U.S. Congressman Salud Carbajal (D-Santa Barbara) wants to expand financing options for local municipalities, and on Oct. 22 he introduced legislation that could do just that.
He announced the bill, the National Infrastructure Corporation Act, at the 11th North American Infrastructure Leadership Forum hosted by CG/LA Infrastructure in Washington, D.C. The event traditionally draws big names in politics, like former Vice President Joe Biden. This year, former CIA Director Gen. David Petraeus attended along with President Donald Trump’s director of the National Economic Council, Larry Kudlow.
The legislation would allow entities like unions and states to use pension fund loans to finance infrastructure projects, according to Carbajal’s office.
“[This bill] helps communities gain funding to repair what they have and build resilient infrastructure moving forward,” Rep. Carbajal said at the event. “It would be governed by an independent, apolitical board of infrastructure and public policy experts and labor leaders. This keeps politics and partisan fighting out of important infrastructure funding decisions.”
The legislation is designed to allow states and local government to jumpstart vital projects.
“There is a multiplier effect with investing in infrastructure. It helps improve and modernize our transportation systems, strengthens our economy, and increases the creation of good-paying jobs,” Carbajal said.
Carbajal’s office said the bill will be formally introduced in the House of Representatives later in the week.
This article appears in Oct 24-31, 2019.