• Low-cost loans would spur job creation without adding to federal deficit
DENVER, CO, Sept. 8, 2010 -- The American Water Works Association (AWWA), the authoritative resource on safe water, today released a statement commending President Obama for calling for the creation of a federal infrastructure bank in his Labor Day address. AWWA has been promoting of the concept of a water infrastructure bank for nearly two years and urges the president and U.S. Congress to include water projects in his plan. AWWA Executive Director David LaFrance issued the following statement:
"The American Water Works Association commends President Obama for proposing the creation of a federal infrastructure bank and strongly urges the inclusion of water systems in any such funding mechanism.
"There are more than one million miles of water mains buried beneath our roads, stretching 20 times the length of our interstate highways. Much of our water infrastructure was constructed between 80 and 100 years ago and is nearing the end of its functional lifespan.
"While transportation funding is important, our water systems, although out of sight, cannot be overlooked. These systems are critical for the public health protection, fire protection, economic prosperity and our overall quality of life.
"AWWA has closely examined the concept of a federal water infrastructure bank and testified to its merits before the U.S. House Subcommittee on Water Resources and Environment last July. The bank would borrow money through the federal treasury system at very low rates. It could then provide low-cost loans for urgent water projects that would put hundreds of thousands of Americans to work.
"Because the bank would issue loans -- not grants -- it would have minimal impact on the federal budget and would require no new taxes. It's a fresh, sustainable approach to financing our nation's aging water infrastructure problem that strikes just the right balance between federal assistance and local responsibility."
For more information on the concept of a federal water infrastructure bank, visit http://www.awwa.org/Government/content.cfm?ItemNumber=48925&navItemNumber=3831
AWWA is the authoritative resource for knowledge, information, and advocacy to improve the quality and supply of water in North America and beyond. AWWA is the largest organization of water professionals in the world. AWWA advances public health, safety and welfare by uniting the efforts of the full spectrum of the entire water community. Through our collective strength we become better stewards of water for the greatest good of the people and the environment.
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