WASHINGTON, D.C.— The Senate Commerce Committee today held a full committee hearing on building American transportation infrastructure through innovative funding. This hearing examined the means by which federal funds can be used to leverage and partner with private sector capital to supplement existing transportation funding and increase overall investment into transportation projects.  In addition, the hearing looked at the effects investing in infrastructure projects can have on job creation.          

Witness List: 

The Honorable Polly Trottenberg, Assistant Secretary for Transportation Policy, U.S. Department of Transportation (DOT)

Mr. Steve Bruno, Vice President, Brotherhood of Locomotive Engineers and Trainmen

Mr. Robert Dove, Managing Director, Carlyle Infrastructure Partners, The Carlyle Group

Mr. J. Perry Offutt, Managing Director, Head of Infrastructure, Investment Banking for the Americas, Morgan Stanley

Mr. Pete Ruane, President & CEO, American Road & Transportation Builders’ Association 

Key Quotations from Today’s Hearing: 

“Across the nation, we are driving on more than 90,000 miles of crumbling highways and more than 70,000 structurally-deficient bridges.  Traffic and congestion keep getting worse.  It is clear—we must rebuild and invest in the infrastructure that so many Americans depend on.  This is why I introduced legislation to create a transportation infrastructure investment fund that would leverage federal dollars and encourage private investment into our transportation network.  It’s an investment that can create much-needed construction jobs, manufacturing jobs, and engineering and design jobs for out-of-work Americans and, at the same time, support our nation’s competitiveness.”

Chairman John D. (Jay) Rockefeller IV

“The infrastructure bank, which would provide grants, loans, loan guarantees or a combination thereof to the full range of passenger and freight transportation projects in urban, suburban and rural areas, marks an important departure from the Federal Government’s traditional way of spending on infrastructure through mode-specific grants and loans.  By using a competitive, merit-based selection process, and coordinating or consolidating many of DOT’s existing infrastructure finance programs, the infrastructure bank would have the ability to spur economic growth and job creation for years to come.”

The Honorable Polly Trottenberg, Assistant Secretary for Transportation Policy, U.S. Department of Transportation

“Everyone acknowledges that our nation’s infrastructure is in dire need of repair and expansion. The safety of the traveling public and the jobs created by funding the expansion and maintenance of our infrastructure, and from the resulting revenue created by increasing employment and productivity are a win-win for every entity affected or involved and for the nation as a whole.”

Mr. Steve Bruno, Vice President, Brotherhood of Locomotive Engineers and Trainmen

“The need for investment in our nation’s infrastructure is significantly larger than any one revenue source, and there is a need to design policies to access different revenue sources while being good stewards of the nation’s infrastructure and meeting the challenges its current condition presents.  A national infrastructure bank is one method by which private investment can serve as one of those revenue sources.  Coupled with genuine reform, the bank could provide needed funding for our national infrastructure.”

Mr. Robert Dove, Managing Director, Carlyle Infrastructure Partners, The Carlyle Group

“While states and local governments are pursuing initiatives to address the U.S. infrastructure crisis such as implementing P3 legislation, the Federal government should develop a long-term plan for development and maintenance of the country’s infrastructure as has been done successfully by other countries.  A national infrastructure bank would be a key part of such a plan.”

Mr. J. Perry Offutt, Managing Director, Head of Infrastructure, Investment Banking for the Americas, Morgan Stanley

“One of the most attractive benefits of major public investments in transportation infrastructure is they create tangible capital assets that are long?lived.  In addition to creating jobs and generating tax revenues throughout the economy during the construction cycle, these investments provide infrastructure improvements that foster and facilitate continuing economic growth over many years beyond the initial investment.”

Mr. Pete Ruane, President & CEO, American Road & Transportation Builders’ Association

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