DeLauro Introduces National Infrastructure Development Bank Act

Public-Private Partnership Would Create Jobs andBolster the Economy

WASHINGTON, DC—Congresswoman Rosa DeLauro (D-CT) introducedthe National Infrastructure Development Bank Act today. The bill wouldcreate and fund a public bank to leverage public and private dollars formeritorious infrastructure projects of national or regional significance.

"With limited money, innovative financing solutions arecrucial to funding critical infrastructure projects, which in turn create goodmiddle class jobs and provide an economic spark that better enables America tocompete with other economic power centers around the globe. An infrastructurebank would help us expand and enhance our existing infrastructure, making thecritical investments needed to compete at the highest levels of the globaleconomy. Now is the time to invest in our nation, building betterinfrastructure systems and a stronger economy. I look forward to working withmy colleagues and the President to make this bank a reality."

According to the American Society of Civil Engineers, 73percent of Connecticut roads are in poor or mediocre condition. They alsoreport that the state has $1.4 billion in drinking water needs over the next 20years and its schools have $2.6 billion in infrastructure funding needs.

The National Infrastructure Bank would invest intransportation, environmental, energy and telecommunications projects. The Bankwould consider each project's economic, environmental, social benefits, andcosts objectively before selecting projects to finance. It would supplementother federal infrastructure programs by providing loans, loan guarantees andproceeds from bond issuances for projects, and make payments to help states andlocalities cover their bond interest payments. These investment opportunitieswill create jobs, support businesses spur economic growth, and help build keyinfrastructure for the future.

DeLauro has been advocating a National Infrastructure Banksince 1994. A bipartisan group of mayors and governors support the concept, asdo the business, investment, and labor communities. Please see theattached document for statements of support.

President Obama has called for an infrastructure bankseveral times, notably in this year's State of the Union address. The proposalwas also included in his fiscal year 2014 budget proposal.