[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10525 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 10525
To facilitate efficient investments and financing of infrastructure
projects and new job creation through the establishment of a National
Infrastructure Development Bank, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 19, 2024
Ms. DeLauro introduced the following bill; which was referred to the
Committee on Energy and Commerce, and in addition to the Committees on
Transportation and Infrastructure, and Financial Services, for a period
to be subsequently determined by the Speaker, 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 Development Bank, 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; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``National
Infrastructure Development Bank Act of 2023''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Establishment of National Infrastructure Development Bank.
Sec. 4. Director; Deputy Director.
Sec. 5. Powers and limitations of the Director.
Sec. 6. Senior officers.
Sec. 7. Risk management committee.
Sec. 8. Audit committee; compliance office.
Sec. 9. Eligibility criteria for assistance from Bank.
Sec. 10. Status and applicability of certain Federal laws.
Sec. 11. Domestic content statutes.
Sec. 12. Audits; reports to President and Congress.
Sec. 13. Authorization of appropriations.
SEC. 2. DEFINITIONS.
For purposes of this Act, the following definitions apply:
(1) Bank.--The term ``Bank'' means the National
Infrastructure Development Bank established under section 3(a).
(2) Development.--The terms ``development'' means, with
respect to an infrastructure project, any--
(A) preconstruction planning, feasibility review,
permitting, design work, life-cycle maintenance
planning, and other preconstruction activities; and
(B) construction, reconstruction, rehabilitation,
replacement, or expansion.
(3) Direct loan; loan guarantee.--The terms ``direct loan''
and ``loan guarantee'' have the meanings given the terms in
section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C.
661a).
(4) Disadvantaged community.--The term ``disadvantaged
community'' means a community with a median household income of
less than 80 percent of the statewide median household income
for the State in which the community is located.
(5) Energy infrastructure project.--The term ``energy
infrastructure project'' means a project for energy
transmission and distribution, or energy efficiency enhancement
for buildings, public housing, health facilities, schools, or
energy storage.
(6) Entity.--The term ``entity'' means an individual,
corporation, partnership (including a public-private
partnership), joint venture, trust, and a State or other
governmental entity, including a political subdivision or any
other instrumentality of a State or a revolving fund.
(7) Environmental infrastructure project.--The term
``environmental infrastructure project'' means a project that--
(A) establishes, maintains, or enhances any
drinking water and wastewater treatment facility, storm
water management system, flood gate, dam, levee,
dredging, open space management system, wetland
restoration, infill development, solid waste disposal
facility, hazardous waste facility, or industrial site
cleanup; or
(B) remediation projects to rectify issues of
manufacturing, laboratory practices, and other
processes that do not comply with regulations.
(8) Financial assistance.--The term ``financial
assistance'' means providing credit assistance in the form of
direct loans, loan guarantees, and standby lines of credit.
(9) General counsel.--The term ``general counsel'' means
the individual who serves as the chief legal officer of the
Bank.
(10) Greenhouse gases.--The term ``greenhouse gases'' means
any of the following:
(A) Carbon dioxide.
(B) Methane.
(C) Nitrous oxide.
(D) Sulfur hexafluoride.
(E) Hydrofluorocarbons.
(F) Any perfluorocarbon.
(G) Nitrogen trifluoride.
(H) Any other anthropogenic gas designated as a
greenhouse gas by the Administrator of the
Environmental Protection Agency.
(11) Infrastructure project.--The term ``infrastructure
project'' means--
(A) an energy infrastructure project;
(B) an environmental infrastructure project;
(C) a telecommunications infrastructure project; or
(D) a transportation infrastructure project.
(12) Public-private partnership.--The term ``public-private
partnership'' means a contractual agreements between a public
agency and a private entity that allow for greater private
participation in the delivery of projects.
(13) Revolving fund.--The term ``revolving fund'' means a
fund or program established by a State or a political
subdivision or other instrumentality of a State, the principal
activity of which is to make loans, commitments, or other
financial accommodation available for the development of one or
more categories of infrastructure projects.
