By Keith Laing - 10/11/11 09:32 PM EDT
Although the proposal is included in President Obama's "American Jobs Act," it precedes Obama's $447 billion plan.
A bill to create the infrastructure bank was introduced in the Senate this spring by Sens. John Kerry (D-Mass.) and Kay Bailey Hutchison (R-Texas).
Obama touted their co-sponsorship as a sign of the proposal's bipartisan appeal in a speech to members of Congress in September.
"This idea came from a bill written by a Texas Republican and a Massachusetts Democrat," Obama said then. "The idea for a big boost in construction is supported by America’s largest business organization and America’s largest labor organization. It’s the kind of proposal that’s been supported in the past by Democrats and Republicans alike. You should pass it right away."
The House committee hearing is scheduled for 10 a.m. Wednesday.