ICYMI – Webster Op-Ed: A modern solution to our infrastructure needs
By Congressman Daniel Webster (R-FL)
May 24, 2022
Washington, DC – In an op-ed published by the Washington Times today, Congressman Daniel Webster presents an innovative infrastructure investment proposal that will support wholesale lending to infrastructure projects through state and local governments, state infrastructure banks and private entities.
“Throughout my public service and as a senior member of the House Transportation and Infrastructure Committee, I have focused on policies and projects that ensure people and goods can move effectively and efficiently across our state.
“…Last year, I introduced a key legislative solution which will facilitate private infrastructure investments. This proposal will complement existing federal programs and encourages states and local governments to pursue all available funding sources, without putting the burden on American taxpayers. The Infrastructure Bank of America (IBA) which will be re-introduced next month will be a government-sponsored enterprise structured to serve as a wholesale lender to infrastructure projects through state and local governments, state infrastructure banks and private entities. All without spending a single taxpayer dollar.
“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 that it will be entirely capitalized by private investment. Infrastructure banks have already successfully complemented existing funding programs across the world, including U.S. state infrastructure banks. IBA investments would not be overly restrictive by project type and can help finance surface transportation projects, ports, electric grid security, broadband connectivity, and the revitalization of Main Street USA. The IBA will set aside a minimum of seven percent of the dollar amount of loans and loan guarantees to rural areas for rural infrastructure projects…”
Read the full op-ed at https://bit.ly/IBASolution.