This bill, titled the "National Infrastructure Bank Act of 2025," proposes the establishment of a National Infrastructure Bank (NIB) as a mixed-ownership government corporation. The primary purpose of the NIB is to facilitate efficient, long-term financing for a wide range of infrastructure projects, stimulate business and economic growth, and create new jobs throughout the United States. It aims to address a significant national infrastructure financing gap, estimated at over $3.6 trillion by the American Society of Civil Engineers.

The NIB would be capitalized up to $500 billion through the exchange of outstanding Treasury securities and municipal bonds for preferred stock, cash subscriptions, and an on-call subscription from the U.S. Treasury. This capitalization model is designed to fund projects without requiring additional federal taxes or deficits. The Bank is authorized to provide up to $5 trillion in direct loans and blended financing for qualifying infrastructure projects, with interest rates determined by risk, Treasury obligations, and the borrower's financial health.

Projects eligible for NIB financing must demonstrate local, regional, or national significance and serve the public interest. Evaluation criteria include contributions to economic growth, job creation, environmental benefits (such as greenhouse gas reduction), and the use of innovative technologies. The bill outlines specific categorical benefits for transportation, environmental, energy, telecommunications, and community development infrastructure projects, including affordable housing and broadband access.

The NIB will prioritize projects in areas of high unemployment or disadvantaged communities, especially those that leverage other financing or cannot secure capital from commercial sources. Importantly, the Bank is prohibited from subsidizing or encouraging the sale or lease of publicly owned infrastructure. It also mandates compliance with employee protections and requires certifications regarding the impact on current employees.

Governance of the NIB will be overseen by a 25-member Board of Directors, appointed by the President with Senate consent, representing diverse expertise and regions. The Board will establish an Executive Committee, a Risk Management Committee, and an Audit Committee to manage operations, assess financial risks, and ensure compliance. A Special Inspector General will be appointed to conduct independent audits and investigations of the Bank's activities.

The bill emphasizes adherence to various federal and state laws, including the Davis-Bacon Act for prevailing wages, Buy America requirements for domestic content, and nondiscrimination provisions. It also mandates that at least 10% of financial assistance be directed to minority, women, and disadvantaged business enterprises. Local hiring preferences are required, prioritizing individuals with employment barriers, veterans, and underrepresented populations.

The NIB is designed to complement, rather than compete with, local financial institutions, encouraging partnerships in loan activities. It will also facilitate the formation of regional economic accelerator planning groups to identify infrastructure needs and develop strategic plans. The Bank's books will be subject to annual independent audits, and detailed reports will be submitted to the President and Congress, with a publicly accessible database for project financing information.