1.This Act may be cited as the
National Infrastructure Development
Bank Act of 2009
.
2.Congress finds the following:
(1)According to the
American Society of Civil Engineers, the current condition of the
infrastructure in the United States earns a grade point average of D, and an
estimated $2,200,000,000,000 investment is needed over the next 5 years to meet
adequate conditions.
(2)According to the
National Surface Transportation Policy and Revenue Study Commission,
$225,000,000,000 is needed annually from all sources for the next 50 years to
upgrade our surface transportation system to a state of good repair and create
a more advanced system.
(3)According to the
Federal Highway Administration up to $131,700,000,000 must be invested annually
for a 20-year period to improve bridge efficiencies and the physical condition
and operational performance of the highway system of the United States.
(4)According to the
Federal Transit Administration, up to $21,800,000,000 must be invested annually
for a 20-year period to improve conditions and performance of the major transit
systems of the United States.
(5)The Environmental
Protection Agency projects that—
(A)$183,600,000,000
is needed for installation and maintenance of drinking water transmission and
distribution systems through 2022; and
(B)$202,500,000,000
is needed for publicly owned wastewater systems-related infrastructure needs
through 2024.
(6)According to the
Edison Electric Institute, to maintain current levels of service given expected
growth in demand, electric utilities need to invest an annual average
of—
(A)$28,000,000,000
for generation;
(B)$12,000,000,000
for transmission; and
(C)$34,000,000,000 for
distribution of electricity.
(7)According to the
American Council on Renewable Energy, renewable energy could provide up to 635
gigawatts of new electricity generating capacity by 2025—a substantial
contribution and potentially more than the Nation’s need for new capacity,
according to the United States Energy Information Administration.
(8)According to the
United States Green Building Council, United States buildings account for 38.9
percent of primary energy use, 38 percent of carbon emissions, and 72 percent
of electricity consumption.
(9)There are over 1,200,000 units of public
housing nationwide, with an accumulated capital needs backlog of approximately
$18,000,000,000, with an additional $2,000,000,000 accruing each year.
(10)According to the
Organization for Economic Cooperation and Development (OECD), the United States
ranks 15th among OECD nations in broadband access per 100 inhabitants.
(11)Although grant
programs of the Government must continue to play a central role in financing
the transportation, environment, energy, and telecommunications infrastructure
needs of the United States, current and foreseeable demands on existing
Federal, State, and local funding for infrastructure expansion exceed the
resources to support these programs by margins wide enough to prompt serious
concerns about the United States’ ability to sustain long-term economic
development, productivity, and international competitiveness.
(12)The capital
markets, including central banks, pension funds, financial institutions,
sovereign wealth funds and insurance companies, have a growing interest in
infrastructure investment. The establishment of a United States
Government-owned institution that would provide this investment opportunity
through high quality bond issues that would be used to finance qualifying
infrastructure projects would attract needed capital for United States
infrastructure development.
3.For purposes of this Act, the following
definitions apply unless the context requires otherwise:
(1)The
term Bank
means the National Infrastructure Development Bank
established under section 4(a).
(2)The
term Board
means the National Infrastructure Development Bank
Board.
(3)Chief asset and
liability management officerThe term chief asset and
liability management officer
means the chief individual responsible for
coordinating the management of assets and liabilities of the Bank.
(4)The term chief compliance officer or CCO
means the chief individual responsible for overseeing and managing the
compliance and regulatory affairs issues of the Bank.
(5)The term chief financial officer or CFO
means the chief individual responsible for managing the financial risks,
planning, and reporting of the Bank.
(6)Chief loan
origination officerThe term chief loan origination
officer
means the chief individual responsible for the processing of
new loans provided by the Bank.
(7)The term chief operations officer or COO
means the chief individual responsible for information technology and the day
to day operations of the Bank.
(8)The term chief risk officer or CRO
means
the chief individual responsible for managing operational and
compliance-related risks of the Bank.
(9)The term chief treasury officer
means the
chief individual responsible for managing the Bank’s treasury
operations.
