S.C.R. No. 17 Summary

• Urges Congress and the President to charter a Bank of the United States as a public corporation to provide credit for major infrastructure projects including transportation, water management, energy production, and space exploration.

• Proposes capitalizing the Bank with up to $3 trillion through public holders of Treasury securities and municipal bonds receiving preferred shares bearing at least 4% annual dividends guaranteed by the U.S. Treasury.

• Authorizes the Bank to make loans and discount bank loans to participants in approved projects, provide credit to state and municipal capital projects, and cooperate with the Export-Import Bank on international infrastructure projects.

• Requires projects funded by the Bank to expand Buy American provisions, use project labor agreements and Davis-Bacon prevailing wage standards, ensure racial and gender equity in hiring, and invest in disadvantaged communities.

• Establishes a 25-member board of directors appointed by the President with expertise in industrial, engineering, and infrastructure fields, including representatives from the Army Corps of Engineers, NASA, and AFL-CIO, with an initial $100 million authorization from Congress.