(14) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(15) Smart grid.--The term ``smart grid'' means a system
that provides for any of the smart grid functions set forth in
section 1306(d) of the Energy Independence and Security Act of
2007 (42 U.S.C. 17386(d)).
(16) State.--The term ``State'' means the several States
and the District of Columbia, Puerto Rico, Guam, American
Samoa, the Virgin Islands, the Commonwealth of Northern Mariana
Islands, and any other territory of the United States.
(17) Telecommunications infrastructure project.--The term
``telecommunications infrastructure project'' means a project
for infrastructure that facilitates the exchanging of
information through electronic technologies, including voice,
data, and video transmissions project.
(18) Transportation infrastructure project.--The term
``transportation infrastructure project'' means a project for
the construction, maintenance, or enhancement of highways,
roads, bridges, transit and intermodal systems, inland
waterways, commercial ports, airports, high-speed rail and
freight rail systems.
SEC. 3. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE DEVELOPMENT BANK.
(a) Establishment of National Infrastructure Development Bank.--The
National Infrastructure Development Bank is established as which shall
be an independent establishment of the Federal Government, as defined
in section 104 of title 5, United States Code.
(b) Responsibility of the Secretary.--The Secretary of the Treasury
shall take such actions as may be necessary to assist in implementing
the establishment of the bank.
SEC. 4. DIRECTOR; DEPUTY DIRECTOR.
(a) In General.--The Bank shall have Director and a Deputy
Director, appointed by the President and with the advice and consent of
the Senate.
(b) Date of Initial Nominations.--The initial nominations by the
President for appointment of the Director and Deputy Director shall be
made not later than 60 days after the date of enactment of this Act.
(c) Term.--The Director and the Deputy Director shall serve for a
term of 10 years.
(d) Vacancies.--
(1) In general.--A vacancy of the Director or the Deputy
Director shall be filled in the manner in which the original
appointment was made.
(2) Appointment to replace during term.--Any Director or
Deputy Director appointed to fill a vacancy occurring before
the expiration of the term for which the director's predecessor
was appointed shall be appointed only for the remainder of the
term.
(3) Duration.--A Director may serve after the expiration of
that director's term until a successor has taken office.
(e) Reappointment.--A Director or Deputy Director appointed by the
President may be reappointed by the President in accordance with this
section.
(f) Limitations.--The Director or Deputy Director may not
participate in any review or decision affecting a project under
consideration for assistance under this Act if the Director has or is
affiliated with a person who has an interest in such project.
(g) Responsibilities.--The Director shall--
(1) as soon as is practicable, establish an Executive
Committee, risk management committee and audit committee as
prescribed by this Act;
(2) not later than 180 days after the date on which the
initial Director is appointed, develop and approve the bylaws
of the Bank to determine the operations and internal policies
of the Bank, including bylaws for the regulation of the affairs
and conduct of the business of the Bank, consistent with the
purpose, goals, objectives, and policies set forth in this Act;
(3) ensure that the Bank is at all times operated in a
manner that is consistent with this Act, by--
(A) monitoring and assessing the effectiveness of
the Bank in achieving its strategic goals;
(B) periodically reviewing internal policies
submitted by the chief executive officer;
(C) reviewing and approving annual business plans,
annual budgets, and long-term strategies submitted by
the chief executive officer;
(D) reviewing and approving annual reports
submitted by the chief executive officer;
(E) reviewing risk management and audit practices
of the Bank; and
(F) reviewing and approving all changes to the
organization of the Bank; and
(4) establish such other criteria, requirements, or
procedures as the Director may consider to be appropriate in
carrying out this Act.
SEC. 5. POWERS AND LIMITATIONS OF THE DIRECTOR.
