This bill would create a National Infrastructure Bank to help finance major infrastructure projects across the United States. The bank would be able to provide up to $5 trillion in loans and financing for things like roads, bridges, water systems, schools, broadband, power grids, rail networks, affordable housing, and other public infrastructure needs.

The bill argues that the country faces a massive infrastructure funding gap. According to the bill, the U.S. needs about $9.1 trillion for infrastructure improvements over the next decade, but current funding sources will only cover about $5.4 trillion, leaving a $3.7 billion shortfall. The bank would help close this gap by providing loans and financing that don't require new federal taxes or increase the deficit.

The bank would be governed by a Board of Directors and would work with state and local governments, private lenders, and other financial institutions to fund projects. It would also receive special tax treatment—the bank itself wouldn't pay federal income taxes, contributions to it would be tax-deductible like charitable donations, and certain dividend payments from the bank would be tax-free to investors. The bill draws historical parallels to earlier national banks and financing institutions that helped build America's infrastructure, from canals and railroads to the Hoover Dam and rural electrification programs.