Congressman John Delaney today introduced the bipartisan Partnership to Build America Act. The legislation would finance the rebuilding of our country’s transportation, energy, communications, water, and education infrastructure through the creation of the American Infrastructure Fund (AIF) by using repatriated corporate earnings as well as through utilizing public-private partnerships. The AIF would provide loans or guarantees to state or local governments to finance qualified infrastructure projects and is estimated to leverage an initial $50 billion at a 15:1 ratio, therefore providing $750 million in investment.
ASCE strongly supports the Partnership to Build America Act as one way to deal with the nation’s ever growing infrastructure challenges. By creating an infrastructure fund using repatriated corporate earnings, as well as through the use of public-private partnerships, the legislation is creating another innovative financing source for our nation’s infrastructure. It will take innovative financing, to work in partnership with more traditional funding mechanisms in order to raise the grades for our nation’s infrastructure.
Furthermore, improving the condition of our nation’s aging roads, bridges, power lines, sewer systems, ports and waterways is critical to protecting 3.5 million jobs according to ASCE’s report, Failure to Act: The Impact of Current Infrastructure Investment on America’s Economic Future. If investments in infrastructure aren’t made at this time, families will have a lower standard of living, businesses will be paying more and producing less and our nation will lose ground in a global economy. The nation’s deteriorating infrastructure will cost the American families $3,100 annually in lost income and suppress the growth of the country’s Gross Domestic Product (GDP) by $3.1 trillion by 2020. Therefore, it is critical for Congress to continue to find new, and innovative ways, to invest in infrastructure programs.
ASCE looks forward to working with Congress on the passage of the Partnership to Build America Act and applauds Congressman Delaney for continuing the conversation on how we invest in the nation’s infrastructure.