,i #aaith ,,congress #ast ,session ,h4 ,r4 #ecef ,,in ,,the ,,house ,,of ,,representatives ,september #ae1 #bjbe,mr4 ,davis of ,illinois 7for himself1 ,mr4 ,smith of ,washington1 ,mr4 ,espaillat1 ,mr4 ,lynch1 ,mr4 ,tonko1 ,ms4 ,pingree1 ,mr4 ,magaziner1 ,mr4 ,cleaver1 ,mr4 ,deluzio1 ,mr4 ,garamendi1 ,mr4 ,mullin1 ,ms4 ,velzquez1 ,mr4 ,frost1 ,mr4 ,landsman1 ,mr4 ,suozzi1 ,mr4 ,mc,govern1 ,mrs4 ,ramirez1 ,mr4 ,amo1 ,ms4 ,tlaib1 ,mr4 ,khanna1 ,mr4 ,thanedar1 ,ms4 ,kaptur1 ,mr4 ,jackson of ,illinois1 ,mr4 ,johnson of ,georgia1 ,mr4 ,torres of ,new ,york1 ,mr4 ,goldman of ,new ,york1 ,mr4 ,nadler1 ,mr4 ,latimer1 ,mr4 ,ryan1 ,mr4 ,garca of ,illinois1 ,mr4 ,evans of ,pennsylvania1 ,mr4 ,carson1 and ,ms4 ,norton7 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 ,workforce1 ,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 #bjbe4 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 ,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 ,relations with local financial institutions4,sec4 #baf4 ,audits2 reports to ,president and ,congress4,sec4 #bag4 ,budgetary effects4,sec4 #bah4 ,authorization of appropriations4 #b4 ,findings ,congress finds that-- 7#a7 throughout the history of the ,united ,states1 national banks have played a crucial role in financing most of the public infrastructure of the ,united ,states2 7#b7 the largest national banks included-- 7,a7 the ,first ,bank of the ,united ,states1 from #agia through #ahaa2 7,b7 the ,second ,bank of the ,united ,states1 from #ahaf through #ahcf2 7,c7 the national banking system instituted by ,president ,lincoln2 and 7,d7 the ,reconstruction ,finance ,corporation instituted by ,president ,franklin ,delano ,roosevelt1 from #aicb through #aieg2 7#c7 those national banks were enacted with broad bipartisan support1 and financed the construction of roads1 turnpikes1 bridges1 canals1 the ,transcontinental ,railroad1 the ,hoover ,dam1 rural electrification1 manufacturing startups1 and rail1 school1 and farm improvements in every corner of the ,united ,states2 7#d7 those infrastructure investments created the conditions for improved productivity1 economic growth1 and job creation1 helped lift the ,united ,states out of the ,great ,depression1 and contributed to victory in ,world ,war ,,ii2 7#e7 the ,american ,society of ,civil ,engineers 7referred to in this section as ,,asce71 in its #bjbe ,report ,card estimates that #i1aci1jjj1jjj1jjj 7not adjusted for inflation7 is needed from #bjbd to #bjcc to meet all of the infrastructure needs of the ,united ,states1 and of that amount1 #e1dej1jjj1jjj1jjj is expected to be financed by the ,federal ,government at continued appropriation levels1 and by ,states1 counties1 cities1 utilities1 and port and airport authorities through their general revenues1 special taxes1 user fees1 and borrowing from capital markets2 7#f7 even with the investments described in paragraph 7#e71 a financing gap of #c1fhi1jjj1jjj1jjj remains1 and to close that gap1 the ,united ,states will need to increase funding by all levels of government1 in order to improve infrastructure quality and resiliency1 grow the economy faster1 and maintain our international competitiveness2 7#g7 ,,asce further estimates that the added #c1fhi1jjj1jjj1jjj needed over a #aj-year period to bring systems up to a state of good repair includes-- 7,a7 #a1bjh1jjj1jjj1jjj for roads1 bridges1 and transit2 7,b7 #a1jae1jjj1jjj1jjj for drinking water1 wastewater1 and stormwater systems2 7,c7 #dbi1jjj1jjj1jjj for schools and broadband access2 7,d7 #egh1jjj1jjj1jjj for electricity generation1 transmission1 and distribution2 7,e7 #aac1jjj1jjj1jjj for aviation2 7,f7 #bhf1jjj1jjj1jjj for dams1 levees1 inland waterways1 and ports2 7,g7 #cb1jjj1jjj1jjj for passenger rail2 and 7,h7 #dd1jjj1jjj1jjj for public parks and recreation2 7#h7 expanded investment of at least #a1caa1jjj1jjj1jjj is also needed1 including-- 7,a7 #cbj1jjj1jjj1jjj for new affordable housing2 7,b7 #gia1jjj1jjj1jjj for a #ag1jjj-mile high-speed rail network2 7,c7 #bjj1jjj1jjj1jjj for major water supply projects2 and 7,d7 incorporated in each of the categories described in subparagraphs 7,a7 through 7,c71 science and technology drivers1 resiliency features1 accommodation of population growth1 energy savings1 and improvements in rural1 urban1 and low-income areas that the public and private sectors are not fully serving now2 7#i7 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 those programs by a wide margin2 7#aj7 a sharp bout of inflation in #bjba through #bjbc1 and a delay in the enactment of a robust1 adequately sized1 #aj-year lending plan to the period of #bjbd through #bjcc1 should require a #dj-percent increase above real costs to ensure adequate funding in nominal dollars2 7#aa7 the establishment of a ,united ,states public deposit bank would provide direct loans and other financing of up to #e1jjj1jjj1jjj1jjj for qualifying infrastructure projects without requiring additional ,federal taxes or deficits2 and 7#ab7 that funding would-- 7,a7 be adequate to finance all of the unfunded infrastructure needs of the ,united ,states1 in all parts of the country1 according to well-developed strategic plans2 and 7,b7 return the ,united ,states to its most recent golden age when a ,national ,infrastructure ,bank was in place1 from #aicc to #aieg1 during which time-- 7i7 total factor productivity advanced by #c4e percent per year2 7ii7 the economy grew1 on average1 #e4e percent per year2 7iii7 income inequality decreased by #a_/c2 and 7iv7 ,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 #bjbe4 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#f7 the following new paragraph3 7#g7 ,the ,national ,infrastructure ,bank established under title ,,ii of the ,national ,infrastructure ,bank ,act of #bjbe4 4 7b7 ,application of percentage limitation ,section #agj7;b77#a77;,a7 of such ,code is amended by striking or at the end of clause 7ix71 by inserting or at the end of clause 7x71 and by inserting after clause 7x7 the following new clause3 7xi7 the ,national ,infrastructure ,bank referred to in subsection 7c77#g71 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 ,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 #bjbe 7as in effect on the date of the enactment of this section74 4 7b7 ,clerical amendment ,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 ,in this title3 7#a7 ,affordable housing ,the term affordable housing means housing that meets the criteria established under section #bae of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgde74 7#b7 ,bank ,the term ,bank means the ,national ,infrastructure ,bank established under section #bjb7;a74 7#c7 ,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#d7 ,board ,the term ,board means the ,board of ,directors of the ,bank established by section #bjf4 7#e7 ,chief asset and liability management officer ,the term chief asset and liability management officer means the individual responsible for coordinating the management of assets and liabilities of the ,bank4 7#f7 ,chief compliance officer ,the term chief compliance officer means the individual responsible for overseeing and managing the compliance and regulatory affairs of the ,bank4 7#g7 ,chief executive officer ,the term chief executive officer means the individual serving as the executive director of the ,bank4 7#h7 ,chief financial officer ,the term chief financial officer means the 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 individual responsible for managing the processing of new