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An Open Letter to Congress: A $5 Trillion National Infrastructure Bank to Build Back Best 

(edited version)

Everybody agrees we have to fix our crumbling infrastructure. The problem is nobody knows how to pay for it. As Congress takes up the issue of financing infrastructure through the budget, we urge them to also create a new National Infrastructure Bank (NIB). This Bank will cover projects that the federal budget, and state and local governments, are not able to cover. 

Congress will fund a certain amount of this through the budget. We support that. A new National Infrastructure Bank will finance the rest, approximately $5 trillion. This will include all the new 21st century projects such as: universal broadband, $1 trillion into High Speed Rail, the Hudson River Tunnels, and replacing the Brent-Spence Bridge. 

As embodied in HR 6422, the National Infrastructure Bank will be capitalized with existing Treasury debt so it will require no new federal spending, and no new federal taxes. It will be capitalized at $500 billion and authorized to invest $5 trillion to fix all our infrastructure. 

This bank is modeled on four previous institutions which built much of the infrastructure of the nation. The last one helped end the Great Depression and win WWII. 

The National Infrastructure Bank will create 25 million new jobs, pay Davis-Bacon wages, and mandate Buy American provisions. 

It will ensure the robust hiring of minority populations and disadvantaged business enterprises. It will supercharge our industry and small business. 

It is appealing to both Republicans and Democrats because it requires no new Federal taxes or debt, creates millions of jobs and fixes what’s broken.

In summary, this legislation would address roads, bridges, and transit; electric grid, including cybersecurity; schools; dams, levees, waterways and ports; airports; rail; drinking water and wastewater systems; public parks and recreation facilities; and hazard and solid waste.

As stated in the legislation, “. . . expanded investment is needed in new manufacturing centers, affordable housing, broadband access, science and technology drivers, to accommodate population growth and migration, and for other improvements in rural, urban, and low-income areas that the private sector is not currently serving … “

The time to act is now. Delaying any longer will result in increased costs, as many projects will be beyond repair and require a full replacement. 

Read the full letter with prominent signers here, and please add your name.

(released by the Coalition for a National Infrastructure Bank)

For more information please contact, info@nibcoalition.com