(a) Powers.--To carry out the purposes of the Bank as set forth in
this Act, the Director shall be responsible for monitoring and
overseeing infrastructure projects and have the following powers:
(1) To review infrastructure projects recommended by the
senior officials of the Bank and select infrastructure projects
using a cost-benefit analysis.
(2) To make senior and subordinated direct loans on such
terms as the Director may determine, in the Director's
discretion, to be appropriate to assist in the financing or
refinancing of an infrastructure project.
(3) To make loan guarantees on such terms as the Director
may determine, in the Director's discretion, to be appropriate
to assist in the financing or refinancing of an infrastructure
project.
(4) To make agreements and contracts with any entity in
furtherance of the business of the Bank.
(5) To monitor and oversee infrastructure projects
financed, in whole or in part, by the Bank.
(6) To sue and be sued in the Bank's capacity in any court
of competent jurisdiction, except that no attachment,
injunction, or similar process, may be issued against the
property of the Bank or against the Bank with respect to such
property.
(7) To indemnify the directors and senior officers of the
Bank for liabilities arising out of the actions of the
directors and senior officers in such capacity, in accordance
with, and subject to the limitations contained in, this Act.
(8) To serve as the primary liaison between the Bank and
the Congress, the executive branch, and State and local
governments, and to represent the Bank's interests.
(9) To exercise all other lawful powers which are necessary
or appropriate to carry out, and are consistent with, the
purposes of the Bank.
(b) Coordination With State and Local Regulatory Authority.--The
provision of financial assistance by the Director pursuant to this Act
shall not be construed as superseding any State law or regulation
applicable to a project.
SEC. 6. SENIOR OFFICERS.
(a) Senior Officers of the Bank.--The Director shall appoint,
remove, and define duties of 8 senior officers of the Bank as the--
(1) chief compliance officer;
(2) chief financial officer;
(3) chief asset and liability management officer;
(4) chief loan origination officer;
(5) chief operations officer;
(6) chief risk officer;
(7) chief treasury officer; and
(8) general counsel.
(b) Qualifications.--Senior officers shall have demonstrated
experience and expertise in 1 or more of the following:
(1) Transportation infrastructure.
(2) Environmental infrastructure.
(3) Energy infrastructure.
(4) Telecommunications infrastructure.
(5) Economic development.
(6) Workforce development.
(7) Public health.
(8) Private or public finance.
(c) Duties.--In order to carry out the purposes of the Bank, the
senior officers shall--
(1) establish and submit to the Director disclosure and
application procedures for entities nominating projects for
assistance under this Act;
(2) establish and submit to the Director standardized terms
and conditions, fee schedules, or legal requirements of a
contract or program to carry out this Act;
(3) establish and submit to the Director guidelines for the
selection and approval of projects and specific criteria for
determining eligibility for project selection;
(4) accept, for consideration, project proposals relating
to the development of infrastructure projects and which are
submitted by an entity;
(5) provide recommendations to the Director and place
project proposals on a list for consideration for financial
assistance from the Director; and
(6) provide technical assistance, including public-private
partnership infrastructure project value for money assessments,
long-term economic benefit projections, and contract
evaluations, to entities receiving financing from the Bank and
otherwise implement decisions of the Director.
(d) Vacancy.--A vacancy of a senior officer shall be filled in the
manner in which the original appointment was made.
(e) Compensation.--The compensation of the senior officers shall be
determined by the Director.
(f) Term.--Each senior officer shall serve a 6-year term and may be
reappointed in accordance with this section.
(g) Limitations.--A senior officer of the Bank shall not--
(1) hold any other public office;
(2) have any interest in any infrastructure project
considered by the Bank;
(3) have any interest in an investment institution,
commercial bank, or other entity seeking financial assistance
for any infrastructure project from or investing in the Bank;
and
(4) have any such interest during the 2-year period
beginning on the date such officer ceases to serve in such
capacity.
SEC. 7. RISK MANAGEMENT COMMITTEE.
