In an effort to stimulate funding for public construction projects, Rep. Salud Carbajal, D-Santa Barbara announced Oct. 22 the introduction of a measure to create a national infrastructure bank.
Carbajal announced his bill, the National Infrastructure Investment Corporation Act of 2019, at the 11th North American Infrastructure Leadership Forum in Washington, D.C.
The measure establishes a national infrastructure bank “that would help leverage private dollars to give local governments another way to fund critical infrastructure projects,” according to a press release from the congressman’s office.
The proposed bank would help communities gain funding to repair what they have, “and build resilient infrastructure moving forward,” said Carbajal, who is vice chairman of the House Committee on Transportation and Infrastructure.
“It would be governed by an independent, apolitical board of infrastructure and public policy experts and labor leaders,” he said. “This keeps politics and partisan fighting out of important infrastructure funding decisions.”
He said there is a multiplier effect with investing in infrastructure. “It helps improve and modernize our transportation systems, strengthens our economy and increases the creation of good-paying jobs,” Carbajal said.
The measure allows for municipal, state and union pension fund loans to be used as investments in infrastructure projects.
“This is a way to jumpstart crucial infrastructure projects, while ensuring the original money, as well as the interest collected on it, is returned to employees when it comes time to collect their pensions,” Carbajal’s press release said.
It also said the proposed infrastructure bank proposed would not require excess federal spending and would allow communities to invest in “sustainable, resilient infrastructure.” The measure will be formally introduced in the House this week.
Carbajal has been a proponent of infrastructure investments on the Central Coast and across the nation. He represents California’s 24th Congressional District, which includes Santa Barbara, San Luis Obispo and part of Ventura County.
Posted Oct. 22, 2019.