Sen. John Kerry, D-Mass., on Thursday filed legislation to create a national infrastructure bank to attract capital for major transportation, water and energy projects.
The BUILD Act (Building and Upgrading Infrastructure for Long-Term Development) would authorize an independent not-for-profit institution patterned after the U.S. Import-Export Bank to develop projects and attract private investment in large-scale infrastructure projects.
Earlier this week Kerry said the bank would receive an initial $10 billion from the federal government, and could leverage as much as $640 billion in private investment within the next 10 years.
Co-sponsors of the bill include Senators Kay Bailey Hutchison, R-Texas, and Mark R. Warner, D-Va.
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