DeLauro, Colleagues Introduce Job-Creating National Infrastructure Development Bank Act

Bill would leverage private dollars to invest in infrastructure, creating jobs and bolstering the economy

Washington, DC— Representatives Rosa L. DeLauro (CT-3), Keith Ellison (MN-5), Anthony Weiner (NY-9), and Steve Israel (NY-2) introduced the National Infrastructure Development Bank Act of 2011 today, a bill that will create and fund a bank that would direct public and private dollars toward infrastructure projects of national or regional significance.

The National Infrastructure Bank, similar to the European Investment Bank, would leverage private sector funds to invest in transportation, environmental, energy and telecommunications infrastructure projects. The Bank would consider each project's economic, environmental, social benefits and costs objectively and select projects of significance. It would supplement other federal infrastructure programs, and provide investment opportunities to create jobs, spur economic growth, and help build an infrastructure for the future.

DeLauro has been advocating a similar proposal to the National Infrastructure Development Bank Act since 1994. A bipartisan group of mayors and governors support the concept, as do the business, investment, and labor communities.

"With today's budget constraints, innovative financing solutions are needed to invest in critical infrastructure projects, a key component to a national growth strategy that creates good middle class jobs at a time of unacceptably high unemployment and spurs economic growth to allow us to compete with other economic power centers around the globe. A National Infrastructure Bank would enable us to expand and enhance our existing infrastructure, and make the critical investments in the modern infrastructure systems needed to compete at the highest levels of the global economy," said Congresswoman Rosa DeLauro. "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."

"Priority number one for this Congress must be creating jobs and lowering unemployment," said Congressman Keith Ellison (Minneapolis). "A National Infrastructure Development Bank is designed to simultaneously rehabilitate our crumbling roads and bridges and put America back to work," Ellison concluded.

"At a time when our nation's infrastructure is badly in need of repair, the creation of this bank will help us turn potholes into jobs and private ingenuity into public benefit," said Congressman Anthony Weiner. "This bill would bring Congress off the sidelines to help solve this problem without increasing the deficit."

"We are in a fierce global competition with China, and right now they are pulling ahead, in part because of their investments in infrastructure. They're not winning the space race, they're winning the ground game. They have invested more than $200 billion into high speed rail. They're building 97 new airports. I refuse to accept second place to China. A National Infrastructure Development Bank will provide a sustainable source of revenue from unique public private partnerships and rebuild America. I'm proud to again join Congresswoman DeLauro, Congressman Ellison and Congressman Weiner in sponsoring this job-creating legislation," said Congressman Steve Israel.