It may just be whistling in the wind, but Democrats in the Senate this week introduced legislation that would establish a National Infrastructure Bank that is similar to the one that President Obama has proposed in his jobs plan. The bill, sponsored by Rep. Marcia Fudge (D-Ohio), would create the bank and fund it at $5 billion per year through 2015. If the bill were somehow to be approved this year, it would provide $20 billion for the bank, which is double the amount of money requested by the President, according to a blog post in The Hill. Democrats have said that money provided to an infrastructure bank could be leveraged to provide financial support to infrastructure valued at 10 times the initial amount, or more.
However, the chances of the National Infrastructure Bank being adopted this year remain slim, based on the lack of support in the House. As The Hill notes, Republicans in the House continue to insist on spending cuts and no new federal spending programs. At a hearing on the proposal two weeks ago the Chairman of the House Transportation Committee, John Mica (R-Fla.) called the National Infrastructure Bank “dead on arrival” in the House of Representatives. Despite the President’s call for the creation of an infrastructure bank, Fudge’s bill has no co-sponsors in the House and only one in the Senate, Sen. Jack Reed (D-R.I.).
Dems introduce bill creating Obama's infrastructure bank