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Key Challenges in Infrastructure Governance -- A US Perspective - Elaine Buckberg, United States

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Presentation made by Elaine Buckberg, US Treasury Department, at the Symposium on Governance of Infrastructure held at the OECD, Paris, on 29 February 2016

Published in: Government & Nonprofit
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Key Challenges in Infrastructure Governance -- A US Perspective - Elaine Buckberg, United States

  1. 1. Key Challenges in Infrastructure Governance A U.S. Perspective Elaine Buckberg OECD Symposium on Governance of Infrastructure February 29, 2016
  2. 2. This presentation represents my opinions and not those of the U.S. Treasury Department.
  3. 3. Long-term Vision Cost-effective investment in our Nation's infrastructure is critical to creating jobs, expanding opportunity, fostering economic growth, and improving the global competitiveness of the United States. President Barack Obama Presidential Memorandum, July 17, 2014
  4. 4. Long-term Vision Maintaining and upgrading infrastructure is as critical as building new infrastructure.
  5. 5. Need long-term vision: • Stable underlying source of funds • Predictable funding • Political will U.S.: • Longstanding gas tax is raising less revenue • Federal funding subject to Congressional approval • State/local funding closely tied to tax revenues due to balanced budget requirements Predictable Funding
  6. 6. Need: • Upfront financing of investment • Ability to maintain investment through economic cycles Access to Financing
  7. 7. • Municipal bond market: $3.7 trillion debt outstanding • Work to do: Diversify sources • Attract non-taxable debt investors: • America Fast Forward Bonds proposal • Attract equity investors: P3s • Enable issuance of tax-exempt debt in projects with private sector equity participation: • Existing Private Activity Bonds (PABs) program • Qualified Public Infrastructure Bonds (QPIBs) proposal Access to Financing US
  8. 8. Making the Right Projects Happen Best practices for all decision-making levels of government: • Cost-benefit analysis • Prioritized project selection U.S.: • Federal highway funds granted to states by formula • States make spending decisions • TIFIA: Financing for large transportation projects • TIGER: Competitive grant program
  9. 9. Effective Execution Best practices for all decision-making levels of government: • Reasonable permitting process • Appropriate safeguards • Predictable timelines • Government staff with financial and technical expertise • Framework to determine procurement approach • Value-for-money • Competitive bidding • Transparency

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