[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 268 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 268

   To improve the infrastructure of the United States, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 27, 2015

  Mr. Sanders (for himself and Ms. Mikulski) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To improve the infrastructure of the United States, 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 ``Rebuild America 
Act of 2015''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Non-Federal cost share of affected programs.
                    TITLE I--INFRASTRUCTURE PROGRAMS

Sec. 101. Transportation infrastructure.
Sec. 102. Water infrastructure.
Sec. 103. National Park Service.
Sec. 104. Miscellaneous infrastructure.
Sec. 105. Maintenance of funding; administrative expenses.
                 TITLE II--NATIONAL INFRASTRUCTURE BANK

Sec. 201. Definitions.
Sec. 202. Establishment of National Infrastructure Development Bank.
Sec. 203. Board of Directors.
Sec. 204. Executive committee.
Sec. 205. Risk management committee.
Sec. 206. Audit committee.
Sec. 207. Personnel.
Sec. 208. Eligibility criteria for assistance from Bank.
Sec. 209. Exemption from local taxation.
Sec. 210. Status and applicability of certain Federal laws; full faith 
                            and credit.
Sec. 211. Compliance with Davis-Bacon Act and certain grant 
                            requirements.
Sec. 212. Use of iron, steel, and manufactured goods in infrastructure 
                            projects.
Sec. 213. Compliance with certain domestic content laws.
Sec. 214. Applicability of certain State laws.
Sec. 215. Audits; reports to President and Congress.
Sec. 216. Capitalization of Bank.

SEC. 2. NON-FEDERAL COST SHARE OF AFFECTED PROGRAMS.

    Notwithstanding any other provision of law (including regulations), 
the non-Federal share of the cost of any activity carried out using 
funds provided by this Act or an amendment made by this Act shall be an 
amount equal to the product obtained by multiplying--
            (1) the non-Federal cost share of the activity, as in 
        effect on the day before the date of enactment of this Act; and
            (2) 0.5.

                    TITLE I--INFRASTRUCTURE PROGRAMS

SEC. 101. TRANSPORTATION INFRASTRUCTURE.

    (a) Highway Trust Fund.--Out of funds of the Treasury not otherwise 
appropriated, in addition to any other funds made available for the 
Highway Trust Fund, there is appropriated $75,000,000,000 for each of 
fiscal years 2015 through 2022 to the Highway Trust Fund to improve 
roads, bridges, and other transportation infrastructure in the United 
States.
    (b) Intercity Passenger and High-Speed Rail Service.--Out of funds 
of the Treasury not otherwise appropriated, there is appropriated 
$15,000,000,000 for each of fiscal years 2015 through 2019 to the 
Secretary of Transportation--
            (1) to make quarterly grants to the National Railroad 
        Passenger Corporation for the operation of intercity passenger 
        rail, as authorized by section 101 of the Passenger Rail 
        Investment and Improvement Act of 2008 (division B of Public 
        Law 110-432; 122 Stat. 4908);
            (2) to make discretionary grants to States to pay the cost 
        of projects described in subparagraphs (A) and (B) of section 
        24401(2) of title 49, United States Code, and section 24105(b) 
        of that title, subject to the condition that the Secretary of 
        Transportation shall give priority to projects that support the 
        development of intercity high-speed rail service; and
            (3) to carry out section 5309 of title 49, United States 
        Code.
    (c) Transportation Infrastructure Finance and Innovation.--Out of 
funds of the Treasury not otherwise appropriated, there is appropriated 
$2,000,000,000 for each of fiscal years 2015 through 2019 to provide 
credit assistance for surface transportation projects of national and 
regional significance in accordance with chapter 6 of title 23, United 
States Code.
    (d) Airport Improvement.--Out of funds of the Treasury not 
otherwise appropriated, there is appropriated $2,500,000,000 for each 
of fiscal years 2015 through 2019 to implement airport improvement and 
noise compatibility projects at public-use airports in accordance with 
subchapter I of chapter 471 of title 49, United States Code.
    (e) Next Generation Air Transportation System.--Out of funds of the 
Treasury not otherwise appropriated, there is appropriated 
$3,500,000,000 for each of fiscal years 2015 through 2019 to the Next 
Generation Air Transportation System Joint Planning and Development 
Office of the Federal Aviation Administration to accelerate deployment 
of satellite technology to improve airport safety and capacity.
    (f) National Infrastructure Investments.--Out of funds of the 
Treasury not otherwise appropriated, there is appropriated 
$5,000,000,000 for each of fiscal years 2015 through 2019 for the 
discretionary grant program under title I of division K of the 
Consolidated and Further Continuing Appropriations Act, 2015 (Public 
Law 113-235) (commonly referred to as the ``TIGER Discretionary Grant 
Program''), subject to the condition that, for projects carried out 
under that program that are located in rural areas, the Secretary of 
Transportation may increase the Federal share of the costs of the 
project to 100 percent.

