[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3259 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 3259
To establish the National Infrastructure Bank to provide financial
assistance for qualified infrastructure projects selected by the Bank,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 25, 2011
Ms. Fudge 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 National Infrastructure Bank to provide financial
assistance for qualified infrastructure projects selected by the 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 ``National Infrastructure Bank Act of
2011''.
SEC. 2. FINDINGS.
Congress finds that--
(1) according to the American Society of Civil Engineers--
(A) the current condition of the infrastructure of
the United States earns a grade point average of D and
jeopardizes the prosperity and quality of life of the
citizens of the United States; and
(B) the number of deficient dams has risen to more
than 4,000, including 1,819 high-hazard potential dams.
Over the past six years, for every deficient, high-
hazard potential dam repaired, nearly two more were
declared deficient. There are more than 85,000 dams in
the United States, and the average age is just over 51
years old. An additional investment of $12,000,000,000
over 10 years will be needed to eliminate the existing
backlog of 4,095 deficient dams;
(2) according to the Federal Transit Administration--
(A) the United States needs to spend
$15,100,000,000 (25 percent more) annually over the
next 20 years to maintain the current conditions and
performance of transit systems, and $21,100,000,000 (73
percent) over that same time period more to make
substantial improvements; and
(B) the Nation's public transit agencies face an
$80,000,000,000 maintenance backlog to bring their rail
systems to a state of good repair;
(3) according to the Department of Housing and Urban
Development--
(A) there is a critical shortage of affordable
housing for very low-income individuals with nearly
6,000,000 very low income families facing ``worst
case'' housing needs, meaning that they pay over one-
half of their monthly income on rent; and
(B) there are over 1,200,000 units of public
housing nationwide, with an accumulated capital needs
backlog of approximately $18,000,000,000 to
$24,000,000,000, with an additional $2,000,000,000
accruing each year;
(4) according to the Federal Highway Administration--
(A) 33 percent of all urban and rural roads in the
United States are in poor, mediocre, or fair condition;
(B) approximately $131,700,000,000 must be expended
each year for a period of not less than 20 years to
improve the conditions of those urban and rural roads;
(C) 24.8 percent of all bridges in the United
States are--
(i) structurally deficient; or
(ii) functionally obsolete; and
(D) approximately $3,000,000,000 in additional
funds must be expended each year for a period of not
less than 20 years to eliminate the deficiencies of
those bridges;
(5) according to Texas Transportation Institute, travel has
increased 72 percent in big metro regions while road capacity
on freeways and major streets has grown by only 40 percent;
(6) according to the Environmental Protection Agency--
(A) $161,000,000,000 must be expended during the
next 20 years to make necessary repairs, replacements,
and upgrades to the approximately 55,000 community
drinking water systems of the United States;
(B) approximately $390,000,000,000 must be expended
during the next 20 years to eliminate the deficiencies
of the wastewater systems of the United States; and
(C) from 2006 to 2009, more than 9,400 of the
Nation's 25,000 sewage systems--including those in
major cities--have reported violating the Clean Water
Act of 1975 by dumping untreated or partly treated
human waste, chemicals and other hazardous materials
into rivers and lakes and elsewhere; and
(7) the infrastructure financing mechanisms of the United
States do not adequately--
(A) address infrastructure projects of regional or
national significance;
(B) encourage an appropriate pooling of Federal,
State, local, and private resources; or
(C) provide transparency to ensure the optimal
return on public resources.
TITLE I--NATIONAL INFRASTRUCTURE BANK
SEC. 101. DEFINITIONS.
In this title, the following definitions shall apply:
(1) Bank.--The term ``Bank'' means the ``National
Infrastructure Bank'' established under section 102.
(2) Board.--The term ``Board'' means the board of directors
of the Bank, established under section 103.
(3) Chairperson.--The term ``Chairperson'' means the
Chairperson of the Board.
(4) Financial assistance.--The term ``financial
assistance'' means a method used by the Bank to provide a loan,
loan guarantee, forgiveness of loan principle, or negative
interest rate loan to a qualified infrastructure project.
