On April 30, the Coalition for a National Infrastructure Bank (NIB), in conjunction with Congressman Danny Davis, co-sponsored a briefing for Congressional staff on the National Infrastructure Bank Act of 2023, H.R.4052. Congressman Davis is the lead sponsor of this bill, which currently has 33 sponsors. 

Speakers included: Dr. Nomi Prins, author, and former Managing Director Goldman Sachs; Professor Philip Harvey, Distinguished Professor of Law and Economics (Emeritus) Rutgers Law School (by Zoom); Assemblywoman Jo Anne Simon, 52nd Legislative District NY; and former Senior Economist at the International Monetary Fund Alphecca Muttardy. (Pictured top left to right.)

Sixteen Congressional offices sent representatives to the event, along with many non-governmental groups. The speakers were excellent, making the incontrovertible case on the need for the NIB. While praising the “good start” of the Bipartisan Infrastructure Law (BIL), which passed in 2021, the speeches expounded on the need for the NIB. Assemblywoman Simon detailed the entire budget of New York State as a case in point. She outlined the growing discrepancy between the needs and money available. From lead water service line replacement, to building and upgrading water and sewer lines, modernizing the 100-year old subway system, and ending the desperate shortage of affordable housing, the Assemblywoman made the case for the NIB. The NIB could provide all the necessary finances to build everything, and that’s just in New York. 

The other speakers filled in the national picture. They elaborated on all aspects of how the NIB works, from capitalization to funding local projects. They hammered home several ideas: That this has been done before (much to the shock of the audience who had no idea); that it would require no infusion from the federal budget, and that similar institutions are using this American model from around the world. 

The timeliness of this forum could not be overstated. With a growing budget deficit (over $1 trillion per year), Congress has been wrangling for months over how to pay for everything. But the cupboard is bare! Meanwhile the infrastructure needs just keep increasing. 

As our grassroots movement continues to grow, we need your help to get more cosponsors to H.R.4052. Please join the effort!