A HOUSE RESOLUTION urging Congress to create a National Infrastructure Bank.
Whereas, the American Society of Civil Engineers (ASCE) stated in its 2017 report card that the United States received a grade of D+ regarding the current state of infrastructure and that more than four and one‑half trillion dollars would be needed to restore the nation's infrastructure to a state of good repair. Over two trillion dollars is currently not funded, and the remainder is inadequately funded. New 21st Century projects are also unfunded; and
Whereas, North Carolina has the 18th highest share of interstate bridges rated in poor or structurally deficient condition in the nation, and 21% of the State's interstate bridges are in need of repair or replacement. Over the next decade, the North Carolina Department of Transportation has funds available for 17% of the needed projects and new funds are projected to decline; the State needs $17‑26 billion over the next 20 years to fund drinking water and wastewater systems; and North Carolina needs to build over 900,000 new affordable housing units. A new high‑speed rail system from Atlanta to Washington, D.C., would transform travel in North Carolina; and
Whereas, a new National Infrastructure Bank (NIB) could help finance much of the infrastructure of North Carolina in partnership with state and local governments, and other institutions; it would also hire people who have lost their jobs during the COVID-19 pandemic; and
Whereas, the NIB is modeled on previous banks which helped build much of our infrastructure under Presidents George Washington, James Madison, Abraham Lincoln, and Franklin D. Roosevelt. The last such bank helped bring us out of the Depression and win World War II; and
Whereas, in March of 2020, H.R. 6422, The National Infrastructure Bank Act of 2020, was introduced in Congress to facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Bank. This legislation proposed a $4 trillion bank, authorized to invest in infrastructure projects only. It would require no new federal spending and be capitalized by repurposing existing Treasury debt, as was done previously in United States history; and
Whereas, a new National Infrastructure Bank would create 25 million new high‑paying jobs, pay Davis‑Bacon wages, ensure Project Labor Agreements, and include Buy American provisions. Disadvantaged Business Enterprises would receive significant numbers of contracts, and the bill would mandate large‑scale minority hiring. According to experts, the Bank would grow the economy by 4‑5% per year as did its predecessors; and
Whereas, many organizations have issued endorsements for the creation of a National Infrastructure Bank. Seventeen state legislatures introduced or passed resolutions of support, as have county and city councils. Endorsements include: The National Congress of Black Women, National Association of Counties, U.S. High Speed Rail Association, National Latino Farmers and Ranchers, American Sustainable Business Council, National Association of Minority Contractors, National Federation of Federal Employees, and many other organizations; Now, therefore,
Be it resolved by the House of Representatives:
SECTION 1.  The North Carolina House of Representatives calls upon the United States Congress to introduce and pass legislation similar to H.R. 6422 to create a National Infrastructure Bank to finance urgently needed infrastructure projects throughout the United States.
SECTION 2.  The Principal Clerk shall transmit copies of this resolution to each member of North Carolina's Congressional delegation, Governor Roy Cooper, and President Joseph Biden.
SECTION 3.  This resolution is effective upon adoption.