U.S. Sen. Roy Blunt (R-MO) on April 29 reintroduced bipartisan legislation to facilitate efficient investments and financing of infrastructure projects and new, long-term job creation through the establishment of an Infrastructure Financing Authority (IFA).
“Missouri is a national transportation hub, and location is our top competitive advantage,” Sen. Blunt said. “To keep that advantage, we need to invest in improving the safety and reliability of our roads, bridges, rail networks, and waterways.”
Sen. Blunt introduced the Reinventing Economic Partnerships and Infrastructure Redevelopment (REPAIR) Act, S. 1499, with bill sponsor U.S. Sen. Mark Warner (D-VA) to establish the IFA, which would provide loans and loan guarantees, complement existing funding mechanisms, and expand overall infrastructure investment, according to a bill summary provided by Sen. Blunt’s staff.
“I’m proud to join Senator Warner in introducing this bipartisan bill to help states and localities leverage public-private partnerships to advance their infrastructure priorities,” said Sen. Blunt.
The independent IFA would be designed to become self-sustaining over time and would be run by an appointed chief executive officer and a board of directors, while still being under congressional and federal oversight, the summary says.
Additionally, the IFA would be required to fund only economically viable projects of at least $50 million, or $10 million for projects in rural areas, for which 5 percent of IFA funding would be reserved, according to the summary.
The bill also would require that proposed projects undergo rigorous analysis, show clear public benefit, meet economic, technical and environmental standards, and be backed by a dedicated revenue stream, the summary states.
The measure has been referred to the U.S. Senate Finance Committee for consideration.