Washington, DC-(ENEWSPF)-March 29, 2013. Investing in infrastructure not only makes our roads, bridges, and ports safer and gives our businesses and workers the tools to compete successfully in the global economy, it also creates thousands of good American jobs that cannot be outsourced. Since the President took office four years ago, America has begun the hard work of rebuilding our infrastructure: American workers have improved over 350,000 miles of U.S. roads and more than 6,000 miles of rail, and they have repaired or replaced over 20,000 bridges. But there's more to do, and taxpayers shouldn't have to shoulder the entire burden themselves.
We know that America works best when it's calling upon the resources and ingenuity of our vibrant private sector. That's why the President's plan calls for a Rebuild America Partnership to help attract the private capital that can go toward building the infrastructure our workers and businesses need most.
By acting on the President's plan, together we can build an infrastructure that's second-to-none and prove that there is no better place to do business and create jobs than right here in the United States of America.
• Partnering with the Private Sector to Create Jobs and Invest in the Projects We Need Most: The President is continuing to call for Congress to enact a National Infrastructure Bank capitalized with $10 billion, in order to leverage private and public capital and to invest in a broad range of infrastructure projects of national and regional significance, without earmarks or political influence.
• Giving State and Local Governments Flexible New Tools to Invest in Infrastructure: The President's new America Fast Forward Bonds program will build upon the successful example of the Build America Bonds program, broadening its use to include the types of projects that can be financed with qualified private activity bonds while also making the combined program more flexible. In addition, the Administration is proposing changes to the Foreign Investment in Real Property Tax Act (FIRPTA) aimed at enhancing the attractiveness of investment in U.S. infrastructure and real estate to a broader universe of private investors.
• Building the Transportation Network Our Businesses and Workers Need to Succeed: In addition to the sound implementation of TIFIA's recent eight-fold expansion, the Administration is also proposing $4 billion in new competitive funding for the innovative TIGER and TIFIA programs.
The President's Plan to Attract Private Infrastructure Investment Through a "Rebuild America Partnership"
Despite progress over the last four years, too many construction workers remain out of work and too many of our nation's infrastructure needs remain unmet. The President's new "Rebuild America Partnership" will bring together an array of new and existing policies all aimed at enhancing the role of private capital in U.S. infrastructure investment as a vital additive to the traditional roles of Federal, State, and local governments, making American workers and businesses more competitive and putting more Americans back on the job:
• Partnering with the Private Sector to Create Jobs and Invest in the Projects We Need Most. To leverage private and public capital for infrastructure projects showing the greatest merit, the President is continuing to call for the investment of $10 billion to create and capitalize an independent National Infrastructure Bank (NYSEARCA:NIB), based on a model that has won bipartisan support from the Senate in the past. Each dollar of Federal funding can leverage up to $20 in total infrastructure investment, mainly from partners in the private sector and State and local government.