A bipartisan group of Senators has introduced a bill that would create a national infrastructure bank to issue loans and loan guarantees for transportation and other infrastructure projects of regional and national significance.
The Building and Upgrading Infrastructure for Long-Term Development Act, or BUILD Act, is designed to help construct badly-needed transportation, water and energy projects that may otherwise be delayed or rejected due to federal budget cutbacks and revenue shortfalls, Sen. John Kerry (D-Mass.), one of the sponsors of the legislation said last week.
Kerry said that experts have estimated the U.S. needs to invest more than $2 trillion to bring the nation’s infrastructure to an “acceptable level,” and $250 billion annually for the next 50 years to meet future federal, state and local transportation infrastructure needs.
The U.S. is in danger of losing its competitive edge in the global marketplace, Kerry said.
“Today, in the race for global economic leadership, second in infrastructure is second in everything,” Kerry added.
The government-owned infrastructure bank would be authorized to receive $10 billion in advance federal funding for loans and loan guarantees for infrastructure projects costing more than $100 million that have a clear public benefit, and at the same time meet tough economic, environmental, and technical standards.
