,i #aai? ,,congress #a/ ,session ,h4 ,r4 #ecef ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,septemb] #ae1 #bjbe,mr4 ,davis ( ,ill9ois 7= himself1 ,mr4 ,smi? ( ,wa%+ton1 ,mr4 ,espaillat1 ,mr4 ,lyn*1 ,mr4 ,tonko1 ,ms4 ,p+ree1 ,mr4 ,magaz9]1 ,mr4 ,cleav]1 ,mr4 ,deluzio1 ,mr4 ,g>am5di1 ,mr4 ,mull91 ,ms4 ,velzquez1 ,mr4 ,fro/1 ,mr4 ,l&sman1 ,mr4 ,suozzi1 ,mr4 ,mc,govern1 ,mrs4 ,ramirez1 ,mr4 ,amo1 ,ms4 ,tlaib1 ,mr4 ,khanna1 ,mr4 ,?an$>1 ,ms4 ,kaptur1 ,mr4 ,jackson ( ,ill9ois1 ,mr4 ,johnson ( ,georgia1 ,mr4 ,torres ( ,new ,york1 ,mr4 ,goldman ( ,new ,york1 ,mr4 ,nadl]1 ,mr4 ,latim]1 ,mr4 ,ryan1 ,mr4 ,g>ca ( ,ill9ois1 ,mr4 ,evans ( ,p5nsylvania1 ,mr4 ,c>son1 & ,ms4 ,norton7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,en]gy & ,comm]ce1 & 9 addition to ! ,committees on ,ways & ,means1 ,transportation & ,infra/ructure1 ,f9ancial ,s]vices1 ,education & ,work=ce1 ,natural ,res\rces1 & ! ,budget1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to facilitate effici5t inve/m5ts & f9anc+ ( infra/ructure projects & new job creation ?r\gh ! e/abli%m5t ( a ,national ,infra/ructure ,bank1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,9 g5]al ,?is ,act may be cit$ z ! ,national ,infra/ructure ,bank ,act ( #bjbe4 7b7 ,table ( cont5ts ,! table ( cont5ts ( ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,sec4 #b4 ,f9d+s4,,title ,i--,rev5ue provisions,sec4 #aja4 ,treatm5t ( ,national ,infra/ructure ,bank z a ,gov]nm5t corporation exempt f tax4,sec4 #ajb4 ,treatm5t ( contributions to ! ,national ,infra/ructure ,bank z *>itable contributions4,sec4 #ajc4 ,pref]r$ divid5ds ( ,national ,infra/ructure ,bank excludible f gross income4,,title ,,ii--,e/abli%m5t ( ,national ,infra/ructure ,bank,sec4 #bja4 ,def9itions4,sec4 #bjb4 ,e/abli%m5t ( ,national ,infra/ructure ,bank4,sec4 #bjc4 ,purposes & au?orizations4,sec4 #bjd4 ,=mation ( regional economic accel]ator plann+ gr\ps4,sec4 #bje4 ,eligibility crit]ia = assi/ance f ! ,bank4,sec4 #bjf4 ,bo>d ( ,directors4,sec4 #bjg4 ,p[]s & limitations ( ! ,bo>d4,sec4 #bjh4 ,executive ,committee4,sec4 #bji4 ,risk managem5t committee4,sec4 #baj4 ,audit committee4,sec4 #baa4 ,p]sonnel4,sec4 #bab4 ,special ,inspector ,g5]al = ! ,national ,infra/ructure ,bank4,sec4 #bac4 ,/atus & applicability ( c]ta9 ,f$]al & ,/ate laws4,sec4 #bad4 ,exemption f c]ta9 laws4,sec4 #bae4 ,relations ) local f9ancial in/itutions4,sec4 #baf4 ,audits2 reports to ,presid5t & ,congress4,sec4 #bag4 ,budget>y effects4,sec4 #bah4 ,au?orization ( appropriations4 #b4 ,f9d+s ,congress f9ds t-- 7#a7 ?r\gh\t ! hi/ory ( ! ,unit$ ,/ates1 national banks h play$ a crucial role 9 f9anc+ mo/ ( ! public infra/ructure ( ! ,unit$ ,/ates2 7#b7 ! l>ge/ national banks includ$-- 7,a7 ! ,fir/ ,bank ( ! ,unit$ ,/ates1 f #agia ?r\gh #ahaa2 7,b7 ! ,second ,bank ( ! ,unit$ ,/ates1 f #ahaf ?r\gh #ahcf2 7,c7 ! national bank+ sy/em in/itut$ by ,presid5t ,l9coln2 & 7,d7 ! ,recon/ruction ,f9ance ,corporation in/itut$ by ,presid5t ,frankl9 ,delano ,roosevelt1 f #aicb ?r\gh #aieg2 7#c7 ^? national banks 7 enact$ ) broad bip>tisan support1 & f9anc$ ! con/ruction ( roads1 turnpikes1 bridges1 canals1 ! ,transcont95tal ,railroad1 ! ,hoov] ,dam1 rural electrification1 manufactur+ />tups1 & rail1 s*ool1 & f>m improvem5ts 9 e corn] ( ! ,unit$ ,/ates2 7#d7 ^? infra/ructure inve/m5ts creat$ ! conditions = improv$ productivity1 economic gr[?1 & job creation1 help$ lift ! ,unit$ ,/ates out ( ! ,great ,depression1 & contribut$ to victory 9 ,_w ,w> ,,ii2 7#e7 ! ,am]ican ,society ( ,civil ,eng9e]s 7ref]r$ to 9 ?is section z ,,asce71 9 its #bjbe ,report ,c>d e/imates t #i1aci1jjj1jjj1jjj 7n adju/$ = inflation7 is ne$$ f #bjbd to #bjcc to meet all ( ! infra/ructure ne$s ( ! ,unit$ ,/ates1 & ( t am\nt1 #e1dej1jjj1jjj1jjj is expect$ to be f9anc$ by ! ,f$]al ,gov]nm5t at cont9u$ appropriation levels1 & by ,/ates1 c\nties1 cities1 utilities1 & port & airport au?orities ?r\gh _! g5]al rev5ues1 special taxes1 us] fees1 & borr[+ f capital m>kets2 7#f7 ev5 ) ! inve/m5ts describ$ 9 p>agraph 7#e71 a f9anc+ gap ( #c1fhi1jjj1jjj1jjj rema9s1 & to close t gap1 ! ,unit$ ,/ates w ne$ to increase fund+ by all levels ( gov]nm5t1 9 ord] to improve infra/ructure quality & resili5cy1 gr[ ! economy fa/]1 & ma9ta9 our int]national competitiv5ess2 7#g7 ,,asce fur!r e/imates t ! add$ #c1fhi1jjj1jjj1jjj ne$$ ov] a #aj-ye> p]iod to br+ sy/ems up to a /ate ( good repair includes-- 7,a7 #a1bjh1jjj1jjj1jjj = roads1 bridges1 & transit2 7,b7 #a1jae1jjj1jjj1jjj = dr9k+ wat]1 wa/ewat]1 & /ormwat] sy/ems2 7,c7 #dbi1jjj1jjj1jjj = s*ools & broadb& access2 7,d7 #egh1jjj1jjj1jjj = electricity g5]ation1 transmission1 & di/ribution2 7,e7 #aac1jjj1jjj1jjj = aviation2 7,f7 #bhf1jjj1jjj1jjj = dams1 levees1 inl& wat]ways1 & ports2 7,g7 #cb1jjj1jjj1jjj = pass5g] rail2 & 7,h7 #dd1jjj1jjj1jjj = public p>ks & recreation2 7#h7 exp&$ inve/m5t ( at lea/ #a1caa1jjj1jjj1jjj is also ne$$1 includ+-- 7,a7 #cbj1jjj1jjj1jjj = new af=dable h\s+2 7,b7 #gia1jjj1jjj1jjj = a #ag1jjj-mile high-spe$ rail network2 7,c7 #bjj1jjj1jjj1jjj = major wat] supply projects2 & 7,d7 incorporat$ 9 ea* ( ! categories describ$ 9 subp>agraphs 7,a7 ?r\gh 7,c71 sci5ce & te*nology driv]s1 resili5cy features1 accommodation ( population gr[?1 en]gy sav+s1 & improvem5ts 9 rural1 urban1 & l[-income areas t ! public & private sectors are n fully s]v+ n[2 7#i7 al?\gh ,f$]al grant programs1 along ) mat*+ ,/ate & local fund+1 %\ld cont9ue to play a coord9at+ role 9 f9anc+ infra/ructure 9 ! ,unit$ ,/ates1 curr5t & =eseeable dem&s on exi/+ ,f$]al1 ,/ate1 & local budgets exce$ ! res\rces to support ^? programs by a wide m>g92 7#aj7 a %>p b\t ( inflation 9 #bjba ?r\gh #bjbc1 & a delay 9 ! enactm5t ( a robu/1 adequately siz$1 #aj-ye> l5d+ plan to ! p]iod ( #bjbd ?r\gh #bjcc1 %\ld require a #dj-p]c5t increase above real co/s to ensure adequate fund+ 9 nom9al doll>s2 7#aa7 ! e/abli%m5t ( a ,unit$ ,/ates public deposit bank w\ld provide direct loans & o!r f9anc+ ( up to #e1jjj1jjj1jjj1jjj = qualify+ infra/ructure projects )\t requir+ additional ,f$]al taxes or deficits2 & 7#ab7 t fund+ w\ld-- 7,a7 be adequate to f9ance all ( ! unfund$ infra/ructure ne$s ( ! ,unit$ ,/ates1 9 all p>ts ( ! c\ntry1 accord+ to well-develop$ /rategic plans2 & 7,b7 return ! ,unit$ ,/ates to its mo/ rec5t gold5 age :5 a ,national ,infra/ructure ,bank 0 9 place1 f #aicc to #aieg1 dur+ :i* "t-- 7i7 total factor productivity advanc$ by #c4e p]c5t p] ye>2 7ii7 ! economy grew1 on av]age1 #e4e p]c5t p] ye>2 7iii7 income inequality decreas$ by #a_/c2 & 7iv7 ,f$]al & ,/ate tax receipts rose dramatically4 ,i ,rev5ue provisions #aja4 ,treatm5t ( ,national ,infra/ructure ,bank z a ,gov]nm5t corporation exempt f tax 7a7 ,9 g5]al ,section #eja7l7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#e7 ,! ,national ,infra/ructure ,bank e/abli%$ "u title ,,ii ( ! ,national ,infra/ructure ,bank ,act ( #bjbe4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 #ajb4 ,treatm5t ( contributions to ! ,national ,infra/ructure ,bank z *>itable contributions 7a7 ,9 g5]al ,section #agj7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] p>agraph 7#f7 ! foll[+ new p>agraph3 7#g7 ,! ,national ,infra/ructure ,bank e/abli%$ "u title ,,ii ( ! ,national ,infra/ructure ,bank ,act ( #bjbe4 4 7b7 ,application ( p]c5tage limitation ,section #agj7;b77#a77;,a7 ( su* ,code is am5d$ by /rik+ or at ! end ( clause 7ix71 by ins]t+ or at ! end ( clause 7x71 & by ins]t+ aft] clause 7x7 ! foll[+ new clause3 7xi7 ! ,national ,infra/ructure ,bank ref]r$ to 9 subsection 7c77#g71 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 #ajc4 ,pref]r$ divid5ds ( ,national ,infra/ructure ,bank excludible f gross income 7a7 ,9 g5]al ,"p ,,iii ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #aci;,i ! foll[+ new section3 #aci;,j4 ,pref]r$ divid5ds ( ,national ,infra/ructure ,bank ,gross income %all n include any am\nt receiv$ z a divid5d on pref]r$ /ock ( ! ,national ,infra/ructure ,bank pursuant to section #bjc7;c7 ( ! ,national ,infra/ructure ,bank ,act ( #bjbe 7z 9 effect on ! date ( ! enactm5t ( ?is section74 4 7b7 ,cl]ical am5dm5t ,! table ( sections ( su* "p is am5d$ by ins]t+ aft] ! item relat+ to section #aci;,i ! foll[+ new item3 ,sec4 #aci;,j4 ,pref]r$ divid5ds ( ,national ,infra/ructure ,bank4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 ,,ii ,e/abli%m5t ( ,national ,infra/ructure ,bank #bja4 ,def9itions ,9 ?is title3 7#a7 ,af=dable h\s+ ,! t]m af=dable h\s+ means h\s+ t meets ! crit]ia e/abli%$ "u section #bae ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgde74 7#b7 ,bank ,! t]m ,bank means ! ,national ,infra/ructure ,bank e/abli%$ "u section #bjb7;a74 7#c7 ,bl5d$ f9anc+ ,! t]m bl5d$ f9anc+ means f9anc+ provid$ ?r\gh any comb9ation ( loans or bond f9anc+1 9 coop]ation ) private l5d]s or ,/ate revolv+ funds1 t is integrat$ into a s+le agreem5t ) a s+le set ( f9ancial t]ms4 7#d7 ,bo>d ,! t]m ,bo>d means ! ,bo>d ( ,directors ( ! ,bank e/abli%$ by section #bjf4 7#e7 ,*ief asset & liability managem5t (fic] ,! t]m *ief asset & liability managem5t (fic] means ! individual responsible = coord9at+ ! managem5t ( assets & liabilities ( ! ,bank4 7#f7 ,*ief compliance (fic] ,! t]m *ief compliance (fic] means ! individual responsible = ov]see+ & manag+ ! compliance & regulatory affairs ( ! ,bank4 7#g7 ,*ief executive (fic] ,! t]m *ief executive (fic] means ! individual s]v+ z ! executive director ( ! ,bank4 7#h7 ,*ief f9ancial (fic] ,! t]m *ief f9ancial (fic] means ! individual responsible = manag+ ! f9ancial risks1 plann+1 & report+ ( ! ,bank4 7#i7 ,*ief loan orig9ation (fic] ,! t]m *ief loan orig9ation (fic] means ! individual responsible = manag+ ! process+ ( new loans provid$ by ! ,bank4 7#aj7 ,*ief op]ations (fic] ,! t]m *ief op]ations (fic] means ! individual responsible = ! retail op]ations ( ! ,bank & ! bran*es ( ! ,bank1 includ+ ! adm9i/rative1 human res\rce1 & in=mation te*nology sy/ems ( ! ,bank4 7#aa7 ,*ief risk (fic] ,! t]m *ief risk (fic] means ! individual responsible = manag+ op]ational & compliance-relat$ risks ( ! ,bank4 7#ab7 ,*ief treasury (fic] ,! t]m *ief treasury (fic] means ! individual responsible = manag+ ! treasury op]ations ( ! ,bank4 7#ac7 ,community developm5t infra/ructure ,! t]m community developm5t infra/ructure means ! developm5t ( af=dable h\s+1 transportation1 wat] infra/ructure1 s*ools1 af=dable broadb&1 public p>ks & recreation1 libr>ies1 or public facilities t tra9 work]s & build labor skills4 7#ad7 ,connectivity ,! t]m connectivity1 ) respect to an infra/ructure project1 means ! l9kages 9 transportation1 en]gy1 communications1 community developm5t infra/ructure1 & manufactur+ & data c5t]s1 t tie geographic areas toge!r into economic units1 includ+ networks ( commut] r\tes1 railways1 %ipp+ lanes1 & int]net cables1 includ+ geomatic data collect$ by ! ,dep>tm5t ( ,transportation4 7#ae7 ,develop2 developm5t ,! t]ms develop & developm5t1 ) respect to an infra/ructure project1 mean-- 7,a7 any precon/ruction plann+1 feasibility review = /&-alone projects or = bundl$ projects1 p]mitt+1 design "w1 life-cycle ma9t5ance plann+1 & o!r precon/ruction activities2 & 7,b7 any con/ruction1 recon/ruction1 rehabilitation1 replacem5t1 or expansion4 7#af7 ,direct loan ,! t]m direct loan has ! mean+ giv5 ! t]m 9 section #ejb ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa;a74 7#ag7 ,disadvantag$ community ,! t]m disadvantag$ community means a community t is-- 7,a7 a l[-income community2 or 7,b7 a f$]ally recogniz$ area ( economic di/ress 7z def9$ 9 section #ajjjjb ( ! ,infra/ructure ,inve/m5t & ,jobs ,act 7#ae ,u4,s4,c4 #ieja774 7#ah7 ,en]gy infra/ructure project ,! t]m en]gy infra/ructure project means a project t involves ! con/ruction ( a new or upgrad$ en]gy g5]ation1 transmission1 di/ribution1 or /orage facility4 7#ai7 ,entity ,! t]m entity means-- 7,a7 a ,/ate or political subdivision ( a ,/ate2 7,b7 a unit ( local gov]nm5t2 7,c7 a publicly own$ utility2 7,d7 a special purpose di/rict1 public au?ority1 public corporation1 or coop]ative au?oriz$ to contract indebt$ness2 7,e7 an ,indian ,tribe2 7,f7 a public tru/2 7,g7 an au?ority1 ag5cy1 or in/rum5tality (1 or an entity own$ by1 #a or m entities describ$ 9 subp>agraphs 7,a7 ?r\gh 7,f72 7,h7 a gr\p ( entities describ$ 9 subp>agraphs 7,a7 ?r\gh 7,g72 7,i7 a private entity2 & 7,j7 a public-private p>tn]%ip4 7#bj7 ,environm5tal infra/ructure project ,! t]m environm5tal infra/ructure project means any project =-- 7,a7 ! e/abli%m5t1 def]r$ ma9t5ance1 or enhancem5t1 includ+ security enhancem5t1 ( any dr9k+ wat] & wa/ewat] treatm5t facility1 /ormwat] managem5t sy/em1 flood gate1 dam1 levee1 solid wa/e disposal facility1 or haz>d\s wa/e facility2 7,b7 dr$g+2 7,c7 wetl& re/oration or o!r op5 space cons]vation2 7,d7 infill developm5t2 or 7,e7 indu/rial site cleanup or rem$iation4 7#ba7 ,executive ,committee ,! t]m ,executive ,committee means ! ,executive ,committee ( ! ,bank e/abli%$ "u section #bjh7;a74 7#bb7 ,f$]ally recogniz$ area ( economic di/ress ,! t]m f$]ally recogniz$ area ( economic di/ress means-- 7,a7 a ,h,u,b,zone 7z def9$ 9 section #ca7;b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #feg;a7b7772 7,b7 an area t-- 7i7 has be5 designat$ z an emp[]m5t zone "u section #acia ( ! ,int]nal ,rev5ue ,code ( #aihf2 7ii7 has be5 designat$ z a ,promise ,zone by ! ,secret>y ( ,h\s+ & ,urban ,developm5t2 or 7iii7 is a l[- or mod]ate-income area1 z det]m9$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t2 & 7,c7 a qualifi$ opportunity zone 7z def9$ 9 section #adjj,z-#a7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf74 7#bc7 ,g5]al c\nsel ,! t]m g5]al c\nsel means ! individual :o s]ves z ! *ief lawy] = ! ,bank4 7#bd7 ,gre5h\se gas ,! t]m gre5h\se gas means-- 7,a7 c>bon dioxide2 7,b7 hydr(luoroc>bons2 7,c7 me?ane2 7,d7 nitr\s oxide2 7,e7 p]fluoroc>bons2 & 7,f7 sulfur hexafluoride4 7#be7 ,infra/ructure project ,! t]m infra/ructure project means any transportation infra/ructure project1 en]gy infra/ructure project1 environm5tal infra/ructure project1 telecommunications infra/ructure project1 community developm5t infra/ructure project1 or o!r infra/ructure project = :i* a developm5t plan is pres5t$ to ! ,bank = f9anc+4 7#bf7 ,local f9ancial in/itution ,! t]m local f9ancial in/itution means-- 7,a7 a c]tifi$ community developm5t f9ancial in/itution 7z def9$ 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb772 7,b7 a cr$it union ! deposits ( :i* are insur$ "u ,f$]al or ,/ate law or are protect$ or gu>ante$ "u ,/ate law2 7,c7 a small bank & sav+s association or an int]m$iate bank or sav+s association 7z ^? t]ms are def9$ 9 section #be4ab ( title #ab1 ,code ( ,f$]al ,regulations 7or a successor regulation772 & 7,d7 a ,/ate public bank4 7#bg7 ,l[-income community ,! t]m l[-income community means any c5sus block gr\p 9 :i* #cj p]c5t or m ( ! population are individuals ) an annual h\sehold income equal to1 or less ?an1 ! great] (-- 7,a7 an am\nt equal to #hj p]c5t ( ! m$ian income ( ! area 9 :i* ! h\sehold is locat$1 z report$ by ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t2 & 7,b7 #bjj p]c5t ( ! ,f$]al pov]ty l9e4 7#bh7 ,private entity ,! t]m private entity means a corporation1 p>tn]%ip1 company1 or nonpr(it organization4 7#bi7 ,productivity ,! t]m productivity means ! improv$ effici5cy 9 ! economy associat$ ) inve/m5ts 9 public & private infra/ructure1 calculat$ z ! diff]5ce betwe5-- 7,a7 ! *ange 9 ! value ( total production2 & 7,b7 ! *ange 9 ! value ( inputs go+ into production4 7#cj7 ,public b5efit ,! t]m public b5efit means ! cle> & measurable b5efit to society result+ f ! use ( ! infra/ructure project by ! public ) respect to :i* a project is c>ri$ out1 or ! improvem5t ! infra/ructure project provides 9-- 7,a7 economic gr[? & productivity2 7,b7 air & wat] quality2 7,c7 en]gy sav+s2 7,d7 high-wage jobs2 7,e7 pov]ty r$uction2 or 7,f7 ,f$]al1 ,/ate1 & local rev5ues4 7#ca7 ,public-private p>tn]%ip ,! t]m public-private p>tn]%ip means an agreem5t betwe5 an entity describ$ 9 any ( subp>agraphs 7,a7 ?r\gh 7,h7 ( p>agraph 7#ai7 & a private entity to f9ance1 build1 & ma9ta9 or op]ate an infra/ructure project4 7#cb7 ,revolv+ fund ,! t]m revolv+ fund means a fund or program e/abli%$ by a ,/ate or a political subdivision or o!r in/rum5tality ( a ,/ate1 ! pr9cipal activity ( :i* is to make loans1 commitm5ts1 or o!r f9ancial accommodations = ! developm5t ( #a or m categories ( infra/ructure projects4 7#cc7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#cd7 ,/ate ,! t]m ,/ate means any ( ! sev]al ,/ates1 ! ,di/rict ( ,columbia1 ! ,commonweal? ( ,pu]to ,rico1 ,guam1 ,am]ican ,samoa1 ! ,unit$ ,/ates ,virg9 ,isl&s1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 & any o!r t]ritory or possession ( ! ,unit$ ,/ates4 7#ce7 ,telecommunications infra/ructure project ,! t]m telecommunications infra/ructure project means any project involv+ infra/ructure requir$-- 7,a7 to provide communications by wire 7includ+ fib] optic cable71 wireless 7includ+ satellite1 micr[ave1 or beam71 int]net1 or radio 7includ+ broadb&72 or 7,b7 to enhance p]=mance & security = t infra/ructure 7includ+ networks & artificial intellig5ce74 7#cf7 ,transportation infra/ructure project ,! t]m transportation infra/ructure project means any project = ! con/ruction1 def]r$ ma9t5ance1 or enhancem5t1 includ+ security enhancem5t1 ( a highway1 road1 bridge1 transit or int]modal sy/em1 inl& wat]way1 comm]cial port1 airport1 high-spe$ or pass5g] rail1 or rail track sy/em4 7#cg7 ,tru/ fund 7,a7 ,9 g5]al ,! t]m tru/ fund means a del9eat$ acc\nt 9 ! books ( ! ,bank1 set up to receive & disburse grant money to fully or p>tially subsidize project loans to entities op]at+ 9 disadvantag$ communities4 7,b7 ,inclusions ,! t]m tru/ fund includes any tru/ fund receipts rema9+ f net op]ations ( ! ,bank1 a ,f$]al grant disbursem5t1 or a philan?ropic or o!r gift f an individual or entity1 z su* a receipt becomes available4 #bjb4 ,e/abli%m5t ( ,national ,infra/ructure ,bank 7a7 ,e/abli%m5t ( national infra/ructure bank ,!re is e/abli%$ a ,national ,infra/ructure ,bank1 :i* %all be a mix$-own]%ip ,gov]nm5t corporation subject to *apt] #ia ( title #ca1 ,unit$ ,/ates ,code1 except z o!rwise provid$ 9 ?is ,act4 7b7 ,con=m+ am5dm5t ,section #iaja7b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7,k7 ! ,national ,infra/ructure ,bank4 4 7c7 ,national bank *>t] ,?is ,act %all s]ve z ! *>t] = ! ,bank4 7d7 ,responsibility ( ! ,secret>y ,! ,secret>y %all take su* action z may be necess>y to assi/ 9 ! e/abli%m5t ( ! ,bank 9 accordance ) ?is ,act4 #bjc4 ,purposes & au?orizations 7a7 ,purpose ,! purpose ( ,national ,infra/ructure ,bank %all be to facilitate effici5t1 long-t]m f9anc+ ( infra/ructure projects1 bus9ess & economic gr[?1 & new job creation 9 ! ,unit$ ,/ates4 7b7 ,capitalization 7#a7 ,9 g5]al ,! ,national ,infra/ructure ,bank %all raise capital /ock1 9 an am\nt approv$ by ! ,bo>d1 b n to exce$ #ejj1jjj1jjj1jjj1 to be held 9 ! =m ( ,treasury securities4 7#b7 ,subscription ,! capital /ock %all be subscrib$ by-- 7,a7 public hold]s ( out/&+ ,treasury securities ( #c ye>s or great] maturity1 or out/&+ municipal bonds ( ,/ates or municipalities ( #e ye>s or great] maturity1 :o transf] su* securities or bonds to ! ,bank 9 ex*ange = ! capital /ock2 7,b7 paid-9 %>e capital1 paid 9 ca%2 & 7,c7 ! ,unit$ ,/ates ,treasury1 z on-call subscrib] to ! ,bank1 9 an am\nt up to #ajj1jjj1jjj1jjj 9 #cj-ye> ,unit$ ,/ates ,treasury bonds4 7#c7 ,capital adequacy ratio ,! ,bank %all ma9ta9 risk-bas$ capital ( no less ?an #aj p]c5t4 7#d7 ,limitation on pur*ase ( newly issu$ public debt ,! ,bank %all n pur*ase public debt ( ! ,unit$ ,/ates1 z newly issu$1 except = ! purpose ( roll+ ov] ! exi/+ ,treasury hold+s ( ! ,bank or to conv]t ! proce$s ( ca% pur*ases ( ! pref]r$ /ock ( ! ,bank into ,treasury securities4 7#e7 ,assessm5ts & phase-9 ( limitation on capital /ock ,! accumulation ( capital /ock ( ! ,bank %all be limit$-- 7,a7 to no m ?an #aej1jjj1jjj1jjj by ! end ( its fir/ full fiscal ye> ( op]ations1 foll[+ ! end ( :i* fiscal ye> ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all conduct an assessm5t ( ! op]ations ( ! ,bank & report to ,congress & ! ,bo>d ( ! ,bank conc]n+ ! ways 9 :i* ! ,bank is succe$+ or fall+ %ort 9 fulfill+ ! purposes ( ?is ,act2 7,b7 to no m ?an #cjj1jjj1jjj1jjj by ! end ( its ?ird full fiscal ye>1 foll[+ ! end ( :i* fiscal ye> ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all conduct ano!r assessm5t ( ! op]ations ( ! ,bank & submit simil> reports to ^? specifi$ 9 subp>agraph 7,a71 not+ 9 p>ticul> ! adequacy ( ! response ( ! ,bank to criticisms & recomm5dations includ$ 9 ! assessm5t conduct$ pursuant to subp>agraph 7,a72 7,c7 to no m ?an #ejj1jjj1jjj1jjj by ! end ( its fif? full fiscal ye>1 foll[+ ! end ( :i* fiscal ye> ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all conduct ano!r assessm5t ( ! op]ations ( ! ,bank & submit simil> reports to ^? specifi$ 9 subp>agraphs 7,a7 & 7,b71 not+ 9 p>ticul> ! adequacy ( ! response ( ! ,bank to criticisms & recomm5dations includ$ 9 ! assessm5ts conduct$ pursuant to subp>agraphs 7,a7 & 7,b72 & 7,d7 !reaft] to ! full am\nt set =? 9 p>agraph 7#a71 ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em conduct+ p]iodic assessm5ts ( ! op]ations ( ! ,bank & submitt+ simil> reports to ^? specifi$ 9 subp>agraphs 7,a7 ?r\gh 7,c7 foll[+ ! end ( ea* fif? fiscal ye> beg9n+ ) ! t5? full fiscal ye> ( ! ,bank4 7c7 ,pref]r$ /ock 7#a7 ,9 g5]al ,all subscrib$ capital %all be ex*ang$ = an equival5t 9 pref]r$ /ock1 or %>es1 9 ! ,bank1 callable only by ! ,bank at ! curr5t m>ket value ( ! %>es dur+ a p]iod ( #bj ye>s foll[+ f9alization ( a /ock pur*ase agreem5t4 ,not)/&+ any o!r provision ( law1 a gu>antee ( r$emption at ! !n curr5t m>ket price ( ! %>es %all be includ$ 9 ! /ock pur*ase agreem5t4 ,pref]r$ %>ehold]s %all h no vot+ rights 9 ! ,bank4 7#b7 ,divid5ds on pref]r$ /ock ,! ,bank %all pay divid5ds on its pref]r$ /ock semiannually at ! foll[+ rates3 7,a7 ,= /ock acquir$ 9 ex*ange = ,treasury securities by an individual1 by an entity t is n exempt f tax "u section #eja ( ! ,int]nal ,rev5ue ,code ( #aihf1 or by ! ,unit$ ,/ates ,treasury1 ! same annual rate z ! ,treasury security ex*ang$ = ! /ock4 7,b7 ,= /ock acquir$ 9 ex*ange = securities by an organization t is exempt f tax "u section #eja ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! same annual rate z ! ,treasury security ex*ang$ = ! /ock plus p]c5t4 7,c7 ,= /ock pur*as$ 9 ex*ange = ca% by an individual or an entity t is n exempt f tax "u section #eja ( ! ,int]nal ,rev5ue ,code ( #aihf & = /ock acquir$ 9 ex*ange = municipal bonds1 ! same annual rate payable on ,treasury bonds ) a #cj-ye> maturity pur*as$ f ! ,treasury on ! day ! /ock pur*ase agreem5t is f9aliz$4 7,d7 ,= /ock pur*as$ 9 ex*ange = ca% by an organization t is exempt f tax "u section #eja ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! same annual rate payable on ,treasury bonds ) a #cj-ye> maturity on ! day ! /ock pur*ase agreem5t is f9aliz$ plus p]c5t4 7#c7 ,acquisitions = o!r ?an ca% or ,treasury securities treat$ z acquisitions = ca% ,= /ock acquir$ 9 ex*ange = non-ca% assets o!r ?an ,treasury securities1 ! assets %all be liquidat$ by ! ,bank & ! proce$s treat$ z a ca% pur*ase ( /ock4 7#d7 ,au?ority to modify rates ,if ! divid5ds provid$ = 9 p>agraph 7#b7 g5]ate m or less inve/m5t 9 ! pref]r$ /ock ( ! ,bank ?an is ne$$ to a*ieve & ma9ta9 ! desir$ level ( capital inve/m5t 9 ! ,bank1 ! directors ( ! ,bank may r$uce or increase ! divid5ds provid$ = new acquisitions ( pref]r$ /ock 9 #a or m ( subp>agraphs 7,a7 ?r\gh 7,d7 ( p>agraph 7#b7 = su* p]iods ( "t z ! directors det]m9e appropriate4 7#e7 ,priority & obligation ( divid5d paym5ts ,divid5d paym5ts on ! pref]r$ /ock %all h priority ov] o!r uses ( int]e/ paym5ts receiv$ by ! ,bank on its capital /ock hold+s ( ,treasury securities1 & any su* divid5ds ow$ 9 excess ( ! am\nt cov]$ by ^! int]e/ paym5ts %all be gu>ante$ by ! ,bank 9 ! /ock pur*ase agreem5t4 7d7 ,borr[$ capital 7#a7 ,9 g5]al ,! ,bank is fur!r au?oriz$ to raise borr[$ capital = projects ne$s1 or to meet its ca% fl[ ne$s1 by-- 7,a7 issu+ bonds1 ) a fix$ #e- to #aj-ye> maturity2 7,b7 ma9ta9+ a p]man5t1 revolv+ disc\nt l9e ( cr$it acc\nt ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em2 & 7,c7 borr[+ f o!r banks or :olesale capital m>kets1 "u repur*ase or o!r agreem5ts1 on a %ort-or m$ium-t]m basis1 z det]m9$ by ! *ief f9ancial (fic] & *ief risk (fic]s1 ) approval by ! ,bo>d4 7#b7 ,def9ition ,9 ?is subsection1 ! t]m bond means any bond issu$ 9 accordance ) ?is ,act-- 7,a7 ! proce$s f ! sale ( :i* are to be us$ = exp5ditures incurr$ aft] ! date ( issuance ) respect to any infra/ructure project or o!r purpose1 subject to su* rules z ! ,bank may provide2 7,b7 t is issu$ 9 regi/]$ =m2 7,c7 t has su* t]ms1 & c>ries int]e/ 9 su* an am\nt1 z det]m9$ by ! ,bank2 & 7,d7 = :i* ! paym5t ( int]e/ & pr9cipal ) respect to ! bond is ! obligation ( ! ,bank1 & is back$ by ! full fai? & cr$it ( ! ,unit$ ,/ates4 7e7 ,deposits ,once *>t]$ z a national bank1 ! ,bank-- 7#a7 %all accept deposits f individuals1 corporations1 public entities1 or any o!r s\rce1 into transaction deposit acc\nts on its books1 & pay int]e/ on ^? deposits1 9 an am\nt deem$ appropriate by ! ,bo>d2 7#b7 may deposit its funds 9 any bank or o!r f9ancial in/itution2 & 7#c7 may utilize ! s]vices ( electronic transf] sy/ems to transf] funds among any deposit acc\nts4 7f7 ,loans 7#a7 ,9 g5]al ,! ,bank %all provide loans1 9 accordance ) ?is ,act1 to entities1 or ent] into bl5d$ f9anc+ cr$it1 = ! f9anc+1 developm5t1 or op]ation ( infra/ructure projects4 7#b7 ,loan maturity ,! maturity ( loans %\ld mat*1 to ! ext5t possible1 ! maturity p]iods ( anticipat$ pr(itability1 economic /imulus1 & project$ useful life ( projects f9anc$ by su* loans4 7#c7 ,loan limit ,total loans contract$ by ! ,bank %all n exce$ #e1jjj1jjj1jjj1jjj4 7#d7 ,int]e/ *>ges on loans & o!r fees ,! ,bank-- 7,a7 %all *>ge fix$-rate int]e/1 fees1 premiums1 or disc\nts bas$ on ! risk associat$ ) a loan made by ! ,bank1 tak+ into consid]ation-- 7i7 ! price ( ,treasury obligations ( a simil> maturity or #a4f p]c5t p] annum1 :i*ev] is great]2 7ii7 ! cr$it rat+ ( ! borr[+ entity if expressly publi%$1 or an assessm5t ( ! ov]all f9ances ( ! borr[+ entity indicat+ an ability to s]vice ! loan2 7iii7 curr5t & expect$ future economic conditions1 includ+ expect$ improvem5ts 9 ! economy & ! borr[+ entity's f9ances result+ f ! ov]all l5d+ op]ations ( ! ,bank2 & 7iv7 :e!r ! borr[+ entity qualifies z a disadvantag$ community1 & an int]e/ rate subsidy1 subject to availability ( funds2 7,b7 may1 9 connection ) a loan ext5d$ by ! ,bank1 issue loan gu>antees1 insurance1 co9surance1 & re9surance to borr[+ entities1 insurance companies1 f9ancial in/itutions1 or o!rs1 or gr\ps !re(1 & *>ge fees bas$ on a simil> risk analysis2 & 7,c7 may *>ge = ! review ( any project proposal 9 su* am\nt z may be approv$ by ! ,bo>d to cov] ! co/s ( su* review4 7#e7 ,ref9anc+ ,subject to a full audit ( ! project & borr[]1 & subject to ,bo>d review1 ! ,bank may ext5d ! "t limit = repaym5t ( a loan1 ?r\gh r5ewal1 sub/itution ( new obligations1 or o!rwise1 ) ! maximum "t = su* r5ewal to be approv$ by ! ,bo>d4 ,! ,bank may make su* fur!r loans z necess>y = project completion1 or to assure loan repaym5t4 7#f7 ,limitations on loans ,! ,bank may n-- 7,a7 provide loans to consum]s or provide any o!r loans n describ$ "u ?is ,act2 or 7,b7 engage 9 inve/m5t bank+ activities su* z und]writ+ securities or tru/ managem5t = cu/om]s4 7g7 ,capital = loan disbursem5ts ,once *>t]$ z a deposit-tak+ bank1 ! ,bank is au?oriz$ to create funds 9 a