(a) Establishment of Risk Management Committee.--The Director shall
establish a risk management committee consisting of 5 members, headed
by the chief risk officer.
(b) Appointments.--The Director shall have the authority to appoint
and reappoint the chief risk officer (hereinafter referred to as
``CRO'') of the Bank.
(c) Functions; Duties.--
(1) In general.--The CRO shall have such functions, powers,
and duties as may be prescribed by this Act, the bylaws of the
Bank, and the Director. The CRO shall report directly to the
Director.
(2) Risk management duties.--The risk management committee
shall--
(A) create financial, credit, and operational risk
management guidelines and policies to be adhered to by
the Bank;
(B) set guidelines to ensure diversification of
lending activities by both geographic region and
infrastructure project type;
(C) create conforming standards for all financial
assistance provided by the Bank;
(D) monitor financial, credit and operational
exposure of the Bank; and
(E) provide financial recommendations to the
Director.
(d) Other Risk Management Officers.--The Director shall appoint,
remove, and define the duties of 4 other risk management officers to
serve on the risk management committee.
(e) Qualifications.--The CRO and other risk management officers
shall have demonstrated experience and expertise in one or more of the
following:
(1) Treasury and asset and liability management.
(2) Investment regulations.
(3) Insurance.
(4) Credit risk management and credit evaluations.
(5) Related disciplines.
(f) Vacancy.--A vacancy in the position of CRO and other risk
management officers of the risk management committee shall be filled in
the manner in which the original appointment was made.
(g) Compensation.--The compensation of the CRO and other risk
management officers of the risk management committee shall be
determined by the Director.
(h) Removal.--The CRO and other risk management officers of the
risk management committee may be removed at the discretion of the
Director.
(i) Term.--The CRO and other risk management officers of the risk
management committee shall serve a 6-year term and may be reappointed
in accordance with this section.
(j) Limitations.--The CRO and other risk management officers of the
risk management committee shall not--
(1) hold any other public office;
(2) have any interest in an infrastructure project
considered by the Bank;
(3) have any interest in an investment institution,
commercial bank, or other entity seeking financial assistance
for any infrastructure project from or investing in the Bank;
and
(4) have any such interest during the 2-year period
beginning on the date such officer ceases to serve in such
capacity.
SEC. 8. AUDIT COMMITTEE; COMPLIANCE OFFICE.
(a) In General.--The Bank shall establish--
(1) a compliance office to carry out oversight of the
Bank's compliance with sections 11 and 12; and
(2) an audit committee consisting of 5 members, headed by
the chief compliance officer (hereinafter referred to as the
``CCO'') of the Bank.
(b) Appointments.--The Director shall have the authority to appoint
and reappoint the CCO of the Bank.
(c) Functions; Duties.--The CCO shall have such functions, powers,
and duties as may be prescribed by one or more of the following: This
Act, the bylaws of the Bank, and the Director. The CCO shall report
directly to the Director.
(d) Audit Duties.--In order to carry out the purposes of the Bank
under this Act, the audit committee shall--
(1) provide internal controls and internal auditing
activities for the Bank;
(2) maintain responsibility for the accounting activities
of the Bank;
(3) issue financial reports of the Bank; and
(4) complete reports with outside auditors and public
accountants appointed by the Director.
(e) Other Audit Officers.--The Director shall appoint, remove and
define the duties of 4 other audit officers to serve on the audit
committee.
(f) Qualifications.--The CCO and other audit officers shall have
demonstrated experience and expertise in 1 or more of the following:
(1) Internal auditing.
(2) Internal investigations.
(3) Accounting practices.
(4) Financing practices.
(g) Vacancy.--A vacancy in the position of CCO and other audit
officers of the audit committee shall be filled in the manner in which
the original appointment was made.
(h) Compensation.--The compensation of the CCO and other audit
officers of the audit committee shall be determined by the Director.
(i) Removal.--The CCO and other audit officers of the audit
committee may be removed at the discretion of the Director.