(10)The
terms development
and develop
mean, with respect
to an infrastructure project, any—
(A)preconstruction
planning, feasibility review, permitting, design work, and other
preconstruction activities; and
(B)construction,
reconstruction, rehabilitation, replacement, or expansion.
(11)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.
(12)Energy
infrastructure projectThe term energy infrastructure
project
means any project for energy transmission, energy efficiency
enhancement for buildings, public housing, and schools, renewable energy, and
energy storage.
(13)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.
(14)Environmental
infrastructure projectThe term environmental
infrastructure project
means any project for the establishment,
maintenance, or enhancement of any drinking water and wastewater treatment
facility, storm water management system, dam, levee, open space management
system, solid waste disposal facility, hazardous waste facility, or industrial
site cleanup.
(15)The term executive director
means the
individual serving as the chief executive officer of the Bank.
(16)The term general counsel
means the
individual who serves as the chief lawyer for the Bank.
(17)The term infrastructure project
means any
energy, environmental, telecommunications, or transportation infrastructure
project.
(18)The term public
benefit bond
means a bond issued with respect to an infrastructure
project in accordance with this Act if—
(A)the net spendable proceeds from the sale of
the issue may be used for expenditures incurred after the date of issuance with
respect to the project, subject to the rules of the Bank;
(B)the bond issued by the Bank is in
registered form and meets the requirements of this Act and otherwise applicable
law;
(C)the term of each bond which is part of the
issue is greater than 30 years; and
(D)the payment of principal with respect to
the bond is the obligation of the Bank.
(19)Public-private
partnershipThe term
public-private partnership
means any entity—
(A)(i)which is undertaking the
development of all or part of an infrastructure project, which will have a
public benefit, pursuant to requirements established in one or more contracts
between the entity and a State or an instrumentality of a State; or
(ii)the activities of which, with
respect to such an infrastructure project, are subject to regulation by a State
or any instrumentality of a State; and
(B)which owns,
leases, or operates, or will own, lease, or operate, the project in whole or in
part, and at least one of the participants in the entity is a nongovernmental
entity.
(20)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.
(21)The
term Secretary
means the Secretary of the Treasury or the
designee of the Secretary.
(22)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)).
(23)The term smart growth
means growth in the
center of a city to avoid urban sprawl.
(24)The
term State
includes 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.
(25)Telecommunications
infrastructure projectThe term telecommunications
infrastructure project
means any project involving infrastructure
required to provide communications by wire or radio.
(26)Transportation
infrastructure projectThe term transportation
infrastructure project
means any 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.
4.Establishment of
national infrastructure development bank
(a)Establishment of
national infrastructure development bankThe National
Infrastructure Development Bank is established as a wholly owned Government
corporation subject to chapter 91 of title 31, United States Code (commonly
known as the Government Corporation Control Act
), except as
otherwise provided in this Act.
(b)Responsibility
of the secretaryThe Secretary shall take such action as may be
necessary to assist in implementing the establishment of the bank in accordance
with this Act.
(c)Section 9101(3) of title 31, United States Code, is
amended by inserting after subparagraph (N) the following:
(O)the National Infrastructure Development
Bank.
.
5.
(a)The Bank shall have a
Board of Directors consisting of 5 members appointed by the President by and
with the advice and consent of the Senate.
(b)The
directors of the Board shall include individuals representing different regions
of the United States and—
(1)2
of the directors shall have public sector experience; and
(2)3
of the directors shall have private sector experience.
(c)Chairperson and
vice chairpersonAs designated at the time of appointment, one of
the directors of the Board shall be designated chairperson of the Board by the
President and one shall be designated as vice chairperson of the Board by the
President.
(d)
(1)Except as provided in paragraph (2) and subsection (f),
each director shall be appointed for a term of 6 years.
(2)Of the initial members of the Board—
(A)the chairperson
and vice chairperson shall be appointed for terms of 6 years;
(B)1 shall be
appointed for a term of 5 years;
(C)1 shall be
appointed for a term of 4 years; and
(D)1 shall be
appointed for a term of 3 years.
