H.R. 2521 would facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Bank.
Detailed Summary
National Infrastructure Development Bank Act of 2009 - Establishes the National Infrastructure Development Bank as a wholly owned government corporation.
Makes the Bank's Board of Directors responsible for monitoring and overseeing energy, environmental, telecommunications, and transportation infrastructure projects. Authorizes the Board to: (1) issue public benefit bonds and provide direct subsidies to infrastructure projects; (2) borrow on the global capital market and lend to entities and commercial banks for funding infrastructure projects; and (3) purchase, pool, and sell infrastructure-related loans and securities on such market. Requires the Board to establish criteria for determining project eligibility for financial assistance under this Act.
Sets forth the duties of the Bank's executive committee and audit committee.
Requires the Bank to establish a risk management committee, which shall: (1) create financial, credit, and operational risk management guidelines for the Bank; (2) set standards to ensure diversification of lending activities by both region and infrastructure project type; and (3) create conforming standards for infrastructure finance securities.
Exempts all notes, debentures, bonds or other such obligations issued by the Bank, and the interest on or credits with respect to such bonds or other obligations, from state or local government taxation.
Terminates the Bank after 15 years.
Status of the Legislation
Latest Major Action: 5/20/2009: Referred to House committee. Status: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Transportation and Infrastructure, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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