May 22, 2013
Congressman Jared Polis (D-CO) joined a bipartisan group of 13 Republican and 13 Democratic members of Congress as co-sponsors of Congressman John Delaney's (D-MD) H.R. 2084, the Partnership to Build America Act. This legislation upgrades America’s aging infrastructure with no additional burden to taxpayers.
“I am proud to be a co-sponsor of the Congressman Delaney’s bipartisan Partnership to Build American Act," said Rep. Polis. "When Rep. Delaney presented this idea to me, I told him that I thought it was the best idea of the year. This bill which now has more than a dozen co-sponsors on both sides of the aisle would create a national infrastructure bank to finance the improvement of roads, bridges, and other projects across the country, boosting our economic growth and creating jobs.
“We can’t compete in the global economy of the 21st century without a significant investment in our infrastructure. At no cost to the taxpayer, this legislation will finance a massive investment in U. S. infrastructure, get Americans back to work now, and position our businesses to grow for decades to come,” said Delaney. “I’m proud to introduce this legislation with such strong bipartisan support and feedback from my co-sponsors made this a better bill. The American people sent us here to work together, find solutions, and work towards the common good.”
The Partnership to Build America Act creates a $50 billion dollar infrastructure fund that can be leveraged to $750 billion. This fund will be capitalized by the sale of 50-year bonds that are not guaranteed by the Federal government and pay 1% interest rate. To encourage U.S. corporations to purchase these bonds, they will be allowed to repatriate a certain dollar amount – determined by auction - in overseas earnings tax-free for every $1 they invest in the bonds. The fund will then provide loans or loan guarantees to states and municipalities to finance transportation, energy, communications, water, and education infrastructure projects. The Partnership to Build America Act is co-sponsored by the following members: Andy Barr (KY-6), Ami Bera (CA-7), John Carney (DE-AL), Tom Cole (OK-4), Gerry Connolly (VA-11), Rodney Davis (IL-13), Mike Fitzpatrick (PA-8), Tulsi Gabbard (HI-2), Joe Garcia (FL-26), Chris Gibson (NY-19), Bill Johnson (OH-6), Dave Joyce (OH-14), Joe Kennedy (MA-4), Ron Kind (WI-3), Adam Kinzinger (IL-16), Luke Messer (IN-6), Jim Moran (VA-8), Patrick Murphy (FL-18), Scott Peters (CA-52), Robert Pittenger (NC-9), Jared Polis (CO-2), Dutch Ruppersberger (MD-2), Kyrsten Sinema (AZ-9), Steve Stivers (OH-15), Mike Turner (OH-10), and Ted Yoho (FL-3).
For more information on The Partnership to Build America Act, click here.