deposit acc\nt 9 ! "n ( a borr[]1 9 accordance ) ! loan agreem5t1 z ea* s*$ul$ loan disbursem5t is made4 ,! ,bank %all draw up an aggregate loan disbursem5t plan1 = ! in=mation ( ! ,comptroll] ( ! ,curr5cy & ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7h7 ,net e>n+s ,aft] meet+ curr5t obligations1 ! ,bank is au?oriz$ to use its e>n+s1 & all moneys :i* h be5 or may h]eaft] be allocat$ to or borr[$ by x1 9 ! ex]cise ( its functions4 ,f ^? monies1 ! ,bank %all set aside loan-loss provisions equal to a proportion ( loan book value1 z det]m9$ appropriate by ! ,bo>d4 ,net e>n+s ( ! ,bank1 aft] sett+ aside loan-loss provisions & e/imat$ =w>d ca% fl[ ne$s1 %all be us$ = ! paym5t ( divid5ds to ! ,unit$ ,/ates ,treasury1 9 an annual am\nt to be det]m9$ by ! ,bo>d4 ,any residual net e>n+s %all be deposit$ into a tru/ fund to subsidize loans = disadvantag$ communities t are n able to repay infra/ructure loans on normal loan t]ms1 9 a mann] to be det]m9$ by ! ,bo>d4 ,any direct ,f$]al contributions f ! budget = ! purpose ( subsidiz+ disadvantag$ communities may also be add$ & utiliz$ via ! tru/ fund4 7i7 ,loan-,loss provisions & ,f$]al cont+5t liability ,9 ! ev5t ( any losses1 z det]m9$ by ! ,bo>d1 incurr$ on loans1 loan gu>antees1 insurance1 or = capital inve/m5t & divid5d paym5ts on /ock issues "u ?is ,act1 !y %all be borne by ! ,bank out ( its loan-loss provisions4 ,any losses 9 excess !re( %all be borne by ! ,secret>y ( ! ,treasury4 ,t excess %all be consid]$ a cont+5t obligation back$ by ! full fai? & cr$it ( ! ,unit$ ,/ates ,gov]nm5t4 7j7 ,res]ves ,! ,bank %all ma9ta9 res]ves aga9/ ! transaction acc\nts ( ! ,bank 9 su* am\nt z ! ,bo>d may det]m9e appropriate1 b n great] ?an #ad p]c5t ( ! total transaction acc\nts ( ! ,bank great] ?an #be1jjj1jjj4 7k7 ,bran*es ,! ,bank %all e/abli% an (fice ( l5d+ & deposit 9 ea* city t has a ,f$]al res]ve bank1 via ! int]net1 & 9 any o!r location :]e ! ,bo>d det]m9es appropriate4 #bjd4 ,=mation ( regional economic accel]ator plann+ gr\ps 7a7 ,9 g5]al ,! ,bank1 ?r\gh ! bran* (fices e/abli%$ "u section #bjc7k71 %all facilitate ! organization ( n few] ?an #g regional economic accel]ator plann+ gr\ps1 :i* %all be def9$ by common economic1 demographic1 & infra/ructure connectivities4 7b7 ,duties ,! regional economic accel]ator plann+ gr\ps may-- 7#a7 organize by1 & be compos$ (1 ,/ate & local public sector (ficials1 includ+ ?r\gh multijurisdictional or multi/ate agreem5ts among ag5cies2 7#b7 id5tify economic meg>egions1 :i* %all consi/ ( hub cities1 relat$ t[ns & suburbs1 manufactur+ production corridors1 & rural areas wov5 toge!r into ! communities :]e p ( ! ,unit$ ,/ates live1 "w1 & provide goods or s]vices = movem5t )9 ! region1 & to o!r regions2 7#c7 id5tify infra/ructure ne$s & priorities = economics meg>egions1 ) input f ! ,am]ican ,society ( ,civil ,eng9e]s1 & o!r trade1 bus9ess1 & indu/rial associations2 7#d7 develop regional economic accel]ator plans1 includ+ a pipel9e ( infra/ructure projects & ! /rategic placem5t ( ^? infra/ructure projects1 ne$$ to improve supply *a9s1 l& use1 & productivity )9 ea* economic meg>egion1 :ile seek+ to include all communities2 7#e7 def9e h[ ^? infra/ructure projects w create en]gy sav+s1 improve ! environm5t1 improve jobs & wages1 create regional economic gr[?1 & create gr[? 9 regional tax income2 7#f7 id5tify :]e multijurisdictional agreem5ts %\ld be enact$ or /r5g!n$ to improve ! developm5t ( infra/ructure projects t cross jurisdictional l9es1 su* z transportation improvem5ts along ! nor!a/ corridor1 flood mitigation1 wat] managem5t to relieve dr\ght conditions 9 s\?we/]n ,/ates1 or developm5t ( a national high-spe$ rail grid2 7#g7 id5tify ,f$]al1 ,/ate1 or local laws & regulations t %\ld be /reaml9$ to r$uce infra/ructure project co/s & approval times1 :ile ma9ta9+ environm5tal & safety objectives1 & "w t[>ds /reaml9+ ^? laws & regulations2 7#h7 seek public input on ! broad outl9es ( ea* regional infra/ructure developm5t plan2 7#i7 provide ! regional infra/ructure developm5t plans to ! ,bank to in=m ! ,bank on ! selection ( infra/ructure projects = f9anc+2 & 7#aj7 assi/ entities =mulat+ & submitt+ projects = consid]ation ( ,bank f9anc+ on ! def9ition1 scope1 selection crit]ia1 & o!r factors "u section #bje t w be consid]$ 9 ! approval process4 #bje4 ,eligibility crit]ia = assi/ance f ! ,bank 7a7 ,9 g5]al ,subject to subsection 7e71 ! ,bank may provide f9ancial assi/ance to an entity = an infra/ructure project if ! project-- 7#a7 meets ! crit]ia describ$ 91 & requirem5ts (1 ?is ,act2 7#b7 has local1 regional1 or national significance2 & 7#c7 is 9 ! public int]e/4 7b7 ,applications ,to be consid]$ = f9ancial assi/ance f ! ,bank = an infra/ructure project1 an entity %all submit to ! ,bank an application at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,bank may require 9 accordance ) subsection 7c74 7c7 ,guidel9es = infra/ructure projects ,! ,executive ,committee & ! ,bo>d %all e/abli% /&>d op]at+ proc$ures & develop onl9e application proc$ures = f9ancial assi/ance f ! ,bank4 7d7 ,crit]ia 7#a7 ,9 g5]al ,! ,bo>d %all evaluate & rate ea* application receiv$ "u subsection 7b7 bas$ on ! factors appropriate = ! type ( ! infra/ructure project1 includ+-- 7,a7 ! consi/5cy ( ! infra/ructure project ) a regional infra/ructure developm5t plan t builds connectivity 9 ! project area & beyond1 s t maximum gr[? is a*iev$ :ile leav+ no community beh9d2 7,b7 ! results ( a life-cycle projection ( ! b5efits1 z comp>$ to co/s1 ( ! infra/ructure project t incorporates ! factors describ$ 9 subp>agraphs 7,c7 ?r\gh 7,l72 7,c7 ! ext5t to :i* ! infra/ructure project w\ld promote economic gr[?1 includ+ private sector-l$ gr[? associat$ ) ! infra/ructure project2 7,d7 ! ext5t to :i* ! infra/ructure project contributes to job creation1 includ+ fair & responsible employm5t practices & work=ce developm5t to tra9 work]s 9 new skills1 includ+ by union appr5tice programs to tra9 new hires2 7,e7 ! ext5t to :i* ! infra/ructure project provides environm5tal & public heal? b5efits1 includ+ a r$uction 9 gre5h\se gases1 wat] pollution1 & air pollution1 & ! removal ( lead & o!r haz>d\s mat]ials2 7,f7 :e!r ! applicant has a demon/rat$ ability to contract = design1 con/ruction1 op]ation1 & ma9t5ance ( ! infra/ructure project ?r\gh\t its e/imat$ useful life1 includ+ by def9+ project objectives1 select+ exp]i5c$ project manag]s1 & utiliz+ p]=mance-bas$ monitor+2 7,g7 :e!r ! applicant has demon/rat$ an und]/&+ ( ! /rategic importance ( bundl+1 sequ5c+1 & correctly siz+ projects1 & adopt+ value design & procurem5t proc$ures1 s z to realize long-t]m co/ sav+s ?r\gh a pr9ciple kn[n z dig1 build1 exp&1 or improve only once2 7,h7 :e!r ! applicant has demon/rat$ an und]/&+ ( ! importance ( innovative & /ate-(-!-art te*nologies t a*ieve project reliability1 effici5cy1 resili5cy1 su/a9ability1 security1 & public safety2 7,i7 ! ext5t to :i* ! infra/ructure project pres]ves & repurposes exi/+ infra/ructure & rationally connects to o!r categories ( exi/+ or plann$ infra/ructure projects2 7,j7 ! ext5t to :i* ! infra/ructure project promotes ! dome/ic production ( con/ruction inputs ne$$ = projects t receive f9ancial assi/ance f ! ,bank2 7,k7 a categorical b5efit z describ$ 9 p>agraph 7#b72 & 7,l7 any o!r crit]ia z det]m9$ by ! ,bo>d4 7#b7 ,categorical b5efit ,a categorical b5efit ref]r$ to 9 p>agraph 7#a77,k7 is-- 7,a7 = a transportation infra/ructure project-- 7i7 a r$uction 9 surface & air traffic conge/ion1 by road1 transit1 pass5g] rail1 freight rail1 port or inl& wat] travel1 or air travel1 z measur$ by r$uctions 9 transit1 bo>d+1 & total trip times2 7ii7 an anticipat$ increase 9 capacity = exi/+ & expect$ new rid]%ip or transport use1 includ+ by high-spe$ rail2 7iii7 a r$uction 9 risks f ma9t5ance decl9e1 or /ructural failure1 ov] ! s]vice life ( ! project2 7iv7 ! coord9ation ( improvem5ts 9 commut] pass5g] op]ations1 freight transport1 & new community design1 ) ! demographics ( population1 economic production1 & trade hubs accord+ to a regional infra/ructure plan2 7v7 an ov]all decl9e 9 gre5h\se gas emissions f surface & air transportation infra/ructure projects f9anc$ by ! ,bank2 7vi7 an increase 9 access to af=dable transportation options1 to improve access to jobs1 af=dable h\s+1 s*ools1 m$ical s]vices1 food & o!r ess5tial community s]vices2 or 7vii7 improvem5ts 9 safety = us]s1 pass5g]s1 & op]ators1 z measur$ by a r$uction 9 fatalities & s]i\s injuries2 7,b7 = an environm5tal infra/ructure project-- 7i7 increas$ coa/al & inl& flood mitigation & protection2 7ii7 improvem5ts 9 dr9k+ wat]1 wa/ewat]1 or /ormwat] sy/ems1 ?r\gh ! repair1 expansion or replacem5t ( ^? sy/ems2 7iii7 a r$uction 9 risk to any public infra/ructure f /ructural failure1 or damage1 due to wea!r-relat$ ev5ts1 cyb] or physical attacks1 or cata/rophic wildfires2 or 7iv7 environm5tal improvem5ts f ! removal ( haz>d\s wa/es or *emical pollutants2 7,c7 = an en]gy infra/ructure project-- 7i7 developm5t ( a sy/em t provides = any ( ! sm>t grid functions describ$ 9 section #acjf7;d7 ( ! ,en]gy ,indep5d5ce & ,security ,act ( #bjjg 7#db ,u4,s4,c4 #agchf7;d77 7commonly kn[n z a sm>t grid71 ) mod]n security & resili5cy sy/ems2 7ii7 expansion ( transmission & di/ribution capacity to cov] new g5]ation suppli]s1 includ+ a macrogrid ov]lay to transport p[] f r5ewable s\rces1 & new g5]ation dem&1 includ+ f global w>m+1 or ! electrification ( vehicles or rail transport sy/ems2 7iii7 enhancem5t ( sy/ems to balance electricity supply & dem&1 curtail peak dem&1 re/ore p[] outages1 or coord9ate op]at+ proc$ures among p[]-supply+ entities2 or 7iv7 en]gy-effici5t build+s1 includ+ clean en]gy designat$ retr(its2 7,d7 = a telecommunications infra/ructure project-- 7i7 completion (1 or improvem5t 91 broadb& & wireless access & af=dability 9 rural & disadvantag$ communities n s]v$ by ! private sector2 or 7ii7 improvem5t ( ! global telecommunication satellite network2 & 7,e7 = a community developm5t infra/ructure project-- 7i7 promotion ( economic gr[? & pov]ty r$uction2 7ii7 mod]nization ( local l& use policies1 includ+ ^? t promote transit-ori5t$ developm5t & location effici5cy2 7iii7 expansion 9 ! provision ( public h\s+1 or publicly assi/$ af=dable h\s+1 to provide long-t]m af=dability 9 t>get$1 disadvantag$ communities1 = families & p]sons ) incomes equival5t to ^? curr5tly assi/$1 & improvem5t 9 ! physical condition ( t h\s+2 7iv7 replacem5t ( s*ools t h rea*$ _! s]vice lifetime or expansion ( s*ool facilities ) gr[+ populations or to h\se new programs = work=ce developm5t2 or 7v7 improvem5ts 9 national1 ,/ate1 & local p>ks & recreation facilities & relat$ op5 space l& managem5t4 7#c7 ,/imulation ( dome/ic production ,if ! ,bank det]m9es t any type ( iron1 /eel1 manufactur$ product1 or con/ruction mat]ial is n produc$ 9 ! ,unit$ ,/ates 9 suffici5t & reasonably available quantities or ( a satisfactory quality to meet ! infra/ructure ne$s 9 ! ,unit$ ,/ates1 ! ,bank may solicit loan applications = projects to increase or improve ! dome/ic production ( t iron1 /eel1 manufactur$ product1 or con/ruction mat]ial4 7#d7 ,l5d] ( la/ resort ,9 select+ infra/ructure projects to receive f9ancial assi/ance f ! ,bank1 ! ,bo>d %all also l5d =-- 7,a7 an infra/ructure project 9 an area ( high unemploym5t or a disadvantag$ community1 includ+ a work=ce developm5t plan to tra9 work]s 9 new skills & connect ^? work]s ) job op5+s f9anc$ by ! ,bank2 & 7,b7 an infra/ructure project-- 7i7 t lev]ages or complem5ts ,f$]al1 ,/ate1 local1 & private f9anc+2 or 7ii7 = :i* ! applicant demon/rates t ! additional capital c\ld n be obta9$ f comm]cial s\rces at reasonable f9anc+ co/s4 7e7 ,exclusions ,! ,bank may n provide f9ancial assi/ance = any infra/ructure project t subsidizes or o!rwise enc\rages ! sale or lease ( infra/ructure curr5tly own$ or controll$ by an entity describ$ 9 subp>agraphs 7,a7 ?r\gh 7,g7 ( section #bja7ai71 or w result 9 ! private control or op]ation ( infra/ructure curr5tly own$ or controll$ by su* an entity "u any agreem5t1 includ+ a public-private p>tn]%ip4 7f7 ,employee protections ,! ,bank may n provide f9ancial assi/ance = an infra/ructure project involv+ recon/ruction1 rehabilitation1 replacem5t1 or expansion t may impact curr5t employees on ! project site1 until ! entity submitt+ an application = an infra/ructure project c]tifies to ! ,bank t ! entity is 9 compliance ) section #bac ) respect to ! int]e/s ( employees affect$ by ! f9ancial assi/ance4 7g7 ,em]g5cy proc$ures 7#a7 ,9 g5]al ,dur+ ! p]iod describ$ 9 p>agraph 7#b71 ! ,bo>d may waive su* selection crit]ia & proc$ures z ! ,bo>d det]m9es to be necess>y 9 ord] to provide loans m quickly = infra/ructure projects-- 7,a7 t r$uce unemploym5t2 7,b7 t address ! backlog ( critical1 %ovel-ready projects = :i* prelim9>y eng9e]+ or p]mitt+ is already complet$2 or 7,c7 t address a critical safety or o!r public ne$4 7#b7 ,p]iod describ$ ,! p]iod ref]r$ to 9 p>agraph 7#a7 is ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ! lat] (-- 7,a7 #a ye> aft] ! date on :i* ! ,bank beg9s op]ations2 & 7,b7 ! date on :i* ! ,bank has provid$ a total ( #ejj1jjj1jjj1jjj 9 loans4 #bjf4 ,bo>d ( ,directors 7a7 ,9 g5]al ,! ,bank %all h a ,bo>d ( ,directors consi/+ ( #be memb]s1 appo9t$ by ! ,presid5t by & ) ! advice & cons5t ( ! ,s5ate4 7b7 ,qualifications ,! memb]s ( ! ,bo>d %all include individuals repres5t+ diff]5t regions ( ! ,unit$ ,/ates1 ( :om-- 7#a7 #ab %all h n less ?an #ae ye>s ( indu/rial & eng9e]+ exp]i5ce2 7#b7 #a %all be a repres5tative ( ! ,,afl-,,cio2 7#c7 #b %all be repres5tatives ( ,nor? ,am]ica's ,build+ ,trades ,unions2 7#d7 #b %all be repres5tatives ( ! ,corps ( ,eng9e]s2 7#e7 #b %all h ,/ate & local public sector exp]i5ce2 7#f7 #b %all h f9ance exp]i5ce2 7#g7 #b %all h economic developm5t exp]i5ce2 & 7#h7 #b %all repres5t m9ority communities or disadvantag$ communities4 7c7 ,*airp]son & vice *airp]son ,at ! "t ( appo9tm5t1 ! ,presid5t %all designate-- 7#a7 #a memb] ( ! ,bo>d to s]ve z *airp]son2 & 7#b7 #a memb] ( ! ,bo>d to s]ve z vice *airp]son4 7d7 ,t]ms 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ea* memb] %all be appo9t$ = a t]m ( #f ye>s4 7#b7 ,initial /agg]$ t]ms ,( ! initial memb]s ( ! ,bo>d-- 7,a7 ! *airp]son & vice *airp]son %all ea* be appo9t$ = t]ms ( #f ye>s2 7,b7 #ab %all be appo9t$ = a t]m ( #d ye>s2 & 7,c7 #aa %all be appo9t$ = a t]m ( #b ye>s4 7e7 ,congressional recomm5dations ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! majority lead] ( ! ,s5ate1 ! m9ority lead] ( ! ,s5ate1 ! ,speak] ( ! ,h\se ( ,repres5tatives1 & ! m9ority lead] ( ! ,h\se ( ,repres5tatives %all ea* submit to ! ,presid5t a recomm5dation = appo9tm5t ( a memb] ( ! ,bo>d1 aft] consultation ) ! appropriate committees ( ,congress4 7f7 ,date ( initial nom9ations ,! initial nom9ations by ! ,presid5t = appo9tm5t ( memb]s to ! ,bo>d %all be made n lat] ?an #fj days aft] ! date ( enactm5t ( ?is ,act4 7g7 ,vacancies 7#a7 ,9 g5]al ,a vacancy on ! ,bo>d %all be fill$ 9 ! mann] 9 :i* ! orig9al appo9tm5t 0 made4 7#b7 ,appo9tm5t to replace dur+ t]m ,a memb] ( ! ,bo>d appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m = :i* ! pr$ecessor ( ! memb] 0 appo9t$ %all be appo9t$ only = ! rema9d] ( ! t]m4 7#c7 ,duration ,a memb] ( ! ,bo>d may s]ve aft] ! expiration ( ! t]m ( ! memb] until a successor has tak5 (fice4 7h7 ,quorum ,at ! "t ( any ,bo>d meet+1 #ge p]c5t ( ! memb]s confirm$ by ! ,s5ate 7r\nd$ d[n to a :ole numb]7 %all con/itute a quorum4 7i7 ,reappo9tm5t ,a memb] ( ! ,bo>d may be reappo9t$ by ! ,presid5t 9 accordance ) ?is section4 7j7 ,p] diem reimbursem5t ,memb]s ( ! ,bo>d %all s]ve on a "p-"t basis & %all receive a p] diem :5 engag$ 9 ! actual p]=mance ( ,bank bus9ess1 plus reasonable reimbursem5t = travel1 subsi/5ce1 & o!r necess>y exp5ses incurr$ 9 ! p]=mance ( _! duties4 7k7 ,limitations ,a memb] ( ! ,bo>d may n p>ticipate 9 any review or decision affect+ a project "u consid]ation = assi/ance "u ?is ,act if ! memb] has1 or is affiliat$ ) a p]son :o has1 an int]e/ 9 ! project4 7l7 ,responsibilities ,! ,bo>d %all-- 7#a7 z soon z practicable aft] ! date on :i* ! la/ memb] is appo9t$1 e/abli% an ,executive ,committee1 risk managem5t committee & audit committee pursuant to ?is ,act2 7#b7 n lat] ?an #ahj days aft] ! date on :i* ! la/ memb] is appo9t$1 develop & approve ! bylaws ( ! ,bank1 & publi% ^? bylaws 9 ! ,f$]al ,regi/]1 includ+ bylaws = ! regulation ( ! affairs & conduct ( ! bus9ess ( ! ,bank1 consi/5t ) ! purpose1 goals1 objectives1 & policies describ$ 9 ?is ,act2 7#c7 ensure t ! ,bank is at all times op]at$ 9 a mann] t is consi/5t ) ?is ,act1 by-- 7,a7 monitor+ & assess+ ! effectiv5ess ( ! ,bank 9 a*iev+ /rategic goals2 7,b7 p]iodically review+ int]nal policies submitt$ by ! *ief executive (fic]2 7,c7 review+ & approv+ annual bus9ess plans1 annual budgets1 & long-t]m /rategies submitt$ by ! *ief executive (fic]2 7,d7 review+ & approv+ annual reports submitt$ by ! *ief executive (fic]2 7,e7 review+ risk managem5t & audit practices ( ! ,bank2 & 7,f7 review+ & approv+ all *anges to ! organization ( ! ,bank2 & 7#d7 e/abli%+ su* o!r crit]ia1 requirem5ts1 & proc$ures z ! ,bo>d may consid] to be appropriate 9 c>ry+ out ?is ,act4 7m7 ,meet+s 7#a7 ,op5 to ! public2 notice ,all meet+s ( ! ,bo>d held to conduct ! bus9ess ( ! ,bank %all be op5 to ! public & %all be prec$$ by reasonable notice4 7#b7 ,initial meet+ ,! ,bo>d %all meet-- 7,a7 n lat] ?an #ij days aft] ! date on :i* ! la/ memb] is appo9t$2 & 7,b7 at ! call ( ! *airp]son4 7#c7 ,exception = clos$ meet+s 7,a7 ,9 g5]al ,pursuant to su* rules z ! ,bo>d may e/abli% ?r\gh bylaws1 ! memb]s may close a meet+ ( ! ,bo>d if1 at ! meet+1 !re is likely to be disclos$ in=mation t c\ld adv]sely affect or lead to speculation-- 7i7 relat+ to an infra/ructure project "u consid]ation = assi/ance "u ?is ,act2 or 7ii7 9 f9ancial1 securities1 or commodities m>kets or in/itutions1 utilities1 or real e/ate4 7,b7 ,notice ,! det]m9ation to close any meet+ ( ! ,bo>d %all be made 9 a meet+ ( ! ,bo>d1 op5 to ! public1 & prec$$ by reasonable notice4 7,c7 ,m9utes ,! ,bo>d %all prep>e m9utes ( any meet+ t is clos$ to ! public & make ^? m9utes available z soon z ! consid]ations necessitat+ ! closure ( ! meet+ no long] apply4 #bjg4 ,p[]s & limitations ( ! ,bo>d 7a7 ,p[]s ,9 ord] to c>ry out ! purposes ( ! ,bank z describ$ 9 ?is ,act1 ! ,bo>d %all be responsible = ! approval & monitor+ ( infra/ructure projects1 & %all h ! foll[+ p[]s3 