The October 19 NIB Zoom Town Hall featured Emmy Award-winning author Steven Fenberg, Public Banking Institute chair and author Ellen Brown, and macroeconomist Alphecca Muttardy for a timely discussion, “Rebuild the Nation with a New Reconstruction Finance Corporation.

The compelling dialogue that unfolded began with opening remarks from macroeconomist Alphecca Muttardy who indicated that there is presently a bill in Congress, HR3339, to enact a $5 trillion National Infrastructure Bank (NIB), for building designated infrastructure projects across the country. The NIB mirrors a previous bank, the Reconstruction Finance Corporation (RFC), which was used by President Franklin Roosevelt. NIB senior economist Muttardy used a Power Point to show how the bank works, with no new federal taxes or debt, and how it would respond to inflation and recession concerns. 

Following Muttardy, author Steven Fenberg detailed how the NIB “can do what was done by the RFC during the Great Depression and World War II.” Fenberg emphasized that the RFC was a “lending not a spending” institution, and can be used today by issuing long term, low interest loans. The author used the example of FDR’s Rural Electrification Administration (REA), as a model for today for broadband access for rural areas and laid out many examples to illustrate this.

Fenberg concluded, “Great monumental things were once done by our Federal Government and the people of the United States. And the ingredient to all of this is to embrace our government as something patriotic and something great that we can all support.”

The next speaker Public Banking Institute Chair Ellen Brown, laid out why we need an RFC. Brown indicated that in addition to the two infrastructure bills that were recently passed by Congress, the Bi-Partisan Infrastructure Law in 2021, and the Inflation Reduction Act of 2022, that “we still have major infrastructure that needs to be built.” She used the example of water in California, where she resides, and showed how much of the infrastructure projects today must be financed “off-budget.”

The public banking expert used examples of independent banks used by both Japan and China. Brown stated that China has 3 development banks, and “went from one of the poorest countries in the world to a global economic powerhouse in 4 decades.” 

A lively dialogue among the speakers ensued, moderated by Alaska small business operator Julie Olsen, which engaged the other participants into a riveting discussion overall.

Call your member of Congress and urge them to co-sponsor HR3339, ask your friends to call Congress too.