Yarmuth Asks Pelosi to Support Federal Infrastructure Bank

3rd District Congressman John Yarmuth (D-Louisville) dispatched a letter to U.S. House Speaker Nancy Pelosi (D-California) today requesting House leadership support the creation of a National Infrastructure Bank. “Families all around the country are hurting from the downturn in the economy, and major steps are needed to both stimulate the economy in the short term and build a stronger fiscal foundation in the long-term,” Congressman Yarmuth said in the release. “The infrastructure bank will provide that boost now and into the foreseeable future, while also building the projects that our communities so desperately need.” In his letter to Pelosi, Yarmuth says $1.6 trillion is needed to fund infrastructure upgrades throughout the United States. "The list of highway, bridge, transit, and water infrastructure needs in our communities is vast, quickly outpacing federal and state funding to address these critical projects," wrote Yarmuth. "While many of these local projects can be addressed through the annual appropriations process, large-scale, regional projects have little or no hope of receiving significant federal investment under our current financially strapped system." The idea of a National Infrastructure Bank was brought before the Senate Committee on Banking, Housing, and Urban Affairs last month by Senators Chris Dodd (D-Connecticut) and Chuck Hagel (R-Nebraska). A bill proposed by those legislators conceptualizes the Infrastructure Bank as an institution using a federal bond issue to entice private investment and jointly fund public projects. Democratic Presidential Candidates Senators Barack Obama (D-Illinois) and Hillary Rodham Clinton (D-New York) each have announced their support of the Dodd-Hagel proposal. Speaker Pelosi announced last month she wants the House to take up the same legislation. National Infrastructure Bank legislation was introduced in both chambers last year, but has yet to see a vote on the floor of either.