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Obama’s Proposed Infastructure Bank to get Congressional Hearing

John Mica, Committee Chairman

The House Transportation and Infrastructure Committee will meet next week to consider President Obama’s proposal to create a national infrastructure bank. The proposed bank would provide $10 billion solely for transportation projects.

Obama has already pleaded for $50 billion of direct spending into infrastructure projects as apart of his recent jobs proposal.

Supporters of the idea suggest that the bank could leverage private-sector investments to spend more money, spurring growth.

Opponents of the idea insist that the infrastructure banks would be more practical at the state level. Infrastructure committee chairman John Mica (R-Fla.) is a skeptic of the idea.

“While I support innovative financing to meet our nation’s infrastructure needs, the multibillion-dollar, Washington bureaucracy-based infrastructure bank President Obama is advocating raises many concerns,” Mica proclaimed in a statement Thursday.

The hearing will take place on October 12th.

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