Senate Joint Memorial 8001 — National Infrastructure Bank (Washington, 2023)

Summary

Senate Joint Memorial 8001, State of Washington, 68th Legislature, 2023 Regular Session, by Senators Hasegawa, Kuderer, Wellman, Nguyen, Keiser, and Conway, among others, read first time 01/16/23 and referred to the Committee on Business, Financial Services, Gaming & Trade. The memorial is addressed to the President of the United States and to Congress and recites, among other findings, that $6.1 trillion would be needed to restore the nation's infrastructure to a state of good repair. It states that U.S. Representative Danny Davis on May 19, 2021 introduced legislation, H.R. 3339, 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-0625.1

                           SENATE JOINT MEMORIAL 8001


     State of Washington        68th Legislature        2023 Regular Session

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

     Read first time 01/16/23.       Referred   to   Committee   on   Business,
     Financial Services, Gaming & 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-minus and indicated that $6.1 trillion
11   would be needed to restore the nation's infrastructure to a state of
12   good 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, Congress took a step forward in 2021 passing the
18   Infrastructure Improvement and Jobs Act, providing $1.2 trillion in
19   transportation investments, but it does not come close to meeting the
20   current need reported by the American society of civil engineers; and
21       WHEREAS, The American society of civil engineers' Seattle,
22   Tacoma-Olympia, and Inland Empire sections in 2019 rated the current
23   state of infrastructure in Washington at C, with drinking water,
                                      p. 1                             SJM 8001
 1   roads, transit, stormwater, and wastewater receiving a rating of C-
 2   or worse; and
 3       WHEREAS, Washington's cities, counties, ports, and business
 4   associations in a 2019 report identified more than $222 billion in
 5   infrastructure  needs   throughout  Washington   including  highways,
 6   bridges, freight rail, ports, airports, rural broadband, and energy;
 7   and
 8       WHEREAS, Washington needs financing capacity to build 21st
 9   Century infrastructure, including high-speed rail, renewable energy
10   conversion, public housing, and other projects, but many new and
11   visionary projects will not be able to secure funding through
12   traditional commercial investment banking processes and will remain
13   unfunded; and
14       WHEREAS, A new national infrastructure bank could directly aid in
15   fostering an economic recovery and build necessary infrastructure
16   projects; and
17       WHEREAS, U.S. Representative Danny Davis on May 19, 2021,
18   introduced legislation in Congress, H.R. 3339, to establish a new $5
19   trillion national infrastructure bank authorized to invest solely in
20   infrastructure projects; and
21       WHEREAS, The new national infrastructure bank is modeled on four
22   previous institutions created, respectively, by Presidents George
23   Washington, John Quincy Adams, Abraham Lincoln, and Franklin D.
24   Roosevelt, which helped spur massive economic growth; and
25       WHEREAS, The new national infrastructure bank would be funded
26   through a repurposing of existing treasury debt, as was done
27   previously in the United States, and would require no new federal
28   spending; and
29       WHEREAS, A new national infrastructure bank could directly
30   finance much of our nation's infrastructure, in partnership with
31   state and local officials, and lead to the reemployment of people who
32   have lost their jobs during the COVID-19 pandemic; and
33       WHEREAS, The new national infrastructure bank will supplement,
34   not supplant, the good work of the Infrastructure Improvement and
35   Jobs Act and allow us to fully invest in our future while creating an
36   estimated 25 million new jobs paying Davis-Bacon wages; and
37       WHEREAS, The new national infrastructure bank would ensure
38   project labor agreements for all projects and buy American provisions
39   also   while  awarding   a   significant   number  of   contracts  to


                                     p. 2                         SJM 8001
 1   disadvantaged business enterprises and mandating large-scale minority
 2   hiring; and
 3       WHEREAS, The new national infrastructure bank is expected to grow
 4   the economy by four to five percent each year; and
 5       WHEREAS, Some 14 state legislatures and numerous county and city
 6   governments have introduced or passed resolutions in support of the
 7   new national infrastructure bank, and it has been endorsed by
 8   organizations including the national association of counties, the
 9   U.S. high-speed rail association, the national Latino farmers and
10   ranchers, the national congress of black women, the national
11   federation of federal employees, the public banking institute, the
12   American sustainable business council, the national association of
13   minority contractors, and many others;
14       NOW, THEREFORE, Your Memorialists respectfully pray that Congress
15   pass and the President sign H.R. 3339 or similar legislation.
16       BE IT RESOLVED, That copies of this Memorial be immediately
17   transmitted to the Honorable Joseph R. Biden, Jr., President of the
18   United States, the President of the United States Senate, the Speaker
19   of the House of Representatives, and each member of Congress from the
20   State of Washington.

                                  --- END ---




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