(e)Date of initial
nominationsThe initial nominations by the President for
appointment of directors to the Board shall be made not later than 60 days
after the date of enactment of this Act.
(f)
(1)A vacancy on the
Board shall be filled in the manner in which the original appointment was
made.
(2)Appointment to
replace during termAny
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)A
director may serve after the expiration of that director’s term until a
successor has taken office.
(g)Three
directors shall constitute a quorum.
(h)A
director of the Board appointed by the President may be reappointed by the
President in accordance with this section.
(i)Directors of the Board shall serve on a part-time
basis and shall receive a per diem when engaged in the actual performance of
Bank business, plus reasonable reimbursement for travel, subsistence, and other
necessary expenses incurred in the performance of their duties.
(j)A director of the Board 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.
(k)Powers and
limitations of the board
(1)In
order to carry out the purposes of the Bank as set forth in this Act, the Board
shall be responsible for monitoring and overseeing infrastructure projects and
have the following powers:
(A)To make senior and
subordinated loans and purchase senior and subordinated debt securities and
enter into a binding commitment to make any such loan or purchase any such
security, on such terms as the Board may determine, in the Board’s discretion,
to be appropriate, the proceeds of which are to be used to finance or refinance
the development of one or more infrastructure projects.
(B)To issue and sell
debt securities of the Bank on such terms as the Board shall determine from
time to time.
(C)To issue public benefit bonds and to
provide direct subsidies to infrastructure projects from amounts made available
from the issuance of such bonds.
(D)To make loan
guarantees.
(E)To make agreements
and contracts with any entity in furtherance of the business of the
Bank.
(F)To borrow on the
global capital market and lend to regional, State, and local entities, and
commercial banks for the purpose of funding infrastructure projects.
(G)To purchase, pool,
and sell infrastructure-related loans and securities on the global capital
market.
(H)To purchase in the open market any of the
Bank’s outstanding obligations at any time and at any price.
(I)To monitor and oversee infrastructure
projects financed, in whole or in part, by the Bank.
(J)To acquire, lease,
pledge, exchange, and dispose of real and personal property and otherwise
exercise all the usual incidents of ownership of property to the extent the
exercise of such powers are appropriate to and consistent with the purposes of
the Bank.
(K)To sue and be sued
in the Bank’s corporate 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.
(L)To indemnify the
directors and officers of the Bank for liabilities arising out of the actions
of the directors and officers in such capacity, in accordance with, and subject
to the limitations contained in, this Act.
(M)To serve as the
primary liaison between the Bank, Congress, the executive branch, and State and
local governments and to represent the Bank’s interests.
(N)To exercise all
other lawful powers which are necessary or appropriate to carry out, and are
consistent with, the purposes of the Bank.
(2)
(A)Issuance of debt
securityThe Board may not issue any debt security without the
prior consent of the Secretary.
(B)Issuance of
voting securityThe Board may not issue any voting security in
the Bank to any entity other than the Secretary.
(3)Actions
consistent with self-supporting entity statusThe Board shall
conduct its business in a manner consistent with the requirements of this
section.
(4)Coordination
with state and local regulatory authorityThe provision of
financial assistance by the Board pursuant to this Act shall not be construed
as—
(A)limiting the right
of any State or political subdivision or other instrumentality of a State to
approve or regulate rates of return on private equity invested in a project;
or
(B)otherwise
superseding any State law or regulation applicable to a project.
(5)Federal
personnel requestsThe Board
shall have the power to request the detail, on a reimbursable basis, of
personnel from other Federal agencies with specific expertise not available
from within the Bank or elsewhere. The head of any Federal agency may detail,
on a reimbursable basis, any personnel of such agency requested by the Board
and shall not withhold unreasonably the detail of any personnel requested by
the Board.
(l)
(1)Open to the
public; noticeAll meetings
of the Board held to conduct the business of the Bank shall be open to the
public and shall be preceded by reasonable notice.
(2)The Board shall meet
not later than 90 days after the date on which all directors of the Board are
first appointed and otherwise at the call of the Chairperson.
