REFERENCE TITLE: national infrastructure bank; urging Congress

State of Arizona

Senate

Fifty-sixth Legislature

Second Regular Session

2024

SCM 1001

Introduced by

Senator Mendez

A Concurrent Memorial

urging the United States Congress to enact legislation establishing a national infrastructure bank.

(TEXT OF BILL BEGINS ON NEXT PAGE)

To the Congress of the United States of America:

      Your memorialist respectfully represents:

Whereas, the American Society of Civil Engineers (ASCE) stated in its 2021 report card that the United States received a grade of C- regarding the current state of infrastructure and that more than $4.5 trillion would be needed to restore the nation's infrastructure to a state of good repair.  More than $2 trillion is currently not funded and the remainder is inadequately funded, and new 21st century projects are also unfunded; and

Whereas, in the ASCE's recent report card Arizona received an overall grade of C, including a B in aviation, B+ in bridges, C- in dams, C- in drinking water, C- in levees, C in rail, D+ in roads, C in transit and C- in wastewater. Nearly 1,800 of the state's bridges require repairs at a cost of $1.5 billion and only 8% of the state's 159 levee systems have been inventoried; and

Whereas, Arizona's wastewater infrastructure investment has a $1.4 billion shortfall; and

Whereas, more than 4,000,000 renters spend 30% of their income on housing due to the state's drastic shortage of affordable housing.  Over the next 25 years, the state will need nearly $100 billion for infrastructure and has a projected shortfall of $30 billion; and

Whereas, new passenger rail service would transform Arizona travel and create new industries and jobs. The first priority is the Sun Corridor and returning service between Tucson and Phoenix. Additionally, the state needs long-overdue high speed rail connections to Los Angeles, San Diego and Las Vegas to link these large metropolitan areas; and 

Whereas, H.R. 3339, the National Infrastructure Bank Act, was introduced in the 117 Congress to establish a new National Infrastructure Bank (NIB) to facilitate the long-term financing of infrastructure projects. This legislation would have authorized up to $5 trillion to invest only in infrastructure projects. It would have required no new federal spending and no new federal taxes but would be capitalized by repurposing existing treasury debt, as has previously been done in our nation's history; and

Whereas, the NIB is modeled on previous banks that helped build much of our infrastructure under Presidents George Washington, James Madison, Abraham Lincoln and Franklin D. Roosevelt. The last such bank helped bring our nation out of the Great Depression and win World War II; and

Whereas, the NIB will help finance the infrastructure of Arizona in partnership with state, county and local governments to end poverty, build infrastructure and create jobs in rural, Native American and urban communities. The NIB would bring broadband connectivity to every corner of this state, fix all roads and bridges not covered by Congress, build affordable housing units to house all who need it and finance new rail lines, including high speed rail. H.R. 3339 would have allocated $400 billion for new water programs for all the western states to end the drought.  The NIB would hire and train people who lost their jobs during the COVID-19 pandemic and employ them in high-paying jobs to build the infrastructure; and

Whereas, the NIB will create 25 million new jobs, pay Davis-Bacon wages and include Buy American provisions. Disadvantaged business enterprises will receive significant disbursements, and the bill mandates large-scale minority hiring.  According to experts, the NIB will grow the economy by 5% per year as did its predecessors; and

Whereas, legislatures in 22 states have introduced or passed resolutions of support for establishing the NIB, as have numerous county and city councils. Additionally, many national organizations have issued endorsements of the NIB, including the Public Banking Institute, the National Congress of Black Women, the National Association of Counties, the United States High Speed Rail Association, National Latino Farmers and Ranchers, the American Sustainable Business Council, the National Association of Minority Contractors, the United Association of Plumbers and Steamfitters and the National Federation of Federal Employees.

Wherefore your memorialist, the Senate of the State of Arizona, the House of Representatives concurring, prays:

1. That the United States Congress enact legislation to establish a National Infrastructure Bank to finance urgently needed infrastructure projects.

2. That the Secretary of State of the State of Arizona transmit copies of this memorial to the President of the United States Senate, the Speaker of the United States House of Representatives and each Member of Congress from the State of Arizona.