21st Century Infrastructure Bank Act
This bill establishes and provides funds for the 21st Century American Infrastructure Bank to support state, local, and tribal infrastructure projects relating to transportation, energy, water, communications, and educational facilities. The Government Accountability Office must evaluate the effectiveness of the bank's financial assistance.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3722 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 3722
To establish the 21st Century American Infrastructure Bank, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 4, 2021
Mr. Sean Patrick Maloney of New York introduced the following bill;
which was referred to the Committee on Transportation and
Infrastructure, and in addition to the Committee on 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 establish the 21st Century American Infrastructure 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.
This Act may be cited as the ``21st Century Infrastructure Bank
Act''.
SEC. 2. 21ST CENTURY AMERICAN INFRASTRUCTURE BANK.
(a) Establishment.--There is hereby established a wholly owned
Government corporation to be known as the ``21st Century American
Infrastructure Bank'' (hereinafter referred to as the ``Bank''), which
shall provide financial assistance for qualified infrastructure
projects, in accordance with the requirements of this section.
(b) Board of Trustees.--
(1) In general.--The head of the Bank shall be a board of
trustees (hereinafter referred to as the ``Board'').
(2) Appointment.--The Board shall consist of 9 members who
shall be appointed by the President, by and with the advice and
consent of the Senate, and selected as follows:
(A) 2 individuals from a list of at least 5
individuals selected by the Speaker of the House of
Representatives.
(B) 2 individuals from a list of at least 5
individuals selected by the minority leader of the
House of Representatives.
(C) 2 individuals from a list of at least 5
individuals selected by the majority leader of the
Senate.
(D) 2 individuals from a list of at least 5
individuals selected by the minority leader of the
Senate.
(E) 1 individual selected at will by the President.
(3) Term.--
(A) In general.--The members of the Board shall
serve for a 6-year term, and no member may serve for
more than 2 terms, but a member may continue to serve
after the expiration of a term until the successor
member takes office.
(B) Staggered terms.--The members of the Board
shall serve staggered terms, with 1 of the initial
members of the Board serving for a term of 4 years and
2 each of the initial members of the Board serving for
terms of 5, 6, 7, and 8 years.
(C) Vacancies.--A vacancy in a position of a member
of the Board shall be filled in the same manner in
which the original position was filled.
(4) Compensation.--The members of the Board shall receive
compensation at the rate of basic pay payable for level IV of
the Executive Schedule under section 5315 of title 5, United
States Code.
(5) Chair.--The members of the Board shall select one
member to serve as the Chair of the Board.
(6) Corporate governance.--The Securities and Exchange
Commission shall issue corporate governance standards with
which the Board shall comply, and such standards shall be as
close as practicable to those standards required to be followed
by the board of directors of an issuer listed on the New York
Stock Exchange.
(7) Conflicts of interest.--A member of the Board may not
have a financial interest in--
(A) a qualified infrastructure project receiving
financial assistance from the Bank; or
(B) an eligible infrastructure provider receiving
financial assistance from the Bank, including any
municipal credit of a State, local, or Tribal
government receiving financial assistance from the
Bank.
(c) Financial Assistance.--
(1) In general.--The Bank shall provide loans and bond
guarantees to eligible infrastructure providers for qualified
infrastructure projects and make equity investments in
qualified infrastructure projects.
(2) Application.--A person wishing to receive financial
assistance from the Bank with respect to a qualified
infrastructure project shall submit an application to the Bank
in such form and containing such information as the Board may
require.
(3) Public transportation capital project requirements.--
Any person receiving financial assistance from the Bank in
connection with a public transportation capital project (as
such terms are defined under section 5302 of title 49, United
States Code) shall, as a condition on the receipt of such
financial assistance, comply with the grant requirements
applicable to grants made under section 5309 of such title.
(4) Limitation on financial assistance for state-owned
enterprises.--
(A) In general.--Financial assistance provided by
the Bank may not be used in awarding a contract or
subcontract to an entity that is owned or controlled
by, is a subsidiary of, or is otherwise related legally
or financially to a corporation based in a country
that--
(i) is identified as a nonmarket economy
country (as defined in section 771(18) of the
Tariff Act of 1930 (19 U.S.C. 1677(18))) as of
the date of enactment of this Act;
(ii) was identified by the United States
Trade Representative in the most recent report
required by section 182 of the Trade Act of
1974 (19 U.S.C. 2242) as a priority foreign
country under subsection (a)(2) of that
section; and
(iii) is subject to monitoring by the Trade
Representative under section 306 of the Trade
Act of 1974 (19 U.S.C. 2416).
(B) Exception.--For purposes of subparagraph (A),
the term ``otherwise related legally or financially''
does not include a minority relationship or investment.
(C) International agreements.--This paragraph shall
be applied in a manner consistent with the obligations
of the United States under international agreements.
(5) Compliance with davis-bacon act.--All laborers and
mechanics employed by contractors and subcontractors on
qualified infrastructure projects that receive financial
assistance from the Bank 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.
(6) Use of iron, steel, and manufactured goods in
infrastructure projects.--
(A) Buy america.--None of the financial assistance
provided by the Bank may be used for a qualified
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.
