The co-chairs of the Bipartisan Policy Center’s Executive Council on Infrastructure, S&P Global President and CEO Doug Peterson and American Water President and CEO Susan Story, today released the following statement on infrastructure funding in President Trump’s budget proposal:
“Last year, our council released a report on how to incent additional private investment in public infrastructure projects. With a $3 trillion infrastructure gap, harnessing the resources of the private sector will be a critical component of any federal infrastructure plan.
“Importantly, the administration’s budget takes a number of positive steps recommended by the Executive Council in this direction, proposing to expand the Transportation Infrastructure Finance and Innovation Act (TIFIA) program, fund the new Water Infrastructure Finance and Innovation Act (WIFIA) program, and lift the cap on private activity bonds while expanding their eligibility for additional types of infrastructure. Additional measures will be needed to ensure these tools are fully utilized, but these three steps alone can help unleash significant private capital.
“The budget also proposes simplifying the federal permitting process while increasing transparency and accountability, all of which should help to shorten review periods and provide greater certainty for both public and private stakeholders.
“We look forward to more details on how the administration plans to meet our nation’s growing infrastructure gap, while ensuring that every federal dollar is spent most efficiently and effectively, by both encouraging additional private resources and ensuring stable and robust funding for federal infrastructure programs.”