loans provided by the ,bank4 7#aj7 ,chief operations officer ,the term chief operations officer means the individual responsible for the retail operations of the ,bank and the branches of the ,bank1 including the administrative1 human resource1 and information technology systems of the ,bank4 7#aa7 ,chief risk officer ,the term chief risk officer means the individual responsible for managing operational and compliance-related risks of the ,bank4 7#ab7 ,chief treasury officer ,the term chief treasury officer means the individual responsible for managing the treasury operations of the ,bank4 7#ac7 ,community development infrastructure ,the term community development infrastructure means the development of affordable housing1 transportation1 water infrastructure1 schools1 affordable broadband1 public parks and recreation1 libraries1 or public facilities that train workers and build labor skills4 7#ad7 ,connectivity ,the term connectivity1 with respect to an infrastructure project1 means the linkages in transportation1 energy1 communications1 community development infrastructure1 and manufacturing and data centers1 that tie geographic areas together into economic units1 including networks of commuter routes1 railways1 shipping lanes1 and internet cables1 including geomatic data collected by the ,department of ,transportation4 7#ae7 ,develop2 development ,the terms develop and development1 with respect to an infrastructure project1 mean-- 7,a7 any 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 any construction1 reconstruction1 rehabilitation1 replacement1 or expansion4 7#af7 ,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#ag7 ,disadvantaged community ,the term disadvantaged community means a community that is-- 7,a7 a low-income community2 or 7,b7 a federally recognized area of economic distress 7as defined in section #ajjjjb of the ,infrastructure ,investment and ,jobs ,act 7#ae ,u4,s4,c4 #ieja774 7#ah7 ,energy infrastructure project ,the term energy infrastructure project means a project that involves the construction of a new or upgraded energy generation1 transmission1 distribution1 or storage facility4 7#ai7 ,entity ,the term entity means-- 7,a7 a ,state or political subdivision of a ,state2 7,b7 a unit of local government2 7,c7 a publicly owned utility2 7,d7 a special purpose district1 public authority1 public corporation1 or cooperative authorized to contract indebtedness2 7,e7 an ,indian ,tribe2 7,f7 a public trust2 7,g7 an authority1 agency1 or instrumentality of1 or an entity owned by1 #a or more entities described in subparagraphs 7,a7 through 7,f72 7,h7 a group of entities described in subparagraphs 7,a7 through 7,g72 7,i7 a private entity2 and 7,j7 a public-private partnership4 7#bj7 ,environmental infrastructure project ,the term environmental infrastructure project means any project for-- 7,a7 the establishment1 deferred maintenance1 or enhancement1 including security enhancement1 of any drinking water and wastewater treatment facility1 stormwater management system1 flood gate1 dam1 levee1 solid waste disposal facility1 or hazardous waste facility2 7,b7 dredging2 7,c7 wetland restoration or other open space conservation2 7,d7 infill development2 or 7,e7 industrial site cleanup or remediation4 7#ba7 ,executive ,committee ,the term ,executive ,committee means the ,executive ,committee of the ,bank established under section #bjh7;a74 7#bb7 ,federally recognized area of economic distress ,the term federally recognized area of economic distress means-- 7,a7 a ,h,u,b,zone 7as defined in section #ca7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #feg;a7b7772 7,b7 an area that-- 7i7 has been designated as an empowerment zone under section #acia of the ,internal ,revenue ,code of #aihf2 7ii7 has been designated as a ,promise ,zone by the ,secretary of ,housing and ,urban ,development2 or 7iii7 is a low- or moderate-income area1 as determined by the ,secretary of ,housing and ,urban ,development2 and 7,c7 a qualified opportunity zone 7as defined in section #adjj,z-#a7;a7 of the ,internal ,revenue ,code of #aihf74 7#bc7 ,general counsel ,the term general counsel means the individual who serves as the chief lawyer for the ,bank4 7#bd7 ,greenhouse gas ,the term greenhouse gas means-- 7,a7 carbon dioxide2 7,b7 hydrofluorocarbons2 7,c7 methane2 7,d7 nitrous oxide2 7,e7 perfluorocarbons2 and 7,f7 sulfur hexafluoride4 7#be7 ,infrastructure project ,the term infrastructure project means any transportation infrastructure project1 energy infrastructure project1 environmental infrastructure project1 telecommunications infrastructure project1 community development infrastructure project1 or other infrastructure project for which a development plan is presented to the ,bank for financing4 7#bf7 ,local financial institution ,the term local financial institution means-- 7,a7 a certified community development financial institution 7as defined in section #ajc of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb772 7,b7 a credit union the deposits of which are insured under ,federal or ,state law or are protected or guaranteed under ,state law2 7,c7 a small bank and savings association or an intermediate bank or savings association 7as those terms are defined in section #be4ab of title #ab1 ,code of ,federal ,regulations 7or a successor regulation772 and 7,d7 a ,state public bank4 7#bg7 ,low-income community ,the term low-income community means any census block group in which #cj percent or more of the population are individuals with an annual household income equal to1 or less than1 the greater of-- 7,a7 an amount equal to #hj percent of the median income of the area in which the household is located1 as reported by the ,department of ,housing and ,urban ,development2 and 7,b7 #bjj percent of the ,federal poverty line4 7#bh7 ,private entity ,the term private entity means a corporation1 partnership1 company1 or nonprofit organization4 7#bi7 ,productivity ,the term productivity means the improved efficiency in the economy associated with investments in public and private infrastructure1 calculated as the difference between-- 7,a7 the change in the value of total production2 and 7,b7 the change in the value of inputs going into production4 7#cj7 ,public benefit ,the term public benefit means the clear and measurable benefit to society resulting from the use of the infrastructure project by the public with respect to which a project is carried out1 or the improvement the infrastructure project 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 ,federal1 ,state1 and local revenues4 7#ca7 ,public-private partnership ,the term public-private partnership means an agreement between an entity described in any of subparagraphs 7,a7 through 7,h7 of paragraph 7#ai7 and a private entity to finance1 build1 and maintain or operate an infrastructure project4 7#cb7 ,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 accommodations for the development of #a or more categories of infrastructure projects4 7#cc7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#cd7 ,state ,the term ,state means any of the several ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 ,guam1 ,american ,samoa1 the ,united ,states ,virgin ,islands1 the ,commonwealth of the ,northern ,mariana ,islands1 and any other territory or possession of the ,united ,states4 7#ce7 ,telecommunications infrastructure project ,the term telecommunications infrastructure project means any project involving infrastructure required-- 7,a7 to provide