Carbajal to White House: Include National Infrastructure Bank in Bipartisan Package
Carbajal Leads Letter Urging White House to Establish a National Infrastructure Bank in Final Package
On July 16th, Congressman Carbajal led 19 Members of Congress in a letter to President Biden urging the administration to include a national infrastructure bank in the final bipartisan infrastructure package. The same day, Congressman Carbajal reintroduced the National Infrastructure Investment Corporation (NIIC) Act which lays out how such a bank would operate. The bill sets up a national bank that could leverage both federal and private dollars in order to help address the current funding shortfall for local infrastructure projects and meet future needs.
“We have been debating infrastructure investment for years and we always come back to the same question of ‘how do we pay for it?’ A national infrastructure bank takes partisan politics out of the equation, serving as an additional revenue source to finance current and long-term infrastructure needs,” said Rep. Carbajal. “I urge President Biden to include this viable and valuable tool in the final bipartisan infrastructure package so we can modernize our infrastructure, grow our economy, and make life better and safer for all Americans.”
The American Society of Civil Engineers estimates that the total investment shortfall for our infrastructure has gone from $2.1 trillion over 10 years to over $2.59 trillion over the same period. In addition, America’ drinking water treatment and distribution systems need $473 billion over the next 20 years. In California, there are over 14,220 miles of highway in poor condition. Since 2011, commute times have increased by 14.6% in California and on average, each driver pays $799 per year in costs due to driving on roads in need of repair. As the letter states, it is clear traditional infrastructure funding sources simply are not meeting the current and foreseeable demands for a wide array of critical infrastructure projects.
“Infrastructure investment is an investment in America. It is fundamental to the effective and productive operation of society – creating jobs, promoting economic growth, and preserving and enhancing quality of life for all Americans. Infrastructure is also a key component of America’s ability to maintain a global competitive edge,” wrote the lawmakers. “Unfortunately, traditional infrastructure funding sources simply are not meeting the current and foreseeable demands for a wide array of critical infrastructure projects and, of equal concern, these sources are becoming more and more challenging. A national infrastructure bank would go a long way in supplementing other federal infrastructure funding sources to solve the current shortfall and meet all future demands.”
Read the full letter here or below:
The Honorable Joseph R. Biden, Jr.
President of the United States
The White House
1600 Pennsylvania Avenue, NW
Washington, DC 20500
Dear President Biden:
We are writing to express our support for the inclusion of a national infrastructure bank in the final bipartisan infrastructure package.
Infrastructure investment is an investment in America. It is fundamental to the effective and productive operation of society - creating jobs, promoting economic growth, and preserving and enhancing quality of life for all Americans. Infrastructure is also a key component of America’s ability to maintain a global competitive edge. The conditions of roads, bridges, water and wastewater facilities, ports and waterways, telecommunications projects, and other physical assets greatly influence our economy’s ability to function and to thrive domestically and internationally.
The Nation’s infrastructure needs are great and are only getting greater. The American Society of Civil Engineers estimates the total investment shortfall has gone from $2.1 trillion over 10 years to nearly $2.59 trillion over 10 years system for infrastructure. According to the Environmental Protection Agency, America’s drinking water treatment and distribution systems need $473 billion in investments over the next 20 years. And, the Federal Highway Administration’s most recent survey estimates that almost 20 percent of the nation’s roads are in poor condition.
Unfortunately, traditional infrastructure funding sources simply are not meeting the current and foreseeable demands for a wide array of critical infrastructure projects and, of equal concern, these sources are becoming more and more challenging. A national infrastructure bank would go a long way in supplementing other Federal infrastructure funding sources to solve the current shortfall and meet all future demands. A national infrastructure bank has a number of benefits, including self-sustaining funding, flexible repayment terms, low interest rates, accelerated project delivery, shorter term loans, ability to borrow small amounts, recycled repayments to finance future projects, and economic development incentives.
Mr. President, you have urged the country to modernize and create, to act bolder, and to build back better. A national infrastructure bank is a viable and valuable tool that will help make that happen. We urge your support and we thank you for your continued leadership.
Sincerely,
Representatives Salud Carbajal, Rosa L. DeLauro, Scott Peters, Sean Patrick Maloney, Carolyn Bourdeaux, André Carson, Norma J. Torres, Stacey E. Plaskett, Rashida Tlaib, John Garamendi, Suzan K. DelBene, Donald S. Beyer Jr., Susan Wild, Ann M. Kuster, James A. Himes, David J. Trone, Madeleine Dean, Derek Kilmer, and Dean Phillips.
Rep. Salud Carbajal represents California’s 24th congressional district, encompassing Santa Barbara, San Luis Obispo and part of Ventura County. Carbajal is a member of the New Democrat Coalition’s Infrastructure Task Force and the Problem Solvers Caucus’ Infrastructure Working Group. He sits on the House Armed Services Committee, Agriculture Committee, and Transportation and Infrastructure Committee, where he serves as the Chair of the Subcommittee on Coast Guard and Maritime Transportation.
Originally published here.
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The New Democrat Coalition is comprised of 95 forward-thinking Democrats who are committed to pro-economic growth, pro-innovation, and fiscally responsible policies. More on the NDC in the 117th Congress.
