On April 1, President Obama gave a speech in Miami, Florida at Port Miami. This stage was a perfect platform to deliver his ideas about growing partnerships in America, allowing the public and private sectors to share risks and returns. He is calling this endeavor Partnership to Rebuild America and intends to rebuild infrastructure across the entire United States. Infrastructure means transportation, energy, buildings, and all other capital assets that are in desperate need of updating and repair.
Below is an excerpt from his speech:
So today, I’m expanding on a proposal I made in the State of the Union. I’m calling it a Partnership to Rebuild America. It’s a partnership with the private sector that creates jobs upgrading what our businesses need most -– modern ports to move our goods; modern pipelines to withstand a storm; modern schools worthy of our children.
And my plan does three things. First, we’ll set up an independent fund that will attract private investment to build projects like this one, and make sure companies share in the risk and returns. Instead of picking projects based on pork-barrel politics, we’ll pick them based on how much good they’ll actually do for the economy, how much the projects make sense. And we’ll better finance projects that involve more than one mode of transportation, or more than one town or state, with less red tape to gum up the works. So all of this will make the process more efficient. It will help us break ground on some of the projects that our cities and states need most, and they can do it faster and better.
Second, we’re going to fund more projects, at less cost, by establishing a new infrastructure initiative called America Fast Forward bonds. It’s going to give mayors and governors more flexibility and power to attract private investment for public projects.
Number three, we’ll strengthen a loan program that, in recent years, has helped governors and mayors leverage four times the money Washington put into it, and that means we’re helping construction workers get on the job quicker, repaying taxpayers their hard-earned money faster. That’s the kind of approach we used to help PortMiami Tunnel get off the ground -– or I guess underground.
That’s the Partnership to Rebuild America. That’s how we’ll create good jobs doing the work America needs done. That’s how we’ll encourage more businesses to start here, and grow here, and hire workers here.