communications by wire 7including fiber optic cable71 wireless 7including satellite1 microwave1 or beam71 internet1 or radio 7including broadband72 or 7,b7 to enhance performance and security for that infrastructure 7including networks and artificial intelligence74 7#cf7 ,transportation infrastructure project ,the term transportation infrastructure project means any project for the construction1 deferred maintenance1 or enhancement1 including security enhancement1 of a highway1 road1 bridge1 transit or intermodal system1 inland waterway1 commercial port1 airport1 high-speed or passenger rail1 or rail track system4 7#cg7 ,trust fund 7,a7 ,in general ,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 7,b7 ,inclusions ,the term trust fund includes any trust fund receipts remaining from net operations of the ,bank1 a ,federal grant disbursement1 or a philanthropic or other gift from an individual or entity1 as such a receipt becomes available4 #bjb4 ,establishment of ,national ,infrastructure ,bank 7a7 ,establishment of national infrastructure bank ,there is established a ,national ,infrastructure ,bank1 which shall be a mixed-ownership ,government corporation subject to chapter #ia of title #ca1 ,united ,states ,code1 except as otherwise provided in this ,act4 7b7 ,conforming amendment ,section #iaja7b7 of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7,k7 the ,national ,infrastructure ,bank4 4 7c7 ,national bank charter ,this ,act shall serve as the charter for the ,bank4 7d7 ,responsibility of the ,secretary ,the ,secretary shall take such action as may be necessary to assist in the establishment of the ,bank in accordance with this ,act4 #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 #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 #aj percent4 7#d7 ,limitation on purchase of newly issued public debt ,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 preferred stock of the ,bank into ,treasury securities4 7#e7 ,assessments and phase-in of limitation on capital stock ,the accumulation of capital stock of the ,bank shall be limited-- 7,a7 to no more than #aej1jjj1jjj1jjj by the end of its first full fiscal year of operations1 following the end of which fiscal year the ,board of ,governors of the ,federal ,reserve ,system shall conduct an assessment of the operations of the ,bank and report to ,congress and the ,board of the ,bank concerning the ways in which the ,bank is succeeding or falling short in fulfilling the purposes of this ,act2 7,b7 to no more than #cjj1jjj1jjj1jjj by the end of its third full fiscal year1 following the end of which fiscal year the ,board of ,governors of the ,federal ,reserve ,system shall conduct another assessment of the operations of the ,bank and submit similar reports to those specified in subparagraph 7,a71 noting in particular the adequacy of the response of the ,bank to criticisms and recommendations included in the assessment conducted pursuant to subparagraph 7,a72 7,c7 to no more than #ejj1jjj1jjj1jjj by the end of its fifth full fiscal year1 following the end of which fiscal year the ,board of ,governors of the ,federal ,reserve ,system shall conduct another assessment of the operations of the ,bank and submit similar reports to those specified in subparagraphs 7,a7 and 7,b71 noting in particular the adequacy of the response of the ,bank to criticisms and recommendations included in the assessments conducted pursuant to subparagraphs 7,a7 and 7,b72 and 7,d7 thereafter to the full amount set forth in paragraph 7#a71 with the ,board of ,governors of the ,federal ,reserve ,system conducting periodic assessments of the operations of the ,bank and submitting similar reports to those specified in subparagraphs 7,a7 through 7,c7 following the end of each fifth fiscal year beginning with the tenth full fiscal year of the ,bank4 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 agreement4 ,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 percent4 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 #aihf and for stock acquired in exchange for municipal bonds1 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 percent4 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 more or less investment in the preferred stock of the ,bank than is needed to achieve and maintain the desired level of capital investment in the ,bank1 the directors of the ,bank may reduce or increase the dividends provided for new acquisitions of preferred stock in #a 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 obligation of dividend payments ,dividend payments on the 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 ,bank in the stock purchase agreement4 7d7 ,borrowed capital 7#a7 ,in general ,the ,bank is further authorized to raise borrowed capital for projects needs1 or to meet its cash flow needs1 by-- 7,a7 issuing bonds1 with a fixed #e- to #aj-year maturity2 7,b7 maintaining a permanent1 revolving discount line of credit account with the ,board of ,governors of the ,federal ,reserve ,system2 and 7,c7 borrowing from other banks or wholesale capital markets1 under repurchase or other agreements1 on a short-or medium-term basis1 as determined by the chief financial officer and chief risk officers1 with approval by the ,board4 7#b7 ,definition ,in this subsection1 the term bond means any bond issued in accordance with this ,act-- 7,a7 the proceeds from the sale of which 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 that is issued in registered form2 7,c7 that has such terms1 and carries interest in such an amount1 as determined by the ,bank2 and 7,d7 for which the payment 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 7e7 ,deposits ,once chartered as a national bank1 the ,bank-- 7#a7 shall accept deposits from individuals1 corporations1 public entities1 or any other source1 into transaction deposit accounts on its books1 and pay interest on those deposits1 in an amount deemed appropriate by the ,board2 7#b7 may deposit its funds in any bank or other financial institution2 and 7#c7 may utilize the services of electronic transfer systems to transfer funds among any deposit accounts4 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 overall lending operations of the ,bank2 and 7iv7 whether 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 loan 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 the name of a borrower1 in accordance with the loan agreement1 as each scheduled loan disbursement 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 ,loan-,loss provisions and ,federal contingent liability ,in the event of any losses1 as determined by the ,board1 incurred on loans1 loan guarantees1 insurance1 or for capital investment and dividend payments on stock issues 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 ,united ,states ,government4 7j7 ,reserves ,the ,bank shall maintain reserves against the transaction accounts of the ,bank in such amount as the ,board may determine appropriate1 but not greater than #ad percent of the total transaction accounts of the ,bank greater than #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 appropriate4 #bjd4 ,formation of regional economic accelerator planning groups 7a7 ,in general ,the ,bank1 through the branch offices established under section #bjc7k71 shall facilitate the organization of not fewer than #g regional economic accelerator planning groups1 which shall be defined by common economic1 demographic1 and infrastructure connectivities4 7b7 ,duties ,the regional economic