On March 17, Washington State Senator Bob Hasegawa, sponsor of SJM8001, testified before the House Consumer Protection & Business Committee on the need for a $5 trillion National Infrastructure Bank (NIB), as specified in Congressional bill HR3339. Several other Washingtonians joined him in testimony. 

Senator Hasegawa, known in the state as a big promotor of state banking, believes that the NIB is the “national version of a state public bank.” Making historical references to previous banks, particularly the President Franklin Roosevelt’s Reconstruction Finance Corporation, he identified not only projects built in Washington State, but also rural electrification, and the financing for the WWII buildup. 

The senator explained how the NIB works, emphasizing that it does not require federal taxes nor new debt. In discussing the NIB’s “equity provisions,” he mentioned several national endorsements for the NIB, including the National Asian Pacific American Caucus of State Legislators, the National Black Caucus of State Legislators, the National Congress of Black Women, and many more. 

Senator Hasegawa made extremely clear, especially in light of the infrastructure rating by the American Society of Civil Engineers (ASCE) of C- or D, we can no longer rely on commercial banks, and that the $5 trillion NIB would be an extremely “functional tool.” The senator was peppered with several questions, including the need for bipartisan support. The resolution passed the committee.

Watch the hearing here.