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Senate Bill Report SJM 8006

Summary

Senate Bill Report SJM 8006, as of January 7, 2022, concerns a national infrastructure bank and names Senator Hasegawa as sponsor. The brief summary states that the measure requests that Congress pass and the President of the United States sign the National Infrastructure Bank Act or similar legislation. The background section describes the National Infrastructure Bank Act of 2021 as a bill that creates the National Infrastructure Bank to facilitate the long-term financing of infrastructure projects, with loans to public and private entities. The report lists the appropriation as none, the fiscal note as not requested, and the effective date as ninety days after adjournment of the session in which the bill is passed.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Issuer
Congressional materials
Document type
Report
Date
2022-01-13
Case
2022 01 13 A29379 D236869 Bill Report 8006 Sba Bfst 22

Cite this document

“Senate Bill Report SJM 8006.” Original at app.leg.wa.gov, dated 2022-01-13. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-01-13-2022-01-13-a29379-d236869-bill-report-8006-sba-bfst-22/, SHA-256 5f8e8fd669c505b767938936efef35bfd370ed27235e7de7b17b61c8fa3d7238.

Full text

                            SENATE BILL REPORT
                                 SJM 8006

                                      As of January 7, 2022

Brief Description: Concerning a national infrastructure bank.

Sponsors: Senator Hasegawa.

Brief History:
     Committee Activity: Business, Financial Services & Trade: 1/13/22.


                                     Brief Summary of Bill
           • Requests that Congress pass and the President of the United States sign
             the National Infrastructure Bank Act or similar legislation.


SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES & TRADE

     Staff: Clinton McCarthy (786-7319)

     Background: H.R. 3339, or the National Infrastructure Bank Act of 2021, is a bill that
     creates the National Infrastructure Bank to facilitate the long-term financing of
     infrastructure projects. Specifically, the bank must provide loans to public and private
     entities for financing, developing, or operating eligible infrastructure projects. An eligible
     project must have a public sponsor as well as local, regional, or national significance.

     The bill treats the bank as a government corporation exempt from tax, and treats
     contributions to the bank as charitable contributions.

     Projects that receive a loan must pay all laborers and mechanics locally prevailing wages,
     and use only certain United States-produced construction materials unless a waiver is
     secured from the bank. The bank shall issue stock and may also issue bonds and maintain a
     discount line of credit with the Federal Reserve System. The bank must apply for a national
     bank charter and, once chartered, accept deposits from individuals, corporations, and public
     entities and pay interest on those deposits.



     This analysis was prepared by non-partisan legislative staff for the use of legislative
     members in their deliberations. This analysis is not part of the legislation nor does it
     constitute a statement of legislative intent.

Senate Bill Report                              -1-                                        SJM 8006
     The bill imposes requirements related to the bank's operation, such as minimum reserve
     requirements and requirements for handling loan losses.

     Categorical benefits of projects include:
        • certain transportation infrastructure projects;
        • any environmental project;
        • any energy infrastructure project;
        • any telecommunications projects; and
        • any community development infrastructure project.

     The Congressional Budget Office does not have an official cost estimate for this
     legislation. However, most agree that the cost is estimated to be approximately $5 trillion.

     Summary of Bill: Requests that Congress pass and the President of the United States sign
     the National Infrastructure Bank Act or similar legislation.

     Appropriation: None.

     Fiscal Note: Not requested.

     Creates Committee/Commission/Task Force that includes Legislative members: No.

     Effective Date: Ninety days after adjournment of session in which bill is passed.




Senate Bill Report                            -2-                                        SJM 8006

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Our copy
2022-01-13_a29379_d236869_bill-report-8006-sba-bfst-22.pdf
Original
app.leg.wa.gov
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