Summary of The Proposed Legislation
The original version of the proposed legislation was introduced in the United States Senate as Senate Bill 1926 (S. 1926). A similar bill has been introduced into the United States House of Representatives. The status of the bill can be tracked on THOMAS.
The original proposed legislation states that the "Bank" is actually "an independent establishment of the Federal Government, as defined in section 104 of Title 5, United States Code." As explained in 5 US Code 104, an independent establishment of the Federal Government is "(1) an establishment in the executive branch (other than the United States Postal Service or the Postal Regulatory Commission) which is not an Executive department, military department, Government corporation, or part thereof, or part of an independent establishment; and (2) the Government Accountability Office."
According to the proposed legislation, the "Bank" would be administratively similar to the Federal Deposit Insurance Corporation (FDIC). The "Bank" would have the power to conduct hearings, issue subpoenas, obtain information from any other federal agency, accept for funding any infrastructure project with a potential Federal commitment of $75 million or more, authority to determine the appropriate Federal share of spending for each project, to act as a centralized entity to provide financing for qualified infrastructure projects; to issue general purpose infrastructure bonds, and to provide direct subsidies to qualified infrastructure projects from amounts made available from the issuance of such bonds; to issue project-based infrastructure bonds for the financing of specific qualified infrastructure projects; to provide loan guarantees to State or local governments issuing debt to finance qualified infrastructure projects; to issue loans, at varying interest rates, including very low interest rates, to qualified project sponsors for qualified projects; to leverage resources and stimulate public and private investment in infrastructure; and to encourage States to create additional opportunities for the financing of infrastructure projects.
The revised bill "Makes the Bank's Board of Directors responsible for monitoring and overseeing energy, environmental, telecommunications, and transportation infrastructure projects. Authorizes the Board to: (1) issue public benefit bonds and provide direct subsidies to infrastructure projects; (2) borrow on the global capital market and lend to entities and commercial banks for funding infrastructure projects; and (3) purchase, pool, and sell infrastructure-related loans and securities on such market. Requires the Board to establish criteria for determining project eligibility for financial assistance under this Act."
Read more about this topic: National Infrastructure Reinvestment Bank
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