Sen. Fischer Proposes Infrastructure Bank Legislation
With less than two weeks before funding authority for transportation projects expires, Sen. Deb Fischer (R-Neb.) on May 12 introduced legislation that would establish an infrastructure bank.
The bank under the “Build USA Act” would provide states with the opportunity to enter into three-year agreements to apply for loans at low interest rates. Through the voluntary agreements, states would be able to opt to remit federal transportation dollars, apply for a transportation project loan through the bank, or both.
The bill also aims to give states greater control of their transportation projects. As first reported by Reuters, the measure would reduce certain regulatory hurdles by allowing states to decide whether projects comply with federal environmental approval requirements.
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“My bill adheres to three important points: reduce regulatory burdens, redirect funding, and provide states with more authority to manage their highways and bridges. Nebraska has gained successful results with this model, and it’s time to bring best practices from our states to the national discussion,” said Fischer, who is chairwoman of the trucking panel on the Senate Commerce Committee. “By letting our states manage these projects, we can get America moving safely and securely for decades to come.”
