In a rare move, Republicans, Democrats, Labor and Management have joined together to support the creation of a $10 B infrastructure bank with more money scheduled to be added.
The proposed bill, which will be offered by Democratic Senators John Kerry (MA) and Mark Warner (VA) and Republican Senator Kay Bailey Hutchison (TX), was supported both by the US Chamber of Commerce and the AFL – CIO. The wide political and cultural support for the bill may bode well for its eventual success.
The proposal includes loans and loan guarantees for large scale energy and transportation projects funded by a combination of government and private funds. It would be run from outside the confines of the government in contrast to an administration proposal to establish an infrastructure bank inside the Department of Transportation.
The bill itself is not yet finished. Copies will be sent when available to interested readers by contacting Melissa Davis at Davism@pepperlaw.com. We are following developments closely on this initiative.
Russell J. Barron, Esq. and Melissa H. Davis, Esq.
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