The following Op-ed will be submitted to a large variety of newspapers across the country.

If you would like to add your support, please email your name and title to info@nibcoalition.com 

Thank you in advance. 

The Infrastructure Crisis Meets the ‘Perfect Storm’: Time for National Infrastructure Bank!

Decades of underfunding our infrastructure, of relying upon a patchwork and reactive approaches has slammed into reality. Our nation faces unprecedented extreme weather events and other challenges from coast to coast which threaten our well-being.

Thus far, Congress’ response has been woefully inadequate.  Where the need for new infrastructure investment is $5 trillion or more, the Senate’s “Infrastructure and Jobs Act” proposes just $550 billion of new spending. While we support this, it lands far short of the mark.

We, the undersigned, are rallying our citizens to demand that Congress respond to this crisis in a way which is appropriate: The establishment of a large, $5 trillion National Infrastructure Bank (NIB), as outlined in HR3339, which is before the current session of Congress.

This $5 trillion public bank does not rely upon the appropriations process. It does not require new federal taxes and will not increase our deficit. By repurposing existing Treasury debt, as was done previously in U.S. history, it will finance everything we need, and quickly. We will be able to build multiple layers at the same time, such as water, sewer, rail, power, all of which inhabit the same space.

 Infrastructure requires concerted federal action. We need a new power grid, a new high speed rail system, and large-scale water projects like those last erected under President Franklin Roosevelt. 

Only the National Infrastructure Bank can address this staggering need. It will create tens of millions of new jobs, pay Davis-Bacon wages and mandate Buy American policies. The NIB will supercharge the U.S. economy, and reopen American industry. It will ensure robust minority hiring, promote disadvantaged business enterprises, and spawn a resurgence of small business.

It is better to think fifty years from now, and where we will need to be, as we repair and upgrade the current system. China spends 8% of its GDP on infrastructure; Europe 5% and we spend barely 2%. Is it any wonder that our infrastructure is ranked 13^th in the world?

Resolutions of endorsement have been pouring in from every part of the country including state legislatures, city and county councils, and labor and business organizations. People are fed up with “the same old same old”!

We urge everyone to support HR 3339 and contact your Congressional representative to enlist their sponsorship of this measure.