[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5356 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 5356
To facilitate efficient investments and financing of infrastructure
projects and new job creation through the establishment of a National
Infrastructure Bank, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 15, 2025
Mr. Davis of Illinois (for himself, Mr. Smith of Washington, Mr.
Espaillat, Mr. Lynch, Mr. Tonko, Ms. Pingree, Mr. Magaziner, Mr.
Cleaver, Mr. Deluzio, Mr. Garamendi, Mr. Mullin, Ms. Velazquez, Mr.
Frost, Mr. Landsman, Mr. Suozzi, Mr. McGovern, Mrs. Ramirez, Mr. Amo,
Ms. Tlaib, Mr. Khanna, Mr. Thanedar, Ms. Kaptur, Mr. Jackson of
Illinois, Mr. Johnson of Georgia, Mr. Torres of New York, Mr. Goldman
of New York, Mr. Nadler, Mr. Latimer, Mr. Ryan, Mr. Garcia of Illinois,
Mr. Evans of Pennsylvania, Mr. Carson, and Ms. Norton) introduced the
following bill; which was referred to the Committee on Energy and
Commerce, and in addition to the Committees on Ways and Means,
Transportation and Infrastructure, Financial Services, Education and
Workforce, 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
_______________________________________________________________________
A BILL
To facilitate efficient investments and financing of infrastructure
projects and new job creation through the establishment of a National
Infrastructure Bank, 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; TABLE OF CONTENTS.
(a) In General.--This Act may be cited as the ``National
Infrastructure Bank Act of 2025''.
(b) Table of Contents.--The table of contents of this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
TITLE I--REVENUE PROVISIONS
Sec. 101. Treatment of National Infrastructure Bank as a Government
corporation exempt from tax.
Sec. 102. Treatment of contributions to the National Infrastructure
Bank as charitable contributions.
Sec. 103. Preferred dividends of National Infrastructure Bank
excludible from gross income.
TITLE II--ESTABLISHMENT OF NATIONAL INFRASTRUCTURE BANK
Sec. 201. Definitions.
Sec. 202. Establishment of National Infrastructure Bank.
Sec. 203. Purposes and authorizations.
Sec. 204. Formation of regional economic accelerator planning groups.
Sec. 205. Eligibility criteria for assistance from the Bank.
Sec. 206. Board of Directors.
Sec. 207. Powers and limitations of the Board.
Sec. 208. Executive Committee.
Sec. 209. Risk management committee.
Sec. 210. Audit committee.
Sec. 211. Personnel.
Sec. 212. Special Inspector General for the National Infrastructure
Bank.
Sec. 213. Status and applicability of certain Federal and State laws.
Sec. 214. Exemption from certain laws.
Sec. 215. Relations with local financial institutions.
Sec. 216. Audits; reports to President and Congress.
Sec. 217. Budgetary effects.
Sec. 218. Authorization of appropriations.
SEC. 2. FINDINGS.
Congress finds that--
(1) throughout the history of the United States, national
banks have played a crucial role in financing most of the
public infrastructure of the United States;
(2) the largest national banks included--
(A) the First Bank of the United States, from 1791
through 1811;
(B) the Second Bank of the United States, from 1816
through 1836;
(C) the national banking system instituted by
President Lincoln; and
(D) the Reconstruction Finance Corporation
instituted by President Franklin Delano Roosevelt, from
1932 through 1957;
(3) those national banks were enacted with broad bipartisan
support, and financed the construction of roads, turnpikes,
bridges, canals, the Transcontinental Railroad, the Hoover Dam,
rural electrification, manufacturing startups, and rail,
school, and farm improvements in every corner of the United
States;
(4) those infrastructure investments created the conditions
for improved productivity, economic growth, and job creation,
helped lift the United States out of the Great Depression, and
contributed to victory in World War II;
(5) the American Society of Civil Engineers (referred to in
this section as ``ASCE''), in its 2025 Report Card estimates
that $9,139,000,000,000 (not adjusted for inflation) is needed
from 2024 to 2033 to meet all of the infrastructure needs of
the United States, and of that amount, $5,450,000,000,000 is
expected to be financed by the Federal Government at continued
appropriation levels, and by States, counties, cities,
utilities, and port and airport authorities through their
general revenues, special taxes, user fees, and borrowing from
capital markets;
(6) even with the investments described in paragraph (5), a
financing gap of $3,689,000,000,000 remains, and to close that
gap, the United States will need to increase funding by all
levels of government, in order to improve infrastructure
quality and resiliency, grow the economy faster, and maintain
our international competitiveness;
(7) ASCE further estimates that the added
$3,689,000,000,000 needed over a 10-year period to bring
systems up to a state of good repair includes--
