summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This resolution respectfully urges Congress to pass H.R.3339, establishing a national infrastructure bank. American infrastructure is in dire need of investment, as outlined by the American Society of Civil Engineers and the National Academies of Sciences, Engineering, and Medicine. Increasing frequency of extreme weather events further strains infrastructure approaching the end of its useful life. In New Jersey alone, less than 30 percent of the roads and bridges are in good condition. As host to a large portion of the northeast corridor, New Jersey moves national and international trade, and millions of people each day along deteriorating structures. Nationally, broadband access, modernization of the energy grid, and remediation of the water supply systems are of paramount importance. Economic vitality, national security, public safety and quality of life, are dependent on sound infrastructure. Current funding mechanisms do not address the scope of the need. Direct competitors of the United States rely on an infrastructure funding method invented and previously used by America. H.R.3339 addresses funding shortfalls for large, innovative infrastructure projects by establishing a national infrastructure bank, perpetually generating funds in a manner similar to a commercial bank. A dedicated, regenerative, nonpartisan funding mechanism is required to remedy inadequacies in our energy grid, transportation and other systems, in addition to preparing us for a future of increasing extreme weather conditions.
AI Summary
This resolution urges the United States Congress to pass H.R.3339, which would establish a national infrastructure bank to address critical infrastructure needs across the country. The resolution highlights the urgent need for infrastructure investment, citing the American Society of Civil Engineers' estimate of nearly $6 trillion required over ten years to meet infrastructure improvements. The proposed bank would function similarly to a commercial bank, generating capital by trading U.S. Treasury Bonds for preferred stock and earning money through loan interest paid by state and local governments. The resolution emphasizes the importance of infrastructure to economic competitiveness, national security, and quality of life, noting that current funding mechanisms are insufficient. Specifically for New Jersey, the resolution points out that only 29% of roads and 27% of bridges are in good condition, and the state is a critical transportation corridor for national and international trade. The resolution draws historical parallels to previous national banking systems established during times of great need, such as during the Lincoln and Roosevelt administrations, and argues that creating this infrastructure bank is essential for maintaining economic growth and public safety.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/SR36 |
| BillText | https://pub.njleg.gov/Bills/2024/SR/36_I1.HTM |
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