ITT Calls on U.S. Congress to Pass the H.R. 1802, the Sustainable Water Infrastructure Investment Act of 2011
May 31 2011 - 11:39AM
Business Wire
ITT Corporation (NYSE: ITT), a world leader in the transport and
treatment of water and wastewater, today encouraged the U.S. House
of Representatives to pass H.R. 1802, the Sustainable Water
Infrastructure Investment Act of 2011, which aims to create jobs by
encouraging private investment in water infrastructure
upgrades.
The bill would remove a limit on the amount of private
investment into state water and wastewater projects, specifically
on private activity bonds (PABs). Representative Geoff Davis of
Kentucky and Representative Bill Pascrell, Jr., of New Jersey,
introduced the bill in the U.S. House of Representatives on May 10,
2011. The bill is also supported by U.S. Senator Mike Crapo of
Idaho and U.S. Senator Robert Menendez of New Jersey, who plan to
introduce an identical bill in the Senate. According to Rep.
Pascrell, if passed, the legislation would generate 1.4 million
jobs over a 10-year period, including 28,500 new jobs in the first
year alone.
The Sustainable Water Infrastructure Investment Act provides the
necessary financing to maintain and improve the nation’s water
infrastructure by encouraging private capital investment. Congress
has already exempted other major infrastructure components from
existing caps, including airports, intercity high-speed rail and
solid waste disposal PAB caps. PAB issuance is one of the most
expedient forms of federal assistance when applied to water and
wastewater projects.
"The EPA estimates the gap between what we need to invest and
what we actually invest in our nation's water infrastructure is
about $23 billion annually. With water infrastructure already in
crisis and the announced $900 million EPA cuts, the Sustainable
Water Infrastructure Investment Act is a great way to create jobs
while addressing America's water infrastructure investment needs,"
said Colin Sabol, Vice President, Marketing and Business
Development, ITT Fluid and Motion Control.
ITT's Value of Water Survey, released in October 2010,
demonstrated that nearly one in four American voters indicated that
they were "very concerned" about the state of U.S. water
infrastructure. Additionally, 85 percent of Americans who responded
to the survey believe that federal, state and local governments
should invest money in upgrading water pipes and systems and more
than half of the survey participants said they were willing to pay
a little more each month to upgrade municipal water systems. The
Sustainable Water Infrastructure Investment Act is one step toward
solving the U.S. water infrastructure crisis, further supporting
the water industry and creating more jobs in communities across the
United States. Full results of the ITT Value of Water Survey are
at: www.itt.com/valueofwater.
About ITT Corporation
ITT Corporation is a high-technology engineering and
manufacturing company operating on all seven continents in three
vital markets: water and fluids management, global defense and
security, and motion and flow control. With a heritage of
innovation, ITT partners with its customers to deliver
extraordinary solutions that create more livable environments,
provide protection and safety and connect our world. Headquartered
in White Plains, N.Y., the company reported 2010 revenue of $11
billion. www.itt.com.
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