Congresswoman Marcia L. Fudge (OH-11) is introducing the National Infrastructure Bank Act of 2011, a companion bill to Senator Sherrod Brown’s bill, S. 1550. The Cleveland region ranked 9th in the nation (for metro areas with over 2 million people) in the number of deficient bridges. About 213 bridges, or more than 11 percent, are rated as deficient. Nearly 2,453,811 drivers commute on these bridges daily; that’s 28 drivers per second.
“Whether you are a Democrat or Republican, we all have infrastructure that is crumbling, and we have people in our districts who are eager to get back to work. This legislation allows us to target the large number of deficient bridges in our communities and other dangerous infrastructure for repair, making travel safer for our residents. It will provide a path for Ohioans to get back to work,” said Congresswoman Fudge.
According to the Federal Highway Administration, for every $1 billion spent on highway and bridge construction, nearly 35,000 jobs are created. The current condition of the infrastructure in the U.S. earns a grade point average of D.
The legislation creates an independent government-owned entity that issues loans and loan guarantees for $5 billion in annual investments, between FY 2012 and 2015, to public and private parties for eligible projects related to: transportation infrastructure projects, drinking water infrastructure projects, and public housing infrastructure projects.