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NATIONAL INFRASTRUCTURE BANK: MORE BUREAUCRACY AND MORE RED TAPE

The political-economy considerations could thus be very important. But at the same time their relevance is likely to depend very much on other aspects of the institutional design of each central bank. The impact of central bank finances on policy performance may thus be far from straightforward and linear. It is therefore ultimately an empirical question whether any such link exists, and – if it does – how strong it is, and whether it can be offset by other institutional or economic features. Unfortunately, the empirical evidence on these crucial questions is scarce. In fact, we are aware of. | AUTHENTICATED U.S. GOVERNMENT INFORMATION GPO NATIONAL INFRASTRUCTURE BANK MORE BUREAUCRACY AND MORE RED TAPE 112-55 HEARING BEFORE THE SUBCOMMITTEE ON HIGHWAYS AND TRANSIT OF THE COMMITTEE ON TRANSPORTATION AND INFRASTRUCTURE HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS FIRST SESSION OCTOBER 12 2011 Printed for the use of the Committee on Transportation and Infrastructure Available online at http www.gpo.gov fdsys browse committee.action chamber house committee transportation U.S. GOVERNMENT PRINTING OFFICE 70-681 PDF WASHINGTON 2012 For sale by the Superintendent of Documents U.S. Government Printing Office Internet bookstore.gpo.gov Phone toll free 866 512-1800 DC area 202 512-1800 Fax 202 512-2104 Mail Stop IDCC Washington DC 20402-0001 COMMITTEE ON TRANSPORTATION AND INFRASTRUCTURE JOHN L. MICA Florida Chairman DON YOUNG Alaska THOMAS E. Petri Wisconsin HOWARD COBLE North Carolina JOHN J. DUNCAN JR. Tennessee FRANK A. LoBIONDO New Jersey GARY G. MILLER California TIMOTHY V. JOHNSON Illinois SAM GRAVES Missouri BILL SHUSTER Pennsylvania SHELLEY MOORE CAPITO West Virginia JEAN SCHMIDT Ohio CANDICE S. MILLER Michigan DUNCAN HUNTER California ANDY HARRIS Maryland ERIC A. RICK CrAwFORD Arkansas JAIME HERRERA BEUTLER Washington FRANK C. GUINTA New Hampshire RANDY HULTGREN Illinois LOU BARLETTA Pennsylvania CHIP CRAVAACK Minnesota BLAKE FARENTHOLD Texas LARRY BUCSHON Indiana BILLY LONG Missouri BOB GIBBS Ohio PATRICK MEEHAN Pennsylvania RICHARD L. HANNA New York JEFFREY M. LANDRY Louisiana STEVE SOUTHERLAND II Florida JEFF DENHAM California JAMES LANKFORD Oklahoma REID J. RIBBLE Wisconsin CHARLES J. CHUCK FLEISCHMANN Tennessee NICK J. RAHALL II West Virginia PETER A. DEFAZIO Oregon JERRY F. COSTELLO Illinois ELEANOR HOLMES NORTON District of Columbia JERROLD NADLER New York CORRINE BROWN Florida BOB FILNER California EDDIE BERNICE JOHNSON Texas ELIJAH E. CUMMINGS Maryland LEONARD L. BOSWELL Iowa TIM HOLDEN Pennsylvania RICK LARSEN Washington MICHAEL E. .