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U.S. President Barack Obama pushes infrastructure bank

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by Daily Commercial News

A national infrastructure bank to entice private investors into road and rail projects could be a major part of the jobs package U.S. President Barack Obama hopes will bring unemployment relief.

WASHINGTON

A national infrastructure bank to entice private investors into road and rail projects could be a major part of the jobs package U.S. President Barack Obama hopes will bring unemployment relief.

He is to unveil a plan in an address to a joint session of Congress tomorrow. The president has pushed the idea of an infrastructure bank in recent speeches and praised Senate and House bills creating such a government-sponsored lending institution.

Whether the bank, which would need time to organize, could have any real impact on jobs in the coming year — and particularly before the November 2012 elections — is in dispute.

Obama seems to think it would, telling a July news conference while the bank he is proposing is “relatively small,’’ he could imagine “a project where we’re rebuilding roads and bridges and ports and schools and broadband lines and smart grids, and taking all those construction workers and putting them to work right now.’’

ASSOCIATED PRESS

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