Highlights National Infrastructure Bank on Floor of U.S. House of Reps.

Washington, D.C. –Congresswoman Rosa DeLauro (CT-3), who has introduced the National Infrastructure Development Bank Act , took to the floor of the U.S. House of Representatives in support of the proposal (click here, to view the floor statement) speaking during consideration of the Transportation, Housing and Urban Development Appropriations Bill for fiscal year 2010 , which has language addressing the National Infrastructure Bank proposal. The bill, passed by the House late Thursday [23 July, 2009] evening, recognizes the need for a new direction in Federal infrastructure investment, and believes that an infrastructure bank could serve as a potential financing mechanism for a wide range of infrastructure projects, including, within the realm of transportation. It therefore includes language to allow the Secretary of Transportation to transfer $2 billion, as is allocated in the budget resolution, to capitalize a national infrastructure bank should an infrastructure bank be authorized.

"An infrastructure bank, as proposed in my National Infrastructure Development Bank Act and as is included in both the President's budget and the Budget Resolution represents an opportunity for us to advance a bold, new, and forward-looking infrastructure policy that will improve our way of life, create jobs, and foster long-term economic growth that will keep us competitive in the 21st century," DeLauro said on the floor of the House of Representatives. "The bank would pull us away from haphazard earmarking and move us toward a more responsive, merit-based, and efficient selection process."

The National Infrastructure Development Bank Act would create a bank to rebuild America that would direct public and private dollars toward infrastructure projects of national or regional significance. Modeled after the European Investment Bank, it would leverage private sector dollars to invest in transportation, environmental, energy and telecommunications infrastructure projects. It would objectively consider the economic, environmental, social benefits and costs of infrastructure projects, as well as other specific criteria, and fund projects of significance.

DeLauro concluded, "This is not a partisan issue. Just last week the National Governor's Association endorsed the concept of an infrastructure bank by resolution. Both the U.S. Chamber of Commerce and many labor groups strongly support this effort, and as President Bush's Transportation Secretary Mary Peters once stated, there are upwards of $400 billion in private capital available, through pension funds, sovereign wealth funds and the like, to invest in our nation's infrastructure. We need to harness the power of that capital in a smart, effective way to remain competitive in the 21st century."