Skip to Content
Streetsblog New York City home
Streetsblog New York City home
Log In
National Infrastructure Bank

Kerry, Hutchinson, and Warner Introduce New Infrastructure Bank Bill

Sen. John Kerry (D-MA), along with Sen. Kay Bailey Hutchison (R-TX) and Sen. Mark Warner (D-VA), just announced that they’re introducing the BUILD Act today, which would create a national infrastructure bank.

false

They’re proposing to start the bank with $10 billion of seed money that would leverage hundreds of billions of dollars, according to their projections. “Private capital is sitting on the sidelines,” Kerry said. These senators, and many more who are expected to co-sponsor the bill, want to see those private funds put to work.

The BUILD Act will not include any grants and will only fund revenue-generating projects that can repay a loan. The White House had proposed a $30 billion infrastructure bank that includes grants, but Kerry says that given the current climate, they preferred to stick only with projects that will generate revenue, and they’ve pared it down to a size they think lawmakers on both sides of the aisle can accept.

Sen. Barbara Boxer (D-CA) has indicated she'd rather see the TIFIA loan program be strengthened, rather than create a new entity that some fear will invoke echoes of Fannie Mae and Freddie Mac (a charge Kerry vigorously denies). Kerry says Boxer is on board with this proposal, as is the White House, the Senate Budget Committee Chair, and members of the House.

Stay tuned for more details.

Stay in touch

Sign up for our free newsletter

More from Streetsblog New York City

Sean Duffy’s ‘Great America Road Trip’ Wants You to Drive to Central Park

Sean Duffy's "Great American Road Trip" encourages Americans to drive to sites in the most transit-rich and car-choked parts of the country.

July 3, 2025

Ex-DOT Official Warns NYC’s ‘Counterproductive’ E-bike Speed Limit Will Curb Biking, Safety

The mayor is working overtime to undo the decade of gains for cycling in the Big Apple, a former de Blasio administration official told Streetsblog.

July 3, 2025

Thursday’s Headlines: Just the News Edition

Things are slowing down for summer, but not entirely. Here's the news.

July 3, 2025

DOT Boss Defends Adams’s ‘Vision Zero’ Record As Agency Fights A Bike Lane in Court

Traffic fatalities are down and the DOT is taking a victory lap — even as it argues against a protected bike lane in court.

July 2, 2025

Cyclist Arrested After Crash with Electric ‘One-wheel’-Style Unicycle

Carolyn Backus is charged with fleeing the scene of a crash causing serious injury, but the details are murky.

Wednesday’s Headlines: Return of Summer Streets Edition

Summer Streets is back and bigger than ever. Plus more news.

July 2, 2025
See all posts