House Committee Holds Hearing on Obama Infrastructure Bank Proposal

On Oct. 12, the House Transportation and Infrastructure Committee held a hearing on a key component of President Obama’s America’s Jobs Act – the creation of a national infrastructure bank.  The president’s infrastructure bank plan calls for a one-time appropriation to help finance transportation, water, and energy infrastructure projects.  AGC has long supported the creation of a national infrastructure bank as a supplement to traditional funding. We also believe the priority should be to fully fund existing programs and utilize current financing tools available to finance transportation infrastructure projects. In the hearing, Transportation and Infrastructure Committee Chairman John Mica (R-Fla.) labeled the president’s call for a national infrastructure bank as “dead on arrival.”   Chairman Mica believes, and AGC agrees, that there are current financing programs available for transportation infrastructure projects that need to be better capitalized and fully utilized before we create a new entity to perform a similar function.  For example, the next surface transportation bill is likely to include funding for additional Transportation Infrastructure Financing and Innovation Act (TIFIA) financing and assisting states in utilizing state infrastructure banks; all of which AGC would support. AGC will continue to work to ensure that innovative financing of transportation projects is a key component in the upcoming surface transportation authorization bill. For more information, please contact Sean O’Neill at (202) 547-8892 or oneills@agc.org.