National infrastructure bank could help toward repair of America's 70,000 failing bridges.
Congresswoman Rosa DeLauro (D-CT) has introduced the National Infrastructure Development Bank Act. The bill would create and fund a public bank to leverage public and private dollars for meritorious infrastructure projects of national or regional significance.
This would be of great consequence for America's 70,000 failing bridges. As Transportation for America explains:
11 percent of all U.S. highway bridges are structurally deficient— bridges requiring significant maintenance, rehabilitation or replacement. And though there are far fewer today than 20 years ago, our progress on repairing them has slowed to a trickle — nearly three times slower in the last four years than 20 years ago.
If all 66,503 structurally deficient U.S. bridges were placed end to end, you could drive from Washington, DC to Denver, CO entirely on deficient bridges. At 55 mph, you’d be taking your chances for over 28 hours on one, long, bad American bridge.
The National Infrastructure Bank would invest in transportation, environmental, energy and telecommunications projects. The Bank would consider each project’s economic, environmental, social benefits, and costs objectively before selecting projects to finance. It would supplement other federal infrastructure programs by providing loans, loan guarantees and proceeds from bond issuances for projects, and make payments to help states and localities cover their bond interest payments. These investment opportunities will create jobs, support businesses spur economic growth, and help build key infrastructure for the future.
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