Elaine Chao in Newsweek

On Corporations: Public-private partnerships for innovating on infrastructure

The key to these futuristic leaps in transportation and infrastructure, said Chao, is to allow the private sector to invest and innovate. "The government doesn't have all the solutions, and we welcome responsible partners," she said. "Unfortunately, many of our states don't allow the private sector to invest in infrastructure. But they can be very helpful in terms of partnerships. The reality is that we cannot fund $1.5 trillion in direct federal funding; it will increase the deficit dramatically and will squeeze out the private sector."

Chao dismissed concerns that private partnerships could lead to a rise in cronyism. "Some people in Congress have a distrustful view of the private sector," she said. "The private sector should help to educate these lawmakers on public-private partnerships."

On Technology: Make self-driving cars a reality, and quickly

Chao explained that while the DOT is tasked with addressing "legitimate customer concerns of safety, security and privacy," its ultimate task is to "make sure we're not hampering this innovation." Her department will roll out new voluntary guidelines for autonomous vehicles in an effort to increase flexibility around limitations on new technologies and to encourage the quick rollout of driverless cars.

The vast majority of car accidents occur due to human error, Chao said, and automated technology in the car can make driving safer while "giving back freedom to the disabled and enabling the elderly to lead a full life."