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Federal Infrastructure Bank Act of 2023
12/15/2023, 3:53 PM
Summary of Bill HR 490
The bill outlines the structure and functions of the Federal Infrastructure Bank, including the appointment of a Board of Directors to oversee its operations. The bank will be authorized to provide loans, loan guarantees, and other forms of financial assistance to eligible infrastructure projects, such as transportation, water, and energy projects.
In order to be eligible for assistance from the Federal Infrastructure Bank, projects must meet certain criteria, including demonstrating a public benefit, financial viability, and a positive impact on the economy. The bill also includes provisions for transparency and accountability, requiring regular reporting on the bank's activities and outcomes. Overall, the Federal Infrastructure Bank Act of 2023 aims to address the growing need for investment in infrastructure projects across the country by providing a new source of financing and support. It is intended to help stimulate economic growth, create jobs, and improve the nation's infrastructure for the benefit of all Americans.
Congressional Summary of HR 490
Federal Infrastructure Bank Act of 2023
This bill establishes the Federal Infrastructure Bank and the Federal Infrastructure Bank Holding Company (FIBHC). The bank shall be a wholly owned subsidiary of the FIBHC.
The bank must provide equity investments, direct loans, and loan guarantees for the planning, predevelopment, design, construction, operation or maintenance of infrastructure projects in the United States with sufficient revenue sources and guarantees to support the interest and principal payments to the bank. At least 10% of the loans, equity investments, and loan guarantees must be for infrastructure projects in rural areas.
The Board of Governors of the Federal Reserve System shall have oversight and supervisory authority over the FIBHC and the bank. The bank must establish an Infrastructure Guarantee Fund to cover loans and loan guarantees in the event of nonpayment by loan recipients.
The bill provides for a taxpayer credit in an amount equal to 10% of the amount such taxpayer paid to the FIBHC for an equity investment at its original issue.
