PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Highways and Transit.
Congressional Research Service
Version 00 · Introduced in House · Feb 12, 2025
Federal Infrastructure Bank Act of 2025
This bill establishes the Federal Infrastructure Bank and the Federal Infrastructure Bank Holding Company (FIBHC). The bank shall be a wholly owned subsidiary of the FIBHC.
The bank must provide equity investments, direct loans, and loan guarantees for the planning, predevelopment, design, construction, operation, 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 the bank. At least 10% of the loans, equity investments, and loan guarantees must be for infrastructure projects in rural areas.
Showing the opening paragraphs of the official summary.
Entities eligible for loans, equity investments, and loan guarantees include corporations, joint ventures, states, and governmental entities. The bank is prohibited from providing funding for infrastructure projects that are owned, directed, controlled, financed, or influenced by the Chinese government or the Chinese Communist Party.
The Board of Governors of the Federal Reserve System shall have oversight and supervisory authority over the FIBHC and the bank. The bank must establish an Infrastructure Guarantee Fund to cover loans and loan guarantees in the event of nonpayment by loan recipients.
The FIBHC may issue equity securities, make dividend payments on the securities, and issue bonds.
The bill provides for a tax credit in an amount equal to 10% of the amount a taxpayer paid to the FIBHC for an equity investment issued within three years of the formation of the FIBHC.
People & committees
Rep. Webster, Daniel [R-FL-11] · R–FL
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Subcommittee on Highways and Transit.
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Sep 3, 2026. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2025-02-12 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
This proposal would create a bank owned by a holding company to finance U.S. infrastructure. Businesses, governments and other eligible entities could receive ownership investments, loans or loan guarantees for projects with sufficient revenues and guarantees to support repayment. The bank and holding company would receive tax exemptions, and qualifying early investors would receive tax credits. The bill would not authorize the federal government to guarantee either institution’s assets.
The Formation Agent shall establish the Federal Infrastructure Bank as a Delaware corporation and the Bank shall be a wholly owned subsidiary of the Holding Company.
The Bank shall provide equity investments, direct loans, indirect loans, and loan guarantees to eligible entities for the planning, pre-development, design, construction, operations 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 the Bank.
The term eligible entity means— (A) a corporation, limited liability company, or any other legally established corporate form; (B) a partnership, including a public-private partnership; (C) a joint venture; (D) a trust; (E) a State; (F) any other governmental entity, including a political subdivision or any other instrumentality of a State; (G) a revolving fund; or (H) a State infrastructure bank.
the Holding Company and the Bank, including franchises, capital, reserves, surplus, advances, and income of the Holding Company or Bank, shall be exempt from all taxation imposed by the United States and any State, county, municipal, or local taxing authority, except that any real property of the Holding Company and the Bank shall be subject to State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
the Federal Infrastructure Bank Holding Company credit determined under this section for such taxable year is an amount equal to 10 percent of the amount paid to the Holding Company for such investment at its original issue.
the term qualified Holding Company equity investment means any equity investment originally issued by the Holding Company to the taxpayer under section 6(a)(1) of the Federal Infrastructure Bank Act of 2025 not later than 3 years after the formation of the Federal Infrastructure Bank Holding Company
Nothing in this Act may be construed as authorizing the Federal Government to guarantee the assets of the Bank or Holding Company.
Eligible recipients would include companies, partnerships, joint ventures, trusts, governments, revolving funds and state infrastructure banks. The bill’s definition of “State” includes the 50 states, Washington, D.C., the listed U.S. territories and every federally recognized Indian Tribe.
The term eligible entity means— (A) a corporation, limited liability company, or any other legally established corporate form; (B) a partnership, including a public-private partnership; (C) a joint venture; (D) a trust; (E) a State; (F) any other governmental entity, including a political subdivision or any other instrumentality of a State; (G) a revolving fund; or (H) a State infrastructure bank.
The term State means each of the 50 several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Guam, the United States Virgin Islands, the Commonwealth of the Northern Mariana Islands, and each federally recognized Indian Tribe.
Covered projects would have to provide public benefit or use. The listed categories include transportation, pipelines, energy transmission and storage, water treatment, waste disposal, stormwater systems, dams and levees. The bank could also recognize other infrastructure projects as providing a public benefit.
