Biden will sign the trillion infrastructure bill today, and the former Louisiana lieutenant governor will oversee spending

At the signing ceremony held at the White House on Monday local time, US President Biden will sign a bipartisan infrastructure bill of $1 trillion, which was finally passed in Congress after months of negotiations.

It is understood that the five-year spending plan will use untapped COVID-19 relief assistance, Medicare refunds and unemployment insurance that has been suspended in some states, as well as oil reserve sales and 5G spectrum auctions to obtain financial support.

On Sunday night, local time, Biden appointed Mitch Landrieu, the former mayor of New Orleans and former louisiana lieutenant governor, as infrastructure coordinator, who will oversee "the largest infrastructure investment in generations."

It is understood that this role is similar to the role Biden held when he was vice president in the first year of the Obama administration. At the time, Biden oversaw spending on the Recovery Act of 2009, which included $787 billion spent to spur economic growth after the global financial crisis.

Biden said in a statement: "I stress every day that we need to know the specific use of funds, what projects are being built and which are not being built, and how those projects work." "We want to make sure that the funds from this infrastructure plan and the 'Rebuild Better' program are used for the goals of the plan."

In the Infrastructure Act, $110 billion is earmarked to repair the nation's aging highways, bridges and roads; $65 billion will go to Internet access, which will improve the quality of services in rural America, low-income families, and tribal communities; Another $65 billion will be spent on modernizing the grid while promoting carbon capture technologies and environmentally-friendly energy. The bill also includes $55 billion for residential water and wastewater infrastructure, $39 billion for public transportation construction, $25 billion for airport construction, and about $12 billion for accelerating the use of electric vehicles.

Jefferies analyst Philip Ng, who previously suggested that investors should now buy five building materials stocks, believes the bipartisan infrastructure bill will benefit the companies in the coming years, including: martin-marietta materials (MLM.US), Vulcan materials (VMC.US), Eagle Materials (EXP. US)、Summit Materials(SUM. US) and WillScot (WSC. US)。