H.R. 4315

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4315 Introduced in House (IH)]

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119th CONGRESS
1st Session
H. R. 4315

To establish a Government corporation to provide loans and loan 
guarantees for infrastructure projects, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

July 10, 2025

Mr. Carbajal (for himself and Mr. Webster of Florida) introduced the 
following bill; which was referred to the Committee on Transportation 
and Infrastructure

_______________________________________________________________________

A BILL

To establish a Government corporation to provide loans and loan 
guarantees for infrastructure projects, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``National Infrastructure Investment 
Corporation Act of 2025''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) According to the American Society of Civil Engineers 
2025 Infrastructure Report, the current condition of the 
infrastructure in the United States earns a grade of C and an 
estimated $3,700,000,000,000 is needed to have infrastructure 
in good working order.
(2) Current and foreseeable demands on traditional funding 
for infrastructure expansion exceed the resources to support 
much-needed infrastructure programs.
(3) As of April 19, 2019, the top 50 strategic 
infrastructure projects, including transportation, water and 
wastewater, ports and waterways, and telecommunications, 
totaled $289,370,000,000 in unmet needs.
(4) Infrastructure needs are not limited to traditional 
roads and bridges but include a wide sector of basic, physical, 
and organizational structures and facilities that are needed 
for the effective and productive operation of society.
(5) Investment in infrastructure not only creates jobs and 
economic growth and is a key component of maintaining a global 
competitive edge but is also fundamental to enhancing and 
preserving quality of life.
(6) The establishment of a Government corporation that 
provides loans supported by pension funds to finance qualified 
infrastructure projects would attract needed supplemental 
capital for infrastructure development.

SEC. 3. ESTABLISHMENT.

There is established a corporation to be known as the ``National 
Infrastructure Investment Corporation'' (in this Act referred to as the 
``Corporation''), which shall be a Government corporation as defined in 
section 103 of title 5, United States Code, whose purpose shall be to 
finance infrastructure projects that are beyond the financing 
capabilities of States and cities, including--
(1) prioritizing projects in a fair and efficient manner; 
and
(2) minimizing financial costs to the Federal Government.

SEC. 4. BOARD OF DIRECTORS AND INSPECTOR GENERAL.

(a) Establishment.--The management of the Corporation shall be 
vested in a board of directors (in this Act referred to as the 
``Board'').
(b) Membership.--The Board shall be composed of 7 members that meet 
the qualifications under subsection (c), consisting of--
(1) 3 members appointed by the President, by and with the 
advice and consent of the Senate;
(2) 1 member appointed by the majority leader of the 
Senate;
(3) 1 member appointed by the minority leader of the 
Senate;
(4) 1 member appointed by the Speaker of the House of 
Representatives; and
(5) 1 member appointed by the minority leader of the House 
of Representatives.
(c) Qualifications.--Each member of the Board shall--
(1) be a citizen of the United States;
(2) have significant demonstrated experience or expertise 
in--
(A) infrastructure, and with respect to 
infrastructure, experience or expertise in--
(i) heavy construction;
(ii) labor; or
(iii) government policy;
(B) the financing, development, or operation of 
infrastructure projects, including the evaluation and 
selection of eligible projects; or
(C) the management and administration of a 
financial institution that provides financing for 
infrastructure projects; and
(3) represent different geographic regions of the United 
States to ensure rural areas and small communities are 
represented.
(d) Initial Appointments.--Not later than 30 days after the date of 
enactment of this Act, the President and congressional leadership shall 
appoint the members of the Board in accordance with subsections (b) and 
(c).
(e) Chair.--The Chair of the Board shall be designated by the 
President from among the members appointed under subsection (b).
(f) Terms.--Each member of the Board shall hold office for a term 
of 5 years, except as provided in the following paragraphs:
(1) Terms of initial appointees.--As designated by the 
President and congressional leadership at the time of 
appointment--
(A) the Chair shall be appointed for a term of 5 
years;
(B) the 4 members appointed by congressional 
leadership shall be appointed for a term of 4 years; 
and
(C) the 2 members appointed by the President shall 
be appointed for a term of 2 years.
(2) Vacancies.--Vacancies shall be filled according to the 
following:
(A) A vacancy shall be filled in the manner in 
which the original appointment was made.
(B) Any Board member elected to fill a vacancy 
occurring before the expiration of the term for which 
the direct predecessor of the member was appointed 
shall be appointed only for the remainder of that term.
(C) In accordance with subparagraph (B), a Board 
member may serve after the expiration of the term of 
the direct predecessor of the Board member until a 
successor has taken office.
(g) Responsibilities of the Board.--The responsibilities of the 
Board are as follows:
(1) Provide low-cost loans and loan guarantees to eligible 
applicants under section 5.
(2) Develop strategic goals for the Corporation based on 
the purpose of the Corporation.
(3) Monitor and assess the effectiveness of the Corporation 
in achieving such strategic goals.
(4) Review and approve the annual business plans, annual 
budgets, and long-term strategies of and for infrastructure 
projects financed through the Corporation.
(5) Develop, review, and approve annual reports for the 
Corporation.
(6) Employ at least 1 external auditor to conduct an annual 
audit of such infrastructure projects.
(7) Employ individuals as necessary to carry out the 
provisions of this Act.
(8) Determine the operations and internal policies of the 
Corporation.
(h) Inspector General.--The Board shall appoint an employee of the 
Corporation to be known as the ``Inspector General'' whose duties shall 
include the following:
(1) Conduct audits under section 6(b).
(2) Carry out, with respect to the Corporation, duties and 
responsibilities established under the Inspector General Act of 
1978 (5 U.S.C. App.).
(3) Establish, maintain, and oversee such audits as the 
Inspector General considers appropriate under this Act.