(j) Term.--The CCO and other audit officers of the audit committee
shall serve a 6-year term and may be reappointed in accordance with
this section.
(k) Limitations.--The CCO and other audit officers of the audit
committee shall not--
(1) hold any other public office;
(2) have any interest in an infrastructure project
considered by the Bank;
(3) have any interest in an investment institution,
commercial bank, or other entity seeking financial assistance
for any infrastructure project from or investing in the Bank;
and
(4) have any such interest during the 2-year period
beginning on the date such officer ceases to serve in such
capacity.
SEC. 9. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM BANK.
(a) In General.--To be eligible for financial assistance from the
Bank, an infrastructure project--
(1) shall have a public benefit, as determined by the
Director; and
(2) may not have a sole use or purpose that is private.
(b) Establishment of Project Criteria.--
(1) In general.--Consistent with the requirements of
subsections (c) and (d), the Director shall approve--
(A) criteria for determining eligibility for
financial assistance established by the senior officers
of the Bank;
(B) revisions to criteria for determining
eligibility for financial assistance established by the
senior officers of the Bank;
(C) the weight given to factors to be taken into
account established by the senior officers of the Bank;
(D) disclosure and application procedures to be
followed by entities to nominate projects for
assistance established by the senior officers of the
Bank; and
(E) such other criteria as the Director considers
appropriate.
(2) Factors to be taken into account.--
(A) In general.--The senior officers of the Bank
shall conduct an analysis that takes into account the
economic, environmental, and social benefits, and costs
of each project under consideration for financial
assistance under this Act, prioritizing projects that
contribute to economic growth, lead to job creation,
and are of regional or national significance.
(B) Criteria.--The criteria established pursuant to
paragraph (1)(A) shall provide for the consideration of
the following factors in considering eligibility for
financial assistance under this Act:
(i) The means by which development of the
infrastructure project under consideration is
being financed, including--
(I) the terms and conditions and
financial structure of the proposed
financing;
(II) the credit worthiness and
standing of the project sponsors,
providers of equity, and cofinanciers;
(III) the financial assumptions and
projections on which the project is
based; and
(IV) the extent to which the
infrastructure project maximizes
investment from other sources.
(ii) The likelihood that the provision of
assistance by the Bank will cause such
development to proceed more promptly and with
lower costs for financing than would be the
case without such assistance.
(iii) The extent to which the provision of
assistance by the Bank maximizes the level of
private investment in the infrastructure
project while providing a public benefit.
(C) Dedicated revenue sources.--Any financial
assistance for an infrastructure project shall be
repayable, in whole or in part, from dedicated revenue
sources that also secure the infrastructure project
obligations.
(D) Amount of financial assistance.--The amount of
financial assistance under this Act shall be determined
by the Director.
(c) Public Input.--In developing proposed infrastructure project
criteria and conducting reviews of infrastructure project criteria for
the Director, the senior officers of the Bank shall seek input from the
public including views related to--
(1) the weight given to different factors to be taken into
account;
(2) measuring whether projects are meeting approved
criteria; and
(3) any other input considered by such senior officers and
the public for the purposes of carrying out this Act.
(d) Factors for Specific Types of Projects.--
(1) Transportation infrastructure projects.--For any
transportation infrastructure project, the Director shall
consider the following:
(A) Job creation, including workforce development
for women and minorities, responsible employment
practices, and targeted job training and employment
opportunities for low income workers.
(B) Reduction in greenhouse gases.
(C) Reduction in surface and air traffic
congestion.
(D) Use of smart tolling, such as vehicle miles
traveled and congestion pricing, for highway, road, and
bridge projects.
(E) Increased access to transportation options.
(F) Increased safety of transportation systems for
motorized and non-motorized users.
(G) Public health benefits, including the removal
of lead coatings or other hazardous chemicals and
materials.
(H) Reduction in risk of structural failure over
the service life of the project.