The term infrastructure project means the construction, consolidation, alteration, operations, maintenance, or repair of projects, which provide public benefit or use, in the following categories:
(A) Highway and roadway facilities, including bridges and tunnels. (B) Port or marine terminal facilities, including approaches to marine terminal facilities or inland port facilities, and port or marine equipment including fixed equipment to serve approaches to marine terminals or inland ports. (C) Airports, heliports, vertiports, spaceports, or air traffic control systems and facilities. (D) Transmission or distribution pipelines. (E) Facilities or equipment for energy transmission, distribution, or storage. (F) Intercity passenger or freight rail lines, facilities, or equipment. (G) Intercity passenger bus facilities or equipment. (H) Public transportation facilities or equipment. (I) Inland waterways. (J) Intermodal facilities or equipment. (K) Water treatment and solid waste disposal facilities and associated infrastructure such as pipes. (L) Storm water management systems. (M) Dams and levees. (N) Any other infrastructure project which the Bank identifies as providing a public benefit with regards to infrastructure.
Within 60 days after enactment, the Treasury Secretary would have to select an organizer called the Formation Agent, after consulting the Federal Reserve chair. The organizer must have significant infrastructure and infrastructure-finance experience, file the bank’s organization certificate, and establish the holding company within 30 days after selection.
Within 60 days of the date of enactment of this Act, the Secretary of the Treasury, in consultation with the Chairman of the Board of Governors of the Federal Reserve System, shall select a Formation Agent which shall— (1) make and file with the Secretary of the Treasury an organization certificate for the Bank in accordance with such rules and regulations as the Secretary may prescribe, including the establishment of the Holding Company; and (2) have significant experience in infrastructure and infrastructure finance.
Within 30 days after being selected under subsection (a), the Formation Agent shall establish the Federal Infrastructure Bank Holding Company, prescribe the governing structure of the Holding Company, and establish the Federal Infrastructure Bank Holding Company Board of Directors
The holding company’s board would initially have seven members elected by its shareholders. Members would serve four-year terms, with no more than two consecutive terms. The board would establish governing documents and appoint the bank’s chief executive and other officers provided for in the bylaws.
the Federal Infrastructure Bank Holding Company Board of Directors, which shall— (1) initially consist of 7 members; (2) be elected by the shareholders of the Holding Company; (3) serve 4-year terms, only 2 of which may be consecutive; (4) within the limitations of law and regulation, determine and sign the articles of association that govern the operations of the Holding Company, and have the power to adopt, amend, and repeal bylaws governing the performance of the powers and duties granted to or imposed upon the Holding Company by law; and (5) select and effect the appointment of qualified persons to fill the office of the Chief Executive Officer of the Bank and such other offices as may be provided for in the bylaws of the Holding Company and the Federal Infrastructure Bank.
Each shareholder of the Formation Agent would receive holding-company ownership securities. The Formation Agent would determine the amount needed to equal the value of that shareholder’s existing ownership securities when the holding company is established.
The Formation Agent shall issue equity securities of the Holding Company to each shareholder of the Formation Agent, in an amount that the Formation Agent determines has a value equal to the value of equity securities of the Formation Agent held by such shareholder upon the establishment of the Holding Company.
The bank would be incorporated in Delaware and wholly owned by the holding company. The Comptroller of the Currency would have to grant it a national bank charter. The holding company’s board would initially also serve as the bank’s board, and regional offices would have to be established within five years after enactment.
(a) In general The Formation Agent shall establish the Federal Infrastructure Bank as a Delaware corporation and the Bank shall be a wholly owned subsidiary of the Holding Company. (b) Federal banking charter The Comptroller of the Currency shall grant a national bank charter to the Bank. (c) Regional offices Within 5 years of the date of enactment of this Act, the Bank shall establish regional offices for the purpose of focusing on infrastructure projects in different areas of the United States. (d) Board of Directors The Board of Directors of the Holding Company established under section 3 shall be the initial Board of Directors of the Bank.
The holding company’s earnings and reserves would belong solely to the holding company. Neither its earnings and reserves nor the bank’s would be government or public funds.
