The BUILD Act
In March 2011, Senator Warner, along with Senator John Kerry (D-MA) and Senator Kay Bailey Hutchison (R-TX) announced The BUILD Act.
The BUILD Act will create a new infrastructure bank to help finance infrastructure projects, help close America’s widening infrastructure gap, create jobs throughout the next decade, and strengthen America’s competitive position. In addition, this bipartisan legislation has the support of the AFL-CIO and the U.S. Chamber of Commerce.
New York Times Editorial: A Chance to Build Again
"By providing low-cost capital to states, cities and authorities, the bank would help these strapped governments kick-start projects that are now unaffordable, while attracting investments from pension and private-equity funds that are looking for stable money-generating ventures in which to invest. 'We can either build, and compete, and create jobs for our people,' said Mr. Kerry, 'or we can fold up, and let everybody else win. I don’t think that’s America.' The bank was backed by unions and the U.S. Chamber of Commerce." Click here for more info.
“Thankfully, Republican Sen. Kay Bailey Hutchison of Texas has taken a big step in leadership on this issue, crossing party lines to support Democratic Sens. John Kerry of Massachusetts and Mark Warner of Virginia in proposing a national infrastructure bank. It’s a bold step to help rebuild America in a year when a Republican-led Congressis aggressively targeting new spending.” Click here for more info.
“The United States is spending less than two-percent of its GDP on infrastructure, while India spends five-percent and China spends nine-percent,” said Sen. Warner. “As a matter of global competitiveness, we need to find additional ways to upgrade our nation’s infrastructure, and this bank will help us strike the right balance between near-term discipline and investment in future growth.” Click here for more info.