Paid for by NDN.
NDN Endorses Dodd-Hagel National Infrastructure Bank Act of 2007
by NDN
May 8, 2008
NDN President Simon Rosenberg sent the following letter to U.S. Sens. Christopher Dodd (D-CT) and Chuck Hagel (R-NE) endorsing the National Infrastructure Bank Act of 2007. This bipartisan legislation will help foster critical investments in the nation's major infrastructure systems, which are deteriorating at an alarming rate.
According to the American Society of Civil Engineers, the current condition of our nation's major infrastructure systems earn a grade point average of D, jeopardizing the prosperity and quality of life of all Americans. New investments are vital to ensuring continued economic growth, new job creation and the flow of goods, services, workers and ideas.
Rosenberg noted that NDN Fellow Michael Moynihan recently authored a new paper on public investment in infrastructure that proposed a set of measures to improve funding mechanisms to enhance America’s infrastructure.
The full text of the letter is below.
May 8, 2008
The Honorable Christopher J. Dodd
United States Senate
448 Russell Senate Office Building
Washington, DC 20510
The Honorable Chuck Hagel
United States Senate
248 Russell Senate Office Building
Washington, DC 20510
Dear Senators Dodd and Hagel:
On behalf of NDN, a progressive advocacy organization dedicated to making globalization work for all Americans, I am writing today to express our strong support for the National Infrastructure Bank Act of 2007. Like you, NDN believes that infrastructure is critical to sustained economic growth. Accordingly, I wish to express our support for this important legislation that will create the financial framework needed to renew America’s commitment to our economic future.
As new ideas and innovation increasingly drive prosperity, America’s ability to successfully compete depends on investments in our future. This includes investments in infrastructure that are vital to ensuring the continued development and efficient flow of new ideas, products and services.
Such investments are not just a matter of attending to our existing infrastructure; the United States also must make greater and smarter new investments in roads, bridges, ports, schools, broadband networks, and technologies to provide for future growth. At a time when other countries are dramatically increasing investments in infrastructure, the United States, as the world’s most powerful economy, has the resources to invest in the future, if we can summon the will.
NDN Fellow Michael Moynihan recently authored a new paper on public investment in infrastructure that proposed a set of measures to restore our national political will and improve funding mechanisms to enhance America’s infrastructure. In outlining the rationale for strengthening our national system of infrastructure finance, Mr. Moynihan enthusiastically endorsed a National Infrastructure Bank such as the one that would be created by the National Infrastructure Act of 2007.
We believe the National Infrastructure Bank Act of 2007 will provide our government with improved and expanded capacity to capitalize federal investments in new infrastructure projects. At a time when our national interest is sometimes held hostage to fragmented decision-making, the National Infrastructure Bank will facilitate our ability to make the investments that are critical to our nation’s future.
Your bipartisan legislation will stimulate long-term growth by fostering investment in the engines of our economy and helping to make our global economy work for every American. Moreover, providing a means to attract private capital helps to leverage public commitments to infrastructure projects and defray the cost to taxpayers.
Thank you for your leadership, and we look forward to working with you to make this legislation a real and lasting solution to our infrastructure needs. Should you have any concerns or questions, or if we can be of any help in this process, please contact Maggie Barker, Globalization Initiative Policy Director, at (202) 384-1213.
Sincerely,
Simon Rosenberg
President, NDN
