Gonzalez & Peters Lead Bipartisan House Bill to Improve Nation's Infrastructure

Press Release

Today Representatives Anthony Gonzalez (OH-16) and Scott Peters (CA-52), introduced the Reinventing Economic Partnerships and Infrastructure Redevelopment (REPAIR) Act to help close America's widening infrastructure gap, create jobs, and ensure America's global competitiveness in the 21st century by establishing an Infrastructure Financing Authority to provide loans and loan guarantees, complement existing funding mechanisms and expand overall infrastructure investment. Companion legislation was introduced in the United Sates Senate by Sens. Mark R. Warner (D-VA), Roy Blunt (R-MO), Amy Klobuchar (D-MN), John Cornyn (R-TX), Richard Blumenthal (D-CT), and Lindsey Graham (R-SC).

"If we are going to truly rebuild our nation's infrastructure it's going to take a broad mix of both private and public dollars," Gonzalez said. "The REPAIR Act will equip the United States with a new financing tool to better leverage private dollars. This will allow for further investments into local infrastructure needs that will help create jobs and strengthen our communities."

"San Diego knows that functioning infrastructure goes hand in hand with economic growth and competitiveness. To build back better, America's crumbling roads, bridges, railways, transmission lines, water, and broadband systems need significant, long-term investments that go beyond just maintenance," said Rep. Peters. "By establishing an infrastructure bank that connects federal funds with private capital to cover the cost of critical projects, the REPAIR Act will bring our infrastructure systems up to speed while keeping fiscal sustainability in mind."

The REPAIR Act would establish a fiscally responsible Infrastructure Financing Authority (IFA) to complement existing infrastructure funding through loans and loan guarantees. Designed to become self-sustaining over time, this IFA would be independent of any federal agency and instead, would be run by an appointed Chief Executive Officer and a Board of Directors, while still being subjected to strong congressional and federal oversight. The IFA would only fund economically viable projects of at least $50 million, or $10 million for projects in rural areas, for which five percent of IFA funding would be reserved. In order to be considered for funding, proposed projects would undergo rigorous analysis, and must show clear public benefit, meet economic, technical and environmental standards, and be backed by a dedicated revenue stream.

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