(5) Infrastructure project.--
(A) In general.--The term ``infrastructure
project'' means the building, improvement, or increase
in capacity of a basic installation, facility, asset,
or stock that is associated with--
(i) a mass transit system that meets the
criteria in subparagraph (B);
(ii) a public housing property that is
eligible to receive funding under section 24 of
the United States Housing Act of 1937 (42
U.S.C. 1437v) and that meets the criteria in
subparagraph (B);
(iii) a road or bridge that meets the
criteria in subparagraph (B);
(iv) a drinking water system or a
wastewater system that meets the criteria in
subparagraph (B);
(v) a freight or passenger rail project
that meets the criteria in subparagraph (B); or
(vi) an airport or air traffic control
systems that meet the criteria in subparagraph
(B).
(B) Criteria.--A project described in any of
clauses (i) through (vi) of subparagraph (A) meets the
criteria of this subparagraph if it serves any one or
more of the objectives identified in paragraphs (1)
through (9) of section 101(c) of the Housing and
Community Development Act of 1974 (42 U.S.C. 5301(c)).
(6) Public housing.--The term ``public housing'' means a
housing project receiving assistance under section 9 of the
United States Housing Act of 1937 (42 U.S.C. 1437g).
(7) Public housing agency.--The term ``public housing
agency'' means an agency described in section 3(b)(6) of the
United States Housing Act of 1937 (42 U.S.C. 1437a(b)(6)).
(8) Public sponsor.--The term ``public sponsor'' includes a
State or local government, an Indian tribe (as defined in
section 4 of the Indian Self-Determination and Education
Assistance Act (25 U.S.C. 450b)), a public transportation
agency, a public housing agency, a public infrastructure
agency, or a consortium of those entities, including a public
entity that has partnered with a private nonprofit or for-
profit entity.
(9) Publicly-assisted affordable housing.--The term
``publicly-assisted affordable housing'' means the categories
of housing specified in section 1335(a)(1)(B) of the Federal
Housing Enterprises Financial Safety and Soundness Act of 1992
(12 U.S.C. 4565(a)(1)(B)).
(10) Qualified infrastructure project.--The term
``qualified infrastructure project'' means an infrastructure
project designated by the Board as a qualified infrastructure
project in accordance with section 105.
(11) Transit-oriented development.--The term ``transit-
oriented development'' means high-density, walkable, mixed-use
development (including commercial development, affordable
housing, and market-rate housing) that is within walking
distance of and accessible to 1 or more public transportation
facilities.
SEC. 102. ESTABLISHMENT OF BANK.
There is established the ``National Infrastructure Bank'', which
shall be an independent establishment of the Federal Government, as
defined in section 104 of title 5, United States Code.
SEC. 103. MANAGEMENT OF BANK.
(a) Board of Directors.--
(1) In general.--The management of the Bank shall be vested
in a Board of Directors consisting of 5 members, appointed by
the President, by and with the advice and consent of the
Senate, from among individuals who are citizens of the United
States.
(2) Member expertise.--The Board shall be comprised of
members with a diverse set of expertise in infrastructure
project development and finance, including in--
(A) transit infrastructure;
(B) public housing infrastructure;
(C) road and bridge infrastructure;
(D) water infrastructure;
(E) aviation infrastructure;
(F) freight or passenger rail infrastructure; and
(G) public finance.
(3) Political affiliation.--Section 2(a)(2) of the Federal
Deposit Insurance Act (12 U.S.C. 1812(a)(2)) shall apply to
members of the Board of Directors of the Bank in the same
manner as it applies to the Board of Directors of the Federal
Deposit Insurance Corporation.
(4) Meetings.--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.
(5) Date of appointments.--The initial nominations to the
Board shall be made not later than 60 days after the date of
enactment of this title.
(b) Chairperson and Vice Chairperson.--The Chairperson and Vice
Chairperson of the Board shall be appointed and shall serve in the same
manner as is provided for members of the Federal Deposit Insurance
Corporation under section 2(b) of the Federal Deposit Insurance Act (12
U.S.C. 1812(b)).
(c) Terms.--
(1) Appointed members.--Except as provided in paragraph
(2), each member of the Board shall be appointed for a term of
6 years.
(2) Initial staggered terms.--Of the initial members of the
Board--
(A) the Chairperson and Vice Chairperson shall be
appointed for a term of 6 years;
(B) 1 member shall be appointed for a term of 5
years;
(C) 1 member shall be appointed for a term of 4
years; and
(D) 1 member shall be appointed for a term of 3
years.
(3) Interim appointments.--Any member of the Board
appointed to fill a vacancy occurring before the expiration of
the term for which the predecessor of such member was appointed
shall be appointed only for the remainder of such term.
