Stop CCP Infrastructure Act Stop Communist Construction of Public Infrastructure Act
Impact
If enacted, HB748 would amend existing laws by adding a new section that restricts both federal and state/local governments from allocating federal funds to so-called 'covered entities' for public works, which includes a wide range of construction and maintenance projects. Covered entities are defined as those with significant ties to the Chinese government, the Chinese Communist Party, or the Chinese military. This includes those headquartered in China or controlled in various ways by these entities. This law would necessitate thorough verification processes for fund allocation.
Summary
House Bill 748, known as the 'Stop Communist Construction of Public Infrastructure Act', seeks to amend Title 40 of the United States Code. The bill aims to prohibit the distribution of federal funds to entities associated with the People's Republic of China for specific public works projects. This legislative move is primarily motivated by national security concerns regarding the influence and control potentially exerted by the Chinese government and military over American infrastructures.
Contention
The bill has sparked debate regarding its implications for U.S.-China relations and local governance. Proponents argue that the measure is necessary to safeguard U.S. interests and protect critical infrastructure from foreign influence. However, critics are concerned it could unnecessarily complicate and limit public works projects that might involve legitimate entities. Furthermore, there are fears that such measures could exacerbate tensions between the two countries and may lead to broader economic and diplomatic repercussions.
Federal Infrastructure Bank Act of 2023 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 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. 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 bill provides for a taxpayer credit in an amount equal to 10% of the amount such taxpayer paid to the FIBHC for an equity investment at its original issue.