Senator Bennet & Senator Blunt Introduce Upper Chamber Version of Delaney Infrastructure Bill
WASHINGTON – Senator Michael F. Bennet (D-CO) has introduced the Senate version of the Partnership to Build America Act, S. 1957. Senator Roy Blunt (R-MO) is the lead Republican on the bill, which has 10 cosponsors in addition to Bennet. In May, Delaney introduced the Partnership to Build America Act (H.R. 2084) in the House of Representatives. Delaney’s bill currently has 25 Democratic and 25 Republican cosponsors in the House.
“Rebuilding our nation’s infrastructure should be our top economic priority. Upgrading our nation’s crumbling roads and bridges will create jobs, elevate our competitiveness, and improve our quality of life,” said Congressman Delaney. “These goals are bipartisan, as is fiscal responsibility, which is why I’ve drafted legislation that finances new infrastructure projects by selling bonds to the private sector, rather than using new appropriations. The Partnership to Build America Act has strong support from both parties in the House. Similar support is now building in the Senate. I thank Senator Bennet for introducing this legislation in the Senate and Senator Blunt for reaching across the aisle to join him.”
“Our parents and grandparents helped build this country from the ground up, and in the process grew our economy into one of America’s greatest assets. Unfortunately, Washington has failed to fulfill its promise to maintain our infrastructure – from roads and bridges to our energy grid and public schools,” Bennet said. “In Colorado, we do our best with limited resources to keep things in working order and to break ground on critical new projects like the Arkansas Valley Conduit and the ongoing expansion of public transit in the Denver metro area. This bill will help us improve and expand the infrastructure we need to compete in the 21st century, while also providing an opportunity for American companies to bring money back home that is sitting on their balance sheets overseas.”
“Washington needs to pass policies to help jump-start private sector job creation. American farmers, ranchers, manufacturers, and workers are greatly reliant on our nation’s infrastructure to move goods and services as quickly as possible,” Blunt said. “I’m proud to support this bipartisan bill, which will help communities in Missouri and across America improve infrastructure and compete in a global economy.”
The bipartisan legislation creates a $50 billion dollar infrastructure fund that can be leveraged to $750 billion. This fund will be capitalized by the sale of 50-year bonds that are not guaranteed by the Federal government and pay 1% interest rate. To encourage U.S. corporations to purchase these bonds, they will be allowed to repatriate a certain dollar amount – determined by auction - in overseas earnings tax-free for every $1 they invest in the bonds. The fund will then provide loans or loan guarantees to states and municipalities to finance transportation, energy, education, communications, and water infrastructure projects.
In addition to Senators Bennet and Blunt, S. 1957 is cosponsored by Senators Kelly Ayotte (R-NH), Mark Begich (D-AK), Daniel Coats (R-IN), Lindsay Graham (R-SC), John Hoeven (R-ND), Angus King (I-ME), Mark Steven Kirk (R-IL), Mary Landrieu (D-LA), and Senator Mark Warner (D-VA).