accelerator planning groups may-- 7#a7 organize by1 and be composed of1 ,state and local public sector officials1 including through multijurisdictional or multistate agreements among agencies2 7#b7 identify economic megaregions1 which shall consist of 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 economics megaregions1 with input from the ,american ,society of ,civil ,engineers1 and other trade1 business1 and industrial associations2 7#d7 develop regional economic accelerator plans1 including a pipeline of infrastructure projects and the strategic placement of those infrastructure projects1 needed to improve supply chains1 land use1 and productivity within each economic megaregion1 while seeking to include all communities2 7#e7 define how those infrastructure projects will create energy savings1 improve the environment1 improve jobs and wages1 create regional economic growth1 and create 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 lines1 such as transportation improvements along the northeast corridor1 flood mitigation1 water management to relieve drought conditions in southwestern ,states1 or development of a national high-speed rail grid2 7#g7 identify ,federal1 ,state1 or local laws and regulations that should be streamlined to reduce infrastructure project costs and 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 the regional infrastructure development plans to the ,bank to inform the ,bank on the 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 other factors under section #bje that will be considered in the approval process4 #bje4 ,eligibility criteria for assistance from the ,bank 7a7 ,in general ,subject to subsection 7e71 the ,bank may provide financial assistance to an entity for an infrastructure project if the project-- 7#a7 meets the criteria described in1 and requirements of1 this ,act2 7#b7 has local1 regional1 or national significance2 and 7#c7 is in the public interest4 7b7 ,applications ,to be considered for financial assistance from the ,bank for an infrastructure project1 an entity shall submit to the ,bank an application at such time1 in such manner1 and containing such information as the ,bank may require in accordance with subsection 7c74 7c7 ,guidelines for infrastructure projects ,the ,executive ,committee and the ,board shall establish standard operating procedures and develop online application procedures for financial assistance from the ,bank4 7d7 ,criteria 7#a7 ,in general ,the ,board shall evaluate and rate each application received under subsection 7b7 based on the factors appropriate for the type of the infrastructure project1 including-- 7,a7 the consistency of the infrastructure project with a regional infrastructure development plan that builds connectivity in the project area and beyond1 so that maximum growth is achieved while leaving no community behind2 7,b7 the results of a life-cycle projection of the benefits1 as compared to costs1 of the infrastructure project that incorporates the factors described in subparagraphs 7,c7 through 7,l72 7,c7 the extent to which the infrastructure project would promote economic growth1 including private sector-led growth associated with the infrastructure project2 7,d7 the extent to which the infrastructure project contributes to job creation1 including fair and responsible employment practices and workforce development to train workers in new skills1 including by union apprentice programs to train new hires2 7,e7 the extent to which the infrastructure project provides environmental and public health benefits1 including a reduction in greenhouse gases1 water pollution1 and air pollution1 and the removal of lead and other hazardous materials2 7,f7 whether the applicant has a demonstrated ability to contract for design1 construction1 operation1 and maintenance of the infrastructure project throughout its estimated useful life1 including by defining project objectives1 selecting experienced project managers1 and utilizing performance-based monitoring2 7,g7 whether the applicant has demonstrated an understanding of the strategic importance of bundling1 sequencing1 and correctly sizing projects1 and adopting value design and procurement procedures1 so as to realize long-term cost savings through a principle known as dig1 build1 expand1 or improve only once2 7,h7 whether the applicant has demonstrated 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,i7 the extent to which the infrastructure project preserves and repurposes existing infrastructure and rationally connects to other categories of existing or planned infrastructure projects2 7,j7 the extent to which the infrastructure project promotes the domestic production of construction inputs needed for projects that receive financial assistance from the ,bank2 7,k7 a categorical benefit as described in paragraph 7#b72 and 7,l7 any other criteria as determined by the ,board4 7#b7 ,categorical benefit ,a categorical benefit referred to in paragraph 7#a77,k7 is-- 7,a7 for a transportation infrastructure project-- 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 times2 7ii7 an anticipated increase in capacity for existing and expected new ridership or transport use1 including by high-speed rail2 7iii7 a reduction in risks from maintenance decline1 or structural failure1 over the service life of the project2 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 plan2 7v7 an overall decline in greenhouse gas emissions from surface and air transportation infrastructure projects financed by the ,bank2 7vi7 an increase in access to affordable transportation options1 to improve access to jobs1 affordable housing1 schools1 medical services1 food and other essential community services2 or 7vii7 improvements in safety for users1 passengers1 and operators1 as measured by a reduction in fatalities and serious injuries2 7,b7 for an environmental infrastructure project-- 7i7 increased coastal and inland flood mitigation and protection2 7ii7 improvements in drinking water1 wastewater1 or stormwater systems1 through the repair1 expansion or replacement of those systems2 7iii7 a reduction in risk to any public infrastructure from structural failure1 or damage1 due to weather-related events1 cyber or physical attacks1 or catastrophic wildfires2 or 7iv7 environmental improvements from the removal of hazardous wastes or chemical pollutants2 7,c7 for an energy infrastructure project-- 7i7 development of a system that provides for any of the smart grid functions described in section #acjf7;d7 of the ,energy ,independence and ,security ,act of #bjjg 7#db ,u4,s4,c4 #agchf7;d77 7commonly known as a smart grid71 with modern security and resiliency systems2 7ii7 expansion of transmission and distribution capacity to cover new generation suppliers1 including a macrogrid overlay to transport power from renewable sources1 and new generation demand1 including from global warming1 or the electrification of vehicles or rail transport systems2 7iii7 enhancement of systems to balance electricity supply and demand1 curtail peak demand1 restore power outages1 or coordinate operating procedures among power-supplying entities2 or 7iv7 energy-efficient buildings1 including clean energy designated retrofits2 7,d7 for a telecommunications infrastructure project-- 7i7 completion of1 or improvement in1 broadband and wireless access and affordability in rural and disadvantaged communities not served by the private sector2 or 7ii7 improvement of the global telecommunication satellite network2 and 7,e7 