National Infrastructure bank: An Idea Whose Time Has Come

Published in Brooklyn Daily Eagle, Oct. 5, 2011 BROOKLYN — In Sen. Kirsten Gillibrand’s recent telephone press conference, which mainly concerned money for transportation projects in President Obama’s Jobs Bill, she also touched on another important matter. She voiced her support for an unusual concept — a National Infrastructure Bank. The government would identify infrastructure (road, bridge, rail, mass transit, airport) projects that need to get done and contribute seed money. Then, it would recruit private investors to contribute to repairs or new construction. Gillibrand said that she’s often run into businesspeople who want to contribute to such projects, but have no opportunity to do so. The measure was actually introduced in the Senate in 2008, but has been stalled since then. This is extremely important. Businesses or individuals who want to contribute to the operations of, say, Central or Prospect Park have every opportunity to do so. The same goes for the museums and the performing arts. But let’s take myself. I’m a lifelong rail fan. If I suddenly find myself with a large sum of money, and I want to contribute to the repair of the Culver Viaduct, I have no means of doing so. Let’s take another example. The recent flooding of the Ramapo River all but wiped out the Port Jervis line of MetroNorth in Rockland County. If I were a business owner in one of the affected towns who wanted to contribute money to the rebuilding of the line, I would probably have to call about 20 government offices and make about 50 calls before I found the opportunity to do so. So let’s have the National Infrastructure Bank, sooner than later. I dare say that if that bank had existed since the 1930s or so, we would still have the New York, Westchester and Boston railway; the Putnam Line of the New York Central; and the North Shore Line of the Staten Island Railway, because interested parties would have had the opportunity to step up and contribute funds to ensure those lines’ continued operation. Bob Diamond might have completed his Red Hook trolley line, provided that investors came forward to support it. The parks have their support groups, and so do the arts. Now, let’s give road and rail projects a chance!