HR79 Summary

• Calls upon the United States Congress to pass HR 3339 or similar legislation to create a National Infrastructure Bank with $5 trillion in capitalization authorized to invest in infrastructure projects only.

• Bank would require no new federal spending or federal taxes and would be capitalized by existing treasury debt, modeled on previous banks that financed infrastructure under Presidents Washington, Madison, Lincoln, and Franklin D. Roosevelt.

• Identifies Alabama infrastructure needs including $37 billion required over 12 years for surface transportation, lack of broadband access affecting 27 percent of state residents, shortage of 87,000 rental units for low-income renters, and need for $3 billion in wastewater system improvements.

• Projects the National Infrastructure Bank would create 25 million new jobs, pay prevailing wages, include Buy America provisions, mandate minority hiring and disadvantaged business enterprise disbursements, and grow the economy by five percent annually.

• Directs transmission of the resolution to the Alabama Delegation, Congress, the Governor, and the President of the United States.