Bill > SJM1

This Joint Memorial urges the United States Congress to pass H.R. 3339, the National Infrastructure Bank Act of 2021, which would establish a National Infrastructure Bank to fund critical infrastructure projects across the nation. The memorial highlights the dire state of U.S. infrastructure, citing a "C-" grade from the American Society of Civil Engineers and significant funding shortfalls, and contrasts this with higher infrastructure spending in countries like China and Europe. It details the specific needs within New Mexico, including deteriorating roads, structurally deficient bridges, and inadequate access to internet and computers for students. The proposed bank would operate similarly to a traditional commercial bank, providing long-term loans at U.S. Department of the Treasury rates for infrastructure projects only, with a total authorization of four trillion dollars. Importantly, the bank would be capitalized by repurposing existing U.S. Department of the Treasury debt, not by creating new federal debt, and would require no new federal spending. The memorial emphasizes the potential benefits, such as job creation, adherence to prevailing wage laws (Davis-Bacon Act), support for disadvantaged businesses and minority hiring, and significant economic growth. It also notes historical precedents for such banks and the broad support the proposal has garnered from various organizations and state legislatures.