H.R.3977 - Infrastructure Bank for America Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Faso, John J. [R-NY-19] (Introduced 10/05/2017)|
|Committees:||House - Transportation and Infrastructure; Financial Services; Ways and Means|
|Latest Action:||House - 10/06/2017 Referred to the Subcommittee on Highways and Transit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3977 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (10/05/2017)
Infrastructure Bank for America Act of 2017
This bill provides for the establishment of the Infrastructure Bank Holding Company (IBHC), which shall be the parent company of the Infrastructure Bank for America (the bank). The bank shall provide: (1) direct loans and loan guarantees to private entities for the construction or maintenance of revenue-producing infrastructure projects, and (2) indirect loans and loan guarantees to state and local governments and state infrastructure banks for the construction or maintenance of infrastructure projects. At least 7% of the dollar amount of the loans and loan guarantees shall be for infrastructure projects in rural areas.
The Board of Governors of the Federal Reserve System shall have oversight and supervisory authority over the IBHC and the bank. The Department of the Treasury shall have oversight and supervisory authority over the issuance of bonds by the IBHC and the bank. The bank shall establish an Infrastructure Guarantee Fund to cover loans and loan guarantees in the event of nonpayment.
The bill amends the Internal Revenue Code to: (1) extend and modify the dividends received deduction for repatriated foreign earnings used to purchase holding company bonds, and (2) allow a new infrastructure bank holding company credit.