,act of #bjbc not later than #c years after the formation of the ,federal ,infrastructure ,bank ,holding ,company pursuant to section #c of the ,federal ,infrastructure ,bank ,act of #bjbc4 7d7 ,holding company ,for purposes of this section1 the term ,holding ,company means the ,federal ,infrastructure ,bank ,holding ,company established by the ,federal ,infrastructure ,bank ,act of #bjbc4 2 and 7#b7 in the table of contents for such subpart1 by adding at the end the following3 #de;,,aa4 ,federal ,infrastructure ,bank ,holding ,company credit4 4 7b7 ,conforming amendments 7#a7 ,section #ch7;b7 of such ,code is amended by striking plus at the end of paragraph 7#cg71 by striking the period at the end of paragraph 7#ch7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#ci7 the ,federal ,infrastructure ,bank ,holding ,company credit determined under section #de;,,aa4 4 7#b7 ,section #ajaf7;a7 of such ,code is amended by striking and at the end of paragraph 7#cg71 by striking the period at the end of paragraph 7#ch7 and inserting 1 and1 and by adding at the end the following new paragraph3 7#ci7 to the extent provided in section #de;,,aa7e74 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 #aa4 ,rule of construction ,nothing in this ,act may be construed as authorizing the ,federal ,government to guarantee the assets of the ,bank or ,holding ,company4