The publication is reproduced in full below:
INTRODUCTION OF THE BUILDING UNITED STATES INFRASTRUCTURE AND
LEVERAGING DEVELOPMENT (BUILD) ACT
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HON. EARL BLUMENAUER
of oregon
in the house of representatives
Monday, January 25, 2021
Mr. BLUMENAUER. Madam Speaker, today I introduced the Building United States Infrastructure and Leveraging Development (BUILD) Act. This bipartisan legislation will spur billions of dollars in private investment toward surface transportation and freight transfer facilities, while giving state and local governments an important instrument to improve their communities.
It is no secret that America's infrastructure is falling apart while we fall behind our global competitors. America's roads, bridges, tunnels, and transit systems face a funding gap of more than $1.1 trillion by 2025. One in five miles of highway pavement is in poor condition and congestion costs the U.S. economy nearly $305 billion annually. Continued underinvestment will lead to longer trips to work or school, more costly maintenance expenses, and unsafe road conditions. We must do better.
As of December 1, 2020, the Department of Transportation doesn't have any additional surface transportation private activity bonds available, as the entire $15 billion statutory cap has been issued or allocated. This legislation builds on the success of these bonds by doubling the federal volume cap and clarifying that the use of the bonds must maintain strong labor standards. While public-private partnerships are not a panacea for solving all of our transportation challenges, they are an important piece of rebuilding and renewing America. I look forward to working with my colleagues in the House and Senate to enact this legislation as part of an infrastructure investment bill.
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SOURCE: Congressional Record Vol. 167, No. 14
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