ASA Calls on Congress to Modernize America’s Infrastructure

ASA members have underwritten billions of dollars’ worth of projects and have the capacity and expertise to obtain and provide the financing necessary to implement an infrastructure plan for America.

WASHINGTON – Ahead of today’s House Ways and Means Committee’s hearing on funding and financing infrastructure investments, the American Securities Association (ASA) sent a letter to Chairman Richard Neal (D-MA) urging Congress to take action to modernize America’s infrastructure.

“It’s time for Congress to modernize our nation’s infrastructure to help improve the lives and productivity of all Americans,” said ASA CEO Chris Iacovella. “ASA members have underwritten billions of dollars’ worth of projects and have the capacity and expertise to obtain and provide the financing necessary to implement an infrastructure plan for America,” Iacovella wrote in the letter.

In the letter, ASA urged Congress to begin its work on infrastructure by approving the bipartisan Generating American Income and Infrastructure Now (GAIIN) Act (H.R. 6104), which would fund important projects such as “new hospitals and schools in distressed urban and rural communities living below the poverty line.”

“ASA also strongly supports the continued use of municipal bonds as a critical source of financing for infrastructure, affordable housing, and economic development, “Iacovella wrote. “These bonds allow state and local governments to harness the expertise of the private sector to undertake public projects.”

Iacovella also warned against the creation of a national infrastructure bank. “This bank would be captured by Wall Street elites and transfer the decision-making and financing of local projects to Washington D.C. instead of dispersing it throughout the country, where it belongs.”

To read ASA’s full letter to the House Ways and Means Committee, click here. 

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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.