7#a7 ,to make s5ior & subord9at$ direct loans on su* t]ms z ! ,bo>d may det]m9e to be appropriate to assi/ 9 ! f9anc+ or ref9anc+ ( an infra/ructure project4 7#b7 ,subject to ! availability ( fund+1 to develop specializ$ loan programs1 su* z a disadvantag$ communities loan program1 or a community coop]ative />tup1 t provide project f9anc+ on flexible repaym5t t]ms4 7#c7 ,to make loan gu>antees on su* t]ms z ! ,bo>d may det]m9e to be appropriate to assi/ 9 ! f9anc+ or ref9anc+ ( an infra/ructure project4 7#d7 ,to issue bonds to provide f9anc+ = infra/ructure projects f am\nts made available f ! issuance ( ^? bonds4 7#e7 ,to make agreem5ts & contracts ) any entity 9 fur!rance ( ! bus9ess ( ! ,bank4 7#f7 ,to approve infra/ructure loans f9anc$ 9 :ole or 9 "p by ! ,bank aft] receiv+ recomm5dations f ! ,executive ,committee4 7#g7 ,to monitor infra/ructure projects f9anc$ 9 :ole or 9 "p by ! ,bank aft] receiv+ assessm5ts f ! ,executive ,committee4 7#h7 ,to sue & be su$ 9 ! ,bank's corporate capacity 9 any c\rt ( compet5t jurisdiction1 except t no atta*m5t1 injunction1 or simil> process1 may be issu$ aga9/ ! prop]ty ( ! ,bank or aga9/ ! ,bank ) respect to su* prop]ty4 7#i7 ,to indemnify ! memb]s ( ! ,bo>d & (fic]s ( ! ,bank = liabilities aris+ out ( ! actions ( ! ,bo>d & (fic]s ( ! ,bank 9 su* capacity1 9 accordance )1 & subject to ! limitations conta9$ 91 ?is ,act4 7#aj7 ,to s]ve z ! prim>y liaison betwe5 ! ,bank & ,congress1 ! executive bran*1 & ,/ate & local gov]nm5ts1 & to repres5t ! int]e/s ( ! ,bank4 7#aa7 ,to ex]cise all o!r lawful p[]s t are necess>y or appropriate to c>ry out1 & are consi/5t )1 ! purposes ( ! ,bank4 7b7 ,coord9ation ) ,/ate & local regulatory au?orities ,! provision ( f9ancial assi/ance by ! ,bo>d pursuant to ?is ,act %all n-- 7#a7 limit ! "r ( any ,/ate or political subdivision or o!r in/rum5tality ( a ,/ate to approve or regulate rates ( return on private equity inve/$ 9 an infra/ructure project2 or 7#b7 o!rwise sup]s$e any ,/ate law or regulation applicable to an infra/ructure project4 7c7 ,f$]al p]sonnel reque/s 7#a7 ,9 g5]al ,! ,bo>d may reque/ ! detail1 on a reimbursable basis1 ( p]sonnel f o!r ,f$]al ag5cies ) specific exp]tise n available f )9 ! ,bank1 includ+ p]sonnel ) exp]i5ce 9 ! selection process = competitive aw>ds f-- 7,a7 ! ,corps ( ,eng9e]s2 7,b7 ! ,dep>tm5t ( ,transportation2 7,c7 ! ,dep>tm5t ( ,labor2 7,d7 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t2 7,e7 ! ,environm5tal ,protection ,ag5cy2 7,f7 ! ,dep>tm5t ( ! ,treasury2 7,g7 ! ,dep>tm5t ( ,comm]ce2 & 7,h7 o!r relevant ,f$]al ag5cies4 7#b7 ,detail ,! head ( any ,f$]al ag5cy-- 7,a7 may detail1 on a reimbursable basis1 any p]sonnel ( ! ag5cy reque/$ by ! ,bo>d2 & 7,b7 %all n )hold unreasonably ! detail ( any p]sonnel reque/$ by ! ,bo>d4 #bjh4 ,executive ,committee 7a7 ,9 g5]al ,! ,bo>d %all e/abli% an ,executive ,committee consi/+ ( #i memb]s1 includ+-- 7#a7 ! *ief executive (fic]1 :o %all s]ve z ! head ( ! ,executive ,committee2 7#b7 ! *ief risk (fic]2 7#c7 ! *ief op]ations (fic]2 7#d7 ! *ief loan orig9ation (fic]2 7#e7 ! *ief compliance (fic]2 7#f7 ! *ief f9ancial (fic]2 7#g7 ! *ief treasury (fic]2 7#h7 ! *ief asset & liability managem5t (fic]2 & 7#i7 ! g5]al c\nsel4 7b7 ,appo9tm5ts ,a majority ( ! ,bo>d %all h ! au?ority-- 7#a7 to appo9t ! memb]s ( ! ,executive ,committee2 & 7#b7 to def9e ! duties ( ea* memb] ( ! ,executive ,committee 9 accordance ) ?is ,act1 ! bylaws ( ! ,bank1 & requirem5ts ( ! ,bo>d4 7c7 ,qualifications ,ea* memb] ( ! ,executive ,committee & all loan orig9ation (fic]s ( ! ,bank %all h ext5sive exp]i5ce & exp]tise 9 retail bank+1 & 9 #a or m ( ! foll[+3 7#a7 ,transportation infra/ructure4 7#b7 ,environm5tal infra/ructure4 7#c7 ,en]gy infra/ructure4 7#d7 ,telecommunications infra/ructure4 7#e7 ,public h\s+ & urban or rural developm5t4 7#f7 ,economic developm5t4 7#g7 ,work=ce developm5t4 7#h7 ,public f9ance4 7d7 ,duties ( ,*ief ,executive ,(fic] ,! *ief executive (fic] %all h responsibility = ! developm5t & implem5tation ( ! /rategy ( ! ,bank1 includ+-- 7#a7 ! developm5t & submission to ! ,bo>d ( ! annual bus9ess plans & budget2 7#b7 ! developm5t & submission to ! ,bo>d ( a long-t]m /rategic infra/ructure developm5t plan t is consi/5t ) regional plans pres5t$ to ! ,bank by regional economic accel]ator plann+ gr\ps e/abli%$ "u section #bjd2 & 7#c7 ! developm5t1 revision1 & submission to ! ,bo>d ( o!r int]nal policies ( ! ,bank4 7e7 ,duties ( ,executive ,committee ,9 ord] to c>ry out ! purposes ( ! ,bank1 ! ,executive ,committee %all-- 7#a7 e/abli% & submit to ! ,bo>d = approval disclosure & application proc$ures = entities submitt+ applications = infra/ructure projects = assi/ance "u ?is ,act2 7#b7 e/abli% & submit to ! ,bo>d = approval /&>diz$ t]ms & conditions1 fee s*$ules1 or legal requirem5ts ( a contract or program to c>ry out ?is ,act2 7#c7 e/abli% & submit to ! ,bo>d = approval guidel9es = ! selection & approval ( infra/ructure projects & specific crit]ia = det]m9+ eligibility = project selection1 subject to ! g5]al crit]ia provid$ 9 section #bje2 7#d7 accept = consid]ation project proposals f entities = ! developm5t ( infra/ructure projects 9 accordance ) ?is ,act2 7#e7 provide recomm5dations to ! ,bo>d & place project proposals accept$ by ! ,executive ,committee on a li/ = consid]ation = f9ancial assi/ance f ! ,bo>d2 & 7#f7 e/abli% a plan1 & build capacity )9 ! ,bank1 to provide te*nical assi/ance to ,/ate & local gov]nm5ts1 regional economic accel]ator plann+ gr\ps e/abli%$ "u section #bjd1 jo9t v5tures1 regional economic accel]ator ag5cies1 & o!r borr[+ entities on-- 7,a7 ! borr[+ proc$ures & selection crit]ia ( ! ,bank2 7,b7 ! developm5t ( a pipel9e ( projects suitable = f9anc+ t meet ! selection crit]ia develop$ by ! ,bank2 7,c7 ! developm5t ( specializ$ in/itutional /ructures & cross-regional plann+ to help 9 ! plann+ ( complex projects2 7,d7 be/ practices = design1 con/ruction1 & managem5t1 includ+ ^? id5tifi$ 9 global infra/ructure databases2 7,e7 contract evaluation me?ods1 includ+ procurem5t value-=-money options2 & 7,f7 in/itution /r5g!n+ relat+ to ! managem5t ( projects & "w contracts1 includ+ ?r\gh p]=mance-bas$ project deliv]y4 7f7 ,vacancy ,a vacancy on ! ,executive ,committee %all be fill$ 9 ! mann] 9 :i* ! orig9al appo9tm5t 0 made4 7g7 ,comp5sation ,! comp5sation ( a memb] ( ! ,executive ,committee %all be det]m9$ by ! ,bo>d4 7h7 ,removal ,a memb] ( ! ,executive ,committee may be remov$ at ! discretion ( a majority ( ! ,bo>d4 7i7 ,t]m ,a memb] ( ! ,executive ,committee %all s]ve a t]m ( #f ye>s & may be reappo9t$ 9 accordance ) ?is section4 7j7 ,limitations 7#a7 ,9 g5]al ,dur+ ! p]iod describ$ 9 p>agraph 7#b71 a memb] ( ! ,executive ,committee may n-- 7,a7 hold any o!r public (fice2 7,b7 h any int]e/ 9 an infra/ructure project consid]$ by ! ,bo>d2 or 7,c7 h any int]e/ 9 an entity seek+ f9ancial assi/ance f ! ,bank = any infra/ructure project4 7#b7 ,p]iod describ$ ,! p]iod ref]r$ to 9 p>agraph 7#a7 is ! p]iod-- 7,a7 beg9n+ on ! date on :i* ! memb] ( ! ,executive ,committee is appo9t$2 & 7,b7 end+ on ! date on :i* ! memb] ceases to s]ve on ! ,executive ,committee4 #bji4 ,risk managem5t committee 7a7 ,e/abli%m5t ,! ,bo>d1 9 consultation ) ! *ief loan orig9ation (fic]1 %all e/abli% a risk managem5t committee consi/+ ( #e memb]s1 head$ by ! *ief risk (fic]4 7b7 ,appo9tm5t ,a majority ( ! ,bo>d %all h ! au?ority-- 7#a7 to appo9t ! memb]s ( ! risk managem5t committee2 & 7#b7 to def9e ! duties ( ! *ief risk (fic] & ea* rema9+ memb] ( ! risk managem5t committee 9 accordance ) ?is ,act1 ! bylaws ( ! ,bank1 & requirem5ts ( ! ,bo>d4 7c7 ,qualifications ,ea* memb] ( ! risk managem5t committee %all h demon/rat$ exp]i5ce & exp]tise 9 #a or m ( ! foll[+3 7#a7 ,treasury & asset & liability managem5t4 7#b7 ,inve/m5t regulations4 7#c7 ,insurance4 7#d7 ,cr$it risk managem5t & cr$it evaluations4 7#e7 ,infra/ructure developm5t projects4 7d7 ,duties ( *ief risk (fic] ,! *ief risk (fic] %all-- 7#a7 h su* functions1 p[]s1 & duties z may be prescrib$ by ?is ,act1 ! bylaws ( ! ,bank1 & ! ,bo>d2 & 7#b7 report directly to ! ,bo>d4 7e7 ,duties ( risk managem5t committee ,! risk managem5t committee %all-- 7#a7 develop ov]>*+ f9ancial1 cr$it1 & op]ational risk managem5t guidel9es & policies to be adh]$ to by ! ,bank2 7#b7 develop con=m+ /&>ds = loan agreem5ts to ensure div]sification ( l5d+ activities by geographic region1 infra/ructure project type1 & inclusion ( rural & disadvantag$ communities2 7#c7 ensure compliance ) ,f$]al & ,/ate laws ref]r$ to 9 section #bac2 7#d7 develop specific plans = all f9ancial assi/ance provid$ by ! ,bank1 includ+ subsidy programs = disadvantag$ communities & ! inclusion ( m9orities1 wom51 & indig5\s p1 & disadvantag$ bus9ess p>ticipation 9 infra/ructure projects f9anc$ by ! ,bank 9 accordance ) section #bac2 7#e7 monitor ! ov]all f9ancial1 cr$it1 & op]ational exposure ( ! ,bank2 7#f7 e/abli% a /&+ subcommittee to p]=m regul> cr$it evaluations & report on l>ge infra/ructure loans ext5d$ by ! ,bank to monitor compliance ) t]ms & atta9m5t ( p]=mance t>gets conta9$ 9 loan agreem5ts2 & 7#g7 provide f9ancial recomm5dations to ! ,bo>d = approval4 7f7 ,vacancy ,a vacancy on ! risk managem5t committee %all