American innovation built roads, bridges, railways and ports that were once the wonders of the world. But today, our nation's antiquated transportation networks are costing Pennsylvanians and Americans across the country valuable time, money and energy, while putting our citizens at risk.
We cannot ignore the structural challenges plaguing our infrastructure if we expect to maintain our prosperity and leadership in the global economy today and for future generations. That's why I teamed up with a bipartisan group of members from the House and Senate to introduce legislation that offers a new, innovative approach to finance America's infrastructure into the 21st century.
Our bill would create Transportation and Regional Infrastructure Project Bonds (TRIPs) that would leverage private investment to provide $50 billion in new transportation infrastructure funding and empower states and local governments to undertake significant projects nationwide. TRIPs could be used for all modes of transportation, including roads, bridges, rail, transit, port and inland waterways.
Read my recent Op-Eds on innovation in our infrastructure in the...
Pittsburgh Post-Gazette and The Patriot-News
The U.S. Department of Transportation estimates that for every $1 billion invested in transportation infrastructure, we can create or sustain 30,000 good-paying jobs in Pennsylvania. Using that benchmark, the $50 billion of tax credit bonds under the TRIPs legislation would create 1.5 million new jobs nationwide to help repave our roads, refurbish our bridges and strengthen our transit networks.
Our nation needs a long-term transportation strategy that combines the cooperation, ingenuity and resources of the private sector and all levels of government. TRIPs offer an immediate, bipartisan opportunity to move us closer towards reaching that goal.
Please be sure to visit my website and Facebook page to learn more about TRIPs as well as my efforts to strengthen America's infrastructure and economy.
Allyson Y. Schwartz
Member of Congress