(A) $1,208,000,000,000 for roads, bridges, and
transit;
(B) $1,015,000,000,000 for drinking water,
wastewater, and stormwater systems;
(C) $429,000,000,000 for schools and broadband
access;
(D) $578,000,000,000 for electricity generation,
transmission, and distribution;
(E) $113,000,000,000 for aviation;
(F) $286,000,000,000 for dams, levees, inland
waterways, and ports;
(G) $32,000,000,000 for passenger rail; and
(H) $44,000,000,000 for public parks and
recreation;
(8) expanded investment of at least $1,311,000,000,000 is
also needed, including--
(A) $320,000,000,000 for new affordable housing;
(B) $791,000,000,000 for a 17,000-mile high-speed
rail network;
(C) $200,000,000,000 for major water supply
projects; and
(D) incorporated in each of the categories
described in subparagraphs (A) through (C), science and
technology drivers, resiliency features, accommodation
of population growth, energy savings, and improvements
in rural, urban, and low-income areas that the public
and private sectors are not fully serving now;
(9) although Federal grant programs, along with matching
State and local funding, should continue to play a coordinating
role in financing infrastructure in the United States, current
and foreseeable demands on existing Federal, State, and local
budgets exceed the resources to support those programs by a
wide margin;
(10) a sharp bout of inflation in 2021 through 2023, and a
delay in the enactment of a robust, adequately sized, 10-year
lending plan to the period of 2024 through 2033, should require
a 40-percent increase above real costs to ensure adequate
funding in nominal dollars;
(11) the establishment of a United States public deposit
bank would provide direct loans and other financing of up to
$5,000,000,000,000 for qualifying infrastructure projects
without requiring additional Federal taxes or deficits; and
(12) that funding would--
(A) be adequate to finance all of the unfunded
infrastructure needs of the United States, in all parts
of the country, according to well-developed strategic
plans; and
(B) return the United States to its most recent
``golden age'' when a National Infrastructure Bank was
in place, from 1933 to 1957, during which time--
(i) total factor productivity advanced by
3.5 percent per year;
(ii) the economy grew, on average, 5.5
percent per year;
(iii) income inequality decreased by \1/3\;
and
(iv) Federal and State tax receipts rose
dramatically.
TITLE I--REVENUE PROVISIONS
SEC. 101. TREATMENT OF NATIONAL INFRASTRUCTURE BANK AS A GOVERNMENT
CORPORATION EXEMPT FROM TAX.
(a) In General.--Section 501(l) of the Internal Revenue Code of
1986 is amended by adding at the end the following new paragraph:
``(5) The National Infrastructure Bank established under
title II of the National Infrastructure Bank Act of 2025.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years ending after the date of the enactment of this Act.
SEC. 102. TREATMENT OF CONTRIBUTIONS TO THE NATIONAL INFRASTRUCTURE
BANK AS CHARITABLE CONTRIBUTIONS.
(a) In General.--Section 170(c) of the Internal Revenue Code of
1986 is amended by inserting after paragraph (6) the following new
paragraph:
``(7) The National Infrastructure Bank established under
title II of the National Infrastructure Bank Act of 2025.''.
(b) Application of Percentage Limitation.--Section 170(b)(1)(A) of
such Code is amended by striking ``or'' at the end of clause (ix), by
inserting ``or'' at the end of clause (x), and by inserting after
clause (x) the following new clause:
``(xi) the National Infrastructure Bank
referred to in subsection (c)(7),''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years ending after the date of the enactment of this
Act.
SEC. 103. PREFERRED DIVIDENDS OF NATIONAL INFRASTRUCTURE BANK
EXCLUDIBLE FROM GROSS INCOME.
(a) In General.--Part III of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 is amended by inserting after section
139I the following new section:
``SEC. 139J. PREFERRED DIVIDENDS OF NATIONAL INFRASTRUCTURE BANK.
``Gross income shall not include any amount received as a dividend
on preferred stock of the National Infrastructure Bank pursuant to
section 203(c) of the National Infrastructure Bank Act of 2025 (as in
effect on the date of the enactment of this section).''.
(b) Clerical Amendment.--The table of sections of such part is
amended by inserting after the item relating to section 139I the
following new item:
``Sec. 139J. Preferred dividends of National Infrastructure Bank.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years ending after the date of the enactment of this
Act.
TITLE II--ESTABLISHMENT OF NATIONAL INFRASTRUCTURE BANK
SEC. 201. DEFINITIONS.
In this title:
(1) Affordable housing.--The term ``affordable housing''
means housing that meets the criteria established under section
215 of the Cranston-Gonzalez National Affordable Housing Act
(42 U.S.C. 12745).
(2) Bank.--The term ``Bank'' means the National
Infrastructure Bank established under section 202(a).