(4) Continuation of service.--The Chairperson, Vice
Chairperson, and each other member of the Board may continue to
serve after the expiration of the term of office to which such
member was appointed, until a successor has been appointed.
(d) Vacancy.--Any vacancy on the Board shall be filled in the
manner in which the original appointment was made.
(e) Ineligibility for Other Offices.--
(1) Restriction during service.--No member of the Board
may, during service on the Board--
(A) be an officer or director of, or otherwise be
employed by, any entity engaged in or otherwise
associated with an infrastructure project assisted or
considered under this title;
(B) hold stock in any such entity; or
(C) hold any other elected or appointed public
office.
(2) Post service restriction.--
(A) In general.--No member of the Board may hold
any office, position, or employment in any entity
engaged in or otherwise associated with an
infrastructure project assisted under this title during
the 2-year period beginning on the date on which such
member ceases to serve on the Board.
(B) Exception for members who serve full term.--The
limitation contained in subparagraph (A) does not apply
to any member who has ceased to serve on the Board
after serving the full term for which such member was
appointed.
(3) Certification.--Upon taking office, each member of the
Board shall certify under oath that such member has complied
with this subsection, and such certification shall be filed
with the secretary of the Board.
SEC. 104. STAFF AND PERSONNEL MATTERS.
(a) Executive Director.--
(1) In general.--The Chairperson may appoint and terminate,
and fix the compensation of, an executive director of the Bank,
in accordance with title 5, United States Code.
(2) Confirmation of executive director.--The employment of
an executive director shall be subject to confirmation by the
Board.
(3) Qualifications of executive director.--An individual
appointed as the executive director under paragraph (1) shall
have demonstrated expertise in infrastructure development and
finance including--
(A) transit infrastructure;
(B) public housing infrastructure;
(C) road and bridge infrastructure;
(D) water infrastructure;
(E) aviation infrastructure;
(F) freight or passenger rail infrastructure; or
(G) public finance.
(b) Other Personnel.--The Board may appoint and terminate, and fix
the compensation of, in accordance with title 5, United States Code,
such personnel as are necessary to enable the Bank to perform the
duties of the Bank.
(c) Support From Other Agencies.--The head of any other Federal
agency shall detail employees to the Bank for purposes of carrying out
the duties of the Bank.
SEC. 105. POWERS OF THE BANK BOARD.
(a) Hearings.--The Board may, in carrying out this title--
(1) hold such hearings, meet and act at such times and
places, take such testimony, receive such evidence, and
administer such oaths, as the Board considers advisable; and
(2) require the attendance and testimony of such witnesses
and the production of such books, records, correspondence,
memoranda, papers, documents, tapes, and materials, as the
Board considers advisable.
(b) Witness Allowances and Fees.--
(1) In general.--Section 1821 of title 28, United States
Code, shall apply to a witness requested or subpoenaed to
appear at a hearing of the Board.
(2) Expenses.--The per diem and mileage allowances for a
witness shall be paid from funds available to pay the expenses
of the Board.
(c) Information From Federal Agencies.--The Board may, upon
request, secure directly from a Federal agency, such information as the
Board considers necessary to carry out this title, and the head of such
agency shall promptly respond to any such request for the provision of
information.
(d) Incorporation of Federal Transit Processes for Board
Statements.--Section 5334(l) of title 49, United States Code, as added
by section 3032 of the Federal Public Transportation Act of 2005
(Public Law 109-59, 119 Stat. 1627), shall apply to statements of the
Board in the same manner and to the same extent as that section applies
to statements of the Administrator of the Federal Transit
Administration.
SEC. 106. QUALIFIED INFRASTRUCTURE PROJECT RATINGS.
(a) In General.--The Bank shall, upon application and otherwise in
accordance with this section, designate those qualified infrastructure
projects that will receive financial assistance under this title.
(b) Applicants.--The Bank shall accept applications of qualified
infrastructure projects for the designation of those projects that may
receive financial assistance under this section for any infrastructure
project having--
(1) a public sponsor; and
(2) regional or national significance.
(c) Guidelines for Qualified Infrastructure Projects.--The
Executive Director and the Board shall establish guidelines to assist
applications of qualified infrastructure projects under this title to
develop applications for financial assistance under this section.
