"We clearly need to modernize our infrastructure, including better roads and bridges, smarter electrical grids, upgraded water, sanitation, and mass transit systems, clean energy and more energy-efficient buildings, and globally competitive broadband," he said.

"This is also a huge economic opportunity to create jobs, attract private investment, and increase long-term economic growth and productivity. The American Society of Civil Engineers estimates that the U.S. needs $3.6 trillion in infrastructure investment by 2020.

"The most promising opportunity for bipartisan cooperation is a national infrastructure bank, which would be seeded with a modest amount of public money, then mostly funded by private investment with an attractive and secure rate of return. Originally, this proposal had bipartisan support. If Republicans in Washington are no longer willing to back the bank, then state and city officials should establish their own."

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