Infrastructure Bank Included in 2011 US Budget

The Obama Administration is including a $4 billion plan to create a national infrastructure bank as part of its 2011 federal budget proposal.

The infrastructure bank -- called a National Infrastructure Innovation and Finance Fund -- would be used to expand existing federal transportation investments by providing direct federal funding and seed money for large-scale capital project grants that "provide a significant economic benefit to the nation or a region."

The New York Times reports that the $4 billion plan includes $2.6 billion for grants or loans during the 2011 fiscal year. $270 would be used to establish the bank and take care of other administrative costs.

Full Story: White House Budget Seeks $4B for Transportation Infrastructure Bank

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