The objective of this knowledge product is to review the legal, institutional and operational frameworks for subnational pooled financing (bond banks) in the United States, focusing on small municipalities, hence to help strengthen the capacity of the World Bank’s advisory services in infrastructure financing. There has been great interest from policymakers in developing countries in learning from the experience of the advanced countries in developing pooled financing facilities. Recently, the World Bank has completed a review of specialized financing vehicles for municipalities in Europe, which includes pooled financing vehicles. The proposed work is to take this line of work further, by reviewing the experience of the United States.