SEC. 243. FINDINGS AND PURPOSE.
(a) Findings- Congress finds that--
(1) infrastructure has always been a vital element of the economic strength of the United States and a key indicator of the international leadership of the United States;
(2) the Erie Canal, the Hoover Dam, the railroads, and the interstate highway system are all testaments to American ingenuity and have helped propel and maintain the United States as the world's largest economy;
(3) according to the World Economic Forum's Global Competitiveness Report, the United States fell to second place in 2009, and dropped to fourth place overall in 2010, however, in the `Quality of overall infrastructure' category of the same report, the United States ranked twenty-third in the world;
I want to comment on the use of global references in US legislation. It is very appropriate for the USA to measure itself in a global context. US Justice Ginsberg is always criticized about including global measures where appropriate when writing opinion. I saw her speak about many topics, but, the question came up as to why such references were made in US judicial decision making. She stated very clearly that the US courts lack the interaction with its place in the world in judicial decisions. She went on to say, other countries, including Canada, refer to global references to understand a dynamic that is a real part of life. She stated to truncate authority without such a measure is to leave the USA floundering without a beacon.
Justice Ginsberg is more than correct. We hear how our educational system is deteriorating with the global competition our young people now face. We here about how the USA has to compete for 'talent' and 'economic markets' on a global basis. The reality of the USA is that we have lost much of our economy to global interests through outsourcing and the like that a reference to these events only increases the understanding of our laws that protect our people. In other words, how is labor suppose to measure their quality of life if the reference is not made to child labor in other countries, to others minimum wage, such as Japan and the list goes on. Making reference to the standing of the USA on a global picture is to preserve our sovereign right to elevate the wages, working conditions and benefits to US Labor and maintain a high quality of life.
I don't know if the quality of life of the American Dream is understood by legal document anywhere in USA law either. The exception is probably the measure of the cost of living. Those values are standardly American and measurable. At least that is a beginning to define The American Dream in a capacity rather than a cultural understanding. Perhaps, The Dream Act needs to carry such language to insure those young people are measured by American standards and not any other standard.
(4) according to the World Bank's 2010 Logistic Performance Index, the capacity of countries to efficiently move goods and connect manufacturers and consumers with international markets is improving around the world, and the United States now ranks seventh in the world in logistics-related infrastructure behind countries from both Europe and Asia;
(5) according to a January 2009 report from the University of Massachusetts/Alliance for American Manufacturing entitled `Employment, Productivity and Growth,' infrastructure investment is a `highly effective engine of job creation';
(6) according to the American Society of Civil Engineers, the current condition of the infrastructure in the United States earns a grade point average of D, and an estimated $2,200,000,000,000 investment is needed over the next 5 years to bring American infrastructure up to adequate condition;
(7) according to the National Surface Transportation Policy and Revenue Study Commission, $225,000,000,000 is needed annually from all sources for the next 50 years to upgrade the United States surface transportation system to a state of good repair and create a more advanced system;
(8) the current infrastructure financing mechanisms of the United States, both on the Federal and State level, will fail to meet current and foreseeable demands and will create large funding gaps;
(9) published reports state that there may not be enough demand for municipal bonds to maintain the same level of borrowing at the same rates, resulting in significantly decreased infrastructure investment at the State and local level;
I have to laugh when I realize how two-faced Republicans are. They take monies from huge Wall Street firms to finance their elections. These firms send American jobs overseas and they have Republican legislators facilitating that. Where did the disconnect happen? Where did the American people start to believe Republicans had the answer for the economic problems we all face? Hippocrits all.
(10) current funding mechanisms are not readily scalable and do not--
(A) serve large in-State or cross jurisdiction infrastructure projects, projects of regional or national significance, or projects that cross sector silos;
(B) sufficiently catalyze private sector investment; or
(C) ensure the optimal return on public resources;
How did this happen? How is it that the financial infrastructure that provides monies to our states and cities fall apart? Republcans state they are on the side of the PRIVATE SECTOR. Which one, the one connected with the Central Bank of China? They are such liars. This bill is attempting to REBUILD all the failed mechanisms to allow USA businesses to flourish.
Americans have to realize they have been duped in a very real way and their country is hurting because of 30 years of Republican neglect and exploitation of their treasuries and their good will.
PASS THIS BILL !
I saw an ad the other day for "The Nation." It is a great magazine. But, it states there were profound losses to the media infrastructure and what emerged were extremist new agencies in its wake. That is what has happened to the financial infrastructure in the USA. Vast amounts of banks have closed their doors since 2007 and we are left with the Rif-Raf of the global banking network. Think about it.
(b) Purpose- The purpose of this Act is to facilitate investment in, and long-term financing of, economically viable infrastructure projects of regional or national significance in a manner that both complements existing Federal, State, local, and private funding sources for these projects and introduces a merit-based system for financing such projects, in order to mobilize significant private sector investment, create jobs, and ensure United States competitiveness through an institution that limits the need for ongoing Federal funding.
SEC. 244. DEFINITIONS.
