Congress and the Obama administration would be wasting an opportunity to revive infrastructure if they set up a national infrastructure bank and its investment-selection process the same way that existing programs are structured, an economic analyst said here Friday morning.

“It’s a waste” if the NIB is used to redouble the efforts of existing programs, according to Everett Ehrlich, president of consulting firm ESC Co. and former undersecretary of commerce in the Clinton administration. “We have focused on shovel-ready instead of shovel-worthy,” he said. “Perhaps we should start thinking about what is bond-ready instead of shovel-ready.”

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