US moves to address infrastructure building and repairs with innovative, one-off financing from the US Fed.  Important progress in infrastructure building and job creation.

The US  House of Representatives has passed a long-term U.S. highway funding plan, paving the way for the first multi-year transportation law since 2012.

Bankers also won a last-minute change that will use Federal Reserve surplus funds to pay for highway improvements, instead of reducing a payout they receive from the central bank.

“It cuts waste, it prioritizes good infrastructure, it will help create good-paying jobs. And it is the result of a more open process,” House Speaker Paul Ryan, a Wisconsin Republican, said at a news conference after the vote. “It’s a good start. It’s a glimpse of how we should be doing the people’s business.”

The House measure would provide a six-year blueprint for spending on roads, bridges and mass transit projects and provide funding for three of those years. Companies that may get a boost include Caterpillar Inc., one of the top Ex-Im beneficiaries and the world’s biggest maker of mining and construction equipment. Contractors may feel secure enough to purchase new equipment after renting in recent years.

The $339 billion House highway plan, H.R. 22, would be financed in part by surplus capital from the Fed. That mechanism — sponsored by Representative Randy Neugebauer, a Texas Republican — was adopted just minutes before final passage of the highway measure. The Fed’s surplus capital comes from the nation’s 12 reserve banks, and totaled $29.3 billion as of Oct. 29.

House members agreed to abandon the Senate’s funding mechanism, which would reduce to 1.5 percent the annual 6 percent dividend national banks receive from the Fed. Banks vigorously fought that provision, and a group comprised of 27 banking organizations sent House leadership a letter Wednesday endorsing Neugebauer’s amendment.