SEC. 102. WATER INFRASTRUCTURE.

    (a) State Water Pollution Control Revolving Funds.--Out of funds of 
the Treasury not otherwise appropriated, there is appropriated 
$6,000,000,000 for each of fiscal years 2015 through 2019 to the 
Administrator of the Environmental Protection Agency to make 
capitalization grants to States for the purpose of establishing water 
pollution control revolving funds under title VI of the Federal Water 
Pollution Control Act (33 U.S.C. 1381 et seq.).
    (b) State Drinking Water Treatment Revolving Loan Funds.--Out of 
funds of the Treasury not otherwise appropriated, there is appropriated 
$6,000,000,000 for each of fiscal years 2015 through 2019 to the 
Administrator of the Environmental Protection Agency to make 
capitalization grants to States for the purpose of establishing 
drinking water treatment revolving loan funds under section 1452(a) of 
the Safe Drinking Water Act (42 U.S.C. 300j-12(a)).
    (c) Water Infrastructure Finance and Innovation.--Out of funds of 
the Treasury not otherwise appropriated, in addition to the amounts 
made available under section 5033(a) of the Water Infrastructure 
Finance and Innovation Act of 2014 (33 U.S.C. 3912(a)), there is 
appropriated $2,000,000,000 for each of fiscal years 2015 through 2019 
the Administrator of the Environmental Protection Agency to provide 
long-term, low-interest loans for large water infrastructure projects 
that are not eligible for funding from a State revolving loan fund, in 
accordance with the Water Infrastructure Finance and Innovation Act of 
2014 (33 U.S.C. 3901 et seq.).
    (d) Non-Federal Dams and Levees.--Out of funds of the Treasury not 
otherwise appropriated, there is appropriated $2,000,000,000 to the 
Director of the Federal Emergency Management Agency to carry out the 
predisaster hazard mitigation program under section 203 of the Robert 
T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 
5133) for each of fiscal years 2015 through 2019 for--
            (1) minor localized flood reduction projects; and
            (2) major flood risk reduction projects.
    (e) Inland Waterways.--Out of funds of the Treasury not otherwise 
appropriated, there is appropriated $1,500,000,000 for each of fiscal 
years 2015 through 2019 to the Construction Account of the Corps of 
Engineers for the construction, replacement, rehabilitation, and 
expansion of inland waterways projects to improve the movement and 
transport of goods, subject to the condition that, notwithstanding any 
other provision of law, none of the amounts provided by this subsection 
may be cost-shared with any amounts from the Inland Waterways Trust 
Fund established by section 9506(a) of the Internal Revenue Code of 
1986.
    (f) Harbor Maintenance.--Out of funds of the Treasury not otherwise 
appropriated, there is appropriated $1,500,000,000 for each of fiscal 
years 2015 through 2019 to the Operation and Maintenance Account of the 
Corps of Engineers for the eligible operations and maintenance costs of 
all coastal harbors and channels and for inland harbors to improve the 
movement of goods through marine ports in the United States.
    (g) Dams and Levees.--
            (1) In general.--Subject to paragraph (2), out of funds of 
        the Treasury not otherwise appropriated, there is appropriated 
        $10,000,000,000 for each of fiscal years 2015 through 2019 to 
        the Construction Account of the Corps of Engineers for the 
        following activities:
                    (A) Activities falling within Dam Safety and Levee 
                Safety Action Classifications 1, 2, and 3.
                    (B) Activities authorized by subtitle B of title 
                III of the Water Resources Reform and Development Act 
                of 2014 (Public Law 113-121; 128 Stat. 1284) (including 
                the amendments made by that subtitle).
                    (C) Assistance for flood damage reduction 
                activities authorized by the Water Infrastructure 
                Finance and Innovation Act of 2014 (33 U.S.C. 3901 et 
                seq.).
            (2) Requirements.--The Secretary of the Army, acting 
        through the Chief of Engineers--
                    (A) may use the funds appropriated pursuant to this 
                subsection to carry out authorized flood damage 
                reduction and coastal storm damage reduction 
                activities, including the activities authorized by--
                            (i) section 1001 of the Water Resources 
                        Development Act of 2007 (Public Law 110-114; 
                        121 Stat. 1049); and
                            (ii) section 7002 of the Water Resources 
                        Reform and Development Act of 2014 (Public Law 
                        113-121; 128 Stat. 1364); and
                    (B) shall have unlimited reprogramming authority 
                with respect to those funds.

