Us Congress House Bill HB3360

Us Congress 2023-2024 Regular Session

• Introduced: 5/16/23
• Refer: 5/16/23
• Refer: 5/17/23

Caption

National Infrastructure Investment Corporation Act of 2023

Impact

If enacted, HB3360 would significantly change the landscape of infrastructure financing by creating a dedicated body focused on managing and providing loans for projects deemed unfeasible through current financial avenues. The corporation will prioritize fairness and efficiency in project selection while minimizing costs to the federal government. This legislative move could lead to a more streamlined process for securing funding and would open opportunities to address a wide array of infrastructure needs—from transportation and water systems to telecommunications.

Summary

House Bill 3360, titled the National Infrastructure Investment Corporation Act of 2023, seeks to establish a government corporation that would provide loans and loan guarantees specifically for infrastructure projects across the United States. With a current infrastructure condition graded at a D+ and an estimated $4.5 trillion required by 2025 for improvement, the bill aims to attract additional capital from pension funds to finance these critical projects. The establishment of this corporation is framed as a necessary response to traditional funding mechanisms that are increasingly inadequate to meet growing infrastructure demands.

Contention

Notable points of contention around the bill center on how it might affect existing financing structures and how the establishment of the corporation might alter project prioritization. There may be concerns about the reliance on pension fund financing, the potential for misaligned priorities in project selection, and oversight mechanisms to ensure accountability within the corporation. The creation of a new governmental body also raises discussions about its long-term implications for public investment in infrastructure and the accountability measures that will be necessary to ensure transparency.