National Infrastructure Investment Corporation Act of 2023

I 118TH CONGRESS 1ST SESSION H. R. 3360 To establish a Government corporation to provide loans and loan guarantees for infrastructure projects, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 16, 2023 Mr. CARBAJAL (for himself and Mr. WEBSTER of Florida) introduced the fol- lowing bill; which was referred to the Committee on Transportation and Infrastructure A BILL To establish a Government corporation to provide loans and loan guarantees for infrastructure projects, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘National Infrastruc- 4 ture Investment Corporation Act of 2023’’. 5 SEC. 2. FINDINGS. 6 Congress finds the following: 7 (1) According to the American Society of Civil 8 Engineers 2017 Infrastructure Report, the current 9 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3360 IH condition of the infrastructure in the United States 1 earns a grade of D+ and an estimated 2 $4,500,000,000,000 is needed by 2025 to make con- 3 ditions adequate. 4 (2) Current and foreseeable demands on tradi- 5 tional funding for infrastructure expansion exceed 6 the resources to support much-needed infrastructure 7 programs. 8 (3) As of April 19, 2019, the top 50 strategic 9 infrastructure projects, including transportation, 10 water and wastewater, ports and waterways, and 11 telecommunications, totaled $289,370,000,000 in 12 unmet needs. 13 (4) Infrastructure needs are not limited to tra- 14 ditional roads and bridges but include a wide sector 15 of basic, physical, and organizational structures and 16 facilities that are needed for the effective and pro- 17 ductive operation of society. 18 (5) Investment in infrastructure not only cre- 19 ates jobs and economic growth and is a key compo- 20 nent of maintaining a global competitive edge but is 21 also fundamental to enhancing and preserving qual- 22 ity of life. 23 (6) The establishment of a Government cor- 24 poration that provides loans supported by pension 25 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3360 IH funds to finance qualified infrastructure projects 1 would attract needed supplemental capital for infra- 2 structure development. 3 SEC. 3. ESTABLISHMENT. 4 There is established a corporation to be known as the 5 ‘‘National Infrastructure Investment Corporation’’ (in this 6 Act referred to as the ‘‘Corporation’’), which shall be a 7 Government corporation as defined in section 103 of title 8 5, United States Code, whose purpose shall be to finance 9 infrastructure projects that are beyond the financing capa- 10 bilities of States and cities, including— 11 (1) prioritizing projects in a fair and efficient 12 manner; and 13 (2) minimizing financial costs to the Federal 14 Government. 15 SEC. 4. BOARD OF DIRECTORS AND INSPECTOR GENERAL. 16 (a) ESTABLISHMENT.—The management of the Cor- 17 poration shall be vested in a board of directors (in this 18 Act referred to as the ‘‘Board’’). 19 (b) MEMBERSHIP.—The Board shall be composed of 20 7 members that meet the qualifications under subsection 21 (c), consisting of— 22 (1) 3 members appointed by the President, by 23 and with the advice and consent of the Senate; 24 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 3360 IH (2) 1 member appointed by the majority leader 1 of the Senate; 2 (3) 1 member appointed by the minority leader 3 of the Senate; 4 (4) 1 member appointed by the Speaker of the 5 House of Representatives; and 6 (5) 1 member appointed by the minority leader 7 of the House of Representatives. 8 (c) QUALIFICATIONS.—Each member of the Board 9 shall— 10 (1) be a citizen of the United States; 11 (2) have significant demonstrated experience or 12 expertise in— 13 (A) infrastructure, and with respect to in- 14 frastructure, experience or expertise in— 15 (i) heavy construction; 16 (ii) labor; or 17 (iii) government policy; 18 (B) the financing, development, or oper- 19 ation of infrastructure projects, including the 20 evaluation and selection of eligible projects; or 21 (C) the management and administration of 22 a financial institution that provides financing 23 for infrastructure projects; and 24 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 5 •HR 3360 IH (3) represent different geographic regions of the 1 United States to ensure rural areas and small com- 2 munities are represented. 