WASHINGTON, D.C. - Select Revenue Measures Subcommittee Chairman Richard Neal (D-MA) delivered the following statement today at a Subcommittee hearing on infrastructure banks:
“I call this hearing to order. Please take your seats.
“I want to welcome everyone to this hearing by the Select Revenue Measures Subcommittee to explore infrastructure banks. The Members of this Committee have a lot of opinions about infrastructure spending. But that responsibility mainly lies elsewhere. Our part of the job involves the bank aspect of this proposal - where the revenue comes from to fund it, whether the bank could utilize tax-preferred bonds, and whether the bank would be issuing any federal debt.
“Chemist Dr. Linus Pauling said, ‘The best way to have a good idea is to have a lot of ideas.’ With an infrastructure funding shortfall estimated by some to be greater than $2 trillion, we surely need to explore some new ideas. Today’s hearing will examine one such proposal that utilizes innovative financing options, already at work in several states and foreign countries.
“Our witnesses today will tell us of the serious need for investment in our infrastructure supporting roads, airports, wastewater, drinking water, energy, and research. America’s competitiveness in our global economy depends on a reliable and consistent infrastructure. Sometimes the funding for such improvements can get bogged down, particularly if the project might involve multiple jurisdictions.
“Recently, I was at a meeting in Hartford, Connecticut to discuss a new high-speed rail project involving Western Massachusetts, Connecticut, and Vermont. The Transportation Secretary, our good friend and former colleague Ray LaHood, complimented us on getting everyone on the same page working together. That is too often the problem with these projects - that no one can think beyond their borders. And we will hear today of a great need for some focus on projects of regional or national significance.
“A Chinese proverb teaches us that, ‘One generation plants the trees; another gets the shade.’ Now would be a good time to lay the groundwork for significant infrastructure improvements.
“With bridges crumbling and cities boiling water, we have received the message that America’s infrastructure is desperately in need of support."