(d) Ratings.--
(1) In general.--In making a determination as to which
qualified infrastructure project would receive financial
assistance, the Board shall evaluate and rate each applicant
based on the factors appropriate for that type of
infrastructure project, which shall include--
(A) regional or national significance;
(B) promotion of economic growth;
(C) a preference for projects in areas of high
unemployment;
(D) a preference for projects which substantially
leverage State, local and private financing, including
public-private partnerships, for either the explicit
cost of the project or for enhancements which increase
the benefits of the project;
(E) environmental benefits including reduction in
carbon emissions, oil consumption, water pollution, and
air pollution;
(F) a demonstrated ability to operate and maintain
the infrastructure project throughout its estimated
useful life;
(G) a life cycle projection of the project
benefits, as compared to project costs;
(H) an understanding of the importance of diverse
investment in infrastructure in all regions of the
country;
(I) a consideration of the benefits of preserving
and improving existing infrastructure as well as the
benefits of creating new infrastructure;
(J) categorical benefit; and
(K) any other criteria as determined by the Board
with approval by the Board.
(2) Categorical benefit.--In this subsection, the term
``categorical benefit'' means--
(A) for any transit project--
(i) level of estimated new ridership;
(ii) level of transit-oriented development
and economic development connected to project;
(iii) ridership on existing infrastructure
that is being rebuilt;
(iv) reduction in traffic congestion; and
(v) access provided to elderly, disabled
and low-income populations;
(B) for any public housing or publicly-assisted
affordable housing, which may include more than one
building grouped into one proposed project, provided
that such housing will continue to provide long-term
affordability for families and persons with incomes
equivalent to those currently assisted--
(i) improvement of the physical condition
and layout of such housing;
(ii) increasing the energy efficiency and
mitigating any health, safety or other
hazardous conditions of such housing;
(iii) exceeding minimum requirements for
length of post-grant affordability period
established under this section;
(iv) exceeding minimum requirements for
targeting of persons and families with incomes
below 50 percent of area median income and with
incomes below 30 percent of area median income;
and
(v) need for affordable housing for persons
and families in the community or communities;
(C) for any community development project,
modernization of local land use policies, including
those that promote transit-oriented development and
location efficiency;
(D) for any highway, bridge, or road project--
(i) reduction in traffic congestion; and
(ii) mobility and accessibility
improvements;
(E) for any drinking water system or a wastewater
system project--
(i) environmental benefits;
(ii) improvements in the physical condition
of such systems; and
(iii) need for expansion or replacement of
such systems;
(F) for any intercity rail or freight
transportation project--
(i) level of estimated ridership;
(ii) reductions in delays due to rail
congestion;
(iii) improvements in trip times;
(iv) favorable impact on air or highway
congestion or capacity; and
(v) new rail capacity created for
additional train frequencies; and
(G) for any airport or air traffic control
project--
(i) reductions in delays due to congestion;
(ii) improvements in trip times; and
(iii) improvements that increase passenger
safety.
(e) Process and Personnel for Creating Ratings Process.--
(1) In general.--The ratings processes described in this
section shall be subject to Federal notice and rulemaking
procedures.
(2) Participation by other agency personnel.--The ratings,
and development of the ratings process, shall be conducted by
the Bank in coordination with personnel on detail to the Bank
from the Department of Housing and Urban Development, the
Department of the Treasury, the Department of Transportation,
the United States Army Corps of Engineers, and other relevant
departments and agencies from among individuals who are
familiar with and experienced in the selection criteria for
competitive projects. The Bank shall reimburse those
departments and agencies for the staff which are on detail to
the Bank.
(f) Compliance With Other Applicable Law.--Projects receiving
financial assistance from the Bank under this section shall comply with
applicable provisions of Federal law and regulations, including--
(1) for transit, requirements that would apply to a project
receiving funding under section 5307 of title 49, United States
Code;
(2) for public housing, requirements that would apply to a
project receiving funding from a grant under section 24 of the
United States Housing Act of 1937 (42 U.S.C. 1437v);
(3) for publicly-assisted affordable housing, requirements
that would apply to the preservation of such housing under
other provisions of law governing such housing;
(4) for roads and bridges, requirements that would apply to
a project that receives funds apportioned under section
104(b)(3) of title 23, United States Code;
(5) for freight and passenger rail projects, requirements
that would apply to a project that receives funds under
subtitle V of title 49, United States Code;
(6) for airport and air traffic control projects,
requirements that would apply to a project that receives funds
apportioned under chapters 471 and 501 of title 49, United
States Code; and
(7) for water, requirements that would apply to a project--
(A) that receives funds through a grant or loan
under--
(i) section 103 of the Housing and
Community Development Act of 1974 (42 U.S.C.