for a community development infrastructure project-- 7i7 promotion of economic growth and poverty reduction2 7ii7 modernization of local land use policies1 including those that promote transit-oriented development and location efficiency2 7iii7 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 that housing2 7iv7 replacement of schools that have reached their service lifetime or expansion of school facilities with growing populations or to house new programs for workforce development2 or 7v7 improvements in national1 ,state1 and local parks and recreation facilities and related open space land management4 7#c7 ,stimulation of domestic production ,if the ,bank determines that any type of iron1 steel1 manufactured product1 or construction material is not produced in the ,united ,states in sufficient and reasonably available quantities or of a satisfactory quality to meet the infrastructure needs in the ,united ,states1 the ,bank may solicit loan applications for projects to increase or improve the domestic production of that iron1 steel1 manufactured product1 or construction material4 7#d7 ,lender of last resort ,in selecting infrastructure projects to receive financial assistance from the ,bank1 the ,board shall also lend for-- 7,a7 an infrastructure project in an area of high unemployment or a disadvantaged community1 including a workforce development plan to train workers in new skills and connect those workers with job openings financed by the ,bank2 and 7,b7 an infrastructure project-- 7i7 that leverages or complements ,federal1 ,state1 local1 and private financing2 or 7ii7 for which the applicant demonstrates that the additional capital could not be obtained from commercial sources at reasonable financing costs4 7e7 ,exclusions ,the ,bank may not provide financial assistance for any infrastructure project that subsidizes or otherwise encourages the sale or lease of infrastructure currently owned or controlled by an entity described in subparagraphs 7,a7 through 7,g7 of section #bja7ai71 or will result in the private control or operation of infrastructure currently owned or controlled by such an entity under any agreement1 including a public-private partnership4 7f7 ,employee protections ,the ,bank may not provide financial assistance for an infrastructure project involving reconstruction1 rehabilitation1 replacement1 or expansion that may impact current employees on the project site1 until the entity submitting an application for an infrastructure project certifies to the ,bank that the entity is in compliance with section #bac with respect to the interests of employees affected by the financial assistance4 7g7 ,emergency procedures 7#a7 ,in general ,during the period described in paragraph 7#b71 the ,board may waive such selection criteria and procedures as the ,board determines to be necessary in order to provide loans more quickly for infrastructure 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 that address a critical safety or other public need4 7#b7 ,period described ,the period referred to in paragraph 7#a7 is the period beginning on the date of enactment of this ,act and ending on the later of-- 7,a7 #a year after the date on which the ,bank begins operations2 and 7,b7 the date on which the ,bank has provided a total of #ejj1jjj1jjj1jjj in loans4 #bjf4 ,board of ,directors 7a7 ,in general ,the ,bank shall have a ,board of ,directors consisting of #be members1 appointed by the ,president by and with the advice and consent of the ,senate4 7b7 ,qualifications ,the members of the ,board shall include individuals representing different regions of the ,united ,states1 of whom-- 7#a7 #ab shall have not less than #ae years of industrial and engineering experience2 7#b7 #a shall be a representative of the ,,afl-,,cio2 7#c7 #b shall be representatives of ,north ,america's ,building ,trades ,unions2 7#d7 #b shall be representatives of the ,corps of ,engineers2 7#e7 #b shall have ,state and local public sector experience2 7#f7 #b shall have finance experience2 7#g7 #b shall have economic development experience2 and 7#h7 #b shall represent minority communities or disadvantaged communities4 7c7 ,chairperson and vice chairperson ,at the time of appointment1 the ,president shall designate-- 7#a7 #a member of the ,board to serve as chairperson2 and 7#b7 #a member of the ,board to serve as vice chairperson4 7d7 ,terms 7#a7 ,in general ,except as provided in paragraph 7#b71 each member 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 shall be appointed for a term of #d years2 and 7,c7 #aa 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 to the ,president a recommendation for appointment of a member of the ,board1 after consultation with the appropriate committees of ,congress4 7f7 ,date of initial nominations ,the initial nominations by the ,president for appointment of members 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 ,a member of the ,board appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of the member was appointed shall be appointed only for the remainder of the term4 7#c7 ,duration ,a member of the ,board may serve after the expiration of the term of the member until a successor has taken office4 7h7 ,quorum ,at the time of any ,board meeting1 #ge percent of the members confirmed by the ,senate 7rounded down to a whole number7 shall constitute a quorum4 7i7 ,reappointment ,a member of the ,board may be reappointed by the ,president in accordance with this section4 7j7 ,per diem reimbursement ,members 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 member of the ,board may not participate in any review or decision affecting a project under consideration for assistance under this ,act if the member has1 or is affiliated with a person who has1 an interest in the project4 7l7 ,responsibilities ,the ,board shall-- 7#a7 as soon as practicable after the date on which the last member is appointed1 establish an ,executive ,committee1 risk management committee and audit committee pursuant to this ,act2 7#b7 not later than #ahj days after the date on which the last member is appointed1 develop and approve the bylaws of the ,bank1 and publish those 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 described 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 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 and 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-- 7,a7 not later than #ij days after the date on which the last member is appointed2 and 7,b7 at the call of the chairperson4 7#c7 ,exception for closed meetings 7,a7 ,in general ,pursuant to such rules as the ,board may establish through bylaws1 the members may close a meeting of the ,board if1 at the meeting1 there is likely to be disclosed information that could adversely affect or lead to speculation-- 7i7 relating to an infrastructure project under consideration for assistance under this ,act2 or 7ii7 in financial1 securities1 or commodities markets or institutions1 utilities1 or real estate4 7,b7 ,notice ,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 7,c7 ,minutes ,the ,board shall prepare minutes of any meeting that is closed to the public and make those minutes available as soon as the considerations necessitating the closure of the meeting no longer apply4 #bjg4 ,powers and limitations of the ,board 7a7 ,powers ,in order to carry out the purposes of the ,bank as described in this ,act1 the ,board shall be responsible for the approval and monitoring of infrastructure projects1 and shall