A HOUSE RESOLUTION urging congress to endorse a national infrastructure bank.
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 six trillion dollars ($6,000,000,000,000) would be needed to restore the nation's infrastructure to a state of good repair; and
Whereas, nearly three trillion dollars ($3,000,000,000,000) is currently not funded and the remainder is inadequately funded; and
Whereas, new, twenty‑first century projects are also unfunded; and
Whereas, according to ASCE, thirty‑three percent (33%) of North Carolina roads are in poor or fair condition and seven percent (7%) were structurally deficient in 2021; and
Whereas, according to the Department of Transportation, 1,150, or eight and four‑tenths percent (8.4%), of the State's bridges were considered in poor condition and it is estimated that it will cost for repairs of these bridges four billion dollars ($4,000,000,000); and
Whereas, according to ASCE, North Carolina needs seventeen billion dollars ($17,000,000,000) to fund drinking water repairs and replacement, and five billion eight hundred million dollars ($5,800,000,000) to fund wastewater systems; and
Whereas, North Carolina has over 370,000 lead water service lines needing immediate replacement at a cost of at least four billion dollars ($4,000,000,000); and
Whereas, there is a shortage of at least 200,000 units of affordable housing for those most housing insecure; and
Whereas, a new high‑speed rail system from Atlanta to Washington, D.C., running through North Carolina would transform travel in North Carolina; and
Whereas, Congress introduced H.R. 4052, The National Infrastructure Bank Act (NIB), to create a new National Infrastructure Bank and to authorize five trillion dollars ($5,000,000,000,000) for the bank to invest in infrastructure projects only; and
Whereas, the NIB requires no new federal spending and no new federal taxes as it would be capitalized by existing Treasury debt, as was done previously in this nation's history; 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 of whom helped end the Great Depression and win World War II; and
Whereas, the NIB will create 25,000,000 new high‑wage jobs, and mandate Buy America provisions, provide significant disbursements to disadvantaged business enterprises, mandate large‑scale minority hiring, and, according to experts, grow the economy by five percent (5%) per year, as did its predecessors; and
Whereas, the NIB will help finance all the infrastructure needs of North Carolina in conjunction with regular budgets, will have financing to rebuild all of North Carolina from the hurricane damage in 2024, will finance infrastructure projects and create jobs in rural and urban communities, will finance all the bridge and road repairs, will fix all the drinking water systems, will replace all lead water service lines quickly, will build all needed affordable housing units, will install broadband everywhere, will finance all mass transit projects, and will build passenger and high‑speed rail lines; and
Whereas, many organizations have issued endorsements, including the National Hispanic Caucus of State Legislators, the National Black Caucus of State Legislators, the National Asian‑Pacific American Caucus of State Legislators, NACO, NADO, the U.S. High Speed Rail Association, the United Association of Plumbers and Steamfitters International Union, and others, and 30 state legislatures have introduced or passed resolutions of support, as have county and city councils; Now, therefore,
Be it resolved by the House of Representatives:
SECTION 1.  The North Carolina House of Representatives hereby calls upon the United States Congress to pass H.R. 4052, or its equivalent, to create a National Infrastructure Bank to finance urgently needed infrastructure projects.
SECTION 2.  Copies of this resolution shall be transmitted to the North Carolina delegation to Congress, the Governor, and to the President of the United States.
SECTION 3.  This resolution is effective upon adoption.