WASHINGTON – A group of Congressman, including Republican Tom Reed, recently introduced a bill to help further infrastructure projects nationwide.
Reed says the Infrastructure Bank for America Act of 2020 is intended to support wholesale lending to infrastructure projects through state and local governments, state infrastructure banks and private entities.
Reed adds the Bank, structured similarly to the Federal Home Loan Bank System, encourages private investment through tax incentives for those investments during the first three years of IBA operation. This approach differs from prior Infrastructure Bank proposals in the sense that it will be entirely capitalized by private investment. Infrastructure banks have successfully complemented existing funding programs across the world, including US state infrastructure banks.
The Infrastructure Bank for America will support industries and projects critical to the structure, growth and resurgence of the US economy. IBA investments are not limited and can help finance surface transportation projects, electric grid security, broadband connectivity, the revitalization of Main Street USA, and more.
“We care about supporting communities across the country who have long lacked access to the capital needed to upgrade aging infrastructure. By facilitating unique public/private partnerships at the state and local level, the Infrastructure Bank for American will unlock a wave of investments in critical projects that will boost economic growth and improve livelihoods,” said Reed.
Congressmen Daniel Webster (FL-11), Dan Meuser (PA-09), and Doug LaMalfa (CA-01) also co-sponsored the bill.
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