(B) Exception.--Subparagraph (A) shall not apply in
any case or category of cases in which the Secretary of
the Treasury finds that--
(i) applying subparagraph (A) would be
inconsistent with the public interest;
(ii) 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
(iii) inclusion of iron, steel, and
manufactured goods produced in the United
States will increase the cost of the overall
qualified infrastructure project by more than
25 percent.
(C) Publication of waivers.--If the Secretary of
the Treasury determines that it is necessary to waive
the application of subparagraph (A) based on a finding
under subparagraph (B), the Secretary shall publish in
the Federal Register a detailed written justification
as to why the provision is being waived.
(D) Application.--This paragraph shall be applied
in a manner consistent with the United States
obligations under international agreements.
(E) Consultations.--The Secretary of the Treasury
shall consult with the Board and may consult with the
Secretary of Transportation and other Federal
Secretaries and Administrators when applying this
paragraph.
(d) Risk Management Committee.--
(1) In general.--The Board shall establish a Risk
Management Committee to establish the risk management policies
to be used by the Bank.
(2) Employees.--The Board shall appoint employees to the
Risk Management Committee who the Board has determined have
significant and relevant experience in insurance underwriting
and credit risk management.
(e) Funding.--
(1) Initial capitalization.--Out of any funds in the
Treasury not otherwise appropriated, there is appropriated to
the Board $50,000,000,000 as an initial capitalization to carry
out this Act.
(2) Bonds.--
(A) In general.--The Board is authorized to issue,
under such terms and limitations as the Board may
establish by rule--
(i) general-purpose infrastructure bonds,
the proceeds of which shall be used to carry
out this Act; and
(ii) qualified infrastructure project-
specific infrastructure bonds, the proceeds of
which shall be used to provide financial
assistance to the applicable qualified
infrastructure project.
(B) Limitation on use of proceeds for
administrative expenses.--Not more than 1 percent of
the proceeds from the issuance of bonds described under
subparagraph (A) may be used to pay for the
administrative expenses of the Bank.
(C) Exemption from local taxation.--Bonds issued by
the Bank, and the interest on or credits with respect
to such bonds, shall not be subject to taxation by any
State, county, municipality, or local taxing authority.
(f) Reports and Studies.--
(1) Annual report on bank activities.--The Board shall
issue an annual report to the applicable congressional
committees describing the activities of the Bank during the
previous year, including the evaluations of qualified
infrastructure projects and the financing assistance provided
with respect to such projects.
(2) Report on domestically sourced materials, goods, and
products.--Not less often than every 2 years, the Board shall
issue a report to the applicable congressional committees that
describes, of the materials, goods, and products that were used
to construct, or to support the construction of, qualified
infrastructure projects receiving financial assistance from the
Bank within the most recent 2 calendar years, the percentage of
such materials, goods, and products that were created, sourced,
or manufactured in the United States.
(3) Public database of funded qualified infrastructure
projects.--The Board shall develop, maintain, and update a
publicly available database containing descriptions of each
qualified infrastructure project receiving financial assistance
from the Bank, including the amount and form of financing.
(4) Study on bank effectiveness.--
(A) Study.--The Board shall, every 2 years, carry
out a study to evaluate the effectiveness of the
financial assistance provided by the Bank.
(B) Report.--The Board shall issue a report to the
applicable congressional committees containing all
findings and determinations made in carrying out the
study required under subparagraph (A).
(5) GAO study.--
(A) Study.--After the end of the 5-year period
beginning on the date of enactment of this Act, the
Comptroller General of the United States shall carry
out a study to evaluate the effectiveness of the
financial assistance provided by the Bank.
(B) Report.--The Comptroller General shall issue a
report to the applicable congressional committees
containing all findings and determinations made in
carrying out the study required under subparagraph (A).
(g) Definitions.--In this section:
(1) Applicable congressional committees.--The term
``applicable congressional committees'' means the Committee on
Transportation and Infrastructure of the House of
Representatives and the Committee on Commerce, Science, and
Transportation of the Senate.
(2) Bank.--The term ``Bank'' means the 21st Century
American Infrastructure Bank.
(3) Board.--The term ``Board'' means the board of trustees
of the Bank.
(4) Eligible infrastructure provider.--The term ``eligible
infrastructure provider'' means a State, local government,
Tribal government, corporation, nonprofit entity, public-
private partnership, or any other person who is or will be
carrying out a qualified infrastructure project.
(5) Financial assistance.--With respect to a qualified
infrastructure project, the term ``financial assistance'' means
any loan or bond guarantee provided under this section with
respect to such project, and any equity investment made under
this section in such project
(6) Qualified infrastructure project.--The term ``qualified
infrastructure project'' means a project--
(A) sponsored by--
(i) a State, local, or Tribal government,
or any political subdivision of such a
government (including a transit agency or port
authority); or
(ii) a group of entities described under
clause (i), including a metropolitan planning
organization;
(B) that is or will be owned by an entity described
under subparagraph (A); and
(C) that involves the construction, maintenance,
improvement, or repair of a transportation, energy,
water, communications, or educational facility.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on 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.
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on 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.
Referred to the Subcommittee on Aviation.
Referred to the Subcommittee on Highways and Transit.
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Referred to the Subcommittee on Water Resources and Environment.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line