Skip to Content
Streetsblog USA home
Streetsblog USA home
Log In
National Infrastructure Bank

Kerry, Hutchison, and Warner Introduce New Infrastructure Bank Bill

Sen. John Kerry (D-MA), along with Sen. Kay Bailey Hutchison (R-TX) and Sen. Mark Warner (D-VA) just announced that they’re introducing the BUILD Act today, which would create a national infrastructure bank.

They’re proposing to start the bank with $10 billion of seed money that would leverage hundreds of billions of dollars, according to their projections. “Private capital is sitting on the sidelines,” Kerry said. These senators, and many more who are expected to co-sponsor the bill, want to see those private funds put to work.

The BUILD Act will not include any grants and will only fund revenue-generating projects that can repay a loan. The White House had proposed a $30 billion infrastructure bank that includes grants, but Kerry says that given the current climate, they preferred to stick only with projects that will generate revenue, and they’ve pared it down to a size they think lawmakers on both sides of the aisle can accept.

Sen. Barbara Boxer (D-CA) has indicated she'd rather see the TIFIA loan program be strengthened, rather than create a new entity that some fear will invoke echoes of Fannie Mae and Freddie Mac (a charge Kerry vigorously denies). Kerry says Boxer is on board with this proposal, as is the White House, the Senate Budget Committee Chair, and members of the House.

Kerry's proposal would also make the bank an independent entity, whereas the administration proposal located the bank inside of the Department of Transportation. Some advocates have spoken out in favor of an independent infrastructure bank, rather than one "buried" inside the DOT bureaucracy.

Stay tuned for more details.

Stay in touch

Sign up for our free newsletter

More from Streetsblog USA

Advocates Share What It Takes to Fight Highway Expansions in Court 

What does it take to sue your state DOT? Time, money, the right partners, and a little creativity, a recent survey of activists found.

July 19, 2024

Friday Video: Paris Does it Again

Come for the bike-friendly streets, but stay for adopt-a-tree program and all the car-free school roadways.

July 19, 2024

Talking Headways Podcast: IrrePLACEable

Kevin Kelley on his book Irreplaceable: How to Create Extraordinary Places that Bring People Together, and the future of downtowns.

July 18, 2024

This Heat Wave is a Car Dependency Problem

Our quickly warming planet has a unique impact on people who don't or can't drive — and we need policy action to protect their health.

July 18, 2024

A Hillbilly Elegy for Thursday’s Headlines

Ohio Sen. J.D. Vance, the Republican nominee for vice president, supports more federal subsidies for giant, deadly, gas-guzzling trucks and SUVs.

July 18, 2024
See all posts