Press Releases

U.S. Representatives Salud Carbajal (D-CA-24) and Daniel Webster (R-FL-11), senior leaders of the House Transportation and Infrastructure Committee, reintroduced the bipartisan National Infrastructure Investment Corporation (NIIC) Act, which would authorize the creation of a national infrastructure bank.

The bank created by the NIIC Act would be authorized to provide loans and loan guarantees to local infrastructure projects, giving local governments another potential funding source in addition to support provided by the Bipartisan Infrastructure Law or other federal and state funding sources.

“The Bipartisan Infrastructure Law was a landmark step in revitalizing our nation’s crumbling infrastructure, but more investment is needed to help fix our country’s roads and bridges, upgrade our waterways and wastewater systems, expand telecommunications capabilities, and more,” said Rep. Carbajal. “This bipartisan bill will unlock billions of dollars a year in private funding to support our nation’s most pressing infrastructure projects.”

"American’s agree that our nations’ infrastructure is long overdue for critical repairs and improvements,” said Rep. Webster. "As a member of the House Transportation and Infrastructure Committee, I am committed to working on solutions that improve our nation’s infrastructure. This bipartisan bill would leverage private financing to help local governments and municipalities have access to the capital needed for improving critical infrastructure.”

The bank’s available funding for supporting local projects would come from municipal, state, and union pension funds loaned to the bank, earning interest on the funds and repaying the principal in time for the workers to utilize their retirement savings.

Since its passage in 2021, the Bipartisan Infrastructure Law has delivered more than $1 billion in funding to projects up and down the Central Coast of California. 

As a senior member of the House Transportation and Infrastructure Committee, Carbajal played a key role in crafting and passing the landmark legislation in partnership with the Biden Administration.

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