Senate Bill Report SJM 8001 — Concerning a National Infrastructure Bank

Summary

Senate Bill Report on SJM 8001, as of January 24, 2023, for the Senate Committee on Business, Financial Services, Gaming & Trade, with committee activity listed as 1/24/23. The brief description is “Concerning a national infrastructure bank,” and the summary of the bill states that it requests that Congress pass and the President of the United States sign the National Infrastructure Bank Act or similar legislation. The background 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. The report includes a staff summary of public testimony, with Senator Bob Hasegawa, Prime Sponsor, listed among the persons testifying under PRO.

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

Full text

                            SENATE BILL REPORT
                                 SJM 8001

                                      As of January 24, 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.

     Staff Summary of Public Testimony: PRO: This bill passed out of the Senate last year
     and made it out of the House Committee. This bill would create a $5 trillion infrastructure
     bank. This bank idea gets accused of being socialist, so be it. Please responsibly fund this
     bank. This bill is a no brainer. It will help with affordable housing, infrastructure and
     tourism. Wages are good, they have benefits. Taxpayers pays nothing into the bank, and
     neither does the government, it is funded by bonds. This bank doesn't increase the debt or
     taxes. It would be capitalized by treasury bond owners, and the bank will not have a sunset
     clause.

     Persons Testifying: PRO: Senator Bob Hasegawa, Prime Sponsor; Julianna Dauble,
     Washington Education Association; Ingrid Clair, National Infastructrue Bank; Dale Lehar.

     Persons Signed In To Testify But Not Testifying: PRO: Alphecca Muttardy, Coalition
     for a National Infrastructure Bank; Jennifer Manchester; Julie Olsen, OFCPros, Inc.; Dr
     Ruth Fruland; Martin Talarico; Randy Grein; Dale Lehar; Helen McConnell; Jack Hanna,
     Coalition for a National Infrastructure Bank; Dale Lehar.

     CON: Jodi Dotson.




Senate Bill Report                              -2-                                      SJM 8001


File and source

File

2023-01-26_a30527_d249489_bill-report-8001-sbr-bfgt-ta-23.pdf

Size

7,868 bytes

SHA-256

fac80d55dbcc526bba1a90d5fa12bc10f328d556fa40c0f4eb9d6d8b42fb4bb3

Our copy

2023-01-26_a30527_d249489_bill-report-8001-sbr-bfgt-ta-23.pdf

Original

app.leg.wa.gov