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Senate Bill Report — SJM 8001, Concerning a National Infrastructure Bank (2023)

Summary

Senate Bill Report on SJM 8001, as of January 20, 2023, for the Senate Committee on Business, Financial Services, Gaming & Trade, with committee activity listed for 1/24/23. The brief description reads: Concerning a national infrastructure bank. The brief summary states that the bill requests that Congress pass and the President of the United States sign the National Infrastructure Bank Act or similar legislation. The background section describes H.R. 3339, 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. The report lists the appropriation as None and the fiscal note as Not requested.

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
2023-01-24
Case
2023 01 24 A30526 D248713 Bill Report 8001 Sba Bfgt 23

Cite this document

“Senate Bill Report — SJM 8001, Concerning a National Infrastructure Bank (2023).” Original at app.leg.wa.gov, dated 2023-01-24. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-01-24-2023-01-24-a30526-d248713-bill-report-8001-sba-bfgt-23/, SHA-256 b7013b5991982430b17d1da37c7c0cd3673be506e6af56a740bae744d6574cf3.

Full text

                            SENATE BILL REPORT
                                 SJM 8001

                                      As of January 20, 2023

Brief Description: Concerning a national infrastructure bank.

Sponsors: Senators Hasegawa, Kuderer, Wellman, Nguyen, Keiser, Conway, Dhingra, Frame,
    Hunt, Liias, Lovelett, Nobles, Saldaña, Stanford, Trudeau and Wilson, C..

Brief History:
     Committee Activity: Business, Financial Services, Gaming & Trade: 1/24/23.


                                     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, GAMING & 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



     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 8001
     entities and pay interest on those deposits.

     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 projects;
        • any energy infrastructure projects;
        • any telecommunications projects; and
        • any community development infrastructure projects.

     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 8001

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2023-01-24_a30526_d248713_bill-report-8001-sba-bfgt-23.pdf
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SHA-256
b7013b5991982430b17d1da37c7c0cd3673be506e6af56a740bae744d6574cf3
Our copy
2023-01-24_a30526_d248713_bill-report-8001-sba-bfgt-23.pdf
Original
app.leg.wa.gov
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