President Donald Trump is expected to sign a sweeping order on Thursday to create an infrastructure investment bank, as part of his plan to make good on a campaign pledge to create “a huge infrastructure fund.”
The Trump Train would be the latest in a series of new infrastructure projects to come out of Trump’s administration.
In January, the President signed a $5.9 trillion stimulus package that included a $1.9 billion boost for the nation’s transportation network.
Last month, he signed a bill to extend the nation of 4.3 million people’s existing fuel tax breaks for 20 years, and to extend a $10 billion extension of the existing tax break for new infrastructure investment.
The President also announced a new tax credit for infrastructure investment, which would pay for projects that are more than 10 percent of GDP and that are “likely to add jobs.”
Trump’s announcement comes just days after his Cabinet approved a new version of the Transportation Investment Generating Economic Recovery (TIGER) tax credit, which is set to expire on March 31.
The Tax Policy Center, an independent research group, said that the tax credit will cost $4.9tn to $6.4tn over the next 10 years.
The tax credit is set for an expiration date of March 31, 2020.
Trump has said the TIGER credit is designed to spur investment and spur economic growth.
The White House said that $4 trillion in infrastructure projects would create nearly 1.5 million jobs.
“This is the first time we have actually built something that will generate jobs,” Trump said in a statement.
“We’re going to get this thing built.
We’re going a really big job.”
He also announced plans to roll back some Obama administration regulations.
“The President is working to repeal or roll back at least 15 regulations that were put in place during the Obama Administration, including some that were so burdensome and out of balance with the needs of our economy that they hurt our competitiveness,” Trump’s statement said.
The new TIGERT credit, called the Federal Railroad Administration (FRA), would be administered by the Federal Transit Administration (FHWA), the agency that manages the federal government’s rail system.
FRA would not be able to set the rules that govern federal and state transportation projects.
“In order to ensure that all projects meet the needs and objectives of the United States economy, FRA will be required to administer the TIRG credit program as an independent agency,” the White House statement said, adding that the FRA “will also be responsible for the implementation of any regulatory requirements” that it determines are needed to promote the project.