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AISI Chief Executive Applauds New U.S. Transportation Plan, But Says More Work Is Needed
12/07/2015 - Passage of compromise bill on transportation funding is long overdue but will enable steelmakers and their customers to plan for the future, said American Iron and Steel Institute (AISI) president and CEO Thomas J. Gibson.
In a statement Gibson said that the Fixing America’s Surface Transportation Act, or FAST Act, is estimated to provide a 15-percent increase in funding for road, highway and bridge projects and 20 percent more for transit programs over five years.
Gibson said key provisions benefiting the steel industry include: accelerated project delivery via permit streamlining; the promotion of public-private partnerships; a national freight program aimed at reducing congestion; innovative funding for bridge construction; and a review of cost-saving bridge design and construction techniques to include life cycle costs.
However, he said the bill doesn’t address the long-term insolvency of the Highway Trust Fund, which derives its income from the federal gas tax.
According to The Hill newspaper, the US$305 billion bill calls for US$70 billion in revenue from other areas including “reducing interest rates paid by the Federal Reserve to large banks, selling oil from the Strategic Petroleum Reserve that is used to prevent energy crises and increasing fees for customs processing.”
Gibson said that in order for the U.S. economy to remain internationally competitive, a long-term surface transportation bill is critical.
“AISI will continue to work with members of Congress to develop a long-term, permanent solution that will keep the fund sustainable and keep our roads and bridges structurally sound,” he said.
Gibson said key provisions benefiting the steel industry include: accelerated project delivery via permit streamlining; the promotion of public-private partnerships; a national freight program aimed at reducing congestion; innovative funding for bridge construction; and a review of cost-saving bridge design and construction techniques to include life cycle costs.
However, he said the bill doesn’t address the long-term insolvency of the Highway Trust Fund, which derives its income from the federal gas tax.
According to The Hill newspaper, the US$305 billion bill calls for US$70 billion in revenue from other areas including “reducing interest rates paid by the Federal Reserve to large banks, selling oil from the Strategic Petroleum Reserve that is used to prevent energy crises and increasing fees for customs processing.”
Gibson said that in order for the U.S. economy to remain internationally competitive, a long-term surface transportation bill is critical.
“AISI will continue to work with members of Congress to develop a long-term, permanent solution that will keep the fund sustainable and keep our roads and bridges structurally sound,” he said.