(2) Environmental infrastructure project.--For any
environmental infrastructure project, the Director shall
consider the following:
(A) Job creation, including workforce development
for women and minorities, responsible employment
practices, and targeted job training and employment
opportunities for low income workers.
(B) Public health benefits, including the removal
of lead coatings or other hazardous materials.
(C) Pollution reductions.
(D) Reductions in greenhouse gas.
(E) Increased coastal and inland flood mitigation
and protection.
(F) Reduction in risk of structural failure over
the service life of the project.
(3) Energy infrastructure project.--For any energy
infrastructure project, the Board shall consider the following:
(A) Job creation, including workforce development
for women and minorities, responsible employment
practices, and targeted job training and employment
opportunities for low income workers.
(B) Reduction in greenhouse gas.
(C) Expanded use of renewable energy.
(D) Development of a smart grid.
(E) Energy efficient building, housing, and school
modernization, including renewable energy designated
retrofits.
(F) In any case in which the project is also a
public housing project--
(i) improvement of the physical shape and
layout;
(ii) environmental improvement; and
(iii) mobility improvements for residents.
(G) Public health benefits including the removal of
lead coatings or other hazardous chemicals and
materials.
(H) Reduction in risk of structural failure over
the service life of the project.
(4) Telecommunications.--For any telecommunications
infrastructure project, the Director shall consider the
following:
(A) Job creation, including workforce development
for women and minorities, responsible employment
practices, and targeted job training and employment
opportunities for low income workers.
(B) The extent to which assistance expands or
improves broadband and wireless services in rural and
disadvantaged communities.
(e) Consideration of Project Proposals.--
(1) Participation by other agency personnel.--Consideration
of a project under this section by the senior officers of the
Bank and the Director shall be conducted with personnel on
detail to the Bank from relevant Federal agencies among
individuals who are familiar with and experienced in the
selection criteria for competitive infrastructure projects.
(2) Fees.--A Bank may charge a fee for the review of any
project proposal in such amount as may be considered
appropriate by the senior officers of the Bank to cover the
cost of such review and the Bank may spend fee amounts without
further appropriation.
(f) Discretion of Director.--Consistent with other provisions of
this Act, any determination of the Director to provide financial
assistance to any infrastructure project, and the manner in which such
assistance is provided, including the terms, conditions, fees, and
charges shall be at the sole discretion of the Director.
(g) State and Local Permits Required.--The provision of financial
assistance by the Director in accordance with this Act shall not be
deemed to relieve any recipient of financial assistance or the related
infrastructure project of any obligation to obtain required State and
local permits and approvals.
(h) Annual Report.--An entity receiving assistance under this Act
shall make annual reports to the Director on the use of any such
assistance, compliance with the criteria set forth in this section, and
a disclosure of all entities with a development, ownership, or
operational interest in the infrastructure project assisted or proposed
to be assisted under this Act.
SEC. 10. STATUS AND APPLICABILITY OF CERTAIN FEDERAL LAWS.
(a) Compliance With Davis-Bacon Act.--
(1) 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 and
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 31 of part A of
title 40, United States Code. With respect to the labor
standards specified in this section, the Secretary of Labor
shall have the authority and functions set forth in
Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5
U.S.C. App.) and section 3145 of title 40, United States Code.
(2) Application of law.--Notwithstanding paragraph (1), for
any project carried out under chapter 53 of title 49, United
States Code, section 5333 of such section shall apply.
(b) No Priority as a Federal Claim.--The priority established in
favor of the United States by section 3713 of title 31, United States
Code, shall not apply with respect to any indebtedness of the Bank.
(c) Compliance With Grant Requirements.--Recipients of financial
assistance authorized under this Act that funds public transportation
capital projects, as defined in section 5302 of title 49, United States
Code, must comply with the grant requirements applicable to grants made
under section 5309 of such title.
SEC. 11. DOMESTIC CONTENT STATUTES.
