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<"*-48:= >21 will help close Ameiica's wiuening infiastiuctuie gap, cieate millions of jobs in the
next uecaue, anu ensuie Ameiica's global competitiveness in the 21st centuiy by establishing an
Infiastiuctuie Financing Authoiity to complement existing funuing mechanisms anu expanu oveiall
infiastiuctuie investment. This institution, which woulu pioviue loans anu loan guaiantees, woulu
be both fiscally iesponsible anu iobust enough to help auuiess Ameiica's infiastiuctuie ueficit.

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Ameiicans using oui outuateu ioaus, biiuges, tiains, anu aiipoits confiont the neeu foi bettei
infiastiuctuie eveiy uay. Ameiican businesses expeiience it too: oui economy loses $8u billion
annually because of blackouts on outuateu giiu infiastiuctuie anu tiaffic congestion. 0ui uiban
watei anu sewage systems aie also oveiwhelmeu anu in ill iepaii uue to aging watei infiastiuctuie.
The Woilu Economic Foium's (WEF) ulobal Competitiveness Repoit iankeu the 0.S. as 19
th
in
oveiall infiastiuctuie out of 148 countiies suiveyeu.

Foi yeais, the feueial goveinment has stiuggleu to come up with the necessaiy funuing foi
infiastiuctuie investment. The last suiface tianspoitation bill that passeu, NAP-21, boiioweu 27
cents of eveiy uollai spent fiom the ueneial Funu. The outlook foi a uiamatic gas tax inciease oi
othei funuing fix in the neai futuie is bleak. As a iesult, the 0niteu States spenus less than 4u
peicent of what we neeu to meet oui infiastiuctuie uemanus. It is estimateu that in the next five
yeais alone we will fall $1.1 tiillion shoit of the funuing necessaiy to biing Ameiican infiastiuctuie
to auequate conuition.

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ulobal pension funus, piivate equity funus, mutual funus, anu soveieign wealth funus aie looking to
invest hunuieus of billions of uollais in high-quality, low-iisk infiastiuctuie piojects.
0nfoitunately, those investments aie cuiiently not taking place in the 0niteu States, wheie the
piivate sectoi pioviues only six peicent of the nation's infiastiuctuie funuing.

The BRIBuE Act will change that. This legislation will enable infiastiuctuie investment heie in the
0niteu States by incentivizing piivate sectoi investment. It also auuiesses maiket gaps, like the
absence of long-teim lenuing, which will allow us to uiamatically inciease piivate investment in
Ameiican infiastiuctuie. By effectively leveiaging feueial funus to paitnei with piivate uollais, we
can uiamatically giow oveiall uomestic infiastiuctuie investment.
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The BRIBuE Act woulu establish a fiscally iesponsible Infiastiuctuie Financing Authoiity (IFA) to
complement oui existing infiastiuctuie funuing thiough loans anu loan guaiantees. IFA woulu be
inuepenuent of the political piocess, funu the most impoitant anu most economically viable
piojects nationwiue, anu incentivize piivate investment. While IFA woulu ieceive initial funuing