(3) Blended financing.--The term ``blended financing''
means financing provided through any combination of loans or
bond financing, in cooperation with private lenders or State
revolving funds, that is integrated into a single agreement
with a single set of financial terms.
(4) Board.--The term ``Board'' means the Board of Directors
of the Bank established by section 206.
(5) Chief asset and liability management officer.--The term
``chief asset and liability management officer'' means the
individual responsible for coordinating the management of
assets and liabilities of the Bank.
(6) Chief compliance officer.--The term ``chief compliance
officer'' means the individual responsible for overseeing and
managing the compliance and regulatory affairs of the Bank.
(7) Chief executive officer.--The term ``chief executive
officer'' means the individual serving as the executive
director of the Bank.
(8) Chief financial officer.--The term ``chief financial
officer'' means the individual responsible for managing the
financial risks, planning, and reporting of the Bank.
(9) Chief loan origination officer.--The term ``chief loan
origination officer'' means the individual responsible for
managing the processing of new loans provided by the Bank.
(10) Chief operations officer.--The term ``chief operations
officer'' means the individual responsible for the retail
operations of the Bank and the branches of the Bank, including
the administrative, human resource, and information technology
systems of the Bank.
(11) Chief risk officer.--The term ``chief risk officer''
means the individual responsible for managing operational and
compliance-related risks of the Bank.
(12) Chief treasury officer.--The term ``chief treasury
officer'' means the individual responsible for managing the
treasury operations of the Bank.
(13) Community development infrastructure.--The term
``community development infrastructure'' means the development
of affordable housing, transportation, water infrastructure,
schools, affordable broadband, public parks and recreation,
libraries, or public facilities that train workers and build
labor skills.
(14) Connectivity.--The term ``connectivity'', with respect
to an infrastructure project, means the linkages in
transportation, energy, communications, community development
infrastructure, and manufacturing and data centers, that tie
geographic areas together into economic units, including
networks of commuter routes, railways, shipping lanes, and
internet cables, including geomatic data collected by the
Department of Transportation.
(15) Develop; development.--The terms ``develop'' and
``development'', with respect to an infrastructure project,
mean--
(A) any preconstruction planning, feasibility
review for stand-alone projects or for bundled
projects, permitting, design work, life-cycle
maintenance planning, and other preconstruction
activities; and
(B) any construction, reconstruction,
rehabilitation, replacement, or expansion.
(16) Direct loan.--The term ``direct loan'' has the meaning
given the term in section 502 of the Federal Credit Reform Act
of 1990 (2 U.S.C. 661a).
(17) Disadvantaged community.--The term ``disadvantaged
community'' means a community that is--
(A) a low-income community; or
(B) a federally recognized area of economic
distress (as defined in section 100002 of the
Infrastructure Investment and Jobs Act (15 U.S.C.
9501)).
(18) Energy infrastructure project.--The term ``energy
infrastructure project'' means a project that involves the
construction of a new or upgraded energy generation,
transmission, distribution, or storage facility.
(19) Entity.--The term ``entity'' means--
(A) a State or political subdivision of a State;
(B) a unit of local government;
(C) a publicly owned utility;
(D) a special purpose district, public authority,
public corporation, or cooperative authorized to
contract indebtedness;
(E) an Indian Tribe;
(F) a public trust;
(G) an authority, agency, or instrumentality of, or
an entity owned by, 1 or more entities described in
subparagraphs (A) through (F);
(H) a group of entities described in subparagraphs
(A) through (G);
(I) a private entity; and
(J) a public-private partnership.
(20) Environmental infrastructure project.--The term
``environmental infrastructure project'' means any project
for--
(A) the establishment, deferred maintenance, or
enhancement, including security enhancement, of any
drinking water and wastewater treatment facility,
stormwater management system, flood gate, dam, levee,
solid waste disposal facility, or hazardous waste
facility;
(B) dredging;
(C) wetland restoration or other open space
conservation;
(D) infill development; or
(E) industrial site cleanup or remediation.
(21) Executive committee.--The term ``Executive Committee''
means the Executive Committee of the Bank established under
section 208(a).
(22) Federally recognized area of economic distress.--The
term ``federally recognized area of economic distress'' means--
(A) a HUBZone (as defined in section 31(b) of the
Small Business Act (15 U.S.C. 657a(b)));
(B) an area that--
(i) has been designated as an empowerment
zone under section 1391 of the Internal Revenue
Code of 1986;
(ii) has been designated as a Promise Zone
by the Secretary of Housing and Urban
Development; or
(iii) is a low- or moderate-income area, as
determined by the Secretary of Housing and
Urban Development; and
(C) a qualified opportunity zone (as defined in
section 1400Z-1(a) of the Internal Revenue Code of
1986).
(23) General counsel.--The term ``general counsel'' means
the individu