President of UBS Americas Tom Naratil says the U.S. desperately needs a new infrastructure program to ease the pandemic's devastating effects— and banks need to help finance it
Tom Naratil is president of UBS Americas and co-president of UBS Global Wealth Management.
Such a program must focus on two priorities. The first is non-traditional 'infrastructure 2.0' – updating healthcare facilities, providing the equipment necessary for the medical community to fight this and future diseases, and enhancing internet access to furnish critical connectivity for remote workers, students, and patients. Developing these areas will also supply the economy with critically needed jobs and make it more resilient to future pandemics.
For those working and studying remotely, internet access is another increasingly urgent issue, especially in depressed rural, urban and tribal areas. More than 20 million Americans lack broadband, according to Federal Communications Commission estimates, with at least one private study indicating the number could be twice as large. Bridging the gap is achievable but requires tens of billions of dollars in funding, plus short-term solutions like wi-fi to help users in the interim.
First, borrowers already use certain types of munis such as private activity bonds to fund infrastructure. Nevertheless, in some cases, their scope does not extend to broader categories of infrastructure, including investments in digital technology.
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