I’m glad they’re doing this, but disgusted that the federal government didn’t take the lead:
The A.F.L.-C.I.O. said it would announce on Wednesday that it intends to work with pension fund managers to ensure that at least $10 billion in union pension money is made available in the next five years to finance infrastructure projects.
Richard L. Trumka, president of the labor federation, will present the plan at a meeting of the Clinton Global Initiative in Chicago as part of organized labor’s effort to get the federal government, banks and money managers to do more to issue bonds or create other mechanisms to finance infrastructure projects.
A.F.L.-C.I.O. officials said they planned to work with Deutsche Bank and other financial institutions in the hope of coming up with hundreds of millions of dollars to retrofit large commercial buildings. Many building owners are hesitating to do such retrofits because they are highly leveraged and do not have the cash to make the investments. The A.F.L.-C.I.O. hopes its $10 billion will provide an incentive for banks and hedge funds to develop financing vehicles to make such projects happen.