Senate Joint Memorial 8006 - National Infrastructure Bank

Summary

Senate Joint Memorial 8006, State of Washington 67th Legislature, 2022 Regular Session, by Senators Hasegawa, Hunt, Nguyen, Saldaña, and Stanford, prefiled December 7, 2021 and referred to the Committee on Business, Financial Services & Trade. Addressed to the President of the United States and to Congress, the memorial recites that the American society of civil engineers rated the nation's infrastructure at C- and indicated that $6.1 trillion would be needed to restore it to a state of good repair. It states that U.S. Representative Danny Davis introduced H.R. 3339 on May 19, 2021 to establish a new national infrastructure bank. The memorialists pray that Congress pass and the President sign H.R. 3339 or similar legislation.

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Full text

     S-3153.1

                           SENATE JOINT MEMORIAL 8006


     State of Washington        67th Legislature         2022 Regular Session

     By Senators Hasegawa, Hunt, Nguyen, Saldaña, and Stanford

     Prefiled 12/07/21. Read first time 01/10/22.       Referred to Committee
     on Business, Financial Services & Trade.




 1       TO THE HONORABLE JOSEPH R. BIDEN, JR., PRESIDENT OF THE UNITED
 2   STATES, AND TO THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE
 3   HOUSE   OF  REPRESENTATIVES,   AND  TO   THE  SENATE   AND   HOUSE  OF
 4   REPRESENTATIVES OF THE UNITED STATES, IN CONGRESS ASSEMBLED:
 5       We, your Memorialists, the Senate and House of Representatives of
 6   the   State   of  Washington,   in  legislative   session   assembled,
 7   respectfully represent and petition as follows:
 8       WHEREAS, The American society of civil engineers in its 2021
 9   infrastructure report card rated the current state of infrastructure
10   in the United States at C- and indicated that $6.1 trillion would be
11   needed to restore the nation's infrastructure to a state of good
12   repair; and
13       WHEREAS, The American society of civil engineers stated that
14   newer projects and over $2.62 trillion worth of corrective projects
15   are currently unfunded, and the remaining projects are not adequately
16   funded; and
17       WHEREAS, The American society of civil engineers' Seattle,
18   Tacoma-Olympia, and Inland Empire sections in 2019 rated the current
19   state of infrastructure in Washington at C, with drinking water,
20   roads, transit, stormwater, and wastewater receiving a rating of C-
21   or worse; and
22       WHEREAS, Washington's cities, counties, ports, and business
23   associations in a 2019 report identified more than $222 billion in
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 1   infrastructure   needs  throughout  Washington   including  highways,
 2   bridges, freight rail, ports, airports, rural broadband, and energy;
 3   and
 4       WHEREAS, Washington needs financing capacity to build 21st
 5   Century infrastructure, including high-speed rail, renewable energy
 6   conversion, public housing, and other projects, but many new and
 7   visionary projects will not be able to secure funding through
 8   traditional commercial investment banking processes and will remain
 9   unfunded; and
10       WHEREAS, A new national infrastructure bank could directly aid in
11   fostering an economic recovery and build necessary infrastructure
12   projects; and
13       WHEREAS, U.S. Representative Danny Davis on May 19, 2021,
14   introduced legislation in Congress, H.R. 3339, to establish a new $5
15   trillion national infrastructure bank authorized to invest solely in
16   infrastructure projects; and
17        WHEREAS, The new national infrastructure bank is modeled on four
18   previous institutions created, respectively, by Presidents George
19   Washington, John Quincy Adams, Abraham Lincoln, and Franklin D.
20   Roosevelt, which helped spur massive economic growth; and
21       WHEREAS, The new national infrastructure bank would be funded
22   through a repurposing of existing treasury debt, as was done
23   previously in the United States, and would require no new federal
24   spending; and
25        WHEREAS, A new national infrastructure bank could directly
26   finance much of our nation's infrastructure, in partnership with
27   state and local officials, and lead to the reemployment of people who
28   have lost their jobs during the COVID-19 pandemic; and
29       WHEREAS, The new national infrastructure bank would create an
30   estimated 25 million new jobs paying Davis-Bacon wages; and
31        WHEREAS, The new national infrastructure bank would ensure
32   project labor agreements for all projects and buy American provisions
33   also    while  awarding   a  significant   number  of   contracts  to
34   disadvantaged business enterprises and mandating large-scale minority
35   hiring; and
36       WHEREAS, The new national infrastructure bank is expected to grow
37   the economy by four to five percent each year; and
38        WHEREAS, Some 14 state legislatures and numerous county and city
39   governments have introduced or passed resolutions in support of the
40   new national infrastructure bank, and it has been endorsed by
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 1   organizations including the national association of counties, the
 2   U.S. high-speed rail association, the national Latino farmers and
 3   ranchers, the national congress of black women, the national
 4   federation of federal employees, the public banking institute, the
 5   American sustainable business council, the national association of
 6   minority contractors, and many others;
 7       NOW, THEREFORE, Your Memorialists respectfully pray that Congress
 8   pass and the President sign H.R. 3339 or similar legislation.
 9       BE IT RESOLVED, That copies of this Memorial be immediately
10   transmitted to the Honorable Joseph R. Biden, Jr., President of the
11   United States, the President of the United States Senate, the Speaker
12   of the House of Representatives, and each member of Congress from the
13   State of Washington.

                                  --- END ---




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