Sen. Robert MenendezRobert (Bob) MenendezIn judge's 2010 Senate trial, Menendez was guilty of hypocrisy Excused Menendez juror: 'I don't think he did anything wrong' We don't need a terrorist attack to know diversity program has to go MORE (D-N.J.) is the lead sponsor of the Senate bill, S. 1868, along with Sen. Marco RubioMarco Antonio RubioOvernight Cybersecurity: What we learned from Carter Page's House Intel testimony | House to mark up foreign intel reform law | FBI can't access Texas shooter's phone | Sessions to testify at hearing amid Russia scrutiny Cornyn: Senate GOP tax plan to be released Thursday This week: GOP seeks to advance tax overhaul MORE (R-Fla.) and a handful of other Democrats. The House companion bill (not introduced yet) will be sponsored by House Foreign Affairs Committee Chairwoman Ileana Ros-Lehtinen (R-Fla.) and Rep. Xavier BecerraXavier BecerraCalifornia attorney general on secession: State is 'economic engine' of US Sunday shows preview: GOP moves toward tax reform The Hill's 12:30 Report MORE (D-Calif.).

"With this legislation we continue moving forward with the creation of a national museum that honors the countless political, cultural and economic contributions of the Latino community," Menendez said. "One step at a time, we are bringing to fruition a long overdue project to honor and document the influence American Latinos have had in weaving the cultural and historical fabric of American life throughout our nation’s history."

The bill follows up on the work of a commission, created in 2008, that studied the creation of the museum. It designates the Arts and Industries Building as the location for the museum, and provides for 18 months of planning.

The bill spends no federal money, and instead authorizes the use of the site and allows private fundraising for the design and construction of the museum, a provision Rubio highlighted.

"This will be an enduring monument to people who have found opportunity and refuge in America and strengthened her in return, while also serving as a tribute to this exceptional country which welcomes people and helps them realize their dreams like no other place has ever done in all of human history," Rubio said. "At a time when our nation faces major economic and fiscal challenges, I am pleased that this effort will not rely on taxpayer dollars and that this bill will encourage private fundraising efforts to make it a reality."