On July 16th, Congressman Carbajal led 19 Members of Congress in a letter to President Biden urging the administration to include a national infrastructure bank in the final bipartisan infrastructure package. The same day, Congressman Carbajal reintroduced the National Infrastructure Investment Corporation (NIIC) Act which lays out how such a bank would operate. The bill sets up a national bank that could leverage both federal and private dollars in order to help address the current funding shortfall for local infrastructure projects and meet future needs.
“We have been debating infrastructure investment for years and we always come back to the same question of ‘how do we pay for it?’ A national infrastructure bank takes partisan politics out of the equation, serving as an additional revenue source to finance current and long-term infrastructure needs,” said Rep. Carbajal. “I urge President Biden to include this viable and valuable tool in the final bipartisan infrastructure package so we can modernize our infrastructure, grow our economy, and make life better and safer for all Americans.”
The American Society of Civil Engineers estimates that the total investment shortfall for our infrastructure has gone from $2.1 trillion over 10 years to over $2.59 trillion over the same period. In addition, America’ drinking water treatment and distribution systems need $473 billion over the next 20 years. In California, there are over 14,220 miles of highway in poor condition. Since 2011, commute times have increased by 14.6% in California and on average, each driver pays $799 per year in costs due to driving on roads in need of repair. As the letter states, it is clear traditional infrastructure funding sources simply are not meeting the current and foreseeable demands for a wide array of critical infrastructure projects.
“Infrastructure investment is an investment in America. It is fundamental to the effective and productive operation of society – creating jobs, promoting economic growth, and preserving and enhancing quality of life for all Americans. Infrastructure is also a key component of America’s ability to maintain a global competitive edge,” wrote the lawmakers. “Unfortunately, traditional infrastructure funding sources simply are not meeting the current and foreseeable demands for a wide array of critical infrastructure projects and, of equal concern, these sources are becoming more and more challenging. A national infrastructure bank would go a long way in supplementing other federal infrastructure funding sources to solve the current shortfall and meet all future demands.”
Read the full letter here or below:
The Honorable Joseph R. Biden, Jr.
President of the United States
The White House
1600 Pennsylvania Avenue, NW
Washington, DC 20500
Dear President Biden:
We are writing to express our support for the inclusion of a national infrastructure bank in the final bipartisan infrastructure package.
Infrastructure investment is an investment in America. It is fundamental to the effective and productive operation of society - creating jobs, promoting economic growth, and preserving and enhancing quality of life for all Americans. Infrastructure is also a key component of America’s ability to maintain a global competitive edge. The conditions of roads, bridges, water and wastewater facilities, ports and waterways, telecommunications projects, and other physical assets greatly influence our economy’s ability to function and to thrive domestically and internationally.
The Nation’s infrastructure needs are great and are only getting greater. The American Society of Civil Engineers estimates the total investment shortfall has gone from $2.1 trillion over 10 years to nearly $2.59 trillion over 10 years system for infrastructure. According to the Environmental Protection Agency, America’s drinking water treatment and distribution systems need $473 billion in investments over the next 20 years. And, the Federal Highway Administration’s most recent survey estimates that almost 20 percent of the nation’s roads are in poor condition.
Unfortunately, traditional infrastructure funding sources simply are not meeting the current and foreseeable demands for a wide array of critical infrastructure projects and, of equal concern, these sources are becoming more and more challenging. A national infrastructure bank would go a long way in supplementing other Federal infrastructure funding sources to solve the current shortfall and meet all future demands. A national infrastructure bank has a number of benefits, including self-sustaining funding, flexible repayment terms, low interest rates, accelerated project delivery, shorter term loans, ability to borrow small amounts, recycled repayments to finance future projects, and economic development incentives.
Mr. President, you have urged the country to modernize and create, to act bolder, and to build back better. A national infrastructure bank is a viable and valuable tool that will help make that happen. We urge your support and we thank you for your continued leadership.
Sincerely,
Representatives Salud Carbajal, Rosa L. DeLauro, Scott Peters, Sean Patrick Maloney, Carolyn Bourdeaux, André Carson, Norma J. Torres, Stacey E. Plaskett, Rashida Tlaib, John Garamendi, Suzan K. DelBene, Donald S. Beyer Jr., Susan Wild, Ann M. Kuster, James A. Himes, David J. Trone, Madeleine Dean, Derek Kilmer, and Dean Phillips.
Rep. Salud Carbajal represents California’s 24th congressional district, encompassing Santa Barbara, San Luis Obispo and part of Ventura County. Carbajal is a member of the New Democrat Coalition’s Infrastructure Task Force and the Problem Solvers Caucus’ Infrastructure Working Group. He sits on the House Armed Services Committee, Agriculture Committee, and Transportation and Infrastructure Committee, where he serves as the Chair of the Subcommittee on Coast Guard and Maritime Transportation.
Originally published here.
###
The New Democrat Coalition is comprised of 95 forward-thinking Democrats who are committed to pro-economic growth, pro-innovation, and fiscally responsible policies. More on the NDC in the 117th Congress.
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