(My last article with PolitiFact! Unfortunately, it's kind of a downer, but you should still read it.)
During his 2008 presidential campaign, President Barack Obama promised to create a "National Infrastructure Bank to expand and enhance, not supplant, existing federal transportation investments.”
Obama promised to provide $60 billion to the fund over the next 10 years for transportation projects across the nation, saying the fund would create up to two million jobs and "stimulate approximately $35 billion per year in new economic activity.”
Obama made infrastructure a priority with the 2009 stimulus act, which allocated almost $100 billion towards transportation and infrastructure projects. However, the way an infrastructure bank works is very different from how the administration"s grant-based stimulus functioned.
Interview with Robert Puentes, senior fellow at the Brookings Institute.
Interview with Richard Little, Director of the Keston Institute for Public Finance and Infrastructure Policy at the University of Southern California.
ProPublica, "Stimulus Infrastructure Funding Short-Changes States With High Unemployment,” Feb. 15, 2009.
BUILD Act, full text
New York Times, "White House Seeks $4B for Transportation Infrastructure Bank,” Feb. 1, 2010.
CNN, "Obama vows to break jobs plan into separate bills after Senate setback,” Oct. 11, 2011.
Federal Railroad Administration, "Railroad Rehabilitation & Improvement Financing Program,” Accessed April 20, 2012.
Inside Real Estate News, "Union Station gets $300 million in funding,” July 23, 2010.
The Journal of Commerce, "TIFIA Grant Requests Outpace DOT Supply 107-1,” Feb. 15, 2012.
The Journal of Commerce, "House Republicans Unveil Five-Year Transport Plan,” Jan. 31, 2012.
New York Times, "House to Vote on High-Speed Rail Funding, National Infrastructure Bank,” July 23, 2009.
White House, "Department of Transportation: Fiscal Year 2012 Budget,”
U.S. House of Representatives Committee On The Budget, "Highlights of the President"s Fiscal Year 2013 Budget,” Feb. 14, 2012.
White House, "Five Facts About National Infrastructure Bank,” Nov. 3, 2011.