{"database": "press", "table": "releases", "rows": [["https://web.archive.org/web/20140221013553/http://www.coons.senate.gov/newsroom/releases/release/senator-coons-colleagues-introduce-innovative-bipartisan-infrastructure-bill", "Senator Coons, colleagues introduce innovative bipartisan infrastructure bill", "2013-11-14", "2013", "2013-11", "Democrat", "House", "DE", "Christopher Coons", "C001088", "web.archive.org", null, null, "legacy", "FOR IMMEDIATE RELEASE: Thursday, November 14, 2013\n                    CONTACT: Ian Koski at 202-224-5042\u00a0 \n\t\t\t\t\t Senator Coons, colleagues introduce innovative bipartisan infrastructure bill \n\t\t\t\t\t\n\t\t\t\t\t BRIDGE Act will jump-start investment, job creation, and boost U.S. competitiveness \n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\nWASHINGTON \u2013 A bipartisan coalition of ten U.S. senators that includes U.S. Senator Chris Coons (D-Del.) introduced legislation Thursday to establish a new infrastructure financing authority to help states and localities better leverage private funds to build and maintain the nation\u2019s outdated infrastructure. The Building and Renewing Infrastructure for Development and Growth in Employment Act, or BRIDGE Act, helps to address the nation\u2019s alarming investment shortfall in maintaining and improving its transportation network, water and wastewater systems, and energy infrastructure. The legislation would provide an additional financing tool for states and localities, which can create new jobs here at home while also increasing our nation\u2019s economic competitiveness.\n\"Investments in America's infrastructure are investments in American jobs,\" Senator Coons said. \"Construction jobs, production jobs, and jobs at nearly every American business all depend on functioning infrastructure. Our country needs to be investing more in its infrastructure, not less. The bipartisan BRIDGE Act is an innovative approach to getting the funding we need to sustain and strengthen America's critical infrastructure.\"\nAmerica currently spends roughly 2 percent of its GDP on infrastructure \u2014 about half what it did 50 years ago. By comparison, Europe spends around 5 percent, and China spends 9 percent of GDP on infrastructure. According to the World Economic Forum\u2019s Global Competitiveness Report, the United States currently ranks 19th among 148 countries surveyed in quality of overall infrastructure compared to our global competitors.\u00a0\n\u201cWe put off and put off these investments because it\u2019s politically convenient, but when we do, we\u2019re only putting off the inevitable,\u201d Senator Coons continued. \u201cThe American Society of Civil Engineers estimates that in the next five years, our country will come up about $1.1 trillion short of what it needs to bring American infrastructure to even adequate condition. When we neglect America\u2019s infrastructure, we\u2019re actually adding to America\u2019s debt. We cannot keep kicking this can down the road, especially since this road is falling apart.\u201d\u00a0\nTo begin addressing this shortfall, the BRIDGE Act will establish an independent, nonpartisan financing authority to complement existing U.S. infrastructure funding. The authority would provide loans and loan guarantees to help states and localities fund the most economically viable road, bridge, rail, port, water, sewer, and other significant infrastructure projects. \u00a0The authority would receive initial seed funding of up to $10 billion, which could incentivize private sector investment and make possible up to $300 billion in total project investment. The authority is structured in such a way as to make it self-sustaining over time.\n \nThe BRIDGE Act includes broad eligibility for funding:\u00a0Projects would have to be at least $50 million in size, and be of national or regional significance to qualify. Five percent of the authority\u2019s overall funding would be dedicated to projects in rural regions, and rural projects would be required to be $10 million in size.\n \n \nThe BRIDGE Act addresses current gaps in infrastructure financing:The authority would finance no more than 49 percent of the total costs of the project in order to avoid crowding out private capital. Loans and loan guarantees would be subject to modest additional fees, which will allow the authority to quickly become self-sustaining over time.\u00a0\n \n \nThe BRIDGE Act establishes independent, non-partisan operations:Having project finance experts in-house will help states and localities go toe-to-toe with private sector partners to ensure that taxpayers are getting good value for our investments through public-private partnerships.\u00a0The authority would operate independently of existing federal agencies, led by a Board of Directors with seven voting members and a CEO, all of whom would be required to demonstrate proven expertise in financial management and be confirmed by a vote of the Senate.\n \nIn addition to Senator Coons, the BRIDGE Act is sponsored by Senator Mark Warner (D-Va.), Roy Blunt (R-Mo.), Lindsey Graham (R-S.C.), Kirsten Gillibrand (D-N.Y.), Dean Heller (R-Nev.), Amy Klobuchar (D-Minn.), Roger Wicker (R-Miss.), Claire McCaskill (D-Mo.), and Mark Kirk (R-Ill.).\n\t\t\t\t\t\n\t\t\t\t\t\n                    \n        \n        \n\t\t\n                    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tTags:\n                            \n                                \n                                Water,\u00a0\n                            \n                                \n                                Transportation,\u00a0\n                            \n                                \n                                investment,\u00a0\n                            \n                                \n                                Energy,\u00a0\n                            \n                                \n                                Jobs,\u00a0\n                            \n                                \n                                employment,\u00a0\n                            \n                                \n                                capital,\u00a0\n                            \n                                \n                                Infrastructure,\u00a0\n                            \n                                \n                                Competitiveness", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://web.archive.org/web/20140221013553/http://www.coons.senate.gov/newsroom/releases/release/senator-coons-colleagues-introduce-innovative-bipartisan-infrastructure-bill"], "units": {}, "query_ms": 1.741780899465084, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}