Bill > HM47

This Memorial urges the United States Congress to pass H.R. 3339, the National Infrastructure Bank Act of 2021, to establish a National Infrastructure Bank. This proposed bank would finance critical infrastructure projects across the nation, addressing a significant funding gap identified by organizations like the American Society of Civil Engineers, which estimates trillions of dollars are needed to repair and upgrade the country's infrastructure. The Memorial highlights the current underinvestment in infrastructure compared to other developed nations and details the poor condition of roads, bridges, and water systems, particularly in New Mexico. The proposed bank would operate similarly to a traditional commercial bank, providing long-term loans for infrastructure development, and would be capitalized by repurposing existing U.S. Treasury debt, thus avoiding new federal debt. It is envisioned to create millions of jobs, ensure fair wages through provisions like the Davis-Bacon Act, support disadvantaged businesses, and stimulate economic growth. The concept is modeled on historical national banks that played a role in the nation's development.