Cincinnati, OH – Ohio-Kentucky-Indiana Regional Council of Governments (OKI) Board President and Hamilton County Commissioner Todd Portune, OKI officers and budget committee members commended U.S. Senator Paul for his legislation to infuse new funding into the construction of transportation projects.
“I congratulate Sen. Paul for his innovative thinking in trying to generate new funding to tackle the country’s dire infrastructure conditions,” said Portune. “Private-sector resources could infuse a significant amount of money to address the nation’s transportation needs.”
Sen. Paul’s legislation would create an Emergency Transportation Safety Fund to provide funding for new construction, repair, and replacement of crumbling highway infrastructure. This new funding would come from U.S. companies by bringing overseas profits back to the United States by reducing the repatriation rate from 35 percent to 5 percent. U.S. companies are currently holding more than $2.3 trillion in overseas profits outside of the country.
The pending legislation would require the U.S. Department of Transportation to establish a national priority list of projects using criteria that includes:
- it is part of the interstate highway system,
- if infrastructure has been closed for safety reasons,
- impact of project on interstate commerce,
- traffic volumes, and
- overall value of the project.
“We need to continue to investigate new methods to finance the rebuilding and targeted expansion of our highway network,” said OKI Executive Director Mark Policinski. “Our needs are so great that the current approach will not solve the challenges we face.”
OKI is a council of local governments, business organizations and community groups committed to developing collaborative strategies, plans and programs to improve the quality of life and the economic development potential of the Tri-State.