Let’s build America’s future

OPINION:

For generations, America’s infrastructure has served as the backbone of our economic strength. From the interstate highway system to our ports, pipelines, rail networks, spaceports and power grids, the infrastructure built by previous generations has enabled the United States to become the most productive economy in the world.

But today, many of those systems are aging. Our supply chain faces increased strain, and our energy infrastructure is racing to meet demand. Communities across the country — from major cities to rural towns — need reliable investment to modernize the infrastructure that keeps our economy moving and growing.

Washington has long agreed that America must improve its infrastructure but has been divided on how to do it responsibly.

For too long, Washington’s answer has been to spend taxpayer dollars. Massive spending packages have promised transformation but too often delivered bloated costs and bureaucratic delays. At a time when our national debt exceeds $38 trillion, relying solely on taxpayer dollars is neither sustainable nor sufficient to meet our nation’s infrastructure needs.

That’s why I introduced the Federal Infrastructure Bank Act, legislation that would establish a Federal Infrastructure Bank to facilitate private investment in economically viable infrastructure projects that provide a public benefit.

The approach is simple. Instead of asking American taxpayers to shoulder the burden of rebuilding infrastructure, we should leverage private investment to finance projects that generate long-term economic value.

Under this proposal, the Infrastructure Bank would provide loans, loan guarantees and equity investments for infrastructure projects across the United States. Projects could include roads, bridges, ports, energy infrastructure, freight rail, power grids, wastewater systems and other critical assets that support American commerce and daily life.

Unlike other proposals, this bank would be entirely capitalized through private investment — not taxpayer dollars. That means infrastructure improvements can be funded without increasing the deficit or burden on American families.

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The bank will get its money from pension funds, mutual funds, endowments, and individuals who are looking for secure, robust investments bonds that can be traded easily or held for many years. The Federal Infrastructure Bank will provide that kind of deep, liquid market, helping investors as well as the communities that will benefit from better infrastructure.

My bill would also ensure that American infrastructure remains secure from foreign adversaries. By prohibiting projects controlled or influenced by the Chinese Communist Party or other hostile foreign actors, this bill ensures that infrastructure investment serves American interests.

Thanks to President Donald Trump’s leadership and the America First economic policies enacted by Republicans, the United States has seen trillions of dollars in new investment in U.S. manufacturing, technology, and infrastructure. President Trump has also recognized how sovereign wealth funds around the world generate reliable long-term returns while strengthening national economies. Shortly after taking office, President Trump signed an executive order directing his administration to develop a plan for establishing a sovereign wealth fund for the United States. This initiative would strengthen America’s long-term financial position and promote economic leadership for generations to come.

My Federal Infrastructure Bank Act can help create the platform for those kinds of investment here at home.

By encouraging private investment, empowering states and communities, and protecting taxpayer dollars the Federal Infrastructure Bank Act offers a commonsense path to modernize the infrastructure that powers American prosperity.

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As our nation prepares to celebrate its 250th anniversary, we are reminded that every generation of Americans has been called upon to build the future it will leave to those who come after them. The roads, railways, ports and energy infrastructure we rely on today were built by Americans who believed in the promise of tomorrow.

There has never been a challenge too large for Americans. From the Hoover Dam and Interstate Highway System to the spaceports that put man on the moon and the internet, Americans have never been afraid to build, innovate or dream bigger than the challenges before us.

As we look forward to the next 250 years, modernizing America’s infrastructure requires a strong vision and partnership. Both government and the private sector have an important role to play, and the Federal Infrastructure Bank helps leverage that relationship. By creating a modern financing tool that unlocks private investment while maintaining strong oversight and accountability, the Federal Infrastructure Bank Act will help build opportunity, strengthen our economy, and ensure the next generation inherits a nation equipped for the challenges ahead.

• Rep. Daniel Webster represents Florida’s 11th congressional district. He is a member of the House Transportation and Infrastructure Committee where he also serves as chairman of the Subcommittee on Railroads, Pipelines, and Hazardous Materials.

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