– Sen. Chuck Grassley today announced that Donald Carmody of Mt. Pleasant will be a commissioner on the National Surface Transportation Infrastructure Financing Commission.
As the former Chairman of the Finance Committee, Grassley was given the opportunity to appoint 2 of the 15 commissioners. His appointees are Carmody and Bryan Grote, a financial expert in Washington, DC.
Carmody has been president of Henry County Bank for 26 years. He served on the Iowa Department of Transportation Commission from 2002 to 2006 and is the former Chairman of the Iowa Bankers Association.
“I have known Mr. Carmody for many years and he is very qualified to be a commissioner on the National Transportation Infrastructure Financing Commission,” Grassley said. “He knows Iowa’s transportation needs and the funding challenges that come along with it. He will be able to use this knowledge to affectively serve on this commission.”
The commission will investigate and study the present and future flow of revenue into the Highway Trust Fund. Based on their findings, the Commission will prepare a report for the Secretary of Transportation, the Secretary of the Treasury and Congress. The report will have recommendations for tactics to maintain the Trust Fund. It is expected they will look at new financing mechanisms and investment options.