Lincoln Chafee: “Mr. President today, I am introducing legislation which will allow the private sector to take a more active role in…”

“Mr. President today, I am introducing legislation which will allow the private sector to take a more active role in building and operating our nation's highway infrastructure. The Highway innovation and Cost Savings Act will allow the private sector to gain access to tax-exempt bond financing for a limited number of highway projects. I am pleased that my distinguished colleagues, Senators Moynihan, Warner, Bond, Graham, and Gorton have agreed to join me in this effort. In the United States, highway and bridge infrastructure is the responsibility of the government. Governments build, own, and operate public highways, roads and bridges. In many other countries, however, the private sector, and private capital, construct and operate important facilities. These countries have found that increasing the private sector's role in major highway transportation projects offers opportunities for construction cost savings and more efficient operation. They also open the door for new construction techniques and technologies. It is incumbent upon us to look at new and innovative ways to make the most of limited resources to address significant needs. To help meet the nation's infrastructure needs, we must take advantage of private sector resources by opening up avenues for the private sector to take the lead in designing, constructing, financing and operating highway facilities.”