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SumOfChange favorited a video
(4 months ago)
90 Second Summaries is a project of Main Street Insider. This week's epi...
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90 Second Summaries is a project of Main Street Insider. This week's episode, number 19 in season 2, looks at the infrastructure bank proposal sponsored by Congresswoman Rosa DeLauro. The President is expected to include this concept in his jobs plan.
90 Second Summaries: Season 2, Episode 19
H.R. 402: National Infrastructure Development Bank Act of 2011
Introduced 1/24/2011
Sponsor: Rep. Rosa DeLauro (D-CT3)
Click here to download this summary (pdf)
Cosponsors: 61 (61 Democrats, 0 Republicans). Full list at http://thomas.loc...
Status: In Energy & Commerce and Transportation & Infrastructure Committees. Financial Services has partial jurisdiction. T&I Chairman John Mica (R-FL7) has announced his opposition. No action scheduled as of 9/6/11. President Obama is expected to include a proposal of this nature in his jobs package, which will be released later this week.
Senate Companion: S. 652, Building and Upgrading Infrastructure for Long-Term Development (the BUILD Act), sponsored by Sen. John Kerry (D-MA). 8 Cosponsors (6D, 2R). Similar in concept but different in details and smaller in size/scope. In Finance Committee, no action scheduled as of 9/6/11.
Purpose: In 2009, the American Society of Civil Engineers gave America's infrastructure a grade of D, and estimated the 5-year need for investment at some $2.2 trillion. The Infrastructure Bank provides a funding mechanism for a variety of projects through public-private partnerships that will help close the "infrastructure gap".
Summary: H.R. 402 would establish an independent, wholly-owned government corporation called the National Infrastructure Development Bank. Following a $25 billion initial capitalization over five years, it would be a self-sustaining entity capable of leveraging as much as $625 billion in private investment by issuing direct loans and subsidies, loan guarantees, bonds and debt securities, borrowing on the global capital market at low interest rates and pooling infrastructure-related loans and securities on the market to spread risk. The Bank would help capitalize the following:
1) Transportation Infrastructure Projects (e.g. public transit, highway and bridge repairs, port development)
2) Environmental Infrastructure Projects (e.g. drinking water treatment, waste disposal facilities, dams and levees)
3) Energy Infrastructure Projects (e.g. retrofitting buildings, smart grid, development of renewable capacity)
4) Telecommunications Infrastructure Projects (e.g. broadband expansion)
The legislation lays out a set of criteria for each project type by which each applicant must be evaluated to determine potential impact and eligibility. These generally involve environmental, health and income distribution considerations as well as more traditional cost-effectiveness criteria and other sector-specific factors.
The Bank will be governed by a five-member Board of Directors, all appointed by the President and confirmed by the Senate. The Directors will represent different regions of the country and be split between the private and public sectors in their backgrounds. The Bank's charter is scheduled to sunset after 15 years.
CBO Score: None provided. A 2008 CBO report included a discussion of an NIB and similar proposals: http://1.usa.gov/...
Supporters: President Obama, Building America's Future (state & local electeds), Chamber of Commerce, SEIU, etc.
• Supporters believe this measure will substantially boost crucial infrastructure spending and create jobs. It will also allow for a more efficient allocation of infrastructure resources by removing political considerations.
Opponents: No public opposition, but expected to draw fire from a variety of fronts, each for a different reason.
• Opposition will likely be opposed to a large new government program, especially a government-owned bank. Some have argued that this would be a handout to unions.
Further links
Full bill text: http://www.govtra...
Official CRS summary: http://www.govtra...
American Society of Civil Engineers Report Card for America's Infrastructure: http://www.infras...
Main Street Insider interview with Rep. DeLauro: http://www.youtub...
Transportation for America statement on the Senate bill: http://bit.ly/gonrNW
AP Article on Obama's jobs package and the Infrastructure Bank: http://yhoo.it/n0...
Rep. Mica op-ed opposing Infrastructure Bank: http://bit.ly/pOTF7Z
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SumOfChange liked a video
(4 months ago)
90 Second Summaries is a project of Main Street Insider. This week's epi...
more
90 Second Summaries is a project of Main Street Insider. This week's episode, number 19 in season 2, looks at the infrastructure bank proposal sponsored by Congresswoman Rosa DeLauro. The President is expected to include this concept in his jobs plan.
90 Second Summaries: Season 2, Episode 19
H.R. 402: National Infrastructure Development Bank Act of 2011
Introduced 1/24/2011
Sponsor: Rep. Rosa DeLauro (D-CT3)
Click here to download this summary (pdf)
Cosponsors: 61 (61 Democrats, 0 Republicans). Full list at http://thomas.loc...