(3)Exception for
closed meetingsPursuant to such rules as the Board may establish
through their bylaws, the directors may close a meeting of the Board if, at the
meeting, there is likely to be disclosed information which could adversely
affect or lead to speculation relating to an infrastructure project under
consideration for assistance under this Act or in financial or securities or
commodities markets or institutions, utilities, or real estate. The
determination to close any meeting of the Board shall be made in a meeting of
the Board, open to the public, and preceded by reasonable notice. The Board
shall prepare minutes of any meeting which is closed to the public and make
such minutes available as soon as the considerations necessitating closing such
meeting no longer apply.
6.
(a)The Board shall have
an executive committee consisting of 9 members, headed by the executive
director of the Bank.
(b)A majority of the Board shall have the authority to
appoint and reappoint the executive director.
(c)The
executive director shall be the chief executive officer of the Bank, with such
executive functions, powers, and duties as may be prescribed by this Act, the
bylaws of the Bank, or the Board.
(d)The Board shall appoint, remove, fix the compensation,
and define duties of 8 other executive officers to serve on the Executive
Committee 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.
(e)The
executive director and other executive officers shall have demonstrated
experience and expertise in one 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.
(f)In
order to carry out the purposes of the Bank as set forth in this Act, the
executive committee shall—
(1)establish
disclosure and application procedures for entities nominating projects for
assistance under this Act;
(2)accept, for
consideration, project proposals relating to the development of infrastructure
projects, which meet the basic criteria established by the Board, and which are
submitted by an entity;
(3)provide
recommendations to the Board and place project proposals accepted by the
executive committee on a list for consideration for financial assistance from
the Board;
(4)provide technical
assistance to entities receiving financing from the Bank and otherwise
implement decisions of the Board.
(g)A
vacancy in the position of executive director shall be filled in the manner in
which the original appointment was made.
(h)The compensation of the executive director
and other executive officers of the executive committee shall be determined by
the Board.
(i)The executive director and other executive
officers may be removed at the discretion of a majority of the Board.
(j)The executive director and other executive
officers shall serve a 6-year term and may be reappointed in accordance with
this section.
(k)The executive director and other executive
officers shall not—
(1)hold any other
public office;
(2)have any interest
in an infrastructure project considered by the Board;
(3)have any interest
in an investment institution, commercial bank, or other entity seeking
financial assistance for any infrastructure project from 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.
7.Risk
management committee
(a)Establishment of
risk management committeeThe
Bank shall establish a risk management committee consisting of 5 members,
headed by the chief risk officer.
(b)A majority of the Board shall have the
authority to appoint and reappoint the CRO of the Bank.
(c)
(1)The CRO 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 Board. The CRO shall
report directly to the Board.
(2)In order to carry out the purposes of this Act, 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 region and infrastructure project type;
(C)create conforming standards for
infrastructure finance securities;
(D)monitor financial,
credit and operational exposure of the Bank; and
(E)provide financial
recommendations to the Board.
(d)Other risk
management officersThe Board
shall appoint, remove, fix the compensation, and define the duties of 4 other
risk management officers to serve on the risk management committee.
(e)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)A
vacancy in the position of CRO or any other risk management officer shall be
filled in the manner in which the original appointment was made.
(g)The compensation of the CRO and other risk
management officers shall be determined by the Board.
(h)The
CRO and any other risk management officers may be removed at the discretion of
a majority of the Board.
(i)The
CRO and other risk management officers shall serve a 6-year term and may be
reappointed in accordance with this section.
(j)The
CRO and other risk management officers shall not—
(1)hold any other public office;
(2)have any interest
in an infrastructure project considered by the Board;
(3)have any interest in an investment
institution, commercial bank, or other entity seeking financial assistance for
any infrastructure project from 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.
8.
(a)The Bank shall have an audit committee consisting of 5
members, headed by the chief compliance officer of the Bank.
(b)A
majority of the Board shall have the authority to appoint and reappoint the CCO
of the Bank.
(c)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 Board. The CCO shall report directly to the Board.
(d)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 Board.
