[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4780 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 4780
To establish a Government corporation to provide loans and loan
guarantees for infrastructure projects, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 22, 2019
Mr. Carbajal introduced the following bill; which was referred to the
Committee on Transportation and Infrastructure
_______________________________________________________________________
A BILL
To establish a Government corporation to provide loans and loan
guarantees for infrastructure projects, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``National Infrastructure Investment
Corporation Act of 2019''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) According to the American Society of Civil Engineers
2017 Infrastructure Report, the current condition of the
infrastructure in the United States earns a grade of D+ and an
estimated $4,500,000,000,000 is needed by 2025 to make
conditions adequate.
(2) Current and foreseeable demands on traditional funding
for infrastructure expansion exceed the resources to support
much-needed infrastructure programs.
(3) As of April 19, 2019, the top 50 strategic
infrastructure projects, including transportation, water and
wastewater, ports and waterways, and telecommunications,
totaled $289,370,000,000 in unmet needs.
(4) Infrastructure needs are not limited to traditional
roads and bridges but include a wide sector of basic, physical,
and organizational structures and facilities that are needed
for the effective and productive operation of society.
(5) Investment in infrastructure not only creates jobs and
economic growth and is a key component of maintaining a global
competitive edge but is also fundamental to enhancing and
preserving quality of life.
(6) The establishment of a Government corporation that
provides loans supported by pension funds to finance qualified
infrastructure projects would attract needed supplemental
capital for infrastructure development.
SEC. 3. ESTABLISHMENT.
There is established a corporation to be known as the ``National
Infrastructure Investment Corporation'' (in this Act referred to as the
``Corporation''), which shall be a Government corporation as defined in
section 103 of title 5, United States Code, whose purpose shall be to
finance infrastructure projects that are beyond the financing
capabilities of States and cities, including--
(1) prioritizing projects in a fair and efficient manner;
and
(2) minimizing financial costs to the Federal government.
SEC. 4. BOARD OF DIRECTORS AND INSPECTOR GENERAL.
(a) Establishment.--The management of the Corporation shall be
vested in a board of directors (in this Act referred to as the
``Board'').
(b) Membership.--The Board shall be composed of 7 members that meet
the qualifications under subsection (c), consisting of--
(1) 3 members appointed by the President, by and with the
advice and consent of the Senate;
(2) 1 member appointed by the majority leader of the
Senate;
(3) 1 member appointed by the minority leader of the
Senate;
(4) 1 member appointed by the Speaker of the House of
Representatives; and
(5) 1 member appointed by the minority leader of the House
of Representatives.
(c) Qualifications.--Each member of the Board shall--
(1) be a citizen of the United States;
(2) have significant demonstrated experience or expertise
in--
(A) infrastructure, and with respect to
infrastructure, experience or expertise in--
(i) heavy construction;
(ii) labor; or
(iii) government policy;
(B) the financing, development, or operation of
infrastructure projects, including the evaluation and
selection of eligible projects; or
(C) the management and administration of a
financial institution that provides financing for
infrastructure projects; and
(3) represent different geographic regions of the United
States to ensure rural areas and small communities are
represented.
(d) Initial Appointments.--Not later than 30 days after the date of
enactment of this Act, the President and congressional leadership shall
appoint the members of the Board in accordance with subsections (b) and
(c).
(e) Chair.--The Chair of the Board shall be designated by the
President from among the members appointed under subsection (b).
(f) Terms.--Each member of the Board shall hold office for a term
of 5 years, except as provided in the following paragraphs:
(1) Terms of initial appointees.--As designated by the
President and congressional leadership at the time of
appointment--
(A) the Chair shall be appointed for a term of 5
years;
(B) the 4 members appointed by congressional
leadership shall be appointed for a term of 4 years;
and
(C) the 2 members appointed by the President shall
be appointed for a term of 2 years.
(2) Vacancies.--Vacancies shall be filled according to the
following:
(A) A vacancy shall be filled in the manner in
which the original appointment was made.
(B) Any Board member elected to fill a vacancy
occurring before the expiration of the term for which
the direct predecessor of the member was appointed
shall be appointed only for the remainder of that term.
(C) In accordance with subparagraph (B), a Board
member may serve after the expiration of the term of
the direct predecessor of the Board member until a
successor has taken office.
(g) Responsibilities of the Board.--The responsibilities of the
Board are as follows:
(1) Provide low-cost loans and loan guarantees to eligible
applicants under section 5.
(2) Develop strategic goals for the Corporation based on
the purpose of the Corporation.
(3) Monitor and assess the effectiveness of the Corporation
in achieving such strategic goals.
(4) Review and approve the annual business plans, annual
budgets, and long-term strategies of and for infrastructure
projects financed through the Corporation.
(5) Develop, review, and approve annual reports for the
Corporation.