be fill$ 9 ! mann] 9 :i* ! orig9al appo9tm5t 0 made4 7g7 ,comp5sation ,! comp5sation ( a memb] ( ! risk managem5t committee %all be det]m9$ by ! ,bo>d4 7h7 ,removal ,a memb] ( ! risk managem5t committee may be remov$ at ! discretion ( a majority ( ! ,bo>d4 7i7 ,t]m ,a memb] ( ! risk managem5t committee %all s]ve a t]m ( #f ye>s & may be reappo9t$ 9 accordance ) ?is section4 7j7 ,limitations 7#a7 ,9 g5]al ,dur+ ! p]iod describ$ 9 p>agraph 7#b71 a memb] ( ! risk managem5t committee may n-- 7,a7 hold any o!r public (fice2 7,b7 h any int]e/ 9 an infra/ructure project consid]$ by ! ,bo>d2 or 7,c7 h any int]e/ 9 an inve/m5t in/itution1 comm]cial bank1 or o!r entity seek+ f9ancial assi/ance f ! ,bank = any infra/ructure project4 7#b7 ,p]iod describ$ ,! p]iod ref]r$ to 9 p>agraph 7#a7 is ! p]iod-- 7,a7 beg9n+ on ! date on :i* ! memb] ( ! risk managem5t committee is appo9t$2 & 7,b7 end+ on ! date on :i* ! memb] ceases to s]ve on ! risk managem5t committee4 #baj4 ,audit committee 7a7 ,9 g5]al ,! ,bank %all e/abli% an audit committee consi/+ ( #e memb]s1 head$ by ! *ief compliance (fic]4 7b7 ,appo9tm5t ,a majority ( ! ,bo>d %all h ! au?ority-- 7#a7 to appo9t ! memb]s ( ! audit committee2 & 7#b7 to def9e ! duties ( ! *ief compliance (fic] & ea* rema9+ memb] ( ! audit committee 9 accordance ) ?is ,act1 ! bylaws ( ! ,bank1 & requirem5ts ( ! ,bo>d4 7c7 ,qualifications ,ea* memb] ( ! audit committee %all h demon/rat$ exp]i5ce & exp]tise 9 #a or m ( ! foll[+3 7#a7 ,int]nal audit+4 7#b7 ,int]nal inve/igations4 7#c7 ,acc\nt+ practices4 7#d7 ,f9anc+ practices4 7d7 ,duties ( *ief compliance (fic] ,! *ief compliance (fic] %all-- 7#a7 h su* functions1 p[]s1 & duties z may be prescrib$ by ?is ,act1 ! bylaws ( ! ,bank1 & ! ,bo>d2 & 7#b7 report directly to ! ,bo>d4 7e7 ,duties ( audit committee ,! audit committee %all-- 7#a7 provide int]nal controls & int]nal audit+ activities = ! ,bank2 7#b7 ma9ta9 responsibility = ! acc\nt+ activities ( ! ,bank2 7#c7 conduct int]nal inve/igations ( ! bus9ess activities ( ! ,bank2 7#d7 issue f9ancial reports ( ! ,bank2 & 7#e7 complete reports ) outside auditors & public acc\ntants appo9t$ by ! ,bo>d4 7f7 ,vacancy ,a vacancy on ! audit committee %all be fill$ 9 ! mann] 9 :i* ! orig9al appo9tm5t 0 made4 7g7 ,comp5sation ,! comp5sation ( a memb] ( ! audit committee %all be det]m9$ by ! ,bo>d4 7h7 ,removal ,a memb] ( ! audit committee may be remov$ at ! discretion ( a majority ( ! ,bo>d4 7i7 ,t]m ,a memb] ( ! audit committee %all s]ve a t]m ( #f ye>s & may be reappo9t$ 9 accordance ) ?is section4 7j7 ,limitations 7#a7 ,9 g5]al ,dur+ ! p]iod describ$ 9 p>agraph 7#b71 a memb] ( ! audit committee may n-- 7,a7 hold any o!r public (fice2 7,b7 h any int]e/ 9 an infra/ructure project consid]$ by ! ,bo>d2 or 7,c7 h any int]e/ 9 an inve/m5t in/itution1 comm]cial bank1 or o!r entity seek+ f9ancial assi/ance f ! ,bank = any infra/ructure project4 7#b7 ,p]iod describ$ ,! p]iod ref]r$ to 9 p>agraph 7#a7 is ! p]iod-- 7,a7 beg9n+ on ! date on :i* ! memb] ( ! audit committee is appo9t$2 & 7,b7 end+ on ! date on :i* ! memb] ceases to s]ve on ! audit committee4 #baa4 ,p]sonnel 7a7 ,comp5sation2 duties ,! *airp]son ( ! ,bo>d1 *ief executive (fic]1 *ief risk (fic]1 & *ief compliance (fic] %all appo9t1 remove1 fix ! comp5sation (1 & def9e ! duties ( su* qualifi$ p]sonnel to s]ve ! ,bo>d1 ,executive ,committee1 risk managem5t committee1 or audit committee1 z applicable1 z necess>y & prescrib$ by ?is ,act1 ! bylaws ( ! ,bank1 & ! ,bo>d4 7b7 ,nondiscrim9ation & equal opportunity employm5t 7#a7 ,9 g5]al ,! ,bank %all n discrim9ate on ! basis ( race1 religion1 color1 national orig91 age1 physical or m5tal h&icap or disability1 m$ical condition1 m>ital /atus1 sex1 sexual ori5tation1 g5d] id5tity1 pregnancy1 or e?nic or social orig9 aga9/ any employee or applicant = employm5t4 7#b7 ,inclusions ,p>agraph 7#a7 %all apply to1 at a m9imum1 employm5t1 upgrad+1 demotion or transf]1 recruitm5t or recruitm5t adv]tis+1 lay(f or t]m9ation1 rates ( pay or o!r =ms ( comp5sation1 & selection = tra9+1 includ+ appr5tice%ip4 #bab4 ,special ,inspector ,g5]al = ! ,national ,infra/ructure ,bank 7a7 ,9 g5]al ,beg9n+ on ! date on :i* ! ,presid5t appo9ts a ,special ,inspector ,g5]al = ! ,bank 7ref]r$ to 9 ?is section z ! ,special ,inspector ,g5]al7 "u subsection 7b71 !re is e/abli%$ an ,(fice ( ! ,special ,inspector ,g5]al = ! ,bank4 7b7 ,appo9tm5t ( inspector g5]al2 removal 7#a7 ,appo9tm5t ,! ,special ,inspector ,g5]al = ! ,bank %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate4 7#b7 ,basis ( appo9tm5t ,! appo9tm5t ( ! ,special ,inspector ,g5]al %all be made on ! basis ( integrity & demon/rat$ ability 9 acc\nt+1 audit+1 f9ancial analysis1 law1 managem5t analysis1 public adm9i/ration1 or inve/igations4 7#c7 ,tim+ ( nom9ation ,! nom9ation ( an individual z ,special ,inspector ,g5]al %all be made z soon z practicable aft] ! date ( enactm5t ( ?is ,act4 7#d7 ,removal ,! ,special ,inspector ,g5]al %all be removable f (fice 9 accordance ) ! provisions ( section #djc7;b7 ( title #e1 ,unit$ ,/ates ,code4 7#e7 ,rule ( con/ruction ,= purposes ( section #gcbd ( title #e1 ,unit$ ,/ates ,code1 ! ,special ,inspector ,g5]al %all n be consid]$ an employee :o det]m9es policies to be pursu$ by ! ,unit$ ,/ates 9 ! nationwide adm9i/ration ( ,f$]al law4 7#f7 ,rate ( pay ,! annual rate ( basic pay ( ! ,special ,inspector ,g5]al %all be ! annual rate ( basic pay = an ,inspector ,g5]al "u section #djc7;e7 ( title #e1 ,unit$ ,/ates ,code4 7c7 ,duties ,! ,special ,inspector ,g5]al %all-- 7#a7 conduct1 sup]vise1 & coord9ate audits & inve/igations ( ! bus9ess activities ( ! ,bank2 7#b7 e/abli%1 ma9ta91 & ov]see su* sy/ems1 proc$ures1 & controls z ! ,special ,inspector ,g5]al consid]s appropriate to dis*>ge ! duty "u p>agraph 7#a72 & 7#c7 c>ry out any o!r duties & responsibilities ( inspectors g5]al "u *apt] #d ( title #e1 ,unit$ ,/ates ,code4 7d7 ,p[]s & au?orities 7#a7 ,9 g5]al ,9 c>ry+ out ! duties specifi$ 9 subsection 7c71 ! ,special ,inspector ,g5]al %all h ! au?orities provid$ 9 section #djf ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,additional au?ority ,! ,special ,inspector ,g5]al %all c>ry out ! duties specifi$ 9 subsection 7c77#a7 9 accordance ) section #djd7;b77#a7 ( title #e1 ,unit$ ,/ates ,code4 7e7 ,p]sonnel1 facilities1 & o!r res\rces 7#a7 ,additional (fic]s 7,a7 ,9 g5]al ,! ,special ,inspector ,g5]al may select1 appo9t1 & employ su* (fic]s & employees z may be necess>y = c>ry+ out ! duties ( ! ,special ,inspector ,g5]al1 subject to ! provisions ( title #e1 ,unit$ ,/ates ,code1 gov]n+ appo9tm5ts 9 ! competitive s]vice1 & ! provisions ( *apt] #ea & sub*apt] ,,iii ( *apt] #ec ( su* title1 relat+ to classification & ,g5]al ,s*$ule pay rates4 7,b7 ,employm5t & comp5sation ,! ,special ,inspector ,g5]al may ex]cise ! au?orities ( subsections 7b7 ?r\gh 7i7 ( section #cafa ( title #e1 ,unit$ ,/ates ,code 7)\t reg>d to subsection 7a7 ( t section74 7#b7 ,ret5tion ( s]vices ,! ,special ,inspector ,g5]al may obta9 s]vices z au?oriz$ by section #caji ( title #e1 ,unit$ ,/ates ,code1 at daily rates n to exce$ ! equival5t rate prescrib$ = grade ,,gs-#ae ( ! ,g5]al ,s*$ule by section #eccb ( su* title4 7#c7 ,ability to contract = audits1 /udies1 & o!r s]vices ,! ,special ,inspector ,g5]al may ent] into contracts & o!r arrangem5ts = audits1 /udies1 analyses1 & o!r s]vices ) public ag5cies & ) private p]sons1 & make su* paym5ts z may be necess>y to c>ry out ! duties ( ! ,special ,inspector ,g5]al4 7#d7 ,reque/ = in=mation 7,a7 ,9 g5]al ,^u reque/ ( ! ,special ,inspector ,g5]al = in=mation or assi/ance f any dep>tm5t1 ag5cy1 or o!r entity ( ! ,f$]al ,gov]nm5t1 ! head ( t entity %all1 ins(> z is practicable & n 9 contrav5tion ( any exi/+ law1 furni% ! in=mation or assi/ance to ! ,special ,inspector ,g5]al or an au?oriz$ designee4 7,b7 ,refusal to comply ,if in=mation or assi/ance reque/$ by ! ,special ,inspector ,g5]al is1 9 ! judgm5t ( ! ,special ,inspector ,g5]al1 unreasonably refus$ or n provid$1 ! ,special ,inspector ,g5]al %all report ! circum/ances to ! ,secret>y1 )\t delay4 7f7 ,reports 7#a7 ,annual report ,n lat] ?an #a ye> aft] ! date on :i* ! ,special ,inspector ,g5]al is confirm$1 & e cal5d> ye> !reaft]1 ! ,special ,inspector ,g5]al %all submit to ! ,presid5t & appropriate committees ( ,congress a report summ>iz+ ! activities ( ! ,special ,inspector ,g5]al dur+ ! previ\s #a-ye> p]iod end+ on ! date on :i* su* report is requir$4 7#b7 ,public disclosures ,no?