Obama Renews Call for Bank

 

Senate commerce committee examined the means by which federal funds can be used to leverage. Federal funds could partner with private-sector capital to supplement existing transportation funding and increase overall investment into transportation projects.

President Barack Obama urged Congress to pursue job-creation measures such as formation of a national infrastructure bank. Obama touched on the infrastructure bank idea during a news conference. This happened one business day after the nation's unemployment went up from 9.1 percent in May to 9.2 percent in June and the national economy created only 18,000 jobs.

“The infrastructure bank that we've proposed is relatively small,” Obama said. “But could we imagine a project where we're rebuilding roads, bridges, ports, schools, broadband lines, smart-grids -- and taking all those construction workers and putting them back to work right now?”

Obama called for a very aggressive program to build up the nation's infrastructure.

“The American people would rally around and that I think would be good for the economy, not just next year or the year after, but for the next 20 or 30 years,” Obama said.

The hearing looked at the effects investing in infrastructure projects can have on job creation.

– Courtesy of AASHTO