Whereas, the new infrastructure bank is modeled on previous banks which helped build much of our infrastructure under Presidents George Washington, James Madison, Abraham Lincoln, and Franklin D. Roosevelt. The last bank helped lift Americans out of the Great Depression; and
Whereas, H.R. 6422 was introduced by Representative Danny Davis on March 31, 2020, and would establish a new four trillion dollar National Infrastructure Bank authorized to invest solely in infrastructure projects. It would be funded through a repurposing of existing Treasury debt, as was done previously in the United States, and would require no new federal spending; and
Whereas, the new bank would create an estimated twenty‑five million new jobs paying Davis‑Bacon wages. It would ensure project labor agreements for all projects and Buy American provisions also while awarding a significant number of contracts to disadvantaged business enterprises and mandating large‑scale minority hiring. It is expected to grow the economy by four to five percent each year; and
Whereas, seventeen state legislatures and numerous county and city governments have introduced or passed resolutions in support of the bank. Additionally, organizations like the National Congress of Black Women, the National Association of Counties, the United States High Speed Rail Association, National Latino Farmers and Ranchers, the American Sustainable Business Council, the National Association of Minority Contractors, and the National Federation of Federal Employees also have endorsed the new bank. Now, therefore,
Be it enacted by the House of Representatives:
That the members of the House of Representatives of the State of South Carolina, by this resolution, memorialize the United States Congress to enact H.R. 6422 or similar legislation to establish a National Infrastructure Bank to finance urgently needed infrastructure projects.
