Congressman Tim Ryan Cosponsors National Infrastructure Development Bank Act (H.R. 2553)
Warren, Ohio – This week, Congressman Tim Ryan cosponsored H.R. 2553, the National Infrastructure Development Bank Act, a bill that would establish a much-needed infrastructure bank able to consider eligible projects, provide financing, and create good jobs to help rebuild the U.S. economy. In Youngstown, Warren, Alliance, Kent and Akron, our roads, bridges, rails and sewer systems need work, and the longer we wait to fix them the costlier these projects will become. The American Society of Civil Engineers reports that the United States must spend $3.6 trillion by 2020 to repair our infrastructure. Currently we are spending less than 40% of what is necessary to maintain our existing physical infrastructure.
More than 25% of bridges in the United States either need significant repairs or are handling more traffic than they were originally designed to carry. There are over 4,000 American dams that are considered “unsafe”. The overburdened electrical grid has resulted in rolling blackouts and annual losses of $80 billion. The United States’ aging sewer systems spill over one trillion gallons of untreated sewage annually that results in cleanup costs of $50 billion a year. The Federal Highway Administration estimates that bad roads play a role in more than 14,300 traffic fatalities annually.
“We must act now on this vital legislation if we want the United States remain a leader in global innovation. India and China are spending seven to nine percent of their GDP on infrastructure, while our country is spending only two,” said Congressman Ryan. “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. With interest rates at historically low levels, now is the time to reinvest in America. ”
This legislation creates a National Infrastructure Development Bank, which will be a government-owned corporation headed by a Board of Directors. The Bank will develop merit-based criteria for project selection, consider eligible projects and provide financing for selected projects. The National Infrastructure Development Bank concept is supported by labor, finance, business and environmental communities, President Obama, and a bipartisan group of governors and mayors.
Congressman Tim Ryan
241 W. Federal Street
Youngstown, OH 44503
P: (330) 740-0193 (Youngstown)
P: (202) 225-5261 (Washington, D.C.)
C: (330) 717-8103