The Administration of President Barack Obama is pressing Congress to create an “Infrastructure Bank” to help finance rail and highway construction, The Wall Street Journal reported.
Officials from the Administration have noted that the bank would be a new government entity that would provide loans to support public-works projects in both regional and national sectors. The bank that would be created is an effort by Obama to receive private funding for these projects, as low-interest loans would be offered, according to the newspaper.
The fund is a response to the lack of money that has been generated by the gas tax, as this levy has not been enough to provide the necessary resources to keep the Nation’s infrastructure at a sustainable level, according to the article.
Obama and his White House staff have been floating the notion of infrastructure improvements over the past several weeks in an attempt to use this issue as a possible solution for the down economy and high unemployment numbers, Fox News reported.
This investment may act as a way for the Administration to get money from companies to support public projects, according to the news source.