National Infrastructure Development Act of 2007

To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Corporation, and for other purposes.

10/18/2007--Introduced.
National Infrastructure Development Act of 2007 - Establishes the National Infrastructure Development Corporation and the National Infrastructure Insurance Corporation as wholly owned Government corporations that shall conduct their respective businesses as self-supporting entities. Empowers the National Infrastructure Development Corporation to:
(1) make senior and subordinated loans and purchase senior and subordinated debt securities and equity securities;
(2) enter into commitments to make any such loan or security purchases, on such terms as the Corporation may (in its discretion) determine to be appropriate, the proceeds of which are to be used to finance or refinance development of infrastructure facilities; and
(3) provide preconstruction phase assistance. Empowers the National Infrastructure Insurance Corporation to insure and reinsure bonds, debentures, notes, debt instruments, loans, and any interest thereon, the proceeds of which are to be used to finance or refinance development of infrastructure facilities. Declares that:
(1) obligations of either Corporation, and obligations insured by any such corporation shall not be obligations of, or guaranteed as to principal or interest by, the United States or any federal agency; and
(2) assistance from the NIC shall not be treated as a direct or indirect guarantee of any payment by the United States of principal or interest on any security. Amends the Internal Revenue Code to prescribe guidelines for the tax treatment of distributions from qualified retirement plans investing in public benefit bonds (defined as any obligation issued after the date of the enactment of this Act if:
(1) 95% or more of the net proceeds of such obligation are used in connection with the financing or refinancing of infrastructure facilities;
(2) such obligation has received a published rating, and
(3) development of such infrastructure facilities is undertaken by a governmental entity or public-private partnership).


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Sponsor

• Rep. Rosa DeLauro [D, CT-3]
• and 18 Co-Sponsors
  • Rep. Earl Blumenauer [D, OR-3]
  • Rep. Bruce Braley [D, IA-1]
  • Rep. André Carson [D, IN-7]
  • Rep. Robert Cramer [D, AL-5]
  • Rep. Barney Frank [D, MA-4]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Maurice Hinchey [D, NY-22]
  • Rep. Mazie Hirono [D, HI-2]
  • Rep. Steve Israel [D, NY-2]
  • Rep. Carolyn Maloney [D, NY-14]
  • Rep. Doris Matsui [D, CA-5]
  • Rep. James McDermott [D, WA-7]
  • Rep. James McGovern [D, MA-3]
  • Rep. Timothy Ryan [D, OH-17]
  • Rep. Janice Schakowsky [D, IL-9]
  • Rep. Betty Sutton [D, OH-13]
  • Rep. Anthony Weiner [D, NY-9]
  • Rep. Peter Welch [D, VT-0]
  close

Committees

• House Transportation and Infrastructure
• 8 more
  • House Transportation and Infrastructure
  • House Financial Services
  • House Transportation and Infrastructure
  • House Ways and Means
  • House Transportation and Infrastructure
  • House Transportation and Infrastructure
  • House Transportation and Infrastructure
  • House Transportation and Infrastructure
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Amendments

This bill has no amendments.

Amendments to H.R.3896

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
October 18, 2007

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All Bill Actions

• Oct 19, 2007: Referred to the Subcommittee on Water Resources and Environment.
• Oct 19, 2007: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
• Oct 19, 2007: Referred to the Subcommittee on Highways and Transit.
• Oct 19, 2007: Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
• Oct 19, 2007: Referred to the Subcommittee on Coast Guard and Maritime Transportation.
• Oct 19, 2007: Referred to the Subcommittee on Aviation.
• Oct 18, 2007: Referred to House Ways and Means
• Oct 18, 2007: Referred to House Financial Services
• Oct 18, 2007: Referred to House Transportation and Infrastructure
• Oct 18, 2007: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, 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.
• Introduced on Oct 18, 2007.

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Related Issue Areas:

• Taxation
• Tax-deferred compensation plans
• Tax exclusion
• Public-private partnerships
• 18 more
• Pensions
• Mutual funds
• Interest
• Infrastructure (Economics)
• Income tax
• Government lending
• Government corporations
• Finance
• Federally-guaranteed loans
• Executive departments
• Dividends
• Construction costs
• Capital gains tax
• Business
• Budgets
• Bonds
• Annuities
• Infrastructure

Data from the Congressional Research Service

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Blog Coverage

September 17, 2008 Financing the Productive Economy: The Heartland Development Bank ...

In the House, there have also been moves towards proposing new solutions, including the introduction of the National Infrastructure Development Act of 2007 (H.R. 3896) that calls for creating an infrastructure development corporation ...

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Source: The New America Foundation -

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August 18, 2008 Transportation NewsBriefs

A federal capital budget for infrastructure in the form of the proposed National Infrastructure Bank (S.1926 and HR 3401) or the National Infrastructure Development Corporation (HR 3896) would provide some additional investment capital, ...

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Source: Transportation NewsBriefs

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June 25, 2008 Redressing America's Public Infrastructure Deficit | The New ...

... Barney Frank in the House, and the National Infrastructure Development Act of 2007 (H.R. 3896), introduced by Representative Rosa DeLauro, which would establish a National Infrastructure Development Corporation and its subsidiary, ...

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Source: New America Policy Papers

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