5303);
(ii) section 1452 of the Public Health
Service Act (42 U.S.C. 300j-12); or
(iii) section 601 of the Federal Water
Pollution Control Act (33 U.S.C. 1381), as that
section applied before the beginning of fiscal
year 1995; or
(B) pursuant to section 605 of the American
Recovery and Reinvestment Act of 2009 (Public Law 111-
5).
(g) Authority To Determine Funding.--Notwithstanding any other
provision of law, the Bank shall determine the appropriate Federal
share of funds for each project described in subsection (f) for
purposes of this title.
SEC. 107. FINANCIAL ASSISTANCE.
(a) In General.--
(1) Authorization.--The Board is authorized to provide
financial assistance to public sponsors.
(2) Limit on cost share.--The total amount of financial
assistance provided under this section shall not exceed 50
percent of the total project cost.
(b) Terms and Conditions of Loans and Loan Guarantees.--Loans made
or guaranteed under this section shall be made pursuant to the Federal
Credit Reform Act of 1990 (2 U.S.C. 661 et seq.) and on such terms and
conditions as the Executive Director may prescribe, except that--
(1) the Board shall allow credit to any prospective
borrower to achieve the objectives of the Bank as defined in
section 901 and when a credit subsidy is the most efficient way
to meet those objectives on a borrower-by-borrower basis;
(2) the final maturity of loans made or guaranteed within a
period shall not exceed 35 years, or 90 percent of the useful
life of any physical asset to be financed by the loan,
whichever is less as determined by the Board;
(3) no loan made or guaranteed shall be subordinated to
another debt contracted by the borrower or to any other claims
against the borrowers in the event of bankruptcy, insolvency,
or liquidation of the obligor;
(4) direct loans and interest supplements on guaranteed
loans shall be at an interest rate that is informed by
reference to a benchmark interest rate (yield) on marketable
Treasury securities with a similar maturity to the direct loans
being made or the non-Federal loans being guaranteed;
(5) the Board shall prescribe explicit standards for use in
periodically assessing the credit risk of new and existing
direct loans or guaranteed loans, including a requirement that
there is a reasonable assurance of repayment before extending
credit assistance; and
(6) no loan shall be made or guaranteed unless the Board
determines that the lender is responsible and that adequate
provision is made for servicing the loan on reasonable terms
and protecting the financial interest of the United States.
(c) Repayment of Direct Loans.--
(1) Schedule.--The Board shall establish a repayment
schedule for each loan made under his section based on the
projected cash flows from project revenues and other repayment
sources, which may include user fees, dedicated property or
sales taxes, or other dedicated revenue sources approved by the
Executive Director.
(2) Commencement.--Scheduled loan payments of principal or
interest on a loan shall commence not later than 5 years after
the date of substantial completion of the project.
(3) Deferred payments.--
(A) In general.--If, at any time after the date of
substantial completion of a project, the Executive
Director determines that dedicated revenue sources of
an eligible borrower are insufficient to make the
scheduled loan repayments of principal and interest on
a loan made under this section, the Executive Director
may, subject to criteria established by the Executive
Director and the Board, allow the eligible borrower to
add unpaid principal and interest to the outstanding
balance of the loan.
(B) Treatment of deferred payments.--Any payment
deferred under this section shall--
(i) continue to accrue interest until fully
repaid; and
(ii) be scheduled to be amortized over the
remaining term of the loan.
(d) Fees.--The Board is authorized to establish fees at a level
sufficient to cover all or a portion of the costs to the Federal
Government of making a loan under this section.
(e) Payment of Losses.--
(1) Default.--If, as a result of a default by a borrower
under a guaranteed loan made under this section, after the
holder of the loan has made such further collection efforts and
instituted such enforcement proceedings as the Executive
Director and Board may require, the Board determines that the
holder has suffered a loss, the Board shall pay up to such
holder amounts specified in the guarantee contract. Upon making
any such payment, the Board shall be subrogated to all the
rights of the recipient of the payment. The Board shall be
entitled to recover from the borrower the amount of any
payments made pursuant to any guarantee entered into under this
section.
(2) Enforcement.--The Attorney General shall take such
action as may be appropriate to enforce any right accruing to
the United States as a result of the issuance of any guarantee
under this section.
