On the recordMay 28, 2010
I strongly support this legislation extending Build America bonds and marketable distribution of highway funding. Build America bonds allow taxable bond access for State and local governments, create new types of investors, and attract them to infrastructure from pension funds and tax-exempt organizations. This bill also provides $521 million in highway funding for highway and transit for more equitable distribution of Federal funding than was adopted under the Senate language in the HIRE Act. The Senate revisions earmark funding under two major discretionary programs--Projects of National Regional Significance and the National Corridor Program--for a small select group of States. Under our distribution, we revise and make equitable the Senate revisions which skewed the highway formula. Under this provision in this bill, every State receives its fair share, apportionment share, of the funds available under these programs. Thirty-seven States will receive more highway and transit funding through this modification, which will produce thousands of jobs across all these States, 18,000 jobs.