Status: In Energy & Commerce and Transportation & Infrastructure Committees. Financial Services has partial jurisdiction. T&I Chairman John Mica (R-FL7) has announced his opposition. No action scheduled as of 9/6/11. President Obama is expected to include a proposal of this nature in his jobs package, which will be released later this week.
Senate Companion: S. 652, Building and Upgrading Infrastructure for Long-Term Development (the BUILD Act), sponsored by Sen. John Kerry (D-MA). 8 Cosponsors (6D, 2R). Similar in concept but different in details and smaller in size/scope. In Finance Committee, no action scheduled as of 9/6/11.
Purpose: In 2009, the American Society of Civil Engineers gave America's infrastructure a grade of D, and estimated the 5-year need for investment at some $2.2 trillion. The Infrastructure Bank provides a funding mechanism for a variety of projects through public-private partnerships that will help close the "infrastructure gap".
Summary: H.R. 402 would establish an independent, wholly-owned government corporation called the National Infrastructure Development Bank. Following a $25 billion initial capitalization over five years, it would be a self-sustaining entity capable of leveraging as much as $625 billion in private investment by issuing direct loans and subsidies, loan guarantees, bonds and debt securities, borrowing on the global capital market at low interest rates and pooling infrastructure-related loans and securities on the market to spread risk. The Bank would help capitalize the following:
1) Transportation Infrastructure Projects (e.g. public transit, highway and bridge repairs, port development)
2) Environmental Infrastructure Projects (e.g. drinking water treatment, waste disposal facilities, dams and levees)
3) Energy Infrastructure Projects (e.g. retrofitting buildings, smart grid, development of renewable capacity)
4) Telecommunications Infrastructure Projects (e.g. broadband expansion)
The legislation lays out a set of criteria for each project type by which each applicant must be evaluated to determine potential impact and eligibility. These generally involve environmental, health and income distribution considerations as well as more traditional cost-effectiveness criteria and other sector-specific factors.
The Bank will be governed by a five-member Board of Directors, all appointed by the President and confirmed by the Senate. The Directors will represent different regions of the country and be split between the private and public sectors in their backgrounds. The Bank's charter is scheduled to sunset after 15 years.
CBO Score: None provided. A 2008 CBO report included a discussion of an NIB and similar proposals: http://1.usa.gov/...
Supporters: President Obama, Building America's Future (state & local electeds), Chamber of Commerce, SEIU, etc.
• Supporters believe this measure will substantially boost crucial infrastructure spending and create jobs. It will also allow for a more efficient allocation of infrastructure resources by removing political considerations.
Opponents: No public opposition, but expected to draw fire from a variety of fronts, each for a different reason.
• Opposition will likely be opposed to a large new government program, especially a government-owned bank. Some have argued that this would be a handout to unions.
Further links
Full bill text: http://www.govtra...
Official CRS summary: http://www.govtra...
American Society of Civil Engineers Report Card for America's Infrastructure: http://www.infras...
Main Street Insider interview with Rep. DeLauro: http://www.youtub...
Transportation for America statement on the Senate bill: http://bit.ly/gonrNW
AP Article on Obama's jobs package and the Infrastructure Bank: http://yhoo.it/n0...
Rep. Mica op-ed opposing Infrastructure Bank: http://bit.ly/pOTF7Z
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SumOfChange liked a video
(6 months ago)
The debt limit is a largely symbolic check on excessive borrowing which ...
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The debt limit is a largely symbolic check on excessive borrowing which in the past has been frequently raised with little to no controversy. Such periodic increases are necessary to keep the government running and paying its bills, regardless of ideology.
However, Congressional Republicans are now demanding that certain conditions must be met in order to win their approval of a debt ceiling increase. They have termed their list of demands Cut, Cap and Balance, and claim it is a necessary measure in order to keep the government debt from spiraling out of control, and thus keep the country functioning.
Yet the Cut, Cap and Balance Act scheduled to reach the House floor this week is anything but necessary to keep the country functioning in its . Rather, it is the crown jewel, the final step of conservatives' long-pursued "Starve the Beast" strategy to downsize government. It would radically limit the flexibility of the federal government to provide a social safety net, buttress the economy in tough times and respond to great national challenges, now and into the future.
But don't take my word for it. Check out this week's 90 Second Summary and decide for yourself.
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SumOfChange liked a video
(8 months ago)
Just a glimpse at why liberals in South Carolina love Mitt Romney
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http://scforwardp... - Gordon Gekko will stop at nothing to elect Mitt R...
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http://scforwardp... - Gordon Gekko will stop at nothing to elect Mitt Romney, even offering to pay a news legend for his vote. Fortunately, Ted Koppel cannot be bought.
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SumOfChange