(1) AIFA- The term `AIFA' means the American Infrastructure Financing Authority established under this Act.
(6) COST- The term `cost' has the same meaning as in section 502 of the Federal Credit Reform Act of 1990
Cited Law:
2 USC 661 - Sec. 661a. Definitions (click here)
(8) ELIGIBLE ENTITY- The term `eligible entity' means an individual, corporation, partnership (including a public-private partnership), joint venture, trust, State, or other non-Federal governmental entity, including a political subdivision or any other instrumentality of a State, or a revolving fund.
The partners to the fund that will bring the monies to invest in the projects. That means if the DNC wants to be as patriotic as they can be or any labor union they can invest in this fund for a return on their investment while protecting the productivity of the country. Not bad.
(9) INFRASTRUCTURE PROJECT-
(A) IN GENERAL- The term `eligible infrastructure project' means any non-Federal transportation, water, or energy infrastructure project, or an aggregation of such infrastructure projects, as provided in this Act.
There are provisions for transportation, water and energy. Where is the subdivisions for these divisions for funding AIR QUALITY intrastructure? Why is that always forgotten in government except for complaints by the Republicans on regulation? Can't see it or touch it or what? Where is Barbara Boxer and John Kerry on a provision for Air Quality Infrastructure?
(E) BOARD AUTHORITY TO MODIFY SUBSECTORS- The Board of Directors may make modifications, at the discretion of the Board, to the subsectors described in this paragraph by a vote of not fewer than 5 of the voting members of the Board of Directors.
(10) INVESTMENT PROSPECTUS-.
(A) The term ‘investment prospectus’ means the processes and publications described below that will guide the priorities and strategic focus for the Bank’s investments. The investment prospectus shall follow rulemaking procedures under section 553 of title 5, United States Code.
Cited Law:
5 USC 553 - Sec. 553. Rule making (click here)
(B) The Bank shall publish a detailed description of its strategy in an Investment Prospectus within one year of the enactment of this subchapter. The Investment Prospectus shall--
(D) The Bank shall update the Investment Prospectus on every biennial anniversary of its original publication.
(13) PUBLIC-PRIVATE PARTNERSHIP- The term `public-private partnership' means any eligible entity--
(A)(i) which is undertaking the development of all or part of an infrastructure project that will have a public benefit, pursuant to requirements established in one or more contracts between the entity and a State or an instrumentality of a State; or
(ii) the activities of which, with respect to such an infrastructure project, are subject to regulation by a State or any instrumentality of a State;
(B) which owns, leases, or operates or will own, lease, or operate, the project in whole or in part; and
(C) the participants in which include not fewer than 1 nongovernmental entity with significant investment and some control over the project or project vehicle.
(14) RURAL INFRASTRUCTURE PROJECT- The term `rural infrastructure project' means an infrastructure project in a rural area, as that term is defined in section 343(a)(13)(A) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1991(a)(13)(A)).
Other citations of stated law reference:
Public Notice - Area Rural in Character Provision (click here)
TITLE VI—RURAL DEVELOPMENT
Subtitle A—Consolidated Farm and Rural Development Act (click here)
SEC. 6018. DEFINITIONS.
(a) RURAL AREA.—Section 343(a) of the Consolidated Farm
and Rural Development Act (7 U.S.C. 1991(a)) is amended by
striking paragraph (13) and inserting the following:
‘‘(13) RURAL AND RURAL AREA.—
‘‘(A) IN GENERAL.—Subject to subparagraphs (B)
through (G), the terms ‘rural’ and ‘rural area’ mean any
area other than
7 U.S.C. § 1991 : US Code - Section 1991: Definitions (click here)
(a) As used in this chapter:(13) Rural and rural area. -
(A) In general. - Except as otherwise provided in this paragraph, the terms "rural" and "rural area" mean any area other than -
(15) SECRETARY- Unless the context otherwise requires, the term `Secretary' means the Secretary of the Treasury or the designee thereof.
(16) SENIOR MANAGEMENT- The term `senior management' means the chief financial officer, chief risk officer, chief compliance officer, general counsel, chief lending officer, and chief operations officer of AIFA established under section 249, and such other officers as the Board of Directors may, by majority vote, add to senior management.
(17) STATE- The term `State' includes the District of Columbia, Puerto Rico, Guam, American Samoa, the Virgin Islands, the Commonwealth of Northern Mariana Islands, and any other territory of the United States.
(16) SENIOR MANAGEMENT- The term `senior management' means the chief financial officer, chief risk officer, chief compliance officer, general counsel, chief lending officer, and chief operations officer of AIFA established under section 249, and such other officers as the Board of Directors may, by majority vote, add to senior management.
(17) STATE- The term `State' includes the District of Columbia, Puerto Rico, Guam, American Samoa, the Virgin Islands, the Commonwealth of Northern Mariana Islands, and any other territory of the United States.
This brings up to page 40 and the next section where I will pick up tomorrow.
SEC. 245. ESTABLISHMENT AND GENERAL AUTHORITY OF AIFA.
end
