National Infrastructure Bank Act of 2020

Summary

National Infrastructure Bank Act of 2020 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 also provides for various criteria and preferences for purposes of deciding whether to provide a loan, such as whether a project promotes job creation or provides environmental health benefits. Projects that receive such 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 as soon as is practicable and, once chartered, accept deposits from individuals, corporations, and public entities and pay interest on those deposits. The bill also 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 things, identify infrastructure needs and priorities. Within five years, the Government Accountability Office must report on the bank's activities, including the impact of the funded infrastructure projects.

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Timeline

1. 31 March 2020

   Introduced

   Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, Financial Services, Education and Labor, Natural Resources, and the Budget, 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.

   Source: IntroReferral

2. 31 March 2020

   Introduced

   Introduced in House

   Source: IntroReferral

3. 31 March 2020

   Introduced

   Introduced in House

   Source: IntroReferral

4. 1 April 2020

   Referred

   Referred to the Subcommittee on Aviation.

   Source: Committee

5. 23 April 2020

   Referred

   Referred to the Subcommittee on Water, Oceans, and Wildlife.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 31 March 2020 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 31 March 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 31 March 2020

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 31 March 2020

  Open at official source

Sponsors

• Rep. Davis, Danny K. [D-IL-7] · D · Sponsor
• Seth Moulton · D · Sponsor
• BOBBY RUSH · D · Cosponsor
• Rep. Dingell, Debbie [D-MI-6] · D · Cosponsor
• · hsii00 · Standing
• · hspw00 · Standing
• · hsbu00 · Standing
• · hsed00 · Standing
• · hsba00 · Standing
• · hsif00 · Standing

Related records

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