The April 25 NIB Zoom Town Hall, “The Federal Cupboard is Bare: National Infrastructure Bank to the Rescue,” was headlined by Dr. Nomi Prins, Ph.d., former Managing Director Goldman Sachs; Ellen Brown, Esq., Chair Public Banking Institute; and Senator David Koehler, Illinois Senate. They were joined by other elected officials, including Illinois Congressman Jesus “Chuy” Garcia, a cosponsor of H.R.4052 The taped video presentation by the Congressman focused on the urgent infrastructure needs in Illinois and why he supports the National Infrastructure Bank legislation. 

The webinar addressed the obvious crossroads the country is at with regards to building the real, productive economy. Yes, there are more jobs being created, but the vast majority are non-productive, low-wage service jobs. To its credit, spending through the Bipartisan Infrastructure Law (BIL) has plugged many holes, so to speak. But the need is many times greater than the $550 billion that this bill will spend. And it will expire in two and a half years. 

As an example, recent studies peg the cost to replace lead water service lines and remove cancer-causing PFAs from our water supply at hundreds of billions of dollars! When you add in fixing and modernizing the entire water supply, the total cost is expected to cross $1 trillion! The BIL has $55 billion allocated to repair all water infrastructure!   

This money cannot come from the federal budget. The budget deficit is running at well over $1 trillion per year; interest on the debt is now larger than the defense budget; and the national debt will soon exceed $35 trillion. The cupboard is bare, and Mother Hubbard is in line for food stamps! 

Hence, support for the off-budget National Infrastructure Bank (NIB) is growing. There are 33 sponsors in Congress on H.R.4052, and more are being added. Non-stop meetings are occurring with congressional offices and members, as well as state officials around the nation. These meetings are bipartisan, though no Republican has yet to summon the chutzpah to cosponsor. 

Discussion entailed on the recent collapse of the Francis Scott Key Bridge in Baltimore, and how it was avoidable, if necessary barriers had been erected. A recent New York Times report says that over 300 large bridges are in the same terrible predicament. The biggest problem is the lack of affordable housing. Only the NIB can finance the seven million new units needed to resolve the crisis.

Please watch this Zoom Town Hall and help mobilize support for the NIB. 

Speakers:

Congressman Jesus “Chuy” Garcia, (IL-4^th). Chicago (video)

Alphecca Muttardy, former Senior Economist, International Monetary Fund, Fairfax VA

Ellen Brown, Esq. Chair Public Banking Institute, Los Angeles

Dr. Nomi Prins, Ph.D., Author, former Managing Director, Goldman Sachs, Los Angeles

Sen. David Koehler, Illinois Senate, Peoria

Del. Chao Wu, Maryland House of Delegates, Howard County

Rayellen Smith, Chair Indivisible Albuquerque; Treasurer, New Mexico Democratic Party, Albuquerque

Rep. Arthur Handy, Rhode Island House of Representatives, Cranston

Moderator: Julie Olsen, MBA, Chair Progressive Caucus, Alaska Democratic Party, Anchorage