(6) Employ at least 1 external auditor to conduct an annual
audit of such infrastructure projects.
(7) Employ individuals as necessary to carry out the
provisions of this Act.
(8) Determine the operations and internal policies of the
Corporation.
(h) Inspector General.--The Board shall appoint an employee of the
Corporation to be known as the ``Inspector General'' whose duties shall
include the following:
(1) Conduct audits under section 6(b).
(2) Carry out, with respect to the Corporation, duties and
responsibilities established under the Inspector General Act of
1978 (5 U.S.C. App.).
(3) Establish, maintain, and oversee such audits as the
Inspector General considers appropriate under this Act.
SEC. 5. LOANS AND LOAN GUARANTEES.
(a) General Authority.--The Corporation shall provide loans and
loan guarantees to eligible applicants for infrastructure projects in
the United States.
(b) Eligibility Requirements.--An applicant is eligible for a loan
or loan guarantee under this section if the applicant--
(1) submits a detailed letter of interest to the
Corporation that--
(A) describes the infrastructure project and the
location, purpose, and cost of the project;
(B) outlines the proposed financial plan with
respect to such project, including the requested loan
or loan guarantee amount and the proposed obligor;
(C) provides a status of environmental review; and
(D) summarizes the geographic area affected by such
project;
(2) meets the prerequisites for assistance and conditions
for assistance described in subsections (g) and (h) of section
502 of the Railroad Revitalization and Regulatory Reform Act of
1976 (45 U.S.C. 822(g) and (h)).
(c) Eligible Uses.--Loans and loan guarantees provided under this
section may be used only for eligible project costs (as defined in
section 601(a)(2) of title 23, United States Code) for infrastructure
projects, including transportation, energy, environment, and
telecommunications.
(d) Consultation.--Prior to approving a loan or loan guarantee
under this section, the Corporation shall require the applicant to
consult with any member of the House of Representatives or member of
the Senate whose district or State, respectively, is affected by the
infrastructure project to ensure that such project is meritorious and
to avoid any problems that may arise with respect to such project.
(e) Timing.--A loan provided under subsection (a) shall be
structured with respect to the expected timing and duration of the
construction and utility of an infrastructure project.
(f) TIFIA.--Except as inconsistent with this Act, the Corporation
shall provide for loans and loan guarantees under this section in the
same manner and subject to the same requirements as the Secretary of
Transportation enters into loans and loan agreements under section 602
of chapter 6 of title 23, United States Code, with respect to the TIFIA
program (as defined in section 601 of such title).
SEC. 6. AUDITS AND REPORTS.
(a) Report to Congress.--Not later than one year after the date of
enactment of this Act, and annually thereafter, the Board shall submit
to Congress a report on the activities of the Corporation.
(b) Annual Audit.--Not later than one year after the date of
enactment of this Act, and annually thereafter, the Inspector General
of the Corporation shall--
(1) conduct an account audit of the Corporation;
(2) conduct, supervise, and coordinate investigations of
the business activities of the Corporation;
(3) ensure that the Corporation is acting consistent with
this Act; and
(4) submit the results of such audit to Congress.
(c) GAO Audit and Report.--Not later than 5 years after the date of
enactment of this Act, and every 5 years thereafter, the Comptroller
General of the United States shall--
(1) conduct an evaluation of the activities of the
Corporation from the previous 5 fiscal years; and
(2) submit to Congress a report containing the results of
such evaluation, which shall include--
(A) an assessment of the impact and benefits of
each infrastructure project financed through the
Corporation; and
(B) a review of the effectiveness of such
infrastructure project in accomplishing the goals of
this Act.
(d) Application Waiting Period.--Before any loan or loan guarantee
is awarded under this Act, the Corporation shall submit to Congress a
report describing the application for such loan or loan guarantee. The
Corporation may not award the loan or loan agreement before the end of
the 60-day period following the submission of such report to Congress.
The Corporation may award the loan or loan agreement after such period
unless Congress enacts a joint resolution disapproving the application
with an explanation for such disapproval.
(e) Rejected Applications.--An application that is rejected under
subsection (d) shall not be resubmitted to the Corporation unless the
basis for the disapproval of the application has been addressed by the
resubmitted application.
SEC. 7. FUNDING.
(a) Pension Fund Loans.--For purposes of paying for the
administrative costs of the Corporation and to provide loans and loan
guarantees for eligible infrastructure projects, the Board may accept
loans during fiscal years 2020 through 2024 from pension funds.
(b) Limitation.--The Board may not accept more than $5,000,000,000
in loans under subsection (a) during any single fiscal year.
(c) Annual Percentage Rate.--With respect to a loan described under
subsection (a), the Board may not pay an annual percentage rate of less
than 3 percent or more than 4 percent.
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