Congresswoman Rosa DeLauro (D-CT) introduced the National Infrastructure Development Bank Act today. The bill would create and fund a public bank to leverage public and private dollars for meritorious infrastructure projects of national or regional significance.
"With limited money, innovative financing solutions are crucial to funding critical infrastructure projects, which in turn create good middle class jobs and provide an economic spark that better enables America to compete with other economic power centers around the globe. An infrastructure bank would help us expand and enhance our existing infrastructure, making the critical investments needed to compete at the highest levels of the global economy. Now is the time to invest in our nation, building better infrastructure systems and a stronger economy. I look forward to working with my colleagues and the President to make this bank a reality."
According to the American Society of Civil Engineers, 73 percent of Connecticut roads are in poor or mediocre condition. They also report that the state has $1.4 billion in drinking water needs over the next 20 years and its schools have $2.6 billion in infrastructure funding needs.
The National Infrastructure Bank would invest in transportation, environmental, energy and telecommunications projects. The Bank would consider each project's economic, environmental, social benefits, and costs objectively before selecting projects to finance. It would supplement other federal infrastructure programs by providing loans, loan guarantees and proceeds from bond issuances for projects, and make payments to help states and localities cover their bond interest payments. These investment opportunities will create jobs, support businesses spur economic growth, and help build key infrastructure for the future.
DeLauro has been advocating a National Infrastructure Bank since 1994. A bipartisan group of mayors and governors support the concept, as do the business, investment, and labor communities. Please see the attached document for statements of support.
President Obama has called for an infrastructure bank several times, notably in this year's State of the Union address. The proposal was also included in his fiscal year 2014 budget proposal.