+ 9 ?is subsection au?orizes ! public disclosure ( in=mation t is-- 7,a7 specifically prohibit$ f disclosure by any o!r provision ( law2 7,b7 specifically requir$ by ,executive ord] to be protect$ f disclosure 9 ! int]e/ ( national def5se or national security or 9 ! conduct ( =eign affairs2 or 7,c7 a "p ( an ongo+ crim9al inve/igation4 #bac4 ,/atus & applicability ( c]ta9 ,f$]al & ,/ate laws 7a7 ,compliance ) ,f$]al & ,/ate laws 7#a7 ,9 g5]al ,! ,bank1 any entity t receives f9ancial assi/ance f ! ,bank1 & any contractor or subcontractor t receives funds f f9ancial assi/ance provid$ by ! ,bank %all comply ) all applicable ,f$]al & ,/ate laws1 includ+ ?is section4 7#b7 ,agreem5ts ,! ,bank %all require t an entity t receives f9ancial assi/ance f ! ,bank %all-- 7,a7 confirm compliance ) applicable ,f$]al & ,/ate laws 9 a loan agreem5t betwe5 ! ,bank & ! entity2 & 7,b7 ensure1 ?r\gh a writt5 agreem5t1 t contractors & subcontractors us$ by ! entity = an infra/ructure project c>ri$ out ) t f9ancial assi/ance are 9 compliance ) applicable ,f$]al & ,/ate laws4 7b7 ,compliance ) ,davis-,bacon ,act 7#a7 ,9 g5]al ,all labor]s & me*anics employ$ by contractors & subcontractors on infra/ructure projects fund$ directly by or assi/$ 9 :ole or 9 "p by or ?r\gh ! ,bank pursuant to ?is ,act %all be paid wages at rates n less ?an ^? prevail+ on projects ( a "* simil> 9 ! locality z det]m9$ by ! ,secret>y ( ,labor 9 accordance ) sub*apt] ,,iv ( *apt] #ca ( title #dj1 ,unit$ ,/ates ,code4 7#b7 ,labor /&>ds ,) respect to ! labor /&>ds describ$ 9 p>agraph 7#a71 ! ,secret>y ( ,labor %all h ! au?ority & functions set =? 9 ,reorganization ,plan ,numb]$ #ad ( #aiej 7#fd ,/at4 #abfg2 #e ,u4,s4,c4 ,app47 & section #cade ( title #dj1 ,unit$ ,/ates ,code4 7c7 ,compliance ) project labor agreem5ts 7#a7 ,9 g5]al 7,a7 ,cov]$ ,/ates ,any recipi5t ( f9ancial assi/ance f ! ,bank 9 a cov]$ ,/ate %all1 = purposes ( an infra/ructure project fund$ by su* f9ancial assi/ance1 be a p>ty to a project labor agreem5t ) an applicable labor organization4 7,b7 ,/ates t are n cov]$ ,/ates ,any recipi5t ( f9ancial assi/ance f ! ,bank 9 a ,/ate t is n a cov]$ ,/ate %all1 = purposes ( ! infra/ructure project fund$ by su* f9ancial assi/ance1 p]mit volunt>y collective b>ga9+ ) respect to becom+ a p>ty to a project labor agreem5t4 7#b7 ,def9itions ,= purposes ( ?is subsection3 7,a7 ,cov]$ ,/ates ,! t]m cov]$ ,/ate means a ,/ate 9 :i*-- 7i7 ! laws ( su* ,/ate p]mit an entity to require project labor agreem5ts2 or 7ii7 ! total am\nt ( all con/ruction contracts f9anc$ by ! ,bank 9 su* ,/ate is n less ?an #ce1jjj1jjj4 7,b7 ,project labor agreem5t ,! t]m project labor agreem5t means a pre-hire collective b>ga9+ agreem5t ) "o or m labor organizations t e/abli%es ! t]ms & conditions ( employm5t = a specific con/ruction project & is describ$ 9 section #h7;f7 ( ! ,national ,labor ,relations ,act 7#bi ,u4,s4,c4 #aeh7;f774 7d7 ,buy ,am]ica requirem5t ,section #gjiad ( ! ,infra/ructure ,inve/m5t & ,jobs ,act 7#da ,u4,s4,c4 #hcja note2 ,public ,law #aag-eh7 %all apply to ! ,bank1 includ+ f9ancial assi/ance provid$ by ! ,bank4 7e7 ,nondiscrim9ation 7#a7 ,9 g5]al ,= ! purpose ( apply+ ! prohibitions aga9/ discrim9ation on ! basis ( age "u ! ,age ,discrim9ation ,act ( #aige 7#db ,u4,s4,c4 #faja et seq471 ( disability "u section #ejd ( ! ,rehabilitation ,act ( #aigc 7#bi ,u4,s4,c4 #gid71 on ! basis ( sex "u title ,,ix ( ! ,education ,am5dm5ts ( #aigb 7#bj ,u4,s4,c4 #afha et seq471 programs & activities fund$ or o!rwise f9ancially assi/$ 9 :ole or 9 "p "u ?is ,act by ! ,bank1 directly or indirectly1 are consid]$ to be education programs & activities receiv+ ,f$]al f9ancial assi/ance4 7#b7 ,compliance ) ,civil ,rights ,act ( #aifd ,! ,bank1 along ) contractors & subcontractors on infra/ructure projects fund$ directly by1 or assi/$ 9 :ole or 9 "p by ! ,bank1 %all comply ) titles ,,vi & ,,vii ( ! ,civil ,rights ,act ( #aifd z to hir+ & aw>d+ contracts to build projects4 ,! ,bank %all implem5t su* titles1 9 "p1 by includ+ language 9 loan agreem5ts to require contract$ "w f9anc$ 9 :ole or 9 "p by ! ,bank to include an equal opportunity clause z set out 9 section #fj-a4d ( title #da ( ! ,code ( ,f$]al ,regulations4 7f7 ,m9ority1 wom51 & disadvantag$ bus9ess ent]prise p>ticipation ,= ea* fiscal ye>1 ! ,bank %all ensure t n less ?an #aj p]c5t ( ! f9ancial assi/ance provid$ by ! ,bank is exp5d$ ?r\gh small bus9ess conc]ns own$ & controll$ by socially & economically disadvantag$ individuals or qualifi$ ,h,u,b,zone small bus9ess conc]ns 7z ^? t]ms are def9$ 9 section #dgaac7;a7 ( title #di1 ,unit$ ,/ates ,code74 7g7 ,local hir+ pref]5ce 7#a7 ,9 g5]al ,9 provid+ f9ancial assi/ance "u ?is ,act1 ! ,bank %all ensure t recipi5ts ( f9ancial assi/ance f ! ,bank implem5t a local1 rural1 or o!r geographic or economic hir+ pref]5ce relat+ to ! use ( labor = con/ruction ( an infra/ructure project fund$ by ! assi/ance1 includ+ prehire agreem5ts1 subject to any applicable ,/ate & local laws1 policies1 & proc$ures1 9 p>tn]%ip ) a regi/]$ appr5tice%ip program 7z def9$ 9 section #caca7;e77#c77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf71 if applicable1 or ) a ,/ate bo>d or local bo>d 7z ^? t]ms are def9$ 9 section #c ( ! ,work=ce ,innovation & ,opportunity ,act 7#bi ,u4,s4,c4 #cajb774 7#b7 ,priority ,9 c>ry+ out p>agraph 7#a71 ! ,bank %all ensure t recipi5ts ( f9ancial assi/ance f ! ,bank give priority 9 hir+ to-- 7,a7 individuals ) a b>ri] to employm5t 7z def9$ 9 section #c ( ! ,work=ce ,innovation & ,opportunity ,act 7#bi ,u4,s4,c4 #cajb771 includ+ ex-(f5d]s & disabl$ individuals2 7,b7 vet]ans2 & 7,c7 individuals t repres5t populations t are traditionally und]repres5t$ 9 ! infra/ructure work=ce1 su* z wom5 & racial & e?nic m9orities4 7h7 ,infra/ructure plann+1 coord9ation & nonduplication ,to ! maximum ext5t practicable1 ! ,bank %all ensure t activities ( ! ,bank are coord9at$ )1 & d n duplicate ! ef=ts (1 any ,f$]al or ,/ate dep>tm5t or ag5cy4 7i7 ,/ate & local p]mits ,! provision ( f9ancial assi/ance by ! ,bank ) respect to an infra/ructure project does n relieve any recipi5t ( ! assi/ance ( any obligation to obta9 requir$ ,/ate & local p]mits & approvals ) respect to ! infra/ructure project4 #bad4 ,exemption f c]ta9 laws 7a7 ,no budget au?ority = contracts or loans ,section #ejd7;b7 ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa;c7b77 %all n apply to any contract or loan "u ?is ,act4 7b7 ,no priority z a ,f$]al claim ,section #cgac ( title #ca1 ,unit$ ,/ates ,code1 %all n apply ) respect to any indebt$ness ( ! ,bank4 #bae4 ,relations ) local f9ancial in/itutions 7a7 ,complem5t>y provision ( s]vices 7#a7 ,9 g5]al ,except z provid$ 9 subsection 7b71 ! ,bank-- 7,a7 %all conduct loan activities 9 p>tn]%ip ) local f9ancial in/itutions2 & 7,b7 %all n compete ) local f9ancial in/itutions4 7#b7 ,p>tn]%ip ,a p>tn]%ip "u p>agraph 7#a77;,a7 may include ! p>ticipation ( a local f9ancial in/itution 9 loan reque/s1 loan monitor+1 or bl5d$ f9anc+ ( project loans4 7b7 ,exception ,! ,bank may engage 9 loan activities )\t p>tn]+ ) a local f9ancial in/itution if ^? loan activities are n (f]$ or provid$ by local f9ancial in/itutions 9 ! jurisdiction 9 :i* ! loan is be+ provid$4 7c7 ,bank z a cle>+h\se ,= local f9ancial in/itutions t make ! ,bank a res]ve deposit>y1 ! ,bank may p]=m ! functions & r5d] ! s]vices ( a cle>+h\se1 includ+ all facilities = provid+ dome/ic & =eign ex*ange1 or r$isc\nt+ pap] on su* t]ms z ! ,bo>d %all provide4 #baf4 ,audits2 reports to ,presid5t & ,congress 7a7 ,acc\nt+ ,! books ( acc\nt ( ! ,bank %all be-- 7#a7 ma9ta9$ 9 accordance ) g5]ally accept$ acc\nt+ pr9ciples z us$ 9 ! ,unit$ ,/ates2 & 7#b7 subject to an annual audit by indep5d5t public acc\ntants ( nationally recogniz$ /&+1 to be appo9t$ by ! ,bo>d4 7b7 ,reports 7#a7 ,bo>d ,n lat] ?an #ij days aft] ! end ( ea* fiscal ye>1 ! ,bo>d %all submit to ! ,presid5t & ,congress a complete & detail$ report ) respect to ! prec$+ fiscal ye> t describes-- 7,a7 a summ>y ( ! op]ations ( ! ,bank2 7,b7 a s*$ule ( ! obligations ( ! ,bank t are out/&+ at ! end ( t prec$+ fiscal ye>1 ) a /atem5t ( ! am\nts issu$ & r$eem$ or paid dur+ t prec$+ fiscal ye>2 & 7,c7 ! /atus ( infra/ructure projects t h receiv$ fund+ or o!r assi/ance pursuant to ?is ,act1 includ+ disclosure ( all entities ) a developm5t1 own]%ip1 or op]ational int]e/ 9 ^? infra/ructure projects4 7#b7 ,,gao ,n lat] ?an #e ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress a report evaluat+ activities ( ! ,bank t includes an assessm5t ( ! impact & b5efits ( ea* fund$ infra/ructure project1 includ+ a review ( h[ effectively ea* infra/ructure project accompli%$ ! goals prioritiz$ by ! project crit]ia ( ! ,bank4 7c7 ,books & records 7#a7 ,9 g5]al ,! ,bank %all ma9ta9 adequate books & records to support ! f9ancial transactions ( ! ,bank ) a description ( f9ancial transactions & infra/ructure projects receiv+ fund+1 & ! am\nt ( fund+ = ea* infra/ructure project ma9ta9$ on a publicly accessible database4 7#b7 ,public comm5t p]iod ,! ,bank %all provide a p]iod ( n less ?an #cj days = public comm5t on ea* infra/ructure f9anc+ agreem5t po/$ on ! database ref]r$ to 9 p>agraph 7#a7 be=e provid+ f9al f9anc+ = ! infra/ructure project4 7#c7 ,audits by ! secret>y & ,,gao ,! books & records ( ! ,bank %all be op5 to inspection by ! ,secret>y & ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates4 #bag4 ,budget>y effects ,! budget>y effects ( ?is ,act1 = ! purpose ( comply+ ) ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj1 %all be det]m9$ by ref]5ce to ! late/ /atem5t titl$ ,budget>y ,effects ( ,,paygo ,legislation = ?is ,act1 submitt$ = pr9t+ 9 ! ,congressional ,record by ! ,*airman ( ! ,h\se ,budget ,committee1 provid$ t su* /atem5t has be5 submitt$ prior to ! vote on passage4 #bah4 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ #ej1jjj1jjj = ea* ( fiscal ye>s #bjbe & #bjbf = ! initial organization ( ! ,bank1 ! ,bo>d1 & ,bank /aff4