By Mark Holan, editorial director, ARTBA
Federal Reserve officials are urging Congress to spend more money on transportation construction and other major infrastructure investment to stimulate the economy, echoing similar calls by presidential candidates Hillary Clinton and Donald Trump.
Fed Chairwoman Janet Yellen and Vice Chairman Stanley Fischer have both nudged Congress in recent speeches, The Hill reported Oct. 26. Federal spending that bolsters demand and increases the labor force would take pressure off of monetary policy and help grow the economy, they said.
Clinton has proposed a five-year, $275 billion plan to repair and improve roads and bridges, increase access to public transportation, refurbish airports and other infrastructure spending. She also supports an infrastructure investment bank that could issue another $225 billion in loans.
Trump has said he would “at least double” Clinton’s proposal by making “a phenomenal deal with the low interest rates.”
Read ARTBA’s report about the two candidates’ positions on transportation investment policy, including their running mates and the two major parties.