To the Editor:

While building large scale infrastructure is non-partisan, financing it has become intensely so. Both the fate of President Biden’s next step for recovery and the nation are hanging in the balance. We face unnecessary choices of massive new debt, budget cuts, tax increases, or scaling back the effort and failing.

The Coalition for a National Infrastructure Bank (NIB) proposes a way out of the seemingly insoluble dilemma.

The coalition recently issued an “Open Letter to Congress” which includes the following: “Congress will finance a certain amount through the budget… a new NIB will finance the rest... As embodied in HR 6422 (2020) the NIB will be capitalized with existing federal debt [ US. Treasuries]…This bank is modeled on four previous institutions which built much of the infrastructure of the nation. The last one helped end the Great Depression and WWII.”

The NIB will lend $5 Trillion, create 25 million jobs, use “Buy American” provisions, pay Davis-Bacon wages, and result in no new federal debt or taxes.



Elected officials, labor union activists, and others from around the country have endorsed this letter, while more than one hundred organizations support the NIB.

(Letter available at nibcoalition.com)