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Bill > AR45

NJ AR45

NJ AR45
Urges Congress to establish national infrastructure bank.

summary

Introduced
01/09/2024
In Committee
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 Congress to pass H.R.3339, which would establish a national infrastructure bank to address critical infrastructure needs across the United States. 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. Specifically, the resolution points out that in New Jersey, only 29% of roads and 27% of bridges are in good condition, and the state relies on aging infrastructure for national and international trade. The proposed national infrastructure bank would function similarly to a commercial bank, generating capital by trading U.S. Treasury Bonds for preferred stock and earning revenue through loan repayments from state and local governments. The resolution emphasizes that this approach is already used by many other nations and has historical precedent in the United States, such as during the New Deal era. By creating a dedicated, regenerative, and nonpartisan funding mechanism, the infrastructure bank aims to support economic growth, national security, public safety, and improve overall quality of life by addressing critical infrastructure needs in areas like transportation, energy, telecommunications, and broadband.

Committee Categories

Business and Industry

Sponsors (8)

Last Action

Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 01/09/2024)
(3 Companion Bills)

bill text

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/AR45
BillText https://pub.njleg.gov/Bills/2024/AR/45_I1.HTM
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