Congressman Tim Ryan Cosponsors National Infrastructure Development Bank Act
WASHINGTON, DC — Congressman Tim Ryan (OH-D) today joined more than 70 Members of the House of Representatives in introducing the National Infrastructure Development Bank Act. The bill would create and fund a public bank to leverage public and private dollars to help rebuild roads, highways, bridges, and environmental and energy projects of national or regional significance.
“Experts have found that we need to invest $3.6 trillion by 2020 to bring our infrastructure up to a state of good repair. Infrastructure investments spur economic development by making areas safe and attractive for new businesses. Our energy grids are failing, our sewers are leaking, and our roads and bridges are crumbling.,” said Congressman Ryan. “We must act now on this vital legislation if we want the United States to remain a leader in global innovation.”
The legislation, modeled after the European Investment Bank, would leverage private sector dollars from institutional investors, such as pension funds, to supplement current funding in our nation’s infrastructure. It would provide loans and loan guarantees to projects, and issue Public Benefit Bonds with proceeds to fund projects, and make payments to help states and localities cover their bond interest payments.
The National Infrastructure 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.