SENATE MEMORIAL 2

               55TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2021

                                        INTRODUCED BY  Bill Tallman

                                                                 A MEMORIAL

          URGING THE UNITED STATES CONGRESS TO PASS H.R. 6422, THE

          NATIONAL INFRASTRUCTURE BANK ACT OF 2020, TO CREATE A NATIONAL

          INFRASTRUCTURE BANK TO FINANCE URGENTLY NEEDED INFRASTRUCTURE

          PROJECTS.

                        WHEREAS, the American society of civil engineers stated in its 2017 report card that the United States received a grade of

          D+ regarding the current state of its infrastructure and that more than four trillion five hundred billion dollars ($4,500,000,000,000) would be needed to restore the nation's infrastructure to a state of good repair; and

                        WHEREAS, a budget shortfall of over two trillion dollars ($2,000,000,000,000) is currently not funded, the remainder is

          inadequately funded and new, twenty-first century projects are also unfunded; and

                        WHEREAS, the American society of civil engineers report card states that thirty percent of New Mexico's roads are in

          poor condition, and each driver in the state spends nearly six hundred dollars ($600) annually in car repairs, while six and five-tenths percent of the state's bridges are rated structurally deficient, and one hundred sixty-seven dams are rated as having high hazard potential; and

                        WHEREAS, the cost to bring drinking water infrastructure to a state of good repair is over one billion dollars         ($1,000,000,000); and

                       WHEREAS, twenty-five percent of New Mexico's students lack internet service at home, eight percent do not have a computer         and the situation is worse in tribal communities; and

                       WHEREAS, New Mexico ranks third worst nationally with a nineteen percent poverty rate and ranks last in child poverty with a rate of thirty percent; and

                       WHEREAS, a new national infrastructure bank could help finance much of New Mexico infrastructure maintenance and

          improvements in partnership with state and local governments and other institutions, and it could also provide assistance to hire workers who have lost their jobs during the coronavirus disease 2019 pandemic; and

                       WHEREAS, a new national infrastructure bank would exchange existing United States department of the treasury debt for 

          preferred stock in the bank and would require no new federal debt; and

                        WHEREAS, a new national infrastructure bank would pay           interest of two percentage points above the United St

          department of the treasury yield to investors, with all

          transactions being federally insured, and the interest would be

          included in the United States budget and not go through

          appropriations; and

                        WHEREAS, a national infrastructure bank is modeled on

          previous banks, which have helped to build much of the United

          States' infrastructure, initiated by the first United States

          department of the treasury secretary Alexander Hamilton and

          continued under Presidents George Washington, James Madison,

          Abraham Lincoln and Franklin D. Roosevelt; and

                       WHEREAS, a new national infrastructure bank would perform

          as a traditional commercial bank and be able to provide

          financing in the form of long-term loans at United States

          department of the treasury rates for infrastructure projects

          only; and

                       WHEREAS, a new national infrastructure bank would loan

          four trillion dollars ($4,000,000,000,000) to states, cities,

          counties, authorities and multistate entities to address the

          infrastructure crisis of the nation; and

                       WHEREAS, a new national infrastructure bank board of

          directors would be composed of mainly engineers and

          infrastructure experts, along with state, local and county

          officials with experience in infrastructure construction to

          assist in the implementation of projects; and

                        WHEREAS, a new national infrastructure bank would report

          all banking transactions to the United States congress on a

          regular basis; and

                        WHEREAS, the last such national infrastructure bank helped

          bring the United States out of the Great Depression and win

          World War II; and

                        WHEREAS, congress introduced H.R. 6422, the National

          Infrastructure Bank Act of 2020, to create a new four-trillion-

          dollar ($4,000,000,000,000) national infrastructure bank

          authorized to invest in infrastructure projects only; and

                       WHEREAS, a new national infrastructure bank would require

         no new federal spending and be capitalized by repurposing

          existing United States department of the treasury debt, as has

          been done previously in United States history; and

                       WHEREAS, a new national infrastructure bank could create

          twenty-five million new high-paying jobs, pay federal

          Davis-Bacon Act wages, ensure project labor agreements and

          include buy American provisions; and

                       WHEREAS, disadvantaged business enterprises would receive

          significant support, with mandates of large-scale minority

          hiring and substantial investment in Native American

          communities; and

                       WHEREAS, according to experts, a national infrastructure

          bank would grow the economy by four to five percent per year,

          as did its predecessors; and

                        WHEREAS, many city and county councils, labor unions and

          other organizations have issued endorsements, with seventeen

          state legislatures having introduced or passed resolutions of

          support; and

                        WHEREAS, endorsements include the South Carolina house of

          representatives, the Alabama house of representatives, the

          Illinois house of representatives, the national congress of

          black women, the national association of counties, the Rio

          Arriba board of county commissioners, the United States high

           speed rail association, the national Latino farmers and

          ranchers trade association, the American sustainable business

           council, the national association of minority contractors, the

          national federation of federal employees and many more

          organizations;

                       NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE

          OF NEW MEXICO that the United States congress be urged to pass

          H.R. 6422, the National Infrastructure Bank Act of 2020, to

          create a national infrastructure bank to finance urgently

          needed infrastructure projects; and

                       BE IT FURTHER RESOLVED that copies of this memorial be

          transmitted to the New Mexico congressional delegation and to

          the members of the United States congress.

