WASHINGTON — House Republicans attacked President Obama’s proposal for a national infrastructure bank at a hearing Wednesday, saying it is unnecessary and its goals could be achieved through other means.
“A national infrastructure bank, as proposed … is dead on arrival in the House of Representatives,” Rep. John Mica (Fla.), chairman of the House Transportation and Infrastructure Committee, said at a hearing hosted by that panel’s subcommittee on highways and transit.
“The White House plan already duplicates the plan in the Transportation Infrastructure Finance and Investment Act,” Rep. Howard Coble (R-N.C.) said, referring to a Department of Transportation program that provides loans and loan guarantees for highway projects.
Representatives gathered to discuss the infrastructure bank included in Obama’s American Jobs Act, proposed in September.
The bank, which Obama calls the American Infrastructure Financing Authority, would provide loans and loan guarantees to state and local governments for various transportation infrastructure projects, subcommittee staff wrote in a memo to members.
“I think the infrastructure bank … could make an excellent addition to our armory of tools to address our infrastructure needs,” Rep. Jarold Nadler (D-N.Y.) said.