have the following powers3 7#a7 ,to make senior and subordinated direct loans on such terms as the ,board may determine to be appropriate to assist in the financing or refinancing of an infrastructure project4 7#b7 ,subject to the availability of funding1 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 determine to be appropriate to assist in the financing or refinancing of an infrastructure project4 7#d7 ,to issue bonds to provide financing for infrastructure projects from amounts made available from the issuance of those 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 part by the ,bank after receiving recommendations from the ,executive ,committee4 7#g7 ,to monitor infrastructure projects financed in whole or in part by the ,bank 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 members of the ,board and officers of the ,bank for liabilities arising out of the actions of the ,board and officers of the ,bank 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 ,congress1 the executive branch1 and ,state and local governments1 and to represent the interests of the ,bank4 7#aa7 ,to exercise all other lawful powers that are necessary or appropriate to carry out1 and are consistent with1 the purposes of the ,bank4 7b7 ,coordination with ,state and local regulatory authorities ,the provision of financial assistance by the ,board pursuant to this ,act shall not-- 7#a7 limit 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 an infrastructure project2 or 7#b7 otherwise supersede any ,state law or regulation applicable to an infrastructure project4 7c7 ,federal personnel requests 7#a7 ,in general ,the ,board may request the detail1 on a reimbursable basis1 of personnel from other ,federal agencies with specific expertise not available from within the ,bank1 including personnel with experience in the selection process for competitive awards from-- 7,a7 the ,corps of ,engineers2 7,b7 the ,department of ,transportation2 7,c7 the ,department of ,labor2 7,d7 the ,department of ,housing and ,urban ,development2 7,e7 the ,environmental ,protection ,agency2 7,f7 the ,department of the ,treasury2 7,g7 the ,department of ,commerce2 and 7,h7 other relevant ,federal agencies4 7#b7 ,detail ,the head of any ,federal agency-- 7,a7 may detail1 on a reimbursable basis1 any personnel of the agency requested by the ,board2 and 7,b7 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 including-- 7#a7 the chief executive officer1 who shall serve as the head of the ,executive ,committee2 7#b7 the chief risk officer2 7#c7 the chief operations officer2 7#d7 the chief loan origination officer2 7#e7 the chief compliance officer2 7#f7 the chief financial officer2 7#g7 the chief treasury officer2 7#h7 the chief asset and liability management officer2 and 7#i7 the general counsel4 7b7 ,appointments ,a majority of the ,board shall have the authority-- 7#a7 to appoint the members of the ,executive ,committee2 and 7#b7 to define the duties of each member of the ,executive ,committee in accordance with this ,act1 the bylaws of the ,bank1 and requirements of the ,board4 7c7 ,qualifications ,each member of the ,executive ,committee and all loan origination officers of the ,bank shall have extensive experience and expertise in retail banking1 and in #a 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 7d7 ,duties of ,chief ,executive ,officer ,the chief executive officer 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 presented to the ,bank by regional economic accelerator planning groups established under section #bjd2 and 7#c7 the development1 revision1 and submission to the ,board of other internal policies of the ,bank4 7e7 ,duties of ,executive ,committee ,in order to carry out the purposes of the ,bank1 the ,executive ,committee shall-- 7#a7 establish and submit to the ,board for approval disclosure and application procedures for entities submitting applications for infrastructure projects for assistance under this ,act2 7#b7 establish and submit to the ,board for approval 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 for approval guidelines for the selection and approval of infrastructure projects and specific criteria for determining eligibility for project selection1 subject to the general criteria provided in section #bje2 7#d7 accept for consideration project proposals from entities for the development of infrastructure projects in accordance with this ,act2 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 borrowing procedures and selection criteria of the ,bank2 7,b7 the development of a pipeline of projects suitable for financing that meet the selection criteria developed by the ,bank2 7,c7 the development of specialized institutional structures and cross-regional planning to help in the planning of complex projects2 7,d7 best practices for design1 construction1 and management1 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 7f7 ,vacancy ,a vacancy on the ,executive ,committee shall be filled in the manner in which the original appointment was made4 7g7 ,compensation ,the compensation of a member of the ,executive ,committee shall be determined by the ,board4 7h7 ,removal ,a member of the ,executive ,committee may be removed at the discretion of a majority of the ,board4 7i7 ,term ,a member of the ,executive ,committee shall serve a term of #f years and may be reappointed in accordance with this section4 7j7 ,limitations 7#a7 ,in general ,during the period described in paragraph 7#b71 a member of the ,executive ,committee may not-- 7,a7 hold any other public office2 7,b7 have any interest in an infrastructure project considered by the ,board2 or 7,c7 have any interest in an entity seeking financial assistance from the ,bank for any infrastructure project4 7#b7 ,period described ,the period referred to in paragraph 7#a7 is the period-- 7,a7 beginning on the date on which the member of the ,executive ,committee is appointed2 and 7,b7 ending on the date on which the member ceases to serve on the ,executive ,committee4 #bji4 ,risk management committee 7a7 ,establishment ,the ,board1 in consultation with the chief loan origination officer1 shall establish a risk management committee consisting of #e members1 headed by the chief risk officer4 7b7 ,appointment ,a majority of the ,board shall have the authority-- 7#a7 to appoint the members of the risk management committee2 and 7#b7 to define the duties of the chief risk officer and each remaining member of the risk management committee in accordance with this ,act1 the bylaws of the ,bank1 and requirements of the ,board4 7c7 ,qualifications ,each member of the risk management committee shall have demonstrated experience and expertise in #a 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 7d7 ,duties of chief risk officer ,the chief risk officer shall-- 7#a7 have such functions1 powers1 and duties as may be prescribed by this ,act1 the bylaws of the ,bank1 and the ,board2 and 7#b7 report directly to the ,board4 7e7 ,duties of risk management committee ,the risk management committee shall-- 7#a7 develop overarching financial1 credit1 and operational risk management guidelines and policies to be adhered to by the ,bank2 7#b7 develop conforming standards for loan agreements to ensure diversification of lending activities by geographic region1 infrastructure project type1 and inclusion of rural and disadvantaged communities2 7#c7 ensure compliance with ,federal and ,state laws referred to in section #bac2 7#d7 develop specific plans for all