3 (d) INITIAL APPOINTMENTS.—Not later than 30 days 4 after the date of enactment of this Act, the President and 5 congressional leadership shall appoint the members of the 6 Board in accordance with subsections (b) and (c). 7 (e) CHAIR.—The Chair of the Board shall be des- 8 ignated by the President from among the members ap- 9 pointed under subsection (b). 10 (f) TERMS.—Each member of the Board shall hold 11 office for a term of 5 years, except as provided in the fol- 12 lowing paragraphs: 13 (1) TERMS OF INITIAL APPOINTEES.—As des- 14 ignated by the President and congressional leader- 15 ship at the time of appointment— 16 (A) the Chair shall be appointed for a term 17 of 5 years; 18 (B) the 4 members appointed by congres- 19 sional leadership shall be appointed for a term 20 of 4 years; and 21 (C) the 2 members appointed by the Presi- 22 dent shall be appointed for a term of 2 years. 23 (2) VACANCIES.—Vacancies shall be filled ac- 24 cording to the following: 25 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 6 •HR 3360 IH (A) A vacancy shall be filled in the manner 1 in which the original appointment was made. 2 (B) Any Board member elected to fill a va- 3 cancy occurring before the expiration of the 4 term for which the direct predecessor of the 5 member was appointed shall be appointed only 6 for the remainder of that term. 7 (C) In accordance with subparagraph (B), 8 a Board member may serve after the expiration 9 of the term of the direct predecessor of the 10 Board member until a successor has taken of- 11 fice. 12 (g) RESPONSIBILITIES OF THE BOARD.—The respon- 13 sibilities of the Board are as follows: 14 (1) Provide low-cost loans and loan guarantees 15 to eligible applicants under section 5. 16 (2) Develop strategic goals for the Corporation 17 based on the purpose of the Corporation. 18 (3) Monitor and assess the effectiveness of the 19 Corporation in achieving such strategic goals. 20 (4) Review and approve the annual business 21 plans, annual budgets, and long-term strategies of 22 and for infrastructure projects financed through the 23 Corporation. 24 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 7 •HR 3360 IH (5) Develop, review, and approve annual reports 1 for the Corporation. 2 (6) Employ at least 1 external auditor to con- 3 duct an annual audit of such infrastructure projects. 4 (7) Employ individuals as necessary to carry 5 out the provisions of this Act. 6 (8) Determine the operations and internal poli- 7 cies of the Corporation. 8 (h) INSPECTOR GENERAL.—The Board shall appoint 9 an employee of the Corporation to be known as the ‘‘In- 10 spector General’’ whose duties shall include the following: 11 (1) Conduct audits under section 6(b). 12 (2) Carry out, with respect to the Corporation, 13 duties and responsibilities established under the In- 14 spector General Act of 1978 (5 U.S.C. App.). 15 (3) Establish, maintain, and oversee such au- 16 dits as the Inspector General considers appropriate 17 under this Act. 18 SEC. 5. LOANS, LOAN GUARANTEES, AND BONDING. 19 (a) GENERAL AUTHORITY.—The Corporation shall 20 provide loans, loan guarantees, and bonds to eligible appli- 21 cants for infrastructure projects in the United States. 22 (b) ELIGIBILITY REQUIREMENTS.—An applicant is 23 eligible for a loan, loan guarantee, or bond under this sec- 24 tion if the applicant— 25 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 8 •HR 3360 IH (1) submits a detailed letter of interest to the 1 Corporation that— 2 (A) describes the infrastructure project 3 and the location, purpose, and cost of the 4 project; 5 (B) outlines the proposed financial plan 6 with respect to such project, including the re- 7 quested loan, loan guarantee, or bond amount 8 and the proposed obligor; 9 (C) provides a status of environmental re- 10 view; and 11 (D) summarizes the geographic area af- 12 fected by such project; 13 (2) meets the prerequisites for assistance and 14 conditions for assistance described in subsections (g) 15 and (h) of section 502 of the Railroad Revitalization 16 and Regulatory Reform Act of 1976 (45 U.S.C. 17 822(g) and (h)). 18 (c) ELIGIBLE USES.—Loans, loan guarantees, and 19 bonds provided under this section may be used only for 20 eligible project costs (as defined in section 601(a)(2) of 21 title 23, United States Code) for infrastructure projects, 22 including transportation, energy, environment, and tele- 23 communications. 