A bill calling for the creation of a government-owned "infrastructure bank" was introduced today.
The bank would provide low-interest loans to private investors looking to invest in public-works projects such as highways as well as energy and water projects. The bank would provide loans for projects costing at least $100 million that are deemed nationally or regionally significant.
The bill is backed by both Republican and Democratic senators including former presidential candidate and current Massachusetts senator John Kerry.
The bank would be established with $10 billion in start-up money.
Senator Kerry estimates the bank could generate up to $640 billion in public works over its first 10 years. He cites a decades-long "infrastructure deficit" as one of the reasons he supports the creation of the bank.