Legislation helps local and state government finance projects to build and renovate schools, bridges, roads, hospitals
Washington (June 4, 2015) – Senator Edward J. Markey (D-Mass.) and Rep. Richard Neal (D-Springfield) today introduced the Bolstering Our Nation’s Deficient Structures (BONDS) Act, legislation that would create jobs helping to rebuild America’s crumbling infrastructure. The BONDS Act provides financing tools to state and local governments to help build bridges, roads, schools and other local critical infrastructure projects. Patterned after the successful Build America Bonds program created in 2009 as part of the American Recovery and Reinvestment Act, the BONDS Act would allow a state or local government to issue a bond to make a public investment while the federal government provides a subsidy to that state or local government to help pay the interest on the bond. The BONDS Act will revive the Build America Bonds program and make it permanent.
“Building bridges and roads means building our economy and building opportunities for Massachusetts workers and their families,” said Senator Markey, a member of the Senate Environment and Public Works Committee. “The BONDS Act will encourage investment in America’s infrastructure backbone, put construction workers back on the job and empower states and cities to plan for long-term economic growth. I thank Rep. Neal for his partnership on this legislation. As the Senate debates passage of a long-term transportation bill, I look forward to working with my colleagues to get this important job-creating legislation passed.”
“During the Great Recession, when we were facing dire times, the Build America Bonds program was there to create jobs and economic opportunity,” said Rep. Neal. “The surest way to jumpstart our economy is investing in our infrastructure. Programs like these put Americans back to work immediately and make long-term investments in our future by updating our schools, roads, bridges, and hospitals. I was proud to support the Build America Bonds program then, and I continue to support this highly successively program now. In Massachusetts, we saw an increased investment of $5 billion in bonds through the program, which was used to fund projects ranging from bridge repairs to renovations at University of Massachusetts Amherst.”
A copy of the BONDS Act can be found HERE. A one-page summary of the BONDS Act can be found HERE.
“We applaud Senator Markey and Congressman Neal for their leadership on this issue,” said Steve Tolman, president, Massachusetts AFL-CIO. “Creating good jobs while repairing our aging infrastructure is the kind of thing working people can get behind and benefit from.”
“While the construction industry is beginning to rebound, unemployment is still at unacceptably high levels,” said Frank Callahan, President of the Massachusetts Building Trades Council, AFL-CIO. “This coincides with the fact that our infrastructure is crumbling and badly in need of updating and repair. Infrastructure investments at the federal, state and local level will address both problems – It will put our people back to work doing work that needs to be done. These investments address our current employment issues and secure a better future for the larger Massachusetts’ economy. I thank Senator Markey and Congressman Neal for their leadership introducing this important legislation.”
“When we strengthen our bridges and roads, we strengthen our economy and the families it supports,” said Braintree Mayor Joe Sullivan. “As a mayor, I see firsthand how strong infrastructure attracts businesses and support economic growth. It also puts people to work on the projects that communities value every day. I applaud Senator Markey and Congressman Neal in pushing to reinvigorate this successful infrastructure investment program.”
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