financial assistance provided by the ,bank1 including subsidy programs for disadvantaged communities and the inclusion of minorities1 women1 and indigenous people1 and disadvantaged business participation in infrastructure projects financed by the ,bank in accordance with section #bac2 7#e7 monitor the overall financial1 credit1 and operational exposure of the ,bank2 7#f7 establish a standing subcommittee to perform regular credit evaluations and report on large infrastructure loans extended by the ,bank to monitor compliance with terms and attainment of performance targets contained in loan agreements2 and 7#g7 provide financial recommendations to the ,board for approval4 7f7 ,vacancy ,a vacancy on the risk management committee shall be filled in the manner in which the original appointment was made4 7g7 ,compensation ,the compensation of a member of the risk management committee shall be determined by the ,board4 7h7 ,removal ,a member of the risk management committee may be removed at the discretion of a majority of the ,board4 7i7 ,term ,a member of the risk management committee shall serve a term of #f years and may be reappointed in accordance with this section4 7j7 ,limitations 7#a7 ,in general ,during the period described in paragraph 7#b71 a member of the risk management committee may not-- 7,a7 hold any other public office2 7,b7 have any interest in an infrastructure project considered by the ,board2 or 7,c7 have any interest in an investment institution1 commercial bank1 or other entity seeking financial assistance from the ,bank for any infrastructure project4 7#b7 ,period described ,the period referred to in paragraph 7#a7 is the period-- 7,a7 beginning on the date on which the member of the risk management committee is appointed2 and 7,b7 ending on the date on which the member ceases to serve on the risk management committee4 #baj4 ,audit committee 7a7 ,in general ,the ,bank shall establish an audit committee consisting of #e members1 headed by the chief compliance officer4 7b7 ,appointment ,a majority of the ,board shall have the authority-- 7#a7 to appoint the members of the audit committee2 and 7#b7 to define the duties of the chief compliance officer and each remaining member of the audit committee in accordance with this ,act1 the bylaws of the ,bank1 and requirements of the ,board4 7c7 ,qualifications ,each member of the audit committee shall have demonstrated experience and expertise in #a or more of the following3 7#a7 ,internal auditing4 7#b7 ,internal investigations4 7#c7 ,accounting practices4 7#d7 ,financing practices4 7d7 ,duties of chief compliance officer ,the chief compliance officer shall-- 7#a7 have such functions1 powers1 and duties as may be prescribed by this ,act1 the bylaws of the ,bank1 and the ,board2 and 7#b7 report directly to the ,board4 7e7 ,duties of audit committee ,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 7f7 ,vacancy ,a vacancy on the audit committee shall be filled in the manner in which the original appointment was made4 7g7 ,compensation ,the compensation of a member of the audit committee shall be determined by the ,board4 7h7 ,removal ,a member of the audit committee may be removed at the discretion of a majority of the ,board4 7i7 ,term ,a member of the audit committee shall serve a term of #f years and may be reappointed in accordance with this section4 7j7 ,limitations 7#a7 ,in general ,during the period described in paragraph 7#b71 a member of the audit committee may not-- 7,a7 hold any other public office2 7,b7 have any interest in an infrastructure project considered by the ,board2 or 7,c7 have any interest in an investment institution1 commercial bank1 or other entity seeking financial assistance from the ,bank for any infrastructure project4 7#b7 ,period described ,the period referred to in paragraph 7#a7 is the period-- 7,a7 beginning on the date on which the member of the audit committee is appointed2 and 7,b7 ending on the date on which the member ceases to serve on the audit committee4 #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 the ,board1 ,executive ,committee1 risk management committee1 or audit committee1 as applicable1 as necessary and prescribed by this ,act1 the bylaws of the ,bank1 and the ,board4 7b7 ,nondiscrimination and equal opportunity employment 7#a7 ,in general ,the ,bank shall not discriminate on the basis of race1 religion1 color1 national origin1 age1 physical or mental handicap or disability1 medical condition1 marital status1 sex1 sexual orientation1 gender identity1 pregnancy1 or ethnic or social origin against any employee or applicant for employment4 7#b7 ,inclusions ,paragraph 7#a7 shall apply to1 at a minimum1 employment1 upgrading1 demotion or transfer1 recruitment or recruitment advertising1 layoff or termination1 rates of pay or other forms of compensation1 and selection for training1 including apprenticeship4 #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 section 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 #djc7;b7 of title #e1 ,united ,states ,code4 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 #djc7;e7 of title #e1 ,united ,states ,code4 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 chapter #d of title #e1 ,united ,states ,code4 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 #djf of title #e1 ,united ,states ,code4 7#b7 ,additional authority ,the ,special ,inspector ,general shall carry out the duties specified in subsection 7c77#a7 in accordance with section #djd7;b77#a7 of title #e1 ,united ,states ,code4 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 ,compliance with ,federal and ,state laws 7#a7 ,in general ,the ,bank1 any entity that receives financial assistance from the ,bank1 and any contractor or subcontractor that receives funds from financial assistance provided by the ,bank shall comply with all applicable ,federal and ,state laws1 including this section4 7#b7 ,agreements ,the ,bank shall require that an entity that receives financial assistance from the ,bank shall-- 7,a7 confirm compliance with applicable ,federal and ,state laws in a loan agreement between the ,bank and the entity2 and 7,b7 ensure1 through a written agreement1 that contractors and subcontractors used by the entity for an infrastructure project carried out with that financial assistance are in compliance with applicable ,federal and ,state laws4 7b7 ,compliance with ,davis-,bacon ,act 7#a7 ,in general ,all laborers and mechanics employed by contractors and subcontractors on infrastructure projects funded directly by or assisted in whole or in part by or 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 title #dj1 ,united ,states ,code4 7#b7 ,labor standards ,with respect to the labor standards described in paragraph 7#a71 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 7#a7 ,in general 7,a7 ,covered ,states ,any recipient of financial assistance from the ,bank in a covered ,state shall1 for purposes of an infrastructure project funded by such financial assistance1 be a party to a project labor agreement with an applicable labor organization4 7,b7 ,states that are not covered ,states ,any recipient of financial assistance from the ,bank in a ,state that is not a covered ,state shall1 for purposes of the infrastructure project funded by such financial assistance1 permit voluntary collective bargaining with respect to becoming a party to a project labor agreement4 7#b7 ,definitions ,for purposes of this subsection3 7,a7 ,covered ,states ,the term covered ,state means a ,state in which-- 7i7 the laws of such ,state permit an entity to require project labor agreements2 or 7ii7 the total amount of all construction contracts financed by the ,bank in such ,state is not less than #ce1jjj1jjj4 7,b7 ,project labor agreement ,the term project labor agreement means a pre-hire collective bargaining agreement with one or more labor organizations that establishes the terms and conditions of employment for a specific construction project and is described in section #h7;f7 of the ,national ,labor ,relations ,act 7#bi ,u4,s4,c4 #aeh7;f774 7d7 ,buy ,america requirement ,section #gjiad of the ,infrastructure ,investment and ,jobs ,act 7#da ,u4,s4,c4 #hcja note2 ,public ,law #aag-eh7 shall apply to the ,bank1 including financial assistance provided by the ,bank4 7e7 ,nondiscrimination 7#a7 ,in general ,for the purpose of applying the prohibitions against discrimination on the basis of age under the ,age ,discrimination ,act of #aige 7#db ,u4,s4,c4 #faja et seq471 of disability under section #ejd of the ,rehabilitation ,act of #aigc 7#bi ,u4,s4,c4 #gid71 on the basis of sex under title ,,ix of the ,education ,amendments of #aigb 7#bj ,u4,s4,c4 #afha et seq471 programs and activities funded or otherwise financially assisted in whole or in part under this ,act by the ,bank1 directly or indirectly1 are considered to be education programs and activities receiving ,federal financial assistance4 7#b7 ,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 titles ,,vi and ,,vii of the ,civil ,rights ,act of #aifd as to hiring and awarding contracts to build projects4 ,the ,bank shall implement such titles1 in part1 by including language in loan agreements to require contracted work financed in whole or in part by the ,bank to include an equal opportunity clause as set out in section #fj-a4d of title #da of the ,code of ,federal ,regulations4 7f7 ,minority1 women1 and disadvantaged business enterprise participation ,for each fiscal year1 the ,bank shall ensure that not less than #aj percent of the financial assistance provided by the ,bank is expended through small business concerns owned and controlled by socially and economically disadvantaged individuals or qualified ,h,u,b,zone small business concerns 7as those terms are defined in section #dgaac7;a7 of title #di1 ,united ,states ,code74 7g7 ,local hiring preference 7#a7 ,in general ,in providing financial assistance under this ,act1 the ,bank shall ensure that recipients of financial assistance from the ,bank implement a local1 rural1 or other geographic or economic hiring preference relating to the use of labor for construction of an infrastructure project funded by the assistance1 including prehire agreements1 subject to any applicable ,state and local laws1 policies1 and procedures1 in partnership with a registered apprenticeship program 7as defined in section #caca7;e77#c77;,b7 of the ,internal ,revenue ,code of #aihf71 if applicable1 or with a ,state board or local board 7as those terms are defined in section #c of the ,workforce ,innovation and ,opportunity ,act 7#bi ,u4,s4,c4 #cajb774 7#b7 ,priority ,in carrying out paragraph 7#a71 the ,bank shall ensure that recipients of financial assistance from the ,bank give priority in hiring to-- 7,a7 individuals with a barrier to employment 7as defined in section #c of the ,workforce ,innovation and ,opportunity ,act 7#bi ,u4,s4,c4 #cajb771 including ex-offenders and disabled individuals2 7,b7 veterans2 and 7,c7 individuals that represent populations that are traditionally underrepresented in the infrastructure workforce1 such as women and racial and ethnic minorities4 7h7 ,infrastructure planning1 coordination and nonduplication ,to the maximum extent practicable1 the ,bank shall ensure that activities of the ,bank are coordinated with1 and do not duplicate the efforts of1 any ,federal or ,state department or agency4 7i7 ,state and local permits ,the provision of financial assistance by the ,bank with respect to an infrastructure project does not relieve any recipient of the assistance of any obligation to obtain required ,state and local permits and approvals with respect to the infrastructure project4 #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 shall not apply to any contract or loan under this ,act4 7b7 ,no priority as a ,federal claim ,section #cgac of title #ca1 ,united ,states ,code1 shall not apply with respect to any indebtedness of the ,bank4 #bae4 ,relations with local financial institutions 7a7 ,complementary provision of services 7#a7 ,in general ,except as provided in subsection 7b71 the ,bank-- 7,a7 shall conduct loan activities in partnership with local financial institutions2 and 7,b7 shall not compete with local financial institutions4 7#b7 ,partnership ,a partnership under paragraph 7#a77;,a7 may include the participation of a local financial institution in loan requests1 loan monitoring1 or blended financing of project loans4 7b7 ,exception ,the ,bank may engage in loan activities without partnering with a local financial institution if those loan activities are not offered or provided by local financial institutions in the jurisdiction in which the loan is being provided4 7c7 ,bank as a clearinghouse ,for local financial institutions that make the ,bank a reserve depositary1 the ,bank may perform the functions and render the services of a clearinghouse1 including all facilities for providing domestic and foreign exchange1 or rediscounting paper on such terms as the ,board shall provide4 #baf4 ,audits2 reports to ,president and ,congress 7a7 ,accounting ,the books of account of the ,bank shall be-- 7#a7 maintained in accordance with generally accepted accounting principles as used in the ,united ,states2 and 7#b7 subject to an annual audit by independent public accountants of nationally recognized standing1 to be appointed by the ,board4 7b7 ,reports 7#a7 ,board ,not later than #ij days after the end of each fiscal year1 the ,board shall submit to the ,president and ,congress a complete and detailed report with respect to the preceding fiscal year that describes-- 7,a7 a summary of the operations of the ,bank2 7,b7 a schedule of the obligations of the ,bank that are outstanding at the end of that preceding fiscal year1 with a statement of the amounts issued and redeemed or paid during that preceding fiscal year2 and 7,c7 the status of infrastructure projects that have received funding or other assistance pursuant to this ,act1 including disclosure of all entities with a development1 ownership1 or operational interest in those infrastructure 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 that includes an assessment of the impact and benefits of each funded infrastructure project1 including a review of how effectively each infrastructure project accomplished the goals prioritized by the project criteria of the ,bank4 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 infrastructure project maintained on a publicly accessible database4 7#b7 ,public comment period ,the ,bank shall provide a period of not less than #cj days for public comment on each infrastructure financing agreement posted on the database referred to in paragraph 7#a7 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 #bag4 ,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 #bah4 ,authorization of appropriations ,there is authorized to be appropriated #ej1jjj1jjj for each of fiscal years #bjbe and #bjbf for the initial organization of the ,bank1 the ,board1 and ,bank staff4