[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Pages S7640-S7645]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 1800. Ms. WARREN submitted an amendment intended to be proposed to
amendment SA 1618 proposed by Mr. McConnell (for Mr. Hatch (for himself
and Ms. Murkowski)) to the bill H.R. 1, to provide for reconciliation
pursuant to titles II and V of the concurrent resolution on the budget
for fiscal year 2018; which was ordered to lie on the table; as
follows:
At the end of title I, add the following:
Subtitle F--Rebuild America Now
SEC. 16001. SHORT TITLE.
This subtitle may be cited as the ``Rebuild America Act of
2017''.
SEC. 16002. REPEAL OF INCREASED ESTATE AND GIFT TAX EXEMPTION
AND REDUCTION IN CORPORATE TAX RATE.
The amendments made by sections 11061, 13001, and 13002 of
this Act are repealed and shall be applied as if they had
never taken effect.
SEC. 16003. 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 subtitle or
an amendment made by this subtitle 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.
PART I--INFRASTRUCTURE PROGRAMS
SEC. 16011. 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 2018 through 2025 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 2018
through 2022 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, 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
2018 through 2022 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 2018 through 2022 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 2018
through 2022 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 2018
through 2022 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. 16012. 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 2018
through 2022 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
2018 through 2022 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 2018 through 2022 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 2018 through 2022 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 2018 through 2022 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 2018 through 2022 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 2018
through 2022 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.
[[Page S7641]]
(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. 16013. NATIONAL PARK SERVICE.
Out of funds of the Treasury not otherwise appropriated,
there is appropriated $3,000,000,000 for each of fiscal years
2018 through 2022 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. 16014. 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 2018 through 2022 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 2018
through 2022 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 2018 through 2022 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. 16015. MAINTENANCE OF FUNDING; ADMINISTRATIVE EXPENSES.
(a) Maintenance of Funding.--The funding provided to any
program or account under this part 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
subtitle may use not more than 5 percent of the funds for
administrative expenses.
PART II--NATIONAL INFRASTRUCTURE BANK
SEC. 16021. DEFINITIONS.
For purposes of this part, the following definitions shall
apply, unless the context requires otherwise:
(1) Bank.--The term ``Bank'' means the National
Infrastructure Development Bank established under section
16022(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; cco.--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; cfo.--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; coo.--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; cro.--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 part 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 part 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 a designee).
(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
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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. 16022. 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 part.
(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 part.
(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. 16023. 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 part 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 part, 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 part.
(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 part 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 part 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. 16024. 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 part, 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;
[[Page S7643]]
(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 part, the executive committee shall--
(1) establish disclosure and application procedures for
entities nominating projects for assistance under this part;
(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. 16025. 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 part, 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 part, 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. 16026. 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 part, 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 part, 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. 16027. 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 part, the bylaws of the Bank, and the
Board.
SEC. 16028. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM BANK.
(a) In General.--No financial assistance shall be available
under this part 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 part; and
(2) any criteria established in accordance with this part
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 part;
(B) disclosure and application procedures to be followed by
entities to nominate projects for assistance under this part;
and
(C) such other criteria as the Board may consider to be
appropriate for purposes of carrying out this part.
(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 part, 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 part:
(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.
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(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 part, 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 part 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 part.
SEC. 16029. 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. 16030. 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 part.
(b) Full Faith and Credit.--Any bond or other obligation
issued by the Bank under this part 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 part 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. 16031. 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 part 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 subtitle 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. 16032. 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. 16033. 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. 16034. APPLICABILITY OF CERTAIN STATE LAWS.
The receipt by any entity of any assistance under this
part, directly or indirectly, and any financial assistance
provided by any governmental entity in connection with such
assistance under this part 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. 16035. 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
[[Page S7645]]
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 part, 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. 16036. CAPITALIZATION OF BANK.
(a) Authorization of Appropriations.--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 2018 through 2022, 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 part 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.
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