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H.R. 547 (115th): National Infrastructure Development Bank Act of 2017

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 13, 2017.

National Infrastructure Development Bank Act of 2017

This bill establishes the National Infrastructure Development Bank as a wholly owned government corporation.

The bank's board of directors shall be responsible for monitoring and overseeing energy, environmental, telecommunications, and transportation infrastructure projects. The board is authorized to: (1) make loans and loan guarantees to assist in the financing an infrastructure project, (2) issue public benefit bonds and provide financing to infrastructure projects, and (3) pay an interest subsidy to the issuer of American Infrastructure Bonds.

The bank shall establish a risk management committee, which shall: (1) create financial, credit, and operational risk management guidelines; (2) set guidelines to ensure diversification of lending activities by geographic region and infrastructure project type; (3) create conforming standards for financial assistance; (4) monitor financial, credit, and operational exposure; (5) provide financial recommendations to the board; and (6) ensure that the aggregate amount of interest subsidies provided for such bonds in a given calendar year does not exceed 28% of interest payable under all such bonds.

The board shall approve criteria established by the bank's executive committee for determining project eligibility for financial assistance. The bill sets forth criteria to be considered by the board for each type of infrastructure project. The executive committee shall conduct an analysis that considers the economic, environmental, and social benefits and costs of each project under consideration, prioritizing projects that contribute to economic growth, lead to job creation, and are of regional or national significance.

Financial assistance for an infrastructure project: (1) shall be repayable from dedicated revenue sources that also secure the infrastructure project obligations, and (2) shall not exceed 50% of reasonably anticipated project costs.

Bank bonds shall be exempt from state or local government taxation.

Assisted projects must comply with wage rate, domestic content, and buy American statutes.

The board shall establish an American Infrastructure Bond program. The bill establishes the National Infrastructure Development Bank Trust Fund into which an amount equal to the tax receipts attributable to interest payable under such bonds is to be appropriated.