Ryan Sponsors Legislation for Infrastructure Bank
WARREN, Ohio – Legislation cosponsored this week by U.S. Rep. Tim Ryan would establish an infrastructure bank to address the nation's vital infrastructure needs.
Titled the National Infrastructure Bank Act, House Resolution 2553 would establish an infrastructure bank to consider eligible projects, provide funding and create good jobs to help build the U.S. economy, Ryan's office announced in a news release today.
The National Infrastructure Development Bank would be a government-owned corporation headed by a board of directors, and would develop merit-based criteria for project selection, consider eligible projects and provide financing for selected projects.
“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,” Ryan, D-13 Ohio, said. “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. ”
According to the release, the United States is spending less than 40% of what is necessary to maintain the nation's existing physical infrastructure. The American Society of Civil Engineers estimates $3.6 trillion should be spent by 2020 for repairing existing infrastructure.
The concept has the support of President Obama; labor, finance, business and environmental communities; and a bipartisan group of governors and mayors.
Published by The Business Journal, Youngstown, Ohio.
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