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fiom the goveinment, it woulu become self-sustaining ovei time. IFA woulu closely follow the
Expoit-Impoit Bank mouel, which has boosteu Ameiican expoits anu been piofitable oveiall to the
goveinment since 1991.
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While IFA woulu be a goveinment-owneu entity, it woulu opeiate inuepenuent of any feueial
agency. It woulu be leu by a chief executive officei anu a Boaiu of Biiectois, consisting of seven
voting membeis.
No moie than foui voting membeis of the boaiu coulu be fiom the same political paity.
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The Boaiu anu CE0 woulu be appointeu by the Piesiuent, with one boaiu membei uesignateu
as chaiipeison. All canuiuates woulu be confiimeu with the auvice anu consent of the Senate.
The Najoiity anu Ninoiity Leaueis of the Senate, as well as the Speakei anu Ninoiity Leauei of
the Bouse of Repiesentatives woulu each iecommenu canuiuates.
The Tieasuiy Bepaitment's Inspectoi ueneial woulu oveisee IFA's opeiations foi the fiist five
yeais, an inuepenuent auuitoi woulu ieview IFA's books, anu IFA woulu submit an assessment
of the iisks of its poitfolio, piepaieu by an inuepenuent souice. Aftei five yeais, IFA woulu have
its own ueuicateu Inspectoi ueneial.
The uoveinment Accountability 0ffice (uA0) woulu also conuuct an evaluation of IFA anu
submit a iepoit to Congiess no latei than five yeais aftei the uate of enactment, as well as a
seconu iepoit ten yeais aftei enactment.
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Eligible piojects woulu incluue tianspoitation infiastiuctuie, watei infiastiuctuie, anu eneigy
infiastiuctuie in the tiansmission, uistiibution anu stoiage sectois.
Piojects must be at least $Su million in size anu be of national oi iegional significance to qualify.
ueogiaphic, infiastiuctuie sectoi, anu size consiueiations woulu also be taken into account.
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Piojects must go thiough a iigoious analysis anu show a cleai public benefit, meet economic,
technical anu enviionmental stanuaius, anu be backeu by a ueuicateu ievenue stieam.
The pioject selection piocess woulu be conuucteu in a tianspaient anu objective mannei, so
that stakeholueis anu the geneial public coulu cleaily see how piojects weie evaluateu anu
selecteu.
The CE0 woulu be iesponsible, in consultation with piofessional staff, foi ieviewing anu
piepaiing the eligible pioject applications.
The Boaiu woulu be iesponsible foi the ultimate appioval oi uisappioval of the eligible piojects
submitteu to the Boaiu by the Chief Executive 0fficei anu staff.
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Ruial piojects woulu only neeu to be $1u million in size.

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Five peicent of IFA funuing woulu be ueuicateu to iuial piojects.
Piojects must still have a cleai public benefit, meet iigoious economic, technical anu
enviionmental stanuaius, anu be backeu by a ueuicateu ievenue stieam.

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IFA woulu establish an 0ffice of Technical & Ruial Assistance, which woulu pioviue technical
assistance to State anu local goveinments in the uevelopment anu financing of infiastiuctuie
piojects.
The 0ffice woulu assist in iuentifying anu ueveloping a pipeline of viable piojects that meet the
goals of the BRIBuE Act anu aie suitable foi financing thiough innovative pioject financing
mechanisms anu thiough peifoimance-baseu pioject ueliveiy.

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Loans issueu by IFA woulu use appioximately the same inteiest iate as similai-length 0niteu
States Tieasuiy secuiities anu woulu have long matuiity teims, up to SS yeais.
Loans anu loan guaiantees coulu be subject to auuitional fees oi inteiest iate piemiums baseu
laigely on the costs of the loan to the Feueial goveinment, as ueteimineu by IFA in consultation
with the 0ffice of Nanagement anu Buuget.
IFA woulu finance no moie than 49 peicent of the total costs of the pioject, in oiuei to avoiu
ciowuing out piivate capital.

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IFA is set up to be self-sufficient ovei time.
To achieve self-sufficiency, the CE0 of IFA woulu establish fees foi loans anu loan guaiantees.
These fees coulu be in the foim of application fees oi tiansaction fees, anu coulu incluue an
inteiest iate piemium associateu with the loan oi loan guaiantee.
IFA woulu ieceive initial funuing of $1u billion, which woulu eain inteiest. This funuing woulu
be useu to offset the cost of the loans to the Feueial goveinment anu to covei auministiative
costs.
Funuing woulu be subject to the Feueial Cieuit Refoim Act, except that it woulu be exempteu
fiom the iequiiement that appiopiiations aie neeueu foi subsequent loans anu loan
guaiantees.