DeLauro Introduces National Infrastructure Development Bank Act
DeLauro has Championed the Establishment of an Infrastructure Bank Since 1994
WASHINGTON, D.C. — House Appropriations Committee Chair Rosa DeLauro (D-CT-03) reintroduced the National Infrastructure Development Bank Act, a bill to create and fund a public bank that would innovatively facilitate public-private partnerships to rebuild our nation’s roads, highways, bridges, and environmental and energy projects of national or regional significance. DeLauro has introduced the National Infrastructure Development Bank Act since 1994.
According to the American Society of Civil Engineers, continued underinvestment in our infrastructure at current rates will cost $10 trillion in GDP, more than 3 million jobs, and $2.4 trillion in exports over the next 20 years.
“Our country is in dire need of massive investments in infrastructure. We need a robust investment to not only fix our current infrastructure state but to invest in new projects to bring our infrastructure system into the 21st century” said Congresswoman DeLauro. “My bill creating a National Infrastructure Bank would help build the architecture for the future by addressing the tremendous shortfall in infrastructure investment, creating American jobs, spurring long-term economic growth, and improving our competitiveness across the globe.”
Over the course of the pandemic, construction employment fell in 58 percent of America’s metro areas and stagnated in 12 percent. The National Infrastructure Bank would create thousands of new jobs with good wages and benefits across all facets of the construction industry in rural and urban communities and ensure that workers are not displaced in the process.
“The time to act is now,” DeLauro continued. “The National Infrastructure Bank would help supplement other federal programs to allow Congress to pursue a clear, comprehensive infrastructure policy that addresses the broad scope of this issue.”
DeLauro’s National Infrastructure Development Bank would finance surface transportation projects, as well as energy, environmental, and telecommunications projects. The bank would consider each project’s economic and environmental impacts, social benefits, and costs objectively before selecting projects to finance.