Rep. Loretta Sanchez Introduces Re-Build America Bond Act Of 2009

Press Release

Rep. Loretta Sanchez Introduces Re-Build America Bond Act Of 2009

U.S. Rep. Loretta Sanchez (CA-47) introduced fiscally-sound legislation today that will create jobs and finance critical infrastructure projects without digging a massive hole in our nation's budget deficit.

The Re-Build America Bond Act of 2009 (H.R. 852) would create a new U.S. Treasury Savings Bond that would provide individual Americans with the opportunity to make secure investments in savings bonds while providing critical financial support for much needed and overdue infrastructure projects around the country. Eligible projects would include federal, state, or local rail, transit, water, highway, bridge, or road projects.

"From bridge collapses, water main breaks, and other infrastructure accidents across the country, it is clear that America's aging infrastructure is in urgent need of an upgrade," said Sanchez.

"The Re-Build America Bond Act of 2009 will not only put people back to work, but will provide critical repairs and upgrades to our nation's infrastructure - all while being fiscally sound and responsible. My bill ensures that there is a way for all Americans to invest in the rebuilding of our nation's infrastructure and job creation in their communities."

Re-Build America Bonds would generate a revenue stream to help pay for needed infrastructure projects, in addition to raising the morale of the American people during this time of economic crisis, by allowing them to participate in the re-building of our nation's infrastructure, much the way previous generations participated in the nation's defense efforts through the sale of war bonds.

"During these extremely difficult economic times, my bill gives Americans a way to invest what they can in rebuilding their economy and putting people back to work. While much work remains, my bill offers a fiscally responsible way to get our economy back on track."

As with other savings bonds, the U.S. Treasury would establish the terms of the Re-Build America Bonds, however, all revenue from the sale of the bonds would be directed to a new Re-Build America trust fund within the Treasury of the United States. All funds in this trust fund would be available only as appropriated for critically needed infrastructure projects.

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