SEC. 103. NATIONAL PARK SERVICE.

    Out of funds of the Treasury not otherwise appropriated, there is 
appropriated $3,000,000,000 for each of fiscal years 2015 through 2019 
for--
            (1) expenses necessary for the management, operation, and 
        maintenance of areas and facilities administered by the 
        National Park Service; and
            (2) the general administration of the National Park 
        Service.

SEC. 104. MISCELLANEOUS INFRASTRUCTURE.

    (a) Broadband Initiatives Program.--Out of funds of the Treasury 
not otherwise appropriated, there is appropriated $2,500,000,000 for 
each of fiscal years 2015 through 2019 for the broadband initiatives 
program established under title VI of the Rural Electrification Act of 
1936 (7 U.S.C. 950bb et seq.) to expand the access and quality of 
broadband service across the rural United States.
    (b) Broadband Technology Opportunities Program.--Out of funds of 
the Treasury not otherwise appropriated, there is appropriated 
$2,500,000,000 for each of fiscal years 2015 through 2019 to the 
Assistant Secretary of Commerce for Communications and Information to 
make grants for purposes of the Broadband Technology Opportunities 
Program established under section 6001(a) of the American Recovery and 
Reinvestment Act of 2009 (47 U.S.C. 1305(a)), including providing 
access and improving broadband service to underserved areas of the 
United States.
    (c) Electric Grid.--Out of funds of the Treasury not otherwise 
appropriated, there is appropriated $10,000,000,000 for each of fiscal 
years 2015 through 2019 to the Secretary of Energy for expenses 
necessary for--
            (1) electricity delivery and energy reliability activities 
        to modernize the electric grid, including activities relating 
        to--
                    (A) demand responsive equipment;
                    (B) enhanced security and reliability of the energy 
                infrastructure;
                    (C) energy storage research, development, 
                demonstration, and deployment; and
                    (D) facilitating recovery from disruptions to the 
                energy supply; and
            (2) implementation of the programs authorized under title 
        XIII of the Energy Independence and Security Act of 2007 (42 
        U.S.C. 17381 et seq.).

SEC. 105. MAINTENANCE OF FUNDING; ADMINISTRATIVE EXPENSES.

    (a) Maintenance of Funding.--The funding provided to any program or 
account under this title shall supplement (and not supplant) any 
funding provided for that program or account under any other provision 
of law.
    (b) Administrative Expenses.--Notwithstanding any other provision 
of law (including regulations), a Federal department or agency that 
receives funds pursuant to this Act may use not more than 5 percent of 
the funds for administrative expenses.

                 TITLE II--NATIONAL INFRASTRUCTURE BANK

SEC. 201. DEFINITIONS.

