The American Infrastructure Investment Fund Act would start a $5 billion fund to drive private investment in transportation infrastructure by using a variety of tools, such as loans and loan guarantees, to provide eligible projects financial assistance. That would incentivize the private sector to do the same, the senators contend.

"America's transportation infrastructure is a linchpin for economic success and global leadership," Rockefeller said in a statement. "Our bill offers an investment mechanism to leverage the vast amount of private capital waiting to be put to use and set a new course in order to meet America's 21st century infrastructure needs and ultimately support American jobs and make our economy stronger."

Lautenberg said the United States has not adequately invested in its transportation infrastructure.

"To remain globally competitive and spur economic development, we simply must invest in our transportation systems," he said in a statement. "This legislation would create an infrastructure fund that leverages federal dollars with private investment, so that America can start breaking ground on transportation projects that will create jobs and help put our economy on the right track."

The National Surface Transportation Policy and Revenue Commission found that the annual investment required to maintain and improve the nation's transportation infrastructure ranges between $225 and $340 billion. Leveraging federal funds to attract private capital is an effective way for the federal government to generate billions in additional investment into major transportation projects beyond what would otherwise be possible using public funds alone, the bill sponsors assert.

More information about the bill -- including a section-by-section summary, full text, and a one-page summary
-- is available at 1.usa.gov/AIIFA2011.