You’d be forgiven for being cynical about big plans in Washington to create an infrastructure bank.
President Obama has been talking about it for years. Every so often he comes out with a new big “push” for infrastructure investment, and it includes a bank of some kind. Multiple Senate bills have proposed an infrastructure bank or fund, sometimes housed under U.S. DOT and sometimes independent, sometimes with grant-making authority and sometimes without. Republican opposition has strangled all of them.
Virginia Democrat Mark Warner and Missouri Republican Roy Blunt introduced a new bill in the Senate last week, and the one really new thing about it — the thing that might give it legs — is the fact that Blunt is on board, along with four other Republicans. The only Republican to previously get behind an I-bank effort, Kay Bailey Hutchison, is no longer in the Senate.
The BRIDGE Act’s sponsor list so far is evenly split between Rs and Ds. In addition to Blunt and Warner, the bill has been co-sponsored by Sens. Lindsey Graham (R-S.C.), Kirsten Gillibrand (D-N.Y.), Dean Heller (R-Nev.), Chris Coons (D-Del.), Amy Klobuchar (D-Minn.), Roger Wicker (R-Miss.), Claire McCaskill (D-Mo.), and Mark Kirk (R-Ill.).
The idea is to use federal loans and loan guarantees to incentivize private investment in infrastructure.