Rethinking 21st Century Government: Public-Private Partnerships and the National Infrastructure Bank
By Michael Likosky, Josh Ishimatsu, and Joyce Miller
A report from the Center on Law and Public Finance, Rethinking 21st Century Government: Public-Private Partnerships and the National Infrastructure Bank examines the role of an infrastructure bank and the benefits of P3s as a number of states struggle to plug the funding gap for Infrastructure in the US. The report argues that the success of public-private partnerships and America's economic recovery and revitalisation will hinge on the federal government's ability to leverage sizeable sums of private capital for effective investment in public infrastructure. It will also require a National Infrastructure Bank to provide the requisite capacity to finance, contract, and oversee complex, large-scale projects on an individual basis and as part of a broad portfolio. The bank would make decisions based upon the merits of proposals rather than politics. Its independence would allow it to survive transitions in political leadership at the federal, state, and local levels, essential for ensuring that partnership projects, which can run for decades, are durable.