National Infrastructure Investment Corporation Act of 2021
This bill establishes the National Infrastructure Investment Corporation to finance infrastructure projects that are beyond the financing capabilities of states and cities, including to (1) prioritize projects in a fair and efficient manner, and (2) minimize financial costs to the federal government.
The corporation must provide loans, loan guarantees, and bonds to eligible applicants for infrastructure projects in the United States.
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 2021''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) According to the American Society of Civil Engineers 
        2017 Infrastructure Report, the current condition of the 
        infrastructure in the United States earns a grade of D+ and an 
        estimated $4,500,000,000,000 is needed by 2025 to make 
        conditions adequate.
            (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;
            (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 one 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 one 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 2022 through 2026 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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National Infrastructure Investment Corporation Act of 2021
To establish a Government corporation to provide loans and loan guarantees for infrastructure projects, and for other purposes.
National Infrastructure Investment Corporation Act of 2021
Rep. Carbajal, Salud O.