House Passes Messer’s Legislation to Help Cities and Towns Save on Infrastructure Projects
“Ultimately, this bill saves taxpayer dollars,” Messer said in a speech on the House Floor before the vote.
WASHINGTON, D.C. (Tuesday, May 22, 2018) — The U.S. House of Representatives today sent historic banking reform legislation to the President’s desk, which includes a bipartisan bill authored by Rep. Luke Messer (IN-06) that will help Hoosier cities and towns save money on infrastructure projects.
The Economic Growth, Regulatory Relief and Consumer Protection Act includes Messer’s bill that makes it more affordable for local communities to fund roads, bridges and schools.
“Ultimately, this bill saves taxpayer dollars,” Messer said in a speech on the House Floor before the vote. “This will drive down the cost of borrowing and make it cheaper for Hoosier cities and towns to finance local infrastructure projects.”
H.R. 1624, which the House previously passed twice, rolls back an Obama-era banking regulation that discouraged financial institutions from holding municipal bonds, which many state and local governments – including in Indiana – rely on to finance infrastructure projects. Messer’s bill reverses this regulation, making it more affordable for municipalities to invest in roads, bridges, hospitals and schools.
The bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act, which also rolls back harmful Dodd-Frank policies and improves access to credit for consumers, now heads to President Trump’s desk for his signature.
Messer’s bill is supported by key stakeholders, including the U.S. Conference of Mayors, the National League of Cities, the National Governors Association, the Independent Community Bankers of America, the National Association of State Treasurers and Indiana State Treasurer Kelly Mitchell.
“This bill allows banks to keep the costs of borrowing low for our communities which strengthens local governments’ ability to complete essential projects throughout our state,” Mitchell said. “I would like to thank Congressman Messer for his dedication and leadership on this important issue.”
Messer’s legislation will reclassify certain municipal bonds as high quality liquid assets to encourage banks to purchase these bonds, which will help ensure low-cost infrastructure financing remains available for state and local governments across the nation.
A full list of the bill’s supporters can be found here.
Thank you Madam Speaker,
I rise today in support of this historic bipartisan compromise that rolls back some of the most harmful policies from the Dodd-Frank Act and will help grow our economy
The Economic Growth Regulatory Relief and Consumer Protection Act includes bipartisan legislation that I authored to help communities in Indiana and across the United States save money on roads bridges and schools.
It reverses a backward banking rule that gave foreign countries an advantage over American cities and towns.
This will drive down the cost of borrowing and make it cheaper for cities and towns to finance local infrastructure projects.
Ultimately, this bill saves taxpayer dollars.
That’s why it has passed the House twice, is supported by numerous advocacy groups and my good friend the State Treasurer of Indiana Kelly Mitchell.
I applaud its inclusion in this banking reform package and urge my colleagues to support the rule and the underlying bill.
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