H.R.402 - National Infrastructure Development Bank Act of 2011112th Congress (2011-2012)
Summary: H.R.402 — 112th Congress (2011-2012)
Introduced in House (01/24/2011)
National Infrastructure Development Bank Act of 2011 - 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 financing to infrastructure projects; and (2) borrow on the global capital market and lend to entities and commercial banks for funding infrastructure projects. 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.