24 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 9 •HR 3360 IH (d) CONSULTATION.—Prior to approving a loan, loan 1 guarantee, or bond under this section, the Corporation 2 shall require the applicant to consult with any member of 3 the House of Representatives or member of the Senate 4 whose district or State, respectively, is affected by the in- 5 frastructure project to ensure that such project is meri- 6 torious and to avoid any problems that may arise with re- 7 spect to such project. 8 (e) TIMING.—A loan or bond provided under sub- 9 section (a) shall be structured with respect to the expected 10 timing and duration of the construction and utility of an 11 infrastructure project. 12 (f) TIFIA.—Except as inconsistent with this Act, the 13 Corporation shall provide for loans, loan guarantees, and 14 bonds under this section in the same manner and subject 15 to the same requirements as the Secretary of Transpor- 16 tation enters into loans and loan agreements under section 17 602 of chapter 6 of title 23, United States Code, with re- 18 spect to the TIFIA program (as defined in section 601 19 of such title). 20 SEC. 6. AUDITS AND REPORTS. 21 (a) REPORT TO CONGRESS.—Not later than 1 year 22 after the date of enactment of this Act, and annually 23 thereafter, the Board shall submit to Congress a report 24 on the activities of the Corporation. 25 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 10 •HR 3360 IH (b) ANNUAL AUDIT.—Not later than 1 year after the 1 date of enactment of this Act, and annually thereafter, 2 the Inspector General of the Corporation shall— 3 (1) conduct an account audit of the Corpora- 4 tion; 5 (2) conduct, supervise, and coordinate inves- 6 tigations of the business activities of the Corpora- 7 tion; 8 (3) ensure that the Corporation is acting con- 9 sistent with this Act; and 10 (4) submit the results of such audit to Con- 11 gress. 12 (c) GAO AUDIT AND REPORT.—Not later than 5 13 years after the date of enactment of this Act, and every 14 5 years thereafter, the Comptroller General of the United 15 States shall— 16 (1) conduct an evaluation of the activities of the 17 Corporation from the previous 5 fiscal years; and 18 (2) submit to Congress a report containing the 19 results of such evaluation, which shall include— 20 (A) an assessment of the impact and bene- 21 fits of each infrastructure project financed 22 through the Corporation; and 23 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 11 •HR 3360 IH (B) a review of the effectiveness of such in- 1 frastructure project in accomplishing the goals 2 of this Act. 3 (d) APPLICATION WAITING PERIOD.—Before any 4 loan or loan guarantee is awarded under this Act, the Cor- 5 poration shall submit to Congress a report describing the 6 application for such loan or loan guarantee. The Corpora- 7 tion may not award the loan or loan agreement before the 8 end of the 60-day period following the submission of such 9 report to Congress. The Corporation may award the loan 10 or loan agreement after such period unless Congress en- 11 acts a joint resolution disapproving the application with 12 an explanation for such disapproval. 13 (e) REJECTED APPLICATIONS.—An application that 14 is rejected under subsection (d) shall not be resubmitted 15 to the Corporation unless the basis for the disapproval of 16 the application has been addressed by the resubmitted ap- 17 plication. 18 SEC. 7. FUNDING. 19 (a) PENSION FUND LOANS.—For purposes of paying 20 for the administrative costs of the Corporation and to pro- 21 vide loans and loan guarantees for eligible infrastructure 22 projects, the Board may accept loans during fiscal years 23 2024 through 2028 from pension funds. 24 VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS 12 •HR 3360 IH (b) LIMITATION.—The Board may not accept more 1 than $5,000,000,000 in loans under subsection (a) during 2 any single fiscal year. 3 (c) ANNUAL PERCENTAGE RATE.—With respect to a 4 loan described under subsection (a), the Board may not 5 pay an annual percentage rate of less than 3 percent or 6 more than 4 percent. 7 Æ VerDate Sep 11 2014 03:20 May 30, 2023 Jkt 039200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6301 E:\BILLS\H3360.IH H3360 kjohnson on DSK79L0C42PROD with BILLS