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Code · BILL · 116th Congress · H.R. 658 (Introduced in House) — To facilitate efficient investments and financing of infrastructure projects and new job creation through the establi... · Sec. 7

Sec. 7. Executive committee

629 words·~3 min read·/bill/116/hr/658/ih/section-7

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The Board shall establish an Executive Committee consisting of 9 members, headed by the chief executive officer of the Bank. A majority of the Board shall have the authority to appoint and reappoint the chief executive officer with such executive functions, powers, and duties as may be prescribed by this Act, the bylaws of the Bank, or the Board. The CEO shall have responsibility for the development and implementation of the strategy of Bank, including— the development and submission to the Board of the annual business plans and budget; the development and submission to the Board of a long-term strategic plan; and the development, revision, and submission to the Board of Directors of internal policies.
The Board shall appoint, remove, fix the compensation, and define duties of 8 other executive officers to serve on the Executive Committee as the— chief compliance officer; chief financial officer; chief asset and liability management officer; chief loan origination officer; chief operations officer; chief risk officer; chief treasury officer; and general counsel. The CEO shall have experience and expertise in finance and the other executive officers shall have demonstrated experience and expertise in one or more of the following:
Transportation infrastructure. Environmental infrastructure. Energy infrastructure. Telecommunications infrastructure. Economic development. Workforce development. Public health. Private or public finance. In order to carry out the purposes of the Bank as set forth in this Act, the Executive Committee shall— establish and submit to the Board disclosure and application procedures for entities nominating projects for assistance under this Act; establish and submit to the Board standardized terms and conditions, fee schedules, or legal requirements of a contract or program to carry out this Act; establish and submit to the Board guidelines for the selection and approval of projects and specific criteria for determining eligibility for project selection; accept, for consideration, project proposals relating to the development of infrastructure projects, which meet the basic criteria established by the Executive Committee, and which are submitted by an entity; provide recommendations to the Board and place project proposals accepted by the Executive Committee on a list for consideration for financial assistance from the Board; recommend to the Board the percentage subsidy amount for an approved application for an American Infrastructure Bond, with such recommendation based on the strength of the related infrastructure project’s ability to meet the criteria described under section 11 and the ability of such project to attract private investment in an infrastructure project’s early development stages; provide technical assistance, including public-private partnership infrastructure project value for money assessments, long-term economic benefit projections, and contract evaluations, to entities receiving financing from the Bank and otherwise implement decisions of the Board; and provide technical assistance to State and local governments who wish to have the Bank’s approval to issue American Infrastructure bonds.
A vacancy in the position of CEO and other executive officers of the Executive Committee shall be filled in the manner in which the original appointment was made. The compensation of the CEO and other executive officers of the Executive Committee shall be determined by the Board. The CEO and other executive officers of the Executive Committee may be removed at the discretion of a majority of the Board. The CEO and other executive officers of the Executive Committee shall serve a 6-year term and may be reappointed in accordance with this section.
The CEO and other executive officers of the Executive Committee shall not— hold any other public office; have any interest in an infrastructure project considered by the Board; have any interest in an investment institution, commercial bank, or other entity seeking financial assistance for any infrastructure project from or investing in the Bank; and have any such interest during the 2-year period beginning on the date such officer ceases to serve in such capacity.
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