Kucinich And LaTourette Take Action For Federal Financing of Infrastructure Repair
Introduce Bipartisan Legislation To Improve Critical Infrastructure In Ohio And Nationwide; Kucinich Also Plans Infrastructure Hearings
Washington,
Aug 3, 2007 -
Today Congressman Dennis Kucinich (D-OH) and Congressman Steven LaTourette (R-OH), introduced bipartisan legislation to improve critical infrastructure in Ohio and nationwide. The Rebuilding America’s Infrastructure Act of 2007, would create a low-cost federal financing mechanism to administer zero-interest loans to localities. States choose which projects to fund with the loans according to their specific needs. Kucinich and LaTourette have introduced versions of this bill in each of the past three Congresses.
The authors of the bill believe that it would help prevent tragedy such as the collapsing of the Interstate 35W bridge in Minneapolis, which was structurally-deficient and awaiting significant repair when the financing became available.
Kucinich also announced he would hold a hearing to examine the options for a large expansion of federal financing of infrastructure repair. Kucinich is the Chairman of the Domestic Policy Subcommittee of the Oversight and Government Reform Committee, which has oversight jurisdiction over the Department of Transportation.
The bill would create the Federal Bank for Infrastructure Modernization (FBIM). The bank, as an extension of the Federal Financing bank under the Treasury Department, would establish zero interest mortgage loans for states and local governments to use to fund specific projects. The loans would bear a small fee of one-quarter of one percent of the loan principle to cover the administrative costs of the FBIM. The bill would not require Congress to appropriate any funds and would effectively double the amount of financing that is available to states and localities for infrastructure investment.
“This bill is not just an infrastructure improvements bill but a jobs bill as well,” stated Kucinich. “The Cleveland-area, and big and small cities across the country, would benefit greatly from this large federal investment.”
“Our infrastructure needs are many and dollars are scarce,” LaTourette said. “This bill will help communities do big-ticket projects for wastewater and water plants, roads and bridges.”