(e)The Board shall
appoint, remove, fix the compensation, and define the duties of 4 other audit
officers to serve on the audit committee.
(f)The
CCO and other audit officers shall have demonstrated experience and expertise
in one or more of the following:
(1)Internal
auditing.
(2)Internal
investigations.
(3)Accounting
practices.
(4)Financing
practices.
(g)A
vacancy in the position of CCO or any other audit officer shall be filled in
the manner in which the original appointment was made.
(h)The
compensation of the CCO and other audit officers shall be determined by the
Board.
(i)The
CCO and other audit officers may be removed at the discretion of a majority of
the Board.
(j)The
CCO and other audit officers shall serve a 6-year term and may be reappointed
in accordance with this section.
(k)The
CCO and other audit officers shall not—
(1)hold any other
public office;
(2)have any interest
in an infrastructure project considered by the Board;
(3)have any interest in an investment
institution, commercial bank, or other entity seeking financial assistance for
any infrastructure project from 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.
9.The chairperson of the Board, executive
director, chief risk officer, and chief compliance officer shall appoint,
remove, fix the compensation of, and define the duties of such qualified
personnel to serve under the Board, executive committee, risk management
committee, or audit committee, as the case may be, as necessary and prescribed
by one or more of the following: this Act, the bylaws of the Bank, and the
Board.
10.Eligibility
criteria for assistance from Bank
(a)No financial assistance shall be available under this Act
from the Bank unless the applicant for such assistance has demonstrated to the
satisfaction of the Board that the project for which such assistance is being
sought meets—
(1)the requirements
of this Act; and
(2)any criteria
established in accordance with this Act by the Board.
(b)Establishment of
project criteria
(1)Consistent with the requirements of subsections (c) and
(d), the Board shall establish—
(A)criteria for
determining eligibility for financial assistance under this Act;
(B)disclosure and
application procedures to be followed by entities to nominate projects for
assistance under this Act; and
(C)such other
criteria as the Board may consider to be appropriate for purposes of carrying
out this Act.
(2)Factors to be
taken into account
(A)The Bank shall
conduct an analysis that takes into account the economic, environmental, 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)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; and
(II)the financial
assumptions and projections on which the project is based.
(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)Factors for
specific types of projects
(1)Transportation
infrastructure projectsFor
any transportation infrastructure project, the Board shall consider the
following:
(A)Job creation, including workforce
development for women and minorities, responsible employment practices, and
quality job training opportunities.
(B)Reduction in
carbon emissions.
(C)Reduction in
surface and air traffic congestion.
(D)Smart growth in
urban areas.
(E)Poverty and inequality reduction through
targeted training and employment opportunities for low-income workers.
(F)Use of smart
tolling, such as vehicle miles traveled and congestion pricing, for highway,
road, and bridge projects.
(G)Public health
benefits.
(2)Environmental
infrastructure projectFor any environmental infrastructure
project, the Board shall consider the following:
(A)Public health
benefits.
(B)Pollution
reductions.
(C)Job creation, including workforce
development for women and minorities, responsible employment practices, and
quality job training opportunities.
(D)Poverty and inequality reduction through
targeted training and employment opportunities for low-income workers.
(3)Energy
infrastructure projectFor any energy infrastructure project, the
Board shall consider the following:
(A)Job creation, including workforce
development for women and minorities, responsible employment practices, and
quality job training opportunities.
(B)Poverty and inequality reduction through
targeted training and employment opportunities for low-income workers.
(C)Reduction in
carbon emissions.
(D)Smart growth in
urban areas.
(E)Expanded use of
renewable energy, including hydroelectric, solar, and wind.
(F)Development of a
smart grid.
(G)Energy efficient
building, housing, and school modernization.
(H)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.
(I)Public health
benefits.
(4)For
any telecommunications project, the Board shall consider the following:
(A)The extent to
which assistance expands or improves broadband and wireless services in rural
and disadvantaged communities.
(B)Poverty and inequality reduction through
targeted training and employment opportunities for low-income workers.
(C)Job creation, including work force
development for women and minorities, responsible employment practices, and
quality job training opportunities.
