ITT calls on U.S. Congress to pass the H.R. 1802, the Sustainable Water Infrastructure Investment Act of 2011
WHITE PLAINS, N.Y., — 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 nationâ€™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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