The Port Authority of New York and New Jersey has been a valuable financier and developer of critical infrastructure. In recent years, however, its operations and credibility have suffered from political interference and the inability to finance projects from which it cannot capture value, such as PATH improvements and the new Gateway Tunnel. To realize the Port Authority’s potential and preserve its important mission, the entity must be reformed to increase accountability, given the ability to capture value from all of its investments, and separate operations from its historically clear mission of financing and delivering new infrastructure. This would enable the Port Authority to become the region’s infrastructure bank, with assets operated by different management structures that deliver the best performance and value.