The Obama Administration January 16 proposed creation of a new innovative municipal bond program to facilitate infrastructure investment.  The “Qualified Public Infrastructure Bond” (QPIB) program was part of a new package of executive actions and legislative proposals announced through the Administration’s ongoing “Build America Investment Initiative.”  While similar to the existing Private Activity Bonds (PABs) program, QPIBs could be used for a wide variety of infrastructure projects, including many unrelated to transportation, and would not have a program “cap.”  The PABs program has provided low-cost financing for a number of highway projects over the past 10 years, and because of high demand ARTBA has been advocating for removing the $15 billion  cap on the program.  It appears the new QPIB proposal is intended to address this concern among others, as the White House noted QPIBs would “extend the benefits of municipal bonds to public private partnerships, like partnerships that involve long-term leasing and management contracts, lowering the cost of borrowing and attracting new capital.”  ARTBA will continue its dialogue with the Obama Administration on these issues and advise the membership when the proposals are formally introduced in Congress.