To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Bank, and for other purposes.
About This Bill
Committee
Latest Action · December 19, 2024
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill would create a National Infrastructure Development Bank to provide federal loans, loan guarantees, and other financial assistance for major infrastructure projects across the country. The bank would be an independent federal agency led by a Director and Deputy Director, both appointed by the President and confirmed by the Senate for ten-year terms. The bank would focus on four categories of infrastructure: transportation, environmental, energy, and telecommunications projects. To receive funding, projects must demonstrate public benefit and meet criteria including job creation potential, greenhouse gas reductions, and private investment leverage. The bill requires all infrastructure projects funded through the bank to use American-made iron, steel, and goods, with limited exceptions, and comply with prevailing wage requirements. The legislation authorizes $5 billion in annual funding for fiscal years 2027 through 2031 to capitalize the bank, and requires annual reporting to Congress on the bank's operations and the status of funded projects.
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