The earnings and reserves of the Holding Company shall be the sole property of the Holding Company and are not Government funds or public funds.
The earnings and reserves of the Bank are not Government funds or public funds.
The bank would provide ownership investments, direct and indirect loans, and loan guarantees—commitments supporting repayment—to eligible entities. Financing would cover planning through construction, operations and maintenance of revenue-producing U.S. infrastructure projects with sufficient revenues and guarantees to support principal and interest payments to the bank.
The Bank shall provide equity investments, direct loans, indirect loans, and loan guarantees to eligible entities for the planning, pre-development, design, construction, operations 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 the Bank.
At least 10 percent of the dollar amount of the bank’s loans, ownership investments and loan guarantees would have to support rural projects. The bill defines rural as an area outside a metropolitan statistical area with a population of at least 50,000.
Not less than 10 percent of the dollar amount of loans, equity investments, and loan guarantees provided by the Bank shall be with respect to infrastructure projects in rural areas.
The term rural means any area not in a metropolitan statistical area with a population of 50,000 or greater.
The bank would have to attempt to use revenue-generating projects to subsidize projects that do not generate revenue, with the stated purpose of diversifying its loan portfolio. This is a duty to try, rather than a requirement to achieve a specified amount of such support.
The Bank shall attempt to cross subsidize non-revenue infrastructure projects with revenue generating infrastructure projects to diversify the loan portfolio.
The bank could not accept customer deposits. The bill also prohibits financial or investment banking activities except with respect to the bank’s own revenues.
Notwithstanding any other provision of law, the Bank is prohibited from— (1) accepting customer deposits; or (2) engaging in financial or investment banking activities, except with respect to the Bank’s own revenues.
The bank could pledge its loans as collateral at the Federal Reserve’s discount window, a lending facility. Treasury could purchase debt obligations issued by the bank under the same requirements as a referenced provision of the Federal Home Loan Mortgage Corporation Act. These purchases would be permitted, not required.
(1) Pledge The Bank shall have the authority to pledge its loans to the discount window of the Board of Governors of the Federal Reserve System. (2) Purchase of obligations The Secretary of the Treasury may purchase obligations issued by the Bank in the same manner and under the same requirements that the Secretary purchases obligations under section 306(c) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1455(c)).
The bank and holding company would collectively have to maintain at least 10 percent risk-based capital—a capital measure whose definition the bill leaves to the Federal Reserve.
The Bank shall maintain risk-based capital at no less than 10 percent, collectively for the Bank and the Holding Company.
The Holding Company shall maintain risk-based capital at no less than 10 percent, collectively for the Bank and the Holding Company.
The term risk-based capital shall have the meaning given that term by the Board of Governors of the Federal Reserve System.
The bank would have to ensure that projects account for long-term operating, maintenance and full-life costs and obligations. It could provide advice on carrying out projects, directly or indirectly, and would have to accept credit ratings consistent with typical infrastructure-market practice.
(g) Lifecycle The Bank shall ensure that infrastructure projects account for long-term operations, maintenance, and life-cycle costs and obligations to ensure that the infrastructure projects maximize the useful life of each applicable asset. (h) Infrastructure delivery The Bank, as a clearinghouse for infrastructure finance, may provide implementation advisory assistance, directly or indirectly, to infrastructure projects. (i) Credit rating The Bank shall accept credit ratings consistent with typical infrastructure market practice to enhance deployment of capital.
The bank could not finance projects outside the United States. It also could not finance projects owned, directed, controlled, financed or influenced by China’s government, the Chinese Communist Party or the People’s Liberation Army.
(j) Prohibition on funding of foreign projects The Bank is prohibited from providing equity investments, direct loans, indirect loans, and loan guarantees for infrastructure projects not located within the United States. (k) Prohibition with respect to China The Bank is prohibited from providing equity investments, direct loans, indirect loans, and loan guarantees for infrastructure projects that are owned, directed, controlled, financed, or influenced by the Government of the People’s Republic of China, the Chinese Communist Party, or the People’s Liberation Army.
The holding company would issue ownership securities as its board considers appropriate and could pay dividends to investors. Non-U.S. people and entities holding those securities would have no voting rights attached to them.
