Santa Barbara Congressman Proposes New Bank To Help With Infrastructure Repair Backlog
A Santa Barbara congressman has authored legislation intended to make it easier for cities and counties to get work started on critical infrastructure projects.
The bill would set up a national infrastructure bank.
Government agencies would be able to get low income loans. And, investors would have a guaranteed rate of return on their investments with low risk. Democratic Congressman Salud Carbajal of Santa Barbara authored the legislation.
Carbajal says it would help cities and counties which might not have the necessary cash upfront for badly needed projects like bridge replacements. Experts say America is facing a four trillion dollar plus infrastructure repair and replacement backlog, with work needed on everything from airports to dams.