Sec. 204. Formation of regional economic accelerator planning groups
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The Bank, through the branch offices established under section 203(k), shall facilitate the organization of not fewer than 7 regional economic accelerator planning groups, which shall be defined by common economic, demographic, and infrastructure connectivities. The regional economic accelerator planning groups may— organize by, and be composed of, State and local public sector officials, including through multijurisdictional or multistate agreements among agencies; identify economic megaregions, which shall consist of hub cities, related towns and suburbs, manufacturing production corridors, and rural areas woven together into the communities where people of the United States live, work, and provide goods or services for movement within the region, and to other regions; identify infrastructure needs and priorities for economics megaregions, with input from the American Society of Civil Engineers, and other trade, business, and industrial associations; develop regional economic accelerator plans, including a pipeline of infrastructure projects and the strategic placement of those infrastructure projects, needed to improve supply chains, land use, and productivity within each economic megaregion, while seeking to include all communities; define how those infrastructure projects will create energy savings, improve the environment, improve jobs and wages, create regional economic growth, and create growth in regional tax income; identify where multijurisdictional agreements should be enacted or strengthened to improve the development of infrastructure projects that cross jurisdictional lines, such as transportation improvements along the northeast corridor, flood mitigation, water management to relieve drought conditions in southwestern States, or development of a national high-speed rail grid; identify Federal, State, or local laws and regulations that should be streamlined to reduce infrastructure project costs and approval times, while maintaining environmental and safety objectives, and work towards streamlining those laws and regulations; seek public input on the broad outlines of each regional infrastructure development plan; provide the regional infrastructure development plans to the Bank to inform the Bank on the selection of infrastructure projects for financing; and assist entities formulating and submitting projects for consideration of Bank financing on the definition, scope, selection criteria, and other factors under section 205 that will be considered in the approval process.