(a) Equity securities (1) In general The Holding Company shall issue such equity securities as the Board of Directors of the Holding Company determines appropriate. (2) Dividends The Holding Company may make such dividend payments on the equity securities of the Holding Company as the Holding Company determines appropriate. (3) Restriction on voting rights Any holder of an equity security of the Holding Company that is a non-United States individual or entity shall have no voting rights with respect to such equity security.
The holding company could borrow by issuing bonds, including standard bonds with repayment dates up to 30 years or longer as needed. It could also issue other bonds, notes and tradable securities with repayment dates and interest rates it considers appropriate.
(b) Bonds (1) Standard bonds The Holding Company may issue standard bonds with maturities up to 30 years or longer, as needed. (2) Other bonds The Holding Company may issue other bonds, notes, and marketable securities with maturities and interest rates as the Holding Company determines appropriate.
Treasury and the Federal Reserve could purchase the holding company’s bonds. Treasury’s outstanding purchases under this authority could not exceed 5 percent of the holding company’s total outstanding bonds; that stated cap applies to Treasury purchases.
(3) Authority to purchase bonds (A) In general The Secretary of the Treasury and the Board of Governors of the Federal Reserve System may purchase bonds issued under this section. (B) Limitation The aggregate amount of outstanding bonds purchased by the Secretary under this paragraph may not exceed 5 percent of the total amount of the outstanding bonds of the Holding Company.
Non-U.S. people and entities together could hold no more than 25 percent of the holding company’s ownership securities and bonds.
Non-United States individuals and entities may not hold more than 25 percent, in the aggregate, of the equity securities and bonds of the Holding Company.
The Formation Agent and holding company could not issue financial instruments to people or entities affiliated with, owned by, or directed, controlled, financed or influenced by specified Chinese authorities or a country designated by the Secretary of State as a State Sponsor of Terrorism.
The Formation Agent and Holding Company are prohibited from issuing any bond, note, marketable security, or other financial instrument to any person or entity— (A) affiliated with, owned by, or directed, controlled, financed, or influenced by the Government of the People’s Republic of China, the Chinese Communist Party, or the People’s Liberation Army; or (B) affiliated with, owned by, or directed, controlled, financed, or influenced by a State Sponsor of Terrorism, as so designated by the Secretary of State.
The Federal Reserve would supervise both institutions for safe and sound operation and regulate the bank’s activities for compliance with the proposed act.
The Board of Governors of the Federal Reserve System shall— (1) have oversight and supervisory authority over the Holding Company and the Bank, in order to ensure the safe and sound operation of the Holding Company and the Bank; and (2) shall regulate Bank activities to ensure compliance with the requirements set forth in this Act.
The bank would have to establish an Infrastructure Guarantee Fund for use when recipients fail to pay on specific bank loans or loan guarantees.
The Bank shall establish an Infrastructure Guarantee Fund that shall be used with respect to specific loans or loan guarantees made by the Bank in the event of any non-payment by the recipient of such loan or loan guarantee.
For taxable years ending on or after enactment, the bank and holding company would be exempt from federal, state and local taxation. Their real estate would remain subject to state and local taxes based on its value, on the same terms as other real estate.
Effective for taxable years ending on or after the date of enactment of this Act, the Holding Company and the Bank, including franchises, capital, reserves, surplus, advances, and income of the Holding Company or Bank, shall be exempt from all taxation imposed by the United States and any State, county, municipal, or local taxing authority, except that any real property of the Holding Company and the Bank shall be subject to State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
Taxpayers holding a qualifying holding-company ownership investment on a credit allowance date would receive a federal tax credit equal to 10 percent of the amount paid to the holding company when the investment was originally issued. The allowance schedule would cover the initial investment date and each of the following four taxable years, subject to holding the investment on the applicable allowance date.
For purposes of section 38, in the case of a taxpayer who holds a qualified Holding Company equity investment on a credit allowance date of such investment which occurs during the taxable year, the Federal Infrastructure Bank Holding Company credit determined under this section for such taxable year is an amount equal to 10 percent of the amount paid to the Holding Company for such investment at its original issue.
the credit allowance date with respect to any qualified Holding Company equity investment is— (1) the date on which such investment is initially made; and (2) each of the 4 taxable years thereafter.
