This bill establishes the National Infrastructure Investment Corporation as a government corporation to finance infrastructure projects that are beyond the financing capabilities of states and cities, including to (1) prioritize projects in a fair and efficient manner, and (2) minimize financial costs to the federal government.
The corporation must provide loans, loan guarantees, and bonds to eligible applicants for infrastructure projects (including transportation, energy, environment, and telecommunications projects) in the United States.
The corporation must submit a report to Congress describing each application 60 days before any loan or loan guarantee is awarded under this bill. The corporation may award the loan or loan agreement after such period unless Congress enacts a joint resolution disapproving the application with an explanation for such disapproval. An application that addresses the basis for the disapproval may be resubmitted to the corporation.
Every five years, the Government Accountability Office must evaluate the activities of the corporation from the previous five fiscal years and submit a report to Congress.