(a) In General.--The financing provided for an infrastructure
project shall be in accordance with the following statutory provisions
of the United States Code under the jurisdiction of the Department of
Transportation, as applicable to the project:
(1) Section 24305 of title 49, United States Code.
(2) Section 313 of title 23, United States Code.
(3) Section 5323(j) of title 49, United States Code.
(4) Section 24405 of title 49, United States Code.
(5) Sections 50101 and 50105 of title 49, United States
Code.
(b) Use of Iron, Steel, and Manufactured Goods in Infrastructure
Projects.--For any infrastructure project financed under this Act that
is not covered under subsection (a), the following requirements shall
apply:
(1) Buy america.--No amount loaned or guaranteed by the
Bank may be used for a public infrastructure project unless all
of the iron, steel, and manufactured goods used for the
construction, alteration, maintenance or repair of the project
are produced in the United States.
(2) Exception.--Paragraph (1) shall not apply in any case
or category of cases in which the chief compliance officer of
the Bank finds that--
(A) applying paragraph (1) would be inconsistent
with the public interest;
(B) iron, steel, and the relevant manufactured
goods are not produced in the United States in
sufficient and reasonably available quantities and of a
satisfactory quality; or
(C) inclusion of iron, steel, and manufactured
goods produced in the United States will increase the
cost of the overall infrastructure project by more than
25 percent.
(3) Publication of waivers.--If the Secretary of the
Treasury determines that it is necessary to waive the
application of paragraph (1) based on a finding under paragraph
(2), the Treasury Secretary shall publish in the Federal
Register a detailed written justification as to why the
provision is being waived.
(4) Application of section.--This section shall be applied
in a manner consistent with the United States obligations under
international agreements.
(5) Consultations.--The Director may consult with the
Secretary of Transportation and other Federal Secretaries and
Administrators when applying this section.
SEC. 12. AUDITS; REPORTS TO PRESIDENT AND CONGRESS.
(a) Accounting.--The books of account of the Bank shall be
maintained in accordance with generally accepted accounting principles
and shall be subject to an annual audit by an independent public
accountant appointed by the Director and of nationally recognized
standing.
(b) Reports.--
(1) Director.--The Director shall submit to the President
and Congress, within 90 days after the last day of each fiscal
year, a complete and detailed report with respect to the
preceding fiscal year, setting forth--
(A) a summary of the Bank's operations, for such
preceding fiscal year;
(B) a schedule of the Bank's obligations
outstanding at the end of such preceding fiscal year,
with a statement of the amounts issued and redeemed or
paid during such preceding fiscal year; and
(C) the status of infrastructure projects receiving
funding or other assistance pursuant to this Act,
including disclosure of all entities with a
development, ownership, or operational interest in such
projects.
(2) GAO.--Not later than 5 years after the date of
enactment of this Act, the Comptroller General of the United
States shall submit to Congress a report evaluating activities
of the Bank for the fiscal years covered by the report that
includes--
(A) an assessment of the impact and benefits of
each funded infrastructure project, including a review
of how effectively each project accomplished the goals
prioritized by the Bank's project criteria; and
(B) an assessment of the Bank's funding mechanisms
in comparison with other available funding mechanisms,
with a focus on ensuring self-sustainability of the
Bank.
(c) Books and Records.--
(1) 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 funding, and the amount of funding for each
project maintained on a publicly accessible database.
(2) Public comment period.--The Bank shall post
infrastructure financing agreements on the database providing
30 days for public comments before providing final financing
for the infrastructure project.
(3) Audits by the secretary and gao.--The books and records
of the Bank shall be maintained in accordance with recommended
accounting practices and shall be open to inspection by the
Secretary and the Comptroller General of the United States.
SEC. 13. AUTHORIZATION OF APPROPRIATIONS.
There is authorized to be appropriated $5,000,000,000 for each of
fiscal years 2027 through 2031 to capitalize the Bank and to remain
available until expended.
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