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A National Infrastructure Bank Bill Is Introduced

Jan. 22, 2017 (EIRNS)—Connecticut Democratic Rep. Rosa DeLauro on Jan. 13 introduced the National Infrastructure Bank Development Act, which has 71 co-sponsors, many of them also Glass-Steagall sponsors in the last session. Most of the sponsors are Democrats; DeLauro’s press announcement addressed the bill to Trump:

"Mr. Trump advocated for investment in our nation’s infrastructure on the campaign trail, and this legislation is an opportunity for him to build on his promises."

This proposed bank is to invest in "surface transportation, energy, environmental and telecommunications projects." It stresses environmental impact studies for projects. The legislation combines a small amount (less than $50 billion) of direct Federal borrowing ("Public Benefit Bonds") to capitalize the bank, with a larger amount (targeted at up to $600 billion) of borrowing by the bank from pension and other institutional funds. It also proposes to aid state and municipal projects, including by buying their bonds.