HR150 Summary

• Calls upon the United States Congress to pass HR 3339 or similar legislation to create a National Infrastructure Bank to finance infrastructure projects.

• Cites infrastructure deficiencies in Alabama including $5.3 billion in annual costs to motorists from deteriorated roads and bridges, broadband access gaps affecting 27 percent of Alabamians, shortage of 87,000 rental units for low-income renters, and $3 billion needed for wastewater systems.

• Proposes the National Infrastructure Bank would be capitalized by existing treasury debt requiring no new federal spending or taxes, and would create 25 million new jobs with prevailing wages and Buy America provisions.

• Notes the National Infrastructure Bank is modeled on historical banks that funded infrastructure under Presidents Washington, Madison, Lincoln, and Roosevelt, and has endorsements from 24 state legislatures and organizations including the National Black Caucus of State Legislators and National Association of Counties.

• Requires copies of the resolution be transmitted to the Alabama Delegation, Congress, the Governor, and the President of the United States.