National Infrastructure Investment Corporation Act of 2023

The National Infrastructure Investment Corporation Act of 2023 establishes a new government corporation to provide low-cost loans and loan guarantees for infrastructure projects that exceed the financing capabilities of state and local governments, directly affecting cities, states, and project applicants seeking funding. The Corporation will be funded by borrowing up to $5 billion annually from pension funds at 3-4% interest rates, targeting transportation, energy, environment, and telecommunications projects through a structured application process requiring detailed project plans and environmental assessments. It will be governed by a 7-member Board appointed by the President and congressional leaders, with mandatory annual audits, reports to Congress, and consultation requirements with affected congressional representatives before approvals. The bill focuses on creating a dedicated funding mechanism for infrastructure gaps identified in prior reports, without specifying new tax or spending obligations.