Infrastructure Bank for America Act of 2020
Latest action · Jun 16, 2020 Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 15, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Infrastructure Bank for America Act of 2020
This bill provides for the establishment of the Infrastructure Bank Holding Company (IBHC), which shall be the parent company of the Infrastructure Bank for America (the bank). The bank shall provide (1) equity investments, direct loans, indirect loans, and loan guarantees for the construction or maintenance of revenue-producing infrastructure projects in the United States with sufficient revenue sources and guarantees to support the interest and principal payments to such bank; and (2) direct and indirect loans and loan guarantees to state and local governments and state infrastructure banks for the construction or maintenance of infrastructure projects. At least 7% of the dollar amount of the loans, equity investments, and loan guarantees shall be for infrastructure projects in rural areas.
The Board of Governors of the Federal Reserve System shall have oversight and supervisory authority over the IBHC and the bank. The Department of the Treasury shall oversee and supervise the issuance of bonds by the IBHC and the bank. The bank shall 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 IBHC for an equity investment at its original issue.
Cosponsors 6
Members who signed on, in the order they did. Signatures ran from Jun 15, 2020 to Sep 23, 2020; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-PA | Daniel Meuser | Original | Jun 15, 2020 |
| R-CA | Doug LaMalfa | Original | Jun 15, 2020 |
| R-NY | Tom Reed | Original | Jun 15, 2020 |
| R-SC | Joe Wilson | Sep 17, 2020 | |
| R-FL | Ross Spano | Sep 17, 2020 | |
| R-IL | Rodney Davis | Sep 23, 2020 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Transportation and Infrastructure Committee | Referred Jun 15, 2020 |
| Aviation Subcommittee | Referred Jun 16, 2020 | |
| Highways and Transit Subcommittee | Referred Jun 16, 2020 | |
| Water Resources and Environment Subcommittee | Referred Jun 16, 2020 | |
| Railroads, Pipelines, and Hazardous Materials Subcommittee | Referred Jun 16, 2020 | |
| House | Financial Services Committee | Referred Jun 15, 2020 |
| House | Ways and Means Committee | Referred Jun 15, 2020 |
Actions 6
Everything that happened, newest first.
- Jun 16, 2020Referred to the Subcommittee on Aviation.
- Jun 16, 2020Referred to the Subcommittee on Highways and Transit.
- Jun 16, 2020Referred to the Subcommittee on Water Resources and Environment.
- Jun 16, 2020Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
- Jun 15, 2020Introduced in House
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H2929 | Daniel Meuser R-PA | Jun 30, 2020 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 110, June 15, 2020, page H2398.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To establish the Infrastructure Bank for America as a corporation to serve as a lender for and investor in infrastructure projects, and for other purposes.
- Short Title(s) as Introduced
- Infrastructure Bank for America Act of 2020
Subjects
Assigned by the Library of Congress. Policy area: Transportation and Public Works.
Text 1
Each version as it was printed, newest first.
- Jun 15, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
