; and (ii) by striking those banks and inserting those entities . (B) Bonds Section 149(b)(3)(A)(i) of the Internal Revenue Code of 1986 is amended by inserting American Infrastructure Fund, after Federal Home Loan Mortgage Corporation, . (b) Board of Trustees (1) In general There is established a Board of Trustees of the AIF (referred to in this subsection as the Board ), which shall be composed of 9 members who— (A) have substantial experience in bond guarantees or municipal credit; and (B) to the greatest extent practicable, have extensive experience working with municipal credit, risk management, and infrastructure finance. (2) Mission The mission of the Board is— (A) to operate the AIF and its subsidiaries to be a low cost provider of bond guarantees, loans, and equity investments to State and local governments and infrastructure providers for urban and rural infrastructure projects that— (i) provide a positive economic impact; and (ii) meet such other standards as the Board may develop; (B) to operate the AIF in a self-sustaining manner so as to allow the AIF to repay its infrastructure bonds when such bonds are due; (C) to not have a profit motive, but to seek at all times to pursue its mission of providing low cost bond guarantees and loans while— (i) covering its costs; (ii) maintaining such reserves as may be needed; and (iii) applying prudent underwriting standards; (D) to only consider projects put forth by State and local governments and not to seek projects directly; (E) to always make clear that no taxpayer money supports the AIF or ever will support the AIF; and (F) to engage in no other activities other than those permitted under this section. (3) Membership (A) Initial members (i) Appointment Not later than 150 days after the date on which bonds are first issued under subsection (d), the President shall appoint, with the advice and consent of the Senate, as members of the Board— (I) 2 individuals from a list of at least 5 individuals selected by the Speaker of the House of Representatives