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Code · BILL · 118th Congress · H.R. 490 (Introduced in House) — To establish the Federal Infrastructure Bank to facilitate investment in, and the long-term financing of, economicall... · Sec. 5

Sec. 5. Functions of the Bank

350 words·~2 min read·/bill/118/hr/490/ih/section-5

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The Bank shall provide equity investments, direct loans, indirect loans, and loan guarantees to eligible entities for the planning, pre-development, design, construction, operations or maintenance of revenue-producing infrastructure projects in the United States with sufficient revenue sources and guarantees to support the interest and principal payments to the Bank. Not less than 10 percent of the dollar amount of loans, equity investments, and loan guarantees provided by the Bank shall be with respect to infrastructure projects in rural areas.
The Bank shall attempt to cross subsidize non-revenue infrastructure projects with revenue generating infrastructure projects to diversify the loan portfolio. Notwithstanding any other provision of law, the Bank is prohibited from— accepting customer deposits; or engaging in financial or investment banking activities, except with respect to the Bank’s own revenues. The Bank shall have the authority to pledge its loans to the discount window of the Board of Governors of the Federal Reserve System.
The Secretary of the Treasury may purchase obligations issued by the Bank in the same manner and under the same requirements that the Secretary purchases obligations under section 306(c) of the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1455(c) ). The Bank shall maintain risk-based capital at no less than 10 percent, collectively for the Bank and the Holding Company. The Bank shall ensure that infrastructure projects account for long-term operations, maintenance, and life-cycle costs and obligations to ensure that the infrastructure projects maximize the useful life of each applicable asset.
The Bank, as a clearinghouse for infrastructure finance, may provide implementation advisory assistance, directly or indirectly, to infrastructure projects. The Bank shall accept credit ratings consistent with typical infrastructure market practice to enhance deployment of capital. The Bank is prohibited from providing equity investments, direct loans, indirect loans, and loan guarantees for infrastructure projects not located within the United States. The Bank is prohibited from providing equity investments, direct loans, indirect loans, and loan guarantees for infrastructure projects that are owned, directed, controlled, financed, or influenced by the Government of the People’s Republic of China, the Chinese Communist Party, or the People’s Liberation Army.
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Sec. 5
Functions of the Bank
U.S.C.§ 1455
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