(d)Consideration of
project proposals
(1)Participation by
other agency personnelConsideration of projects by the executive
committee and the Board shall be conducted with personnel on detail to the Bank
from relevant Federal agencies from among individuals who are familiar with and
experienced in the selection criteria for competitive projects.
(2)A
fee may be charged for the review of any project proposal in such amount as
maybe considered appropriate by the executive committee to cover the cost of
such review.
(e)Consistent with other provisions of this Act, any
determination of the Board to provide assistance to any 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 Board.
(f)State and local
permits requiredThe provision of assistance by the Board in
accordance with this Act shall not be deemed to relieve any recipient of
assistance or the related project of any obligation to obtain required State
and local permits and approvals.
(g)An entity receiving assistance from the Board shall make
annual reports to the Board 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 a project assisted or
proposed to be assisted under this Act.
11.Exemption from
local taxationAll notes,
debentures, bonds or other such obligations issued by the Bank, and the
interest on or credits with respect to such bonds or other obligations, shall
not be subject to taxation by any State, county, municipality, or local taxing
authority.
12.Status and
applicability of certain Federal laws; full faith and credit
(a)Budgeting and
auditors practicesThe Bank shall comply with all Federal laws
regulating the budgetary and auditing practices of a government corporation,
except as otherwise provided in this Act.
(b)Any bond or other obligation issued by the Bank under this
Act shall be an obligation supported by the full faith and credit of the United
States.
(c)Effect of and
exemptions from other laws
(1)All debt securities and other obligations issued by
the Bank pursuant to this Act shall be deemed to be exempt securities within
the meaning of laws administered by the Securities and Exchange Commission to
the same extent as securities which are direct obligations of, or obligations
fully guaranteed as to principal or interest by, the United States.
(2)Open market
operations and state tax exempt statusThe obligations of the
Bank shall be deemed to be obligations of the United States for the purposes of
the provision designated as (b)(2) of the 2nd undesignated paragraph of section
14 of the Federal Reserve Act (12 U.S.C. 355) and section 3124 of title 31,
United States Code.
(3)No priority as a
federal claimThe 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.
(d)Federal reserve
banks as depositories, custodians, and fiscal agentsThe Federal
reserve banks may act as depositaries for, or custodians or fiscal agents of,
the Bank.
(e)Access to
book-entry systemThe Secretary may authorize the Bank to use the
book-entry system of the Federal reserve system.
13.Compliance with
Davis-Bacon ActAll laborers
and mechanics employed by contractors and subcontractors on 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.
14.Applicability of
certain State lawsThe receipt
by any entity of any assistance under this Act, directly or indirectly, and any
financial assistance provided by any governmental entity in connection with
such assistance under this Act shall be valid and lawful notwithstanding any
State or local restrictions regarding extensions of credit or other benefits to
private persons or entities, or other similar restrictions.
15.Audits; reports
to President and Congress
(a)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
independent public accountants appointed by the Board and of nationally
recognized standing.
(b)
(1)The
Board 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 and
capital securities 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
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)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 an assessment of the impact and
benefits of each funded project, including a review of how effectively each
project accomplished the goals prioritized by the Bank’s project
criteria.
(c)
(1)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 publically accessible database.
(2)Audits by the
secretary and gaoThe 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.
16.
(a)Authorization of
appropriationThere is authorized to be appropriated to the
Secretary for purchase of the shares of the Bank $5,000,000,000 for each of
fiscal years 2010, 2011, 2012, 2013, and 2014 with the aggregate representing
10 percent of the total subscribed capital of the Bank.
(b)Of the total subscribed capital of the Bank, 90 percent
shall be callable capital subject to call from the Secretary only as and when
required by the Bank to meet its obligations on borrowing of funds for
inclusion in its ordinary capital resources or guarantees chargeable to such
resources.
(c)At any time, the aggregate amount outstanding of bonds
issued by the Bank shall not exceed 250 percent of its total subscribed
capital.
17.The Bank shall cease to exist 15 years after
the date of enactment of this Act.