The credit would be limited to ownership investments originally issued to the taxpayer under section 6(a)(1) within three years after the holding company’s formation. The bill would add the credit to Internal Revenue Code section 38(b), and the tax-credit amendments would apply to taxable years ending after enactment.
the term qualified Holding Company equity investment means any equity investment originally issued by the Holding Company to the taxpayer under section 6(a)(1) of the Federal Infrastructure Bank Act of 2025 not later than 3 years after the formation of the Federal Infrastructure Bank Holding Company pursuant to section 3 of the Federal Infrastructure Bank Act of 2025.
Section 38(b) of such Code is amended by striking plus at the end of paragraph (37), by striking the period at the end of paragraph (38) and inserting , plus, and by adding at the end the following new paragraph: (39) the Federal Infrastructure Bank Holding Company credit determined under section 45BB.
The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
The bill expressly says it would not authorize a federal government guarantee of the bank’s or holding company’s assets.
Nothing in this Act may be construed as authorizing the Federal Government to guarantee the assets of the Bank or Holding Company.
The supplied official-actions snapshot, updated September 3, 2026, records introduction in the House on February 12, 2025, and referrals that day to Transportation and Infrastructure, Financial Services, Ways and Means, and the Subcommittee on Highways and Transit.
Source snapshot updated 2026-09-03T16:27:21Z.
2025-02-12: Introduced in House
2025-02-12: Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2025-02-12: Referred to the Subcommittee on Highways and Transit.
A closer look
Reviewed version: Introduced in House · 2025-02-12. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy change attached to appropriations was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish the contents or attachment history of other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for a particular recipient or place outside competitive or formula allocation was identified in the complete supplied introduced text. This conclusion is limited to that version; the bundle lacks accompanying materials that could establish formal earmark status.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Findings to examine
The supplied text contains institution-specific tax exemptions, an investment-specific tax credit and special treatment for an organizer’s shareholders. These classifications identify narrow treatment without judging its justification.
The bank and holding company would receive broad federal, state and local tax exemptions beginning with taxable years ending on or after enactment. Their real estate would remain subject to ordinary value-based state and local taxation. This preferential tax treatment supports the institutions created by the bill.
Effective for taxable years ending on or after the date of enactment of this Act, the Holding Company and the Bank, including franchises, capital, reserves, surplus, advances, and income of the Holding Company or Bank, shall be exempt from all taxation imposed by the United States and any State, county, municipal, or local taxing authority, except that any real property of the Holding Company and the Bank shall be subject to State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
Taxpayers making qualifying original ownership investments in the holding company within three years of its formation would qualify for a 10 percent credit on the initial investment date and in each of the next four taxable years, subject to holding the investment on the relevant allowance date. This tax preference is tied specifically to investing in the bill’s holding company.
For purposes of section 38, in the case of a taxpayer who holds a qualified Holding Company equity investment on a credit allowance date of such investment which occurs during the taxable year, the Federal Infrastructure Bank Holding Company credit determined under this section for such taxable year is an amount equal to 10 percent of the amount paid to the Holding Company for such investment at its original issue.
the credit allowance date with respect to any qualified Holding Company equity investment is— (1) the date on which such investment is initially made; and (2) each of the 4 taxable years thereafter.
the term qualified Holding Company equity investment means any equity investment originally issued by the Holding Company to the taxpayer under section 6(a)(1) of the Federal Infrastructure Bank Act of 2025 not later than 3 years after the formation of the Federal Infrastructure Bank Holding Company pursuant to section 3 of the Federal Infrastructure Bank Act of 2025.
The Formation Agent’s existing shareholders would specifically be entitled to holding-company ownership securities during formation. The Formation Agent would determine an amount equal in value to their existing holdings. This is narrow shareholder treatment; the text does not establish that recipients would receive a net financial gain.
The Formation Agent shall issue equity securities of the Holding Company to each shareholder of the Formation Agent, in an amount that the Formation Agent determines has a value equal to the value of equity securities of the Formation Agent held by such shareholder upon the establishment of the Holding Company.
Full text preserved for this analysis. Legislative record snapshot: Sep 3, 2026. How PlainBill uses AI