WASHINGTON, D.C. – Recently, U.S. Senator Thom Tillis (R-NC) joined a bipartisan coalition led by Senators Mark R. Warner (D-VA) and Roy Blunt (R-MO) to introduce legislation establishing a new infrastructure financing authority to help states and localities better leverage private funds to build and maintain the nation’s outdated infrastructure. The Building and Renewing Infrastructure for Development and Growth in Employment (BRIDGE) Act helps to address the nation’s alarming investment shortfall in maintaining and improving our transportation network, water and wastewater systems and energy infrastructure. The legislation would provide additional financing tools for states and localities to create new jobs here at home while also increasing our nation’s economic competitiveness.
“The BRIDGE Act is a bipartisan, commonsense solution that will help North Carolina and states across the country utilize private funds for building and maintaining important infrastructure,” said Senator Tillis. “I want to thank Senators Warner and Blunt for their leadership to repair our nation’s infrastructure and create jobs for hardworking Americans.”
“As we mark the 5th annual Infrastructure Week, we must think boldly and make real investments in our nation’s infrastructure rather than kick the can down the road with short-term fixes,” said Senator Warner. “The BRIDGE Act offers a bold, bipartisan solution to help address our infrastructure needs by incentivizing private investment and pairing it with public resources. This legislation will set a clear framework that will help create jobs, expand U.S. commerce and trade, and keep American businesses competitive.”
“Missouri is a transportation hub, and improving our roads, bridges, and waterways is critical for economic growth in our state and across the nation,” said Senator Blunt. “This bipartisan bill will provide much-needed resources to strengthen infrastructure and help ensure Missouri’s farmers, manufacturers, and small businesses are able to remain competitive in an increasingly global economy.”
The BRIDGE Act is also cosponsored by Senators Richard Blumenthal (D-CT), Chris Coons (D-DE), Kirsten Gillibrand (D-NY), Lindsey Graham (R-SC), Dean Heller (R-NV), and Amy Klobuchar (D-MN).
To help address this funding shortfall for our nation’s transportation, water and energy infrastructure, the BRIDGE Act will establish an independent, nonpartisan financing authority to complement existing U.S. infrastructure funding. The authority would provide loans and loan guarantees to help states and localities fund the most economically viable road, bridge, rail, port, water, sewer, and other significant infrastructure projects. The authority would receive initial seed funding of up to $10 billion, which could incentivize private sector investment and make possible $300 billion or more in total project investment. The authority is structured in a way to make it self-sustaining over time without requiring additional federal appropriations.
Individuals and organizations endorsing this legislation include Sean McGarvey, President of the North America's Building Trades Unions; Ed Rendell, Co-Chair of Building America’s Future and former Governor of Pennsylvania; Chris Spear, President and CEO of the American Trucking Association; Kurt J. Nagle, President and CEO of the American Association of Port Authorities; Elaine Nessle, Executive Director of the Coalition for America’s Gateways and Trade Corridors; Jane F. Garvey, North America Chairman of Meridiam Infrastructure and former Administrator of the Federal Aviation Administration; Adrea Turner, Director of Transportation for America; and Jennifer Aument, Transurban Group General Manager for North America.
For more information on key provisions of the BRIDGE Act, click here.
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