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National Infrastructure Bank Act of 2020

Introduced: March 31, 2020 Introduced by: Davis, Danny K. Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 8 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 23, 2020
Referred to the Subcommittee on National Parks, Forests, and Public Lands.
Apr 23, 2020
Referred to the Subcommittee on Water, Oceans, and Wildlife.
Apr 1, 2020
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Apr 1, 2020
Referred to the Subcommittee on Water Resources and Environment.
Apr 1, 2020
Referred to the Subcommittee on Highways and Transit.
Apr 1, 2020
Referred to the Subcommittee on Aviation.
Mar 31, 2020
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.
Mar 31, 2020
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now April 23, 2020

Referred to the Subcommittee on National Parks, Forests, and Public Lands.

 Committees of jurisdiction 12
 Cosponsors 2
All 2 Democratic 2