(3) Forbearance.--Nothing in this section shall be
construed to preclude any forbearance for the benefit of the
borrower which may be agreed upon by the parties to the
guaranteed loan and approved by the Board, provided that budget
authority for any resulting subsidy costs as defined under the
Federal Credit Reform Act of 1990 is available.
(4) Right of disposition.--Notwithstanding any other
provision of law relating to the acquisition, handling, or
disposal of property by the United States, the Board shall have
the right in its discretion to complete, recondition,
reconstruct, renovate, repair, maintain, operate, or sell any
property acquired by him pursuant to the provisions of this
title.
(f) Terms and Conditions of Grants.--The Board is authorized to
make grants according to the criteria set forth under section 105. A
grant under this section shall constitute no more than 20 percent of
the total value of a infrastructure project.
SEC. 108. AUTHORIZATION OF APPROPRIATION.
There are authorized to be appropriated $5,000,000,000 for each
fiscal year through 2015 to the Bank for cost of direct loans and loan
guarantees made by the Bank and administrative expenses of the Bank. Of
amounts appropriated, not more than 15 percent shall be available for
forgiveness of loan principal or negative interest rate loans.
SEC. 109. ADMINISTRATIVE PROVISIONS.
(a) Inspector General.--
(1) In general.--Section 11 of the Inspector General Act of
1978 (5 U.S.C. App.) is amended--
(A) in paragraph (1), by inserting ``the
Chairperson of the National Infrastructure Bank;''
after ``the Chairperson of the Federal Deposit
Insurance Corporation;''; and
(B) in paragraph (2), by inserting ``the National
Infrastructure Bank;'' after ``the Federal Deposit
Insurance Corporation;''.
(2) Executive schedule level iv.--Section 5315 of title 5,
United States Code, is amended by inserting after the item
relating to the Inspector General of the Federal Deposit
Insurance Corporation, the following:
``Inspector General, National Infrastructure Bank.''.
(b) Compensation of Board Members.--
(1) Chairperson.--Section 5314 of title 5, United States
Code, is amended by inserting after the item relating to the
Chairman of the Board of Directors of the Federal Deposit
Insurance Corporation, the following:
``Chairperson, Board of Directors, National Infrastructure Bank.''.
(2) Other members.--Section 5315 of title 5, United States
Code, is amended by inserting after the item relating to the
Inspector General of the Federal Deposit Insurance Corporation,
the following:
``Member, Board of Directors of the National Infrastructure Bank.''.
TITLE II--CONGRESSIONAL OVERSIGHT
SEC. 201. REPORT; DATABASE.
(a) Report.--Not later than 1 year after the date of enactment of
this Act, and annually thereafter, the Board shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives a
report describing the activities of the Board, for the fiscal year
covered by the report, relating to--
(1) the evaluations of qualified infrastructure projects
under section 905 of the Housing and Community Development Act
of 1974, as added by this Act; and
(2) the financial assistance packages of qualified
infrastructure projects under section 906 of the Housing and
Community Development Act of 1974, as added by this Act.
(b) Database.--The Bank shall develop, maintain, and update a
publicly accessible database that contains--
(1) a description of each qualified infrastructure project
that receives financial assistance from the Bank under this
Act--
(A) by project mode or modes;
(B) by project location;
(C) by project sponsor or sponsors;
(D) by project total cost;
(E) by detailed estimated costs and benefits over
the lifetime of the project; and
(F) by the financial assistance from each of the
members of the public sponsor;
(2) the amount of financial assistance that each qualified
infrastructure project receives from the Bank under this Act;
and
(3) the form of financial assistance that each qualified
infrastructure project receives from the Bank under section 906
of the Housing and Community Development Act of 1974, as added
by this Act.
SEC. 202. GAO REPORT.
Not later than 3 years after the date of enactment of this Act, the
Comptroller General of the United States shall submit to the Committee
on Banking, Housing, and Urban Affairs of the Senate and the Committee
on Financial Services of the House of Representatives, a report
evaluating the activities of the Bank for the fiscal years covered by
the report, including--
(1) the evaluations of qualified infrastructure projects
under section 905 of the Housing and Community Development Act
of 1974, as added by this Act; and
(2) the financial assistance of qualified infrastructure
projects under section 906 of the Housing and Community
Development Act of 1974, as added by this Act.
SEC. 203. TESTIMONY BEFORE COMMITTEE.
Not later than 1 year after the date of enactment of this Act, the
Executive Director shall provide testimony before the Committee on
Banking, Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives to discuss
activities of the Bank.
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