CHICAGO - Illinois State Treasurer and U.S. Senate nominee Alexi Giannoulias today outlined his proposal for a National Infrastructure Fund at a commuter rail station in Chicago. The proposal would direct funding to large-scale infrastructure projects that are the most economically beneficial and efficient.  

"Our economy, our national security, and our global competitiveness demand that we invest in the infrastructure that serves as the foundation for America's economy," said Giannoulias. "You only need to look as far as China to see that our main competitors have learned this lesson and are applying it with force.  It is said that America has a first class economy with a third class infrastructure.  China, on the other hand, is working to make its infrastructure the envy of the world.  The country doubled its investment in rail last year and is pouring money into clean energy technologies as we sit by and debate one-year tax credit extensions for the industry.  We lack any sense of urgency."

According to the American Society of Civil Engineers, the United States spends more than 4 billion hours a year stuck in traffic, costing the economy $78.2 billion in lost productivity. One-third of America's roadways are in poor condition, costing motorists $67 billion a year in repairs and operating costs, and costing 14,000 Americans their lives. More than one in four of the country's bridges are either structurally deficient or functionally obsolete and nearly half of American households do not have access to transit.

Giannoulias' National Infrastructure Fund would establish an independent board comprised of urban planners, economists, engineers, geologists and other experts in the field.  This board would prioritize the nation's large-scale infrastructure needs based on their national and regional economic benefits. The highest ranked project would receive funding through direct federal grants, loan guarantees and private sector matching funds.  

To avoid future reckless earmark projects like the "Bridge to Nowhere," the Fund would essentially strip politics out of the decision-making process.  While Congress would continue to allocate the funds, the selection of projects would be made by the independent board, which would assess each project strictly on its merits, and rank the proposals based on their efficiency and economic benefit.

Giannoulias' proposal is deficit-neutral and would be funded by cutting the tax breaks for big oil companies, which would make $45 billion available over the next decade. Instead of benefiting a few oil companies that already enjoy billions of dollars in annual profit, this taxpayer money will benefit the entire nation by connecting transit systems, updating the nation's electric grid, streamlining freight rail lines, and repairing roads and bridges.

A prime example of an Illinois project that will benefit from the National Infrastructure Fund is CREATE. Through a partnership between federal, state and local governments, along with Metra, Amtrak, and the nation's freight railroads, CREATE is focused on untangling the rail network around Chicago.  The result would be more jobs and economic stimulus as the nation's goods move through Chicago more efficiently. Studies show that the improvements would provide $22 billion in annual economic value to the region's manufacturers and businesses, ensuring that Chicago remains the busiest rail gateway in the United States.