INFRASTRUCTURE
In the United States, 54,000 structurally deficient bridges endanger drivers each day. Lengthy travel times in Virginia due to the lack of predictable rail and overflowing traffic are exhausting and unnecessary. Huge swathes of rural Virginia lack access to affordable high-speed internet, trapping communities in a cycle of population decline as people move away in search of education, jobs, and better infrastructure.
Imagine being able to travel from Richmond to Washington D.C. in 30 minutes on a rail line.
Imagine being able to access the internet in rural areas so your sons and daughters don’t have to travel hundreds of miles for a quality education.
Imagine putting Americans to work in high-paying skilled labor instead of treading water.
I support bipartisan legislation to create a national infrastructure bank for rural projects. Congress would appropriate an initial $10-$15 billion in startup money to capitalize the bank and identify transportation, energy, and water infrastructure projects to fund in rural America that are worth at least $100 million or $25 million for rural areas. Loans made by the bank are matched by private sector investments or local governments. The infrastructure bank would provide half or less than half the total funding. Each project would generate its own revenues to help ensure repayment of the loan.
Presidents Clinton, Obama and Trump all support the creation of a national infrastructure bank, as does the U.S. Chamber of Commerce and the AFL-CIO. Let’s move forward and keep Virginian’s working.