SEC. 5. LOANS, LOAN GUARANTEES, AND BONDING.

(a) General Authority.--The Corporation shall provide loans, loan 
guarantees, and bonds to eligible applicants for infrastructure 
projects in the United States.
(b) Eligibility Requirements.--An applicant is eligible for a loan, 
loan guarantee, or bond under this section if the applicant--
(1) submits a detailed letter of interest to the 
Corporation that--
(A) describes the infrastructure project and the 
location, purpose, and cost of the project;
(B) outlines the proposed financial plan with 
respect to such project, including the requested loan, 
loan guarantee, or bond amount and the proposed 
obligor;
(C) provides a status of environmental review; and
(D) summarizes the geographic area affected by such 
project; and
(2) meets the prerequisites for assistance and conditions 
for assistance described in subsections (g) and (h) of section 
502 of the Railroad Revitalization and Regulatory Reform Act of 
1976 (45 U.S.C. 822(g) and (h)).
(c) Eligible Uses.--Loans, loan guarantees, and bonds provided 
under this section may be used only for eligible project costs (as 
defined in section 601(a)(2) of title 23, United States Code) for 
infrastructure projects, including transportation, energy, environment, 
and telecommunications.
(d) Consultation.--Prior to approving a loan, loan guarantee, or 
bond under this section, the Corporation shall require the applicant to 
consult with any member of the House of Representatives or member of 
the Senate whose district or State, respectively, is affected by the 
infrastructure project to ensure that such project is meritorious and 
to avoid any problems that may arise with respect to such project.
(e) Timing.--A loan or bond provided under subsection (a) shall be 
structured with respect to the expected timing and duration of the 
construction and utility of an infrastructure project.
(f) TIFIA.--Except as inconsistent with this Act, the Corporation 
shall provide for loans, loan guarantees, and bonds under this section 
in the same manner and subject to the same requirements as the 
Secretary of Transportation enters into loans and loan agreements under 
section 602 of chapter 6 of title 23, United States Code, with respect 
to the TIFIA program (as defined in section 601 of such title).

SEC. 6. AUDITS AND REPORTS.

(a) Report to Congress.--Not later than 1 year after the date of 
enactment of this Act, and annually thereafter, the Board shall submit 
to Congress a report on the activities of the Corporation.
(b) Annual Audit.--Not later than 1 year after the date of 
enactment of this Act, and annually thereafter, the Inspector General 
of the Corporation shall--
(1) conduct an account audit of the Corporation;
(2) conduct, supervise, and coordinate investigations of 
the business activities of the Corporation;
(3) ensure that the Corporation is acting consistent with 
this Act; and
(4) submit the results of such audit to Congress.
(c) GAO Audit and Report.--Not later than 5 years after the date of 
enactment of this Act, and every 5 years thereafter, the Comptroller 
General of the United States shall--
(1) conduct an evaluation of the activities of the 
Corporation from the previous 5 fiscal years; and
(2) submit to Congress a report containing the results of 
such evaluation, which shall include--
(A) an assessment of the impact and benefits of 
each infrastructure project financed through the 
Corporation; and
(B) a review of the effectiveness of such 
infrastructure project in accomplishing the goals of 
this Act.
(d) Application Waiting Period.--Before any loan or loan guarantee 
is awarded under this Act, the Corporation shall submit to Congress a 
report describing the application for such loan or loan guarantee. The 
Corporation may not award the loan or loan agreement before the end of 
the 60-day period following the submission of such report to Congress. 
The Corporation may award the loan or loan agreement after such period 
unless Congress enacts a joint resolution disapproving the application 
with an explanation for such disapproval.
(e) Rejected Applications.--An application that is rejected under 
subsection (d) shall not be resubmitted to the Corporation unless the 
basis for the disapproval of the application has been addressed by the 
resubmitted application.

SEC. 7. FUNDING.

(a) Pension Fund Loans.--For purposes of paying for the 
administrative costs of the Corporation and to provide loans and loan 
guarantees for eligible infrastructure projects, the Board may accept 
loans during fiscal years 2026 through 2030 from pension funds.
(b) Limitation.--The Board may not accept more than $5,000,000,000 
in loans under subsection (a) during any single fiscal year.
(c) Annual Percentage Rate.--With respect to a loan described under 
subsection (a), the Board may not pay an annual percentage rate of less 
than 3 percent or more than 4 percent.
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