    For purposes of this title, the following definitions shall apply, 
unless the context requires otherwise:
            (1) Bank.--The term ``Bank'' means the National 
        Infrastructure Development Bank established under section 
        202(a).
            (2) Board.--The term ``Board'' means the National 
        Infrastructure Development Bank Board.
            (3) Chief asset and liability management officer.--The term 
        ``chief asset and liability management officer'' means the 
        chief individual responsible for coordinating the management of 
        assets and liabilities of the Bank.
            (4) Chief compliance officer.--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) Chief financial officer.--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 officer.--The term ``chief loan 
        origination officer'' means the chief individual responsible 
        for the processing of new loans provided by the Bank.
            (7) Chief operations officer.--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) Chief risk officer.--The term ``chief risk officer'' or 
        ``CRO'' means the chief individual responsible for managing 
        operational and compliance-related risks of the Bank.
            (9) Chief treasury officer.--The term ``chief treasury 
        officer'' means the chief individual responsible for managing 
        the Bank's treasury operations.
            (10) Develop; development.--The terms ``develop'' and 
        ``development'' 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) 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.
            (12) Energy infrastructure project.--The term ``energy 
        infrastructure project'' means any project for energy 
        transmission, energy efficiency enhancement for buildings, 
        public housing and federally assisted multifamily housing, and 
        schools, renewable energy, and energy storage.
            (13) 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.
            (14) Environmental infrastructure project.--The 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, industrial site 
        cleanup, or redevelopment of a Brownfield site (as defined in 
        section 101 of the Comprehensive Environmental Response, 
        Compensation, and Liability Act of 1980 (42 U.S.C. 9601)).
            (15) Executive director.--The term ``executive director'' 
        means the individual serving as the chief executive officer of 
        the Bank.
            (16) General counsel.--The term ``general counsel'' means 
        the individual who serves as the chief lawyer for the Bank.
            (17) Infrastructure project.--The term ``infrastructure 
        project'' means any energy, environmental, telecommunications, 
        data, or transportation infrastructure project.
            (18) Public benefit bond.--The term ``public benefit bond'' 
        means a bond issued with respect to an infrastructure project 
        in accordance with this title 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 title 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 partnership.--The 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) 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.
            (21) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury or the designee of the Secretary.
            (22) 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)).
            (23) Smart growth.--The term ``smart growth'' means 
        development that avoids sprawl, including any activity--
                    (A) relating to policy analysis (such as reviewing 
                State and local codes, school siting guidelines, and 
                transportation policies) or a public participatory 
                process (such as visioning, design workshops, 
                alternative analysis, and build-out analysis); and
                    (B) activities similar to those carried out 
                pursuant to the Department of Housing and Urban 
                Development-Department of Transportation-Environmental 
                Protection Agency Partnership for Sustainable 
                Communities.
            (24) State.--The term ``State'' includes the District of 
        Columbia, Puerto Rico, Guam, American Samoa, the Virgin 
        Islands, the Commonwealth of the Northern Mariana Islands, and 
        any other territory of the United States.
            (25) Telecommunications infrastructure project.--
                    (A) In general.--The term ``telecommunications 
                infrastructure project'' means any project involving 
                infrastructure required to provide information by wire 
                or radio.
                    (B) Inclusions.--The term ``telecommunications 
                infrastructure project'' includes--
                            (i) a project carried out by a State, 
                        county, or municipal agency;
                            (ii) a community-owned project; and
                            (iii) any other project administered by a 
                        public provider.
            (26) Transportation infrastructure project.--The 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, intercity bus, high-
        speed rail, and freight rail systems.

SEC. 202. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE DEVELOPMENT BANK.

    (a) Establishment of National Infrastructure Development Bank.--The 
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 title.
    (b) Responsibility of the Secretary.--The Secretary shall take such 
action as may be necessary to assist in implementing the establishment 
of the Bank in accordance with this title.
    (c) Conforming Amendment.--Section 9101(3) of title 31, United 
States Code, is amended by inserting after subparagraph (N) the 
following:
                    ``(O) the National Infrastructure Development 
                Bank.''.

SEC. 203. BOARD OF DIRECTORS.

    (a) In General.--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) Qualifications.--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 Chairperson.--As 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) Terms.--
            (1) In general.--Except as provided in paragraph (2) and 
        subsection (f), each director 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 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 Nominations.--The 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) Vacancies.--
            (1) In general.--A vacancy on the Board shall be filled in 
        the manner in which the original appointment was made.
            (2) Appointment to replace during term.--Any 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.
    (g) Quorum.--Three directors shall constitute a quorum.
    (h) Reappointment.--A director of the Board appointed by the 
President may be reappointed by the President in accordance with this 
section.
    (i) Per Diem Reimbursement.--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) Limitations.--A director of the Board may not participate in 
any review or decision affecting a project under consideration for 
assistance under this title 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) Powers.--In order to carry out the purposes of the Bank 
        as set forth in this title, 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 
                title.
                    (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) Limitations.--
                    (A) Issuance of debt security.--The Board may not 
                issue any debt security without the prior consent of 
                the Secretary.
                    (B) Issuance of voting security.--The Board may not 
                issue any voting security in the Bank to any entity 
                other than the Secretary.
                    (C) Employee protections.--Prior to providing any 
                financial assistance for an infrastructure project 
                involving reconstruction, rehabilitation, replacement, 
                or expansion that may affect current employees on the 
                project site, the interests of those affected employees 
                shall be protected in accordance with such arrangements 
                as the Secretary of Labor determines to be fair and 
                equitable.
            (3) Actions consistent with self-supporting entity 
        status.--The Board shall conduct its business in a manner 
        consistent with the requirements of this section.
            (4) Coordination with state and local regulatory 
        authority.--The provision of financial assistance by the Board 
        pursuant to this title 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 requests.--The 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) Meetings.--
            (1) Open to the public; notice.--All 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) Initial meeting.--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 meetings.--Pursuant 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 title 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.

