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National Infrastructure Development Bank Act of 2021
12/31/2022, 5:07 AM
Summary of Bill HR 4413
The NIDB would be authorized to issue bonds and other forms of debt to finance these projects, with the goal of leveraging public and private investment to address the nation's infrastructure challenges. The bill also includes provisions for transparency and accountability, requiring regular reporting on the bank's activities and outcomes.
Supporters of the bill argue that the NIDB would help address the country's aging infrastructure and create jobs through the construction and maintenance of new projects. Critics, however, raise concerns about the potential for government waste and inefficiency in managing the bank's operations. Overall, the National Infrastructure Development Bank Act of 2021 represents a significant effort to address the nation's infrastructure needs through a new financial institution dedicated to funding critical projects. The bill is currently under consideration in Congress, where it will be subject to further debate and potential amendments before a final vote.
Congressional Summary of HR 4413
National Infrastructure Development Bank Act of 2021
This bill establishes the National Infrastructure Development Bank as a government corporation to finance energy, environmental (e.g., drinking water or waste facilities), telecommunications, and transportation infrastructure projects.
The bill establishes the National Infrastructure Development Bank Board, which must oversee the infrastructure projects. The board may make loans and loan guarantees to assist in financing infrastructure projects.
Further, the board must establish an executive committee, a risk management committee, an audit committee, and a compliance office.
To be eligible for financial assistance from the bank, an infrastructure project (1) must have a public benefit, as determined by the board; and (2) may not have a sole use or purpose that is private.
An infrastructure project must use iron, steel, and manufactured products that are made in the United States.
The bill also establishes accounting and reporting requirements. In particular, the Government Accountability Office must, within five years of this bill's enactment, submit a report to Congress evaluating the bank's activities.
