Eleven U.S. Senators introduced the BRIDGE Act, which stands for Building and Renewing Infrastructure for Development and Growth in Employment.
If passed, the bill would help states improve road and bridge conditions. The new legislation would set up a central infrastructure bank for states plagued by below average funding.
The new agency would get a $10 billion start from Congress, but it would become self-sufficient over time by providing low-interest loans and charging modest fees. If successful, it would provide an ongoing source funding that does not rely on additional federal appropriations.
To qualify, projects in more populated areas would have to cost at least $50 million dollars; projects in rural areas would qualify for funding at $10 million in costs.
U.S. Senator Roy Blunt (R-Mo.) Blunt said the new agency could provide up to 49% a project’s funding to ensure encourage private sector investment.
The bill comes congressional lawmakers approved the 34th short-term extension to the Highway Trust Fund since 2008.
