Resolution Urging Congress to Enact National Infrastructure Bank Legislation

      1024 1024 34th Democrats

      Adopted by the membership on July 14, 2021.

      Resolution Urging Congress to Enact National Infrastructure Bank Legislation

      To Memorialize The United States Congress To Enact H.R. 3339 Or Similar Legislation To Establish A National Infrastructure Bank To Finance Urgently Needed Infrastructure Projects

      Whereas, the American Society of Civil Engineers stated in its 2017 report card that the United States scores a D+ regarding the current state of infrastructure and that four and one half trillion dollars would be needed to restore the nation’s infrastructure to a state of good repair.  Newer projects and over two trillion dollars’ worth of corrective projects are currently unfunded and the remaining projects are not adequately funded;

      Whereas, a new National Infrastructure Bank (NIB) could directly aid in fostering an economic recovery and build the infrastructure projects we have neglected. Legislation to create such a bank has been introduced into Congress this spring, H.R. 6422. The new NIB is modeled on four previous institutions created by Presidents George Washington, John Quincy Adams, Abraham Lincoln, and Franklin D. Roosevelt, which helped spur massive economic growth; and, 

      Whereas, H.R. 6422 was introduced by Representative Danny Davis on March 31, 2020, and would establish a new four trillion-dollar National Infrastructure Bank authorized to invest solely in infrastructure projects.  It would be funded through a repurposing of existing Treasury debt, as was done previously in the United States; and would require no new federal spending; and 

      Whereas, a new National Infrastructure Bank (NIB) could directly finance much of our nation’s infrastructure, in partnership with state and local officials, and hire people who have lost their jobs during the COVID-19 pandemic; 

      Whereas, the new bank would create an estimated twenty-five million new jobs paying Davis-Bacon wages.  It would ensure project labor agreements for all projects and Buy American provisions also while awarding a significant number of contracts to disadvantaged business enterprises and mandating large-scale minority hiring.  It is expected to grow the economy by four to five present each year; and  

      Whereas, seventeen state legislatures and numerous county and city governments have introduced or passed resolutions in support of the bank.  Additionally, organizations like the National Association of Counties, the U.S. High-Speed Rail Association, the National Latino Farmers and Ranchers, the National Congress of Black Women, the National Federation of Federal Employees, the Democratic Municipal Officials, the American Sustainable Business Council, the National Association of Minority Contractors, and many others have endorsed the new bank.  Now, therefore,  

      Be it Resolved, the 34th District Democratic Organization endorses HR 6422 or similar legislation to urge congress to pass this legislation; and, 

      Be it further Resolved that copies of this resolution be forwarded to each member of the Congressional Delegation and to the President of the United States, and

      BE IT FINALLY RESOLVED, the resolution be sent to our state legislative delegation and the governor to inform them of our support for the National Infrastructure Bank.

      Submitted by Martin Talarico and sponsored by Resolutions Chair Bunny Hatcher.