SEC. 204. EXECUTIVE COMMITTEE.

    (a) In General.--The Board shall have an executive committee 
consisting of 9 members, headed by the executive director of the Bank.
    (b) Executive Director.--A majority of the Board shall have the 
authority to appoint and reappoint the executive director.
    (c) CEO.--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 title, the bylaws of the Bank, or the 
Board.
    (d) Other Executive Officers.--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) Qualifications.--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) Duties.--In order to carry out the purposes of the Bank as set 
forth in this title, the executive committee shall--
            (1) establish disclosure and application procedures for 
        entities nominating projects for assistance under this title;
            (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; and
            (4) provide technical assistance to entities receiving 
        financing from the Bank and otherwise implement decisions of 
        the Board.
    (g) Vacancy.--A vacancy in the position of executive director shall 
be filled in the manner in which the original appointment was made.
    (h) Compensation.--The compensation of the executive director and 
other executive officers of the executive committee shall be determined 
by the Board.
    (i) Removal.--The executive director and other executive officers 
may be removed at the discretion of a majority of the Board.
    (j) Term.--The executive director and other executive officers 
shall serve a 6-year term and may be reappointed in accordance with 
this section.
    (k) Limitations.--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.

SEC. 205. RISK MANAGEMENT COMMITTEE.

    (a) Establishment of Risk Management Committee.--The Bank shall 
establish a risk management committee consisting of 5 members, headed 
by the chief risk officer.
    (b) Appointments.--A majority of the Board shall have the authority 
to appoint and reappoint the CRO of the Bank.
    (c) Functions; Duties.--
            (1) In general.--The CRO shall have such functions, powers, 
        and duties as may be prescribed by one or more of the 
        following: this title, the bylaws of the Bank, and the Board. 
        The CRO shall report directly to the Board.
            (2) Risk management duties.--In order to carry out the 
        purposes of this title, 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 Officers.--The 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) 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 or any other risk 
management officer 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 shall be determined by the Board.
    (h) Removal.--The CRO and any other risk management officers may be 
removed at the discretion of a majority of the Board.
    (i) Term.--The CRO and other risk management officers shall serve a 
6-year term and may be reappointed in accordance with this section.
    (j) Limitations.--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.

SEC. 206. AUDIT COMMITTEE.

    (a) In General.--The Bank shall have an audit committee consisting 
of 5 members, headed by the chief compliance officer of the Bank.
    (b) Appointments.--A majority of the Board 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 
title, the bylaws of the Bank, and the Board. The CCO shall report 
directly to the Board.
    (d) Audit Duties.--In order to carry out the purposes of the Bank 
under this title, 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) Other Audit Officers.--The Board shall appoint, remove, fix the 
compensation, 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 one 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 or any other audit 
officer shall be filled in the manner in which the original appointment 
was made.
    (h) Compensation.--The compensation of the CCO and other audit 
officers shall be determined by the Board.
    (i) Removal.--The CCO and other audit officers may be removed at 
the discretion of a majority of the Board.
    (j) Term.--The CCO and other audit officers shall serve a 6-year 
term and may be reappointed in accordance with this section.
    (k) Limitations.--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.

SEC. 207. PERSONNEL.

    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 title, the bylaws of the Bank, and 
the Board.

SEC. 208. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM BANK.

    (a) In General.--No financial assistance shall be available under 
this title 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 title; and
            (2) any criteria established in accordance with this title 
        by the Board.
    (b) Establishment of Project Criteria.--
            (1) In general.--Consistent with the requirements of 
        subsections (c) and (d), the Board shall establish--
                    (A) criteria for determining eligibility for 
                financial assistance under this title;
                    (B) disclosure and application procedures to be 
                followed by entities to nominate projects for 
                assistance under this title; and
                    (C) such other criteria as the Board may consider 
                to be appropriate for purposes of carrying out this 
                title.
            (2) Factors to be taken into account.--
                    (A) In general.--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 
                title, 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 title:
                            (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 projects.--For 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.
                    (E) Poverty and inequality reduction through 
                targeted training and employment opportunities for low-
                income workers.
                    (F) Public health benefits.
            (2) Environmental infrastructure project.--For 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 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 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) Telecommunications.--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 personnel.--Consideration 
        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) Fees.--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) Discretion of Board.--Consistent with other provisions of this 
title, 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 Required.--The provision of assistance 
by the Board in accordance with this title 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) Annual Report.--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 title.

