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:
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.