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Letter Regarding New Federal Banking Rules

ARTBA letter to Congressional leadership regarding new federal banking rules.

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Letter Regarding New Federal Banking Rules

  1. 1. TRANSPORTATION i i i i’ i i i’ MAKE 5 AMEIHCA - a Îe tember 3, 20W The Honorable John Boehner The Honorable Harry Reid Speaker Majority Leader U. S. House of Representatìves U. S. Senate Washington, D. C. 20515 Washington, D. C. 20510 The Honorable Nancy Pelosi The Honorable Mitch McConne| | Democratic Leader Republican Leader U. S. House of Representatives U. S. Senate Washington, D. C. 20515 Washington, D. C. 20510 Dear Speaker Boehner, Majority Leader Reid, Representative Pelosi and Senator McConne| |: While we greatly appreciate action by the House and Senate in July to provide a temporary revenue patch for the Highway Trust Fund (HTF) to avoid an abrupt, severe disruption of the federal surface transportation program this year, the simple fact remains this was the fifth HTF revenue crisis in the blast seven years. The fund now faces a sixth revenue shortfall at the beginning of the 2015 construction season. Federal highway funds provide, on average, 52 percent of the capital investment made each year by the states in road and bridge improvements. The uncertainty that continues to surround the HTFunnecessarily restrains transportation Qlanning and investments in virtually every state. l write to bringto your attentiona federal action taken yesterday by the Federal Reserve, Office of the Comgtroller of the Currency, and the Federal Deposit Insurance Corporation that will further exacerbate this national Qroblem. These federai entities approved rules that will now preclude banks from using municipal bonds to comply with newliquidity standards. This decision will increase the financing cost of infrastructure Qroects for state and local governments and adversely impact development of public-private Qartnerships for transportation Qroects. In short it further constrains resources available for road brid e transit and other needed ublic works im rovements. Please use this development as another motivator to do what the vast majority of your colleagues acknowledged during Ju| y's debate on the Iatest HTF patch needs to be done-develop a Iong-term, sustainable revenue solution to permanently stabilize the trust fund and support futurestate investments in surface transportation improvements. Action on such a solution does not need to wait until Ma 2015. We urge you to use the remaining four months of this year to develop a bipartisan trust fund pian. We pledge to work with you to build the support necessary for this overdue action. Sincerely, ‘iîflàîégfik T. Peter Ruane President & CEO I‘ “Eln g“ T", :'; ,', *ggf, }}f" THE ARTBA BUILDING, 1219 28TH ST. , N. W., WASHINGTON, D. C. 20007 Phone: (202) 289-4434 - Fax: (202) 289-4435 0 Internet: www. artba. org