                                                                    - 5 -

.218852.1

                                          SENATE MEMORIAL 2

               55TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2021

                                         INTRODUCED BY

                                                          Bill Tallman

                                                                 A MEMORIAL

          URGING THE UNITED STATES CONGRESS TO PASS H.R. 6422, THE

          NATIONAL INFRASTRUCTURE BANK ACT OF 2020, TO CREATE A NATIONAL

          INFRASTRUCTURE BANK TO FINANCE URGENTLY NEEDED INFRASTRUCTURE

          PROJECTS.

                        WHEREAS, the American society of civil engineers stated in

          its 2017 report card that the United States received a grade of

          D+ regarding the current state of its infrastructure and that

          more than four trillion five hundred billion dollars

          ($4,500,000,000,000) would be needed to restore the nation's

          infrastructure to a state of good repair; and

                        WHEREAS, a budget shortfall of over two trillion dollars

          ($2,000,000,000,000) is currently not funded, the remainder is

          inadequately funded and new, twenty-first century projects are

          also unfunded; and

                        WHEREAS, the American society of civil engineers report

          card states that thirty percent of New Mexico's roads are in

          poor condition, and each driver in the state spends nearly six

          hundred dollars ($600) annually in car repairs, while six and

          five-tenths percent of the state's bridges are rated

          structurally deficient, and one hundred sixty-seven dams are

          rated as having high hazard potential; and

                        WHEREAS, the cost to bring drinking water infrastructure

          to a state of good repair is over one billion dollars

          ($1,000,000,000); and

                       WHEREAS, twenty-five percent of New Mexico's students lack

          internet service at home, eight percent do not have a computer

          and the situation is worse in tribal communities; and

                       WHEREAS, New Mexico ranks third worst nationally with a

          nineteen percent poverty rate and ranks last in child poverty

          with a rate of thirty percent; and

                       WHEREAS, a new national infrastructure bank could help

          finance much of New Mexico infrastructure maintenance and

          improvements in partnership with state and local governments

          and other institutions, and it could also provide assistance to

          hire workers who have lost their jobs during the coronavirus

         disease 2019 pandemic; and

                       WHEREAS, a new national infrastructure bank would exchange

          existing United States department of the treasury debt for

          preferred stock in the bank and would require no new federal

          debt; and

                        WHEREAS, a new national infrastructure bank would pay

          interest of two percentage points above the United States

          department of the treasury yield to investors, with all

          transactions being federally insured, and the interest would be

          included in the United States budget and not go through

          appropriations; and

                        WHEREAS, a national infrastructure bank is modeled on

          previous banks, which have helped to build much of the United

          States' infrastructure, initiated by the first United States

          department of the treasury secretary Alexander Hamilton and

          continued under Presidents George Washington, James Madison,

          Abraham Lincoln and Franklin D. Roosevelt; and

                       WHEREAS, a new national infrastructure bank would perform

          as a traditional commercial bank and be able to provide

         financing in the form of long-term loans at United States

          department of the treasury rates for infrastructure projects

          only; and

                       WHEREAS, a new national infrastructure bank would loan

          four trillion dollars ($4,000,000,000,000) to states, cities,

          counties, authorities and multistate entities to address the

          infrastructure crisis of the nation; and

                       WHEREAS, a new national infrastructure bank board of

          directors would be composed of mainly engineers and

          infrastructure experts, along with state, local and county

          officials with experience in infrastructure construction to

          assist in the implementation of projects; and

                        WHEREAS, a new national infrastructure bank would report

          all banking transactions to the United States congress on a

          regular basis; and

                        WHEREAS, the last such national infrastructure bank helped

          bring the United States out of the Great Depression and win

          World War II; and

                        WHEREAS, congress introduced H.R. 6422, the National

          Infrastructure Bank Act of 2020, to create a new four-trillion-

          dollar ($4,000,000,000,000) national infrastructure bank

          authorized to invest in infrastructure projects only; and

                       WHEREAS, a new national infrastructure bank would require

          no new federal spending and be capitalized by repurposing

          existing United States department of the treasury debt, as has

          been done previously in United States history; and

                       WHEREAS, a new national infrastructure bank could create

          twenty-five million new high-paying jobs, pay federal

          Davis-Bacon Act wages, ensure project labor agreements and

          include buy American provisions; and

                       WHEREAS, disadvantaged business enterprises would receive

          significant support, with mandates of large-scale minority

          hiring and substantial investment in Native American

          communities; and

                       WHEREAS, according to experts, a national infrastructure

          bank would grow the economy by four to five percent per year,

          as did its predecessors; and

                        WHEREAS, many city and county councils, labor unions and

          other organizations have issued endorsements, with seventeen

          state legislatures having introduced or passed resolutions of

          support; and

                        WHEREAS, endorsements include the South Carolina house of

          representatives, the Alabama house of representatives, the

          Illinois house of representatives, the national congress of

          black women, the national association of counties, the Rio

          Arriba board of county commissioners, the United States high

          speed rail association, the national Latino farmers and

          ranchers trade association, the American sustainable business

          council, the national association of minority contractors, the

          national federation of federal employees and many more

          organizations;

                       NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE

          OF NEW MEXICO that the United States congress be urged to pass

          H.R. 6422, the National Infrastructure Bank Act of 2020, to

          create a national infrastructure bank to finance urgently

          needed infrastructure projects; and

                       BE IT FURTHER RESOLVED that copies of this memorial be

          transmitted to the New Mexico congressional delegation and to

          the members of the United States congress.