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National Infrastructure Investment Corporation Act of 2023
12/15/2023, 3:58 PM
Summary of Bill HR 3360
The bill outlines the structure and responsibilities of the NIIC, including the appointment of a board of directors and the establishment of regional offices to oversee project funding. The NIIC will work with state and local governments, as well as private sector partners, to identify and prioritize infrastructure projects that are in need of funding.
One key aspect of the bill is the creation of a revolving fund, which will provide low-interest loans and grants to support infrastructure projects. The NIIC will also be responsible for conducting research and analysis to identify areas of critical infrastructure need and develop strategies to address these needs. Overall, the National Infrastructure Investment Corporation Act of 2023 aims to improve the nation's infrastructure by providing funding and support for projects that will benefit communities across the country. The bill has bipartisan support and is seen as a crucial step towards addressing the nation's infrastructure challenges.
Congressional Summary of HR 3360
National Infrastructure Investment Corporation Act of 2023
This bill establishes the National Infrastructure Investment Corporation as a government 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 (including transportation, energy, environment, and telecommunications projects) in the United States.
The corporation must submit a report to Congress describing each application 60 days before any loan or loan guarantee is awarded under this bill. 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. An application that addresses the basis for the disapproval may be resubmitted to the corporation.
Every five years, the Government Accountability Office must evaluate the activities of the corporation from the previous five fiscal years and submit a report to Congress.