U.S. infrastructure is a familiar target —graded a C-minus by ASCE, dismissed as 'a garbage can' by Trump, battered by hurricanes and ridiculed for massive carbon emissions. However you view it, the issue is non-partisan. While the majority of infrastructure funding flows through municipal bonds—a uniquely American, generally effective model—the constant complaints means it could be better. Yet, access to capital isn’t the problem with $450 billion available annually.

We propose that certain public assets could benefit from new ownership and management structures—ones that prioritize strategic, sustainable upkeep over short-term gains. While some may point to failed public-private partnerships, we see an opportunity for public-serving capital pools like pensions or endowments to engage in infrastructure finance.

While this approach may seem politically challenging, with resistance to expanding public pension roles and a preference for local over privatized ownership, there is a balanced path forward. Involving public capital pools in infrastructure ownership via municipal bonds could address deferred maintenance, resilience needs, and decarbonization more effectively than the current model.

The case for allowing public-serving capital pools to own and operate U.S. infrastructure through municipal bonds is not only viable—it’s necessary. Read the case here.