In committee
National Infrastructure Bank Act of 2025
This legislation creates a National Infrastructure Bank authorized to issue up to $5 trillion in loans for public works, such as transit systems, clean water facilities, energy grids, broadband, and affordable housing. The bank raises up to $500 billion in starting capital by allowing investors to trade existing Treasury bonds and cash for dividend-paying bank stock, while the federal government guarantees bank bonds and covers excess loan losses. Projects receiving bank loans must use domestic materials, pay prevailing wages, provide local hiring preferences, and direct at least 10 percent of contracts to minority- and women-owned small businesses. The bill also prevents bank funds from being used to privatize publicly owned infrastructure.
People affected—The bill affects infrastructure users, public entities, financial institutions, and construction workforces nationwide, but the operative text does not specify a precise population count.
Fiscal magnitude$100.0Mprovisional · pending reviewSec. 218 explicitly authorizes $50,000,000 for each of fiscal years 2025 and 2026 ($100,000,000 total) for startup and staffing. The bill additionally authorizes up to $500 billion in capital stock (including up to $100 billion in Treasury bond subscriptions under Sec. 203(b)) and a lending authority ceiling of up to $5 trillion (Sec. 203(f)(3)).
Reach88provisional · pending reviewrigor: heuristic llm
What this bill touches.
Spending vs. restraint+55Collective bargaining+70Public works+90Race-conscious policy+70Role of government+80Workplace standards+65Trade & tariffs−65
Who it helps · who it burdens.
Who it helps
- Infrastructure project sponsors and public entitiesGain access to up to $5 trillion in direct loans, loan guarantees, and blended financing for qualifying public works, transportation, energy, and community development projects (Sec. 203(f), Sec. 205).
- Holders of National Infrastructure Bank preferred stockReceive guaranteed semiannual dividend payments that are completely excluded from gross income for federal income tax purposes (Sec. 103(a), Sec. 203(c)).
- Construction laborers and trade workersReceive prevailing wage protections, project labor agreement coverage in qualifying states, and local hiring preferences prioritizing underrepresented populations and individuals facing employment barriers (Sec. 213(b), (c), (g)).
- Small disadvantaged and HUBZone businessesAre guaranteed at least 10 percent of all financial assistance expended by the Bank on infrastructure projects (Sec. 213(f)).
- Disadvantaged and low-income communitiesBenefit from dedicated interest rate subsidies, flexible loan programs, and project prioritization funded by Bank net earnings and trust funds (Sec. 201(37), Sec. 203(f)(4)(A), Sec. 203(h), Sec. 207(a)(2)).
- Local financial institutions and community credit unionsAre shielded from direct competition by the Bank, given opportunities to partner on infrastructure loans, and permitted to use the Bank as a clearinghouse and reserve depository (Sec. 215).
Who it burdens
- Contractors and subcontractors on Bank-financed projectsMust pay prevailing wages, enter into project labor agreements in qualifying states, comply with Buy America domestic procurement rules, and adhere to federal equal opportunity and civil rights standards (Sec. 213(b)-(e)).
Who backs it
- U.S. Department of the TreasurySubscribes up to $100 billion in 30-year bonds as on-call capital, provides $100 million for initial startup costs across fiscal years 2025 and 2026, and bears contingent liability backed by the full faith and credit of the United States for Bank losses exceeding reserves (Sec. 203(b)(2)(C), Sec. 203(i), Sec. 218).
Who opposes it
- Private entities seeking to purchase or lease public infrastructureAre explicitly prohibited from receiving Bank loans or financial assistance for any project that privatizes, transfers control of, or encourages the sale or lease of publicly owned infrastructure (Sec. 205(e)).