Title
Calling on Congress to pass HR 6422 to create a National Infrastructure Bank.
Body
WHEREAS, There is a widely acknowledged shortfall in infrastructure spending in the nation. The American Society of Civil Engineers (ASCE) gave the country a D+ in its 2017 Report Card and said the nation needs to spend $4.6 trillion to repair current infrastructure. Over half the shortfall is unfunded, the remainder is inadequately funded, and no new projects are funded at all; and
WHEREAS, The infrastructure crisis in Pennsylvania and Philadelphia mirrors that of the country. The 2018 Pennsylvania Infrastructure Report Card of ASCE gave the state of Pennsylvania a C-. Pennsylvania roads were graded D+, with congestion costing the state $3.7 billion annually in lost time and wasted fuel; drinking water received a D grade, noting that 50% of Philadelphia's water mains were installed prior to 1930 and 30% prior to 1900; drinking water had