H.R. 4315 — National Infrastructure Investment Corporation Act of 2025

This section states congressional findings on U.S. infrastructure needs, including (1) a C grade and $3.7 trillion investment requirement per the American Society of Civil Engineers 2025 Infrastructure Report; (2) insufficient traditional funding; (3) $289.37 billion in unmet needs for the top 50 strategic projects as of April 19, 2019; (4) broad infrastructure scope beyond roads and bridges; (5) economic, competitive, and quality-of-life benefits of investment; and (6) potential for a government corporation to provide pension fund-backed loans for qualified projects.

This section establishes the National Infrastructure Investment Corporation (referred to in the bill as the "Corporation") as a government corporation, as defined in 5 U.S.C. §103(1) (i.e., owned or controlled by the U.S. government). The Corporation's purpose is to finance infrastructure projects beyond the financing capabilities of states and cities, including by prioritizing projects in a fair and efficient manner and minimizing financial costs to the federal government.

This section establishes a seven-member Board of Directors to manage the Corporation, consisting of three members appointed by the President (with Senate confirmation), one appointed by the Senate majority leader, one by the Senate minority leader, one by the House Speaker, and one by the House minority leader. Board members must be U.S. citizens with demonstrated expertise in infrastructure (i.e., heavy construction, labor, or government policy), infrastructure project financing/development/operation, or management of infrastructure-financing financial institutions; they must also represent diverse geographic regions, including rural areas and small communities. Initial appointments must occur within 30 days of enactment, with staggered terms—the Chair (designated by the President) for five years, the four congressional appointees for four years, and the two other presidential appointees for two years—and vacancies filled by the original appointing authority for the remainder of the unexpired term. The Board's responsibilities include (1) providing low-cost loans and loan guarantees under section 5; (2) developing and monitoring strategic goals; (3) reviewing and approving business plans, budgets, and strategies; (4) developing annual reports; (5) employing an external auditor and necessary staff; and (6) determining operations and internal policies. This section further requires the Board to appoint an Inspector General to conduct audits under section 6(b), perform duties under the Inspector General Act of 1978, and oversee additional audits as appropriate.

This section authorizes the Corporation to provide loans, loan guarantees, and bonds to eligible applicants for infrastructure projects in the United States, including transportation, energy, environment, and telecommunications projects. Eligibility requires a detailed letter of interest describing the project, financial plan, environmental review status, and affected geographic area, plus satisfaction of prerequisites and conditions under subsections (g) and (h) of section 502 of the Railroad Revitalization and Regulatory Reform Act of 1976 (i.e., RRIF loan program requirements); assistance is limited to eligible project costs as defined in 23 U.S.C. 601(a)(2), provided after consultation with affected Members of Congress, structured to match project timelines, and administered like the TIFIA program (i.e., Transportation Infrastructure Finance and Innovation Act) except as inconsistent with this Act.

This section establishes audit and reporting requirements for the Corporation, as follows: (1) annual reports to Congress from the Board on Corporation activities, beginning one year after enactment; (2) annual audits by the Corporation's Inspector General of its accounts, business activities, and compliance with the Act, with results reported to Congress, beginning one year after enactment; and (3) evaluations every five years by the Comptroller General of the United States, beginning five years after enactment, assessing the impact, benefits, and effectiveness of financed infrastructure projects over the prior five fiscal years, with reports to Congress. The section further requires the Corporation to submit a report to Congress on each loan or loan guarantee application prior to award, imposes a 60-day congressional review period (during which Congress may enact a joint resolution of disapproval), and bars resubmission of disapproved applications unless the basis for disapproval is addressed.

This section authorizes the Board of the Corporation to accept loans from pension funds during FY2026 through FY2030 to pay administrative costs and provide loans and loan guarantees for eligible infrastructure projects. The section limits such loans to $5 billion in any single fiscal year and requires an annual percentage rate between 3% and 4%.