# Plain Language Summary: National Infrastructure Development Bank Act of 2021

This bill creates a new federal bank designed to help finance large infrastructure projects across the country. Think of it as a specialized lending institution that would provide loans and financial support for building and upgrading things like roads, bridges, power grids, water systems, broadband networks, and public transit. Instead of waiting for traditional bank financing or competing for limited federal grants, states, cities, and private companies could borrow money from this bank to fund infrastructure work that might otherwise be too expensive or risky to pursue.

The bank would be run by a seven-member board of directors appointed by the President and confirmed by the Senate. These directors would come from different regions and include people with experience in government, business, and finance. The board would oversee the bank's operations, approve loans, and set policies for which projects get funding. The bill defines four main categories of infrastructure it would support: transportation (roads, bridges, rail, airports), energy (power lines, efficiency upgrades, storage), environmental (water systems, flood control, waste management), and telecommunications (broadband and internet infrastructure). The bank could also prioritize projects in lower-income communities where the median household income falls below 80 percent of the state average.

For everyday people, this could mean faster infrastructure improvements in their communities if local governments can access cheaper financing through this bank instead of traditional sources. It might lead to more job creation during construction phases and potentially lower costs for services like water, electricity, and internet if infrastructure becomes more efficient. However, the bill's actual impact would depend on how much money Congress appropriates to fund the bank and which projects it ultimately chooses to support. The bill itself is just the framework—it establishes the bank's structure and authority but doesn't specify how much money it would have to lend or which projects would be prioritized.

National Infrastructure Development Bank Act of 2021

DeLauro, Rosa L.

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.