H.R.402 - National Infrastructure Development Bank Act of 2011

To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Bank, and for other purposes. view all titles (3)

All Bill Titles

  • Official: To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Bank, and for other purposes. as introduced.
  • Short: National Infrastructure Development Bank Act of 2011 as introduced.
  • Official: National Infrastructure Development Bank Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/24/11
 
 
 
 
 
 
 

Sponsor

Representative

Rosa DeLauro

D-CT

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OpenCongress Summary

Establishes a national infrastructure bank authorized to invest up to $25 billion in transportation, energy and communications infrastructure projects across the country. The bank would provide loans and grants for shovel-ready projects that would be leveraged with private investments, with all capital payments reinvested back into the bank.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

National Infrastructure Development Bank Act of 2011 - Establishes the National Infrastructure Development Bank as a wholly owned government corporation. Makes the Bank's Board of Directors responsible for monitoring and overseeing energy, environmental, telecommunications, and transpo

Official Summary

National Infrastructure Development Bank Act of 2011 - Establishes the National Infrastructure Development Bank as a wholly owned government corporation. 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 financing to infrastructure projects; and
(2) borrow on the global capital market and lend to entities and commercial banks for funding infrastructure projects. Requires the Board to establish criteria for determining project eligibility for financial assistance under this Act. Sets forth the duties of the Bank's executive committee and audit committee.Requires the Bank to establish a risk management committee, which shall:
(1) create financial, credit, and operational risk management guidelines for the Bank;
(2) set standards to ensure diversification of lending activities by both region and infrastructure project type; and
(3) create conforming standards for infrastructure finance securities. Exempts all notes, debentures, bonds or other such obligations issued by the Bank, and the interest on or credits with respect to such bonds or other obligations, from state or local government taxation.Terminates the Bank after 15 years.

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