Special Briefing on State and City Spending of Federal Infrastructure Funds

With states and localities already contemplating how to maximize federal infrastructure funding after the passage of the Infrastructure Investment and Jobs Act, panelists in this episode discuss spending plan strategies and what may lay ahead for states and localities now burgeoning with one-time cash. This special briefing features a panel of experts, including US Representative Earl Blumenauer (D-Oregon); Patrick J. Brett, managing director and head of Citi’s Municipal Debt Capital Markets and Capital Solutions businesses, chairman of the Municipal Securities Rulemaking Board, and advisory board member at Penn IUR; David Glick, associate professor in the Boston University Political Science Department, faculty director of MetroBridge, and co-principal investigator on the Menino Survey of Mayors with BU’s Initiative on Cities; and Rebecca Rhynhart, Controller for the City of Philadelphia. 

Notable Quotes:

 “With the election of Joe Biden, we have, for the first time in my twenty-five-year career, we have a President who is not only committed to rebuilding and renewing America, but is willing to put resources behind it,” Congressman Earl Blumenauer. 

“So, in my view, I thought if the city spent one billion dollars more, and resident satisfaction declined, then we should be able to figure out how to balance the budget without raising taxes on people,” Philadelphia Controller Rebecca Rhynhart.

 “Roughly half of the mayors said something that was definitely in an infrastructure category that was in their top two, if we include housing… it is closer to two-thirds,” David Glick.

 “Any time you’re talking about infrastructure in this country you’re talking about state and local governments, because state and local governments, even with this bill, still fund over half of the infrastructure in this country,” Patrick Brett. 

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Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.