H.R. 3339 · 117th Congress
National Infrastructure Bank Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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DavisSponsor19 cosponsors · 19 D
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García
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Rush
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Jones
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Suozzi
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Evans
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Stansbury
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Doyle
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Cherfilus-McCormick
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Dingell
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Leger Fernandez
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Tlaib
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Panetta
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Pingree
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Boyle
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Lee
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Lawrence
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Cicilline
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Swalwell
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Garamendi0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill creates the National Infrastructure Bank to facilitate the long-term financing of infrastructure projects.
What it does: CRS summary · Introduced in House · May 19, 2021
National Infrastructure Bank Act of 2021
This bill creates the National Infrastructure Bank to facilitate the long-term financing of infrastructure projects.
Specifically, the bank must provide loans to public and private entities for financing, developing, or operating eligible infrastructure projects. An eligible project must have a public sponsor as well as local, regional, or national significance.
The bill treats the bank as a government corporation exempt from tax and treats contributions to the bank as charitable contributions.
The bill also provides for criteria and preferences for deciding whether to provide a loan, such as whether a project promotes job creation or provides environmental benefits.
Projects that receive a loan must (1) pay all laborers and mechanics locally prevailing wages, and (2) use only certain U.S.-produced construction materials unless a waiver is secured from the bank.
The bank shall issue stock and may also issue bonds and maintain a discount line of credit with the Federal Reserve System.
The bank must apply for a national bank charter and, once chartered, accept deposits from individuals, corporations, and public entities and pay interest on those deposits.
The bill imposes requirements related to the bank's operation, such as minimum reserve requirements and requirements for handling loan losses.
In addition, the bank must facilitate the organization of at least seven regional economic accelerator planning groups to, among other activities, identify infrastructure needs and priorities.
Within five years, the Government Accountability Office must report on the bank's activities.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: National Infrastructure Bank Act of 2021
Latest action (Jul 5, 2021): Referred to the Subcommittee on Water, Oceans, and Wildlife.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 19, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.