August 9, 2012
Aug 09

Press Release: President Clinton Meets with Mayors from Major U.S. Cities to Discuss Job-Creating Urban Infrastructure Banks

New York, NY
Press Release

Atlanta Mayor Kasim Reed, Charlotte Mayor Anthony Foxx, and Portland Mayor Sam Adams among leaders to join Clinton Global Initiative Aug. 9-10 in Tarrytown, NY

NEW YORK – Today, President Bill Clinton and the Clinton Global Initiative, in partnership with the Center for American Progress and the Rockefeller Brothers Fund, will convene seven U.S. mayors in Tarrytown, New York to discuss strategies for attracting private investment in public infrastructure in cities across the country. The gathering follows an initial meeting among six mayors at June’s Clinton Global Initiative America Meeting in Chicago and was spurred as a result of President Clinton’s support for Mayor Rahm Emanuel’s newly created Infrastructure Trust, which will promote job creation and economic growth in Chicago.

“I was thrilled when Rahm Emanuel set up America’s first urban infrastructure bank in Chicago, and I see this ongoing conversation among America’s mayors as an important step towards finding a workable model that can be replicated in every other city around the country,” said President Clinton. “My hope is that coming out of this meeting, mayors will realize that attracting private investment in their cities’ roads, bridges, water and sanitation systems, waste to energy projects, and new electrical grids is an idea that will put people to work, stimulate the local economy, and increase the value and quality of life of their cities in the long term.”

Participants at today’s meeting include Asheville Mayor Terry M. Bellamy, Atlanta Mayor Kasim Reed, Bridgeport Mayor Bill Finch, Charlotte Mayor Anthony Foxx, Jacksonville Mayor Alvin Brown, Joplin Mayor Melodee Colbert-Kean, and Portland Mayor Sam Adams, as well as high-level city officials from Chicago, Denver, Kansas City, Louisville, New Orleans, New York, Philadelphia, San Diego, and San Francisco. Also in attendance will be former Pennsylvania Governor Ed Rendell, former director of the Office of Management and Budget and current Vice Chairman at Citigroup Peter Orszag, infrastructure experts, and capital providers such as Nuveen Asset Management and Rockefeller Foundation.

After opening the two-day meeting with a discussion led by President Clinton, mayors and city leaders will discuss the current fiscal challenges to investment in public infrastructure, look at existing models of leveraging private capital for investment in public infrastructure, and think through the steps of creating an urban infrastructure bank and identifying investable projects. Participants will also have an opportunity to work together towards establishing programs and constructing projects that grow the economy.

The meeting follows the 2012 Clinton Global Initiative America meeting in Chicago, where Atlanta Mayor Kasim Reed, Chicago Mayor Rahm Emanuel, Philadelphia Mayor Michael Nutter, San Diego Mayor Jerry Sanders, New Orleans Mayor Mitch Landrieu, and Louisville Mayor Greg Fischer met with President Clinton to discuss the possibility of replicating Emanuel’s Infrastructure Trust, a nonprofit entity designed to attract private capital for infrastructure investment, in other cities. The idea has since gained momentum, with Mayor Nutter, President of the U.S. Conference of Mayors, recently expressing interest in similar strategies.

The meeting will take place at the Pocantico Center of the Rockefeller Brothers Fund in Tarrytown, New York.

The meeting is closed press.

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