Infrastructure Bank / News Shorts

Memorial for Infrastructure Bank Introduced in Pennsylvania

Dec. 30, 2019—On December 16, the state of Pennsylvania became the most recent state to put a Memorial in support of Congress establishing a National Infrastructure Bank on its agenda. On that day, Democratic Representative Ed Neilson (Philadelphia County) introduced HR 636, A Resolution Urging the Congress of the United States to establish a national infrastructure bank, into the state House of Representatives; it was referred the same day to the Committee on Commerce.

Memorial for Infrastructure Bank Introduced in Pennsylvania

The Pennsylvania State Capitol.

HR 636 is bipartisan: it has 38 cosponsors, several of whom are Republicans.

The basic idea behind an effective National Infrastructure Bank follows the credit concepts of Alexander Hamilton. The progress of the nationwide campaign for such a bank can be found in various posts on this blog.

The full text of HR 636 follows:

A RESOLUTION

Urging the Congress of the United States to establish a national infrastructure bank.

WHEREAS, Our nation and our State are in the midst of an infrastructure crisis that is exacerbated by a substantial shortfall in infrastructure spending; and

WHEREAS, The 2017 Infrastructure Report Card from the American Society of Civil Engineers (ASCE) gave the United States a cumulative grade of “D+” across 16 categories and estimated that the nation needs a $4.59 trillion investment in infrastructure by 2025 just to bring this grade up to a “B”; and

WHEREAS, ASCE found that continuing on this trajectory and failing to invest in improvements by 2025 will have serious economic consequences, including $3.9 trillion in losses to the national gross domestic product and job losses of more than 2.5 million; and

WHEREAS, The infrastructure crisis in the Commonwealth of Pennsylvania mirrors that of the country at large; and

WHEREAS, ASCE’s 2018 Infrastructure Report Card gave our State a cumulative grade of “C-” across 18 categories, including a “D+” for roads, a “D” for drinking water and a “D-” for wastewater treatment; and

WHEREAS, ASCE noted that traffic congestion results in more than $3.7 billion annually in lost time and wasted fuel, while deficient roadway conditions cost the average Pennsylvania motorist more than $500 in operating and maintenance outlays; and

WHEREAS, ASCE further noted that our State’s aging drinking water infrastructure poses increased public health risks and will require an additional $10.2 billion in funding over the next decade; and

WHEREAS, It is past time that the Federal Government develop a collaborative solution to these infrastructure problems through the establishment of a national infrastructure bank; and

WHEREAS, A national bank is not a new idea, having been successfully implemented first by President George Washington and Treasury Secretary Alexander Hamilton and later by Presidents John Quincy Adams, Abraham Lincoln and Franklin D. Roosevelt; and

WHEREAS, Previous national infrastructure banks established by Congress were instrumental in financing the roads, bridges, canals, roadways, schools, hospitals and power systems that made our country the envy of the world; and

WHEREAS, A national infrastructure bank that partners with state and local governments can supply the needed financing to bring infrastructure to a state of good repair; and

WHEREAS, This investment would restart various industries in the Commonwealth of Pennsylvania, creating millions of new high-paying jobs; and

WHEREAS, The National Congress of Black Women, Democratic Municipal Officials, National Latino Farmers and Ranchers Trade Association, National Federation of Federal Employees and numerous other organizations have endorsed the establishment of a national infrastructure bank; and

WHEREAS, Various state and local governments have passed resolutions supporting the establishment of a national infrastructure bank; therefore be it

RESOLVED, That the House of Representatives of the Commonwealth of Pennsylvania urge the Congress of the United States to establish a national infrastructure bank; and be it further

RESOLVED, That copies of this resolution be transmitted to the President of the United States, the presiding officers of each house of Congress and each member of Congress from Pennsylvania.

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