SEC. 209. EXEMPTION FROM LOCAL TAXATION.

    All 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.

SEC. 210. STATUS AND APPLICABILITY OF CERTAIN FEDERAL LAWS; FULL FAITH 
              AND CREDIT.

    (a) Budgeting and Auditors Practices.--The Bank shall comply with 
all Federal laws regulating the budgetary and auditing practices of a 
government corporation, except as otherwise provided in this title.
    (b) Full Faith and Credit.--Any bond or other obligation issued by 
the Bank under this title shall be an obligation supported by the full 
faith and credit of the United States.
    (c) Effect of and Exemptions From Other Laws.--
            (1) Exempt securities.--All debt securities and other 
        obligations issued by the Bank pursuant to this title 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 status.--
        The 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 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.
    (d) Federal Reserve Banks as Depositories, Custodians, and Fiscal 
Agents.--The Federal reserve banks may act as depositories for, or 
custodians or fiscal agents of, the Bank.
    (e) Access to Book-Entry System.--The Secretary may authorize the 
Bank to use the book-entry system of the Federal reserve system.

SEC. 211. COMPLIANCE WITH DAVIS-BACON ACT AND CERTAIN GRANT 
              REQUIREMENTS.

    (a) Davis-Bacon Act.--All 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 
title 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.
    (b) Grant Requirements.--A recipient of financial assistance 
provided pursuant to this Act that funds any public transportation 
capital project (as defined in section 5302 of title 49, United States 
Code) shall comply with the grant requirements applicable to grants 
made under section 5309 of that title.

SEC. 212. USE OF IRON, STEEL, AND MANUFACTURED GOODS IN INFRASTRUCTURE 
              PROJECTS.

    (a) Buy America.--Except as provided in subsection (b), none of the 
financing provided 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.
    (b) Exception.--Subsection (a) shall not apply in any case or 
category of cases in which the Secretary determines that--
            (1) applying subsection (a) would be inconsistent with the 
        public interest;
            (2) iron, steel, or a relevant manufactured good is not 
        produced in the United States in sufficient and reasonably 
        available quantities and of a satisfactory quality; or
            (3) the inclusion of iron, steel, or a manufactured good 
        produced in the United States will increase the cost of the 
        overall infrastructure project by more than 25 percent.
    (c) Publication of Waivers.--If the Secretary provides a waiver of 
the requirements of subsection (a) based on a determination under 
subsection (b), the Secretary shall publish in the Federal Register a 
detailed written justification of the reasons for the waiver.
    (d) Applicability.--This section shall be applied in a manner 
consistent with the obligations of the United States under 
international agreements.
    (e) Consultation.--The Secretary shall consult with the Board and 
may consult with the Secretary of Transportation and the head of any 
other Federal department or agency in applying this section.

SEC. 213. COMPLIANCE WITH CERTAIN DOMESTIC CONTENT LAWS.

    The financing provided for an infrastructure project shall be 
provided in accordance with the following provisions of law subject to 
the jurisdiction of the Secretary of Transportation:
            (1) Section 313 of title 23, United States Code.
            (2) Section 5323(j) of title 49, United States Code.
            (3) Section 24305 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.

SEC. 214. APPLICABILITY OF CERTAIN STATE LAWS.

    The receipt by any entity of any assistance under this title, 
directly or indirectly, and any financial assistance provided by any 
governmental entity in connection with such assistance under this title 
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.

SEC. 215. 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 independent public 
accountants appointed by the Board and of nationally recognized 
standing.
    (b) Reports.--
            (1) Board.--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 title, 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 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) 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 publically accessible database.
            (2) 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. 216. CAPITALIZATION OF BANK.

    (a) Authorization of Appropriation.--Subject to subsection (b), 
there 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 2015 
through 2019, with the aggregate representing 10 percent of the total 
subscribed capital of the Bank.
    (b) Reservation for Rural Areas.--For each fiscal year, not less 
than 20 percent of any amounts appropriated to carry out this title 
shall be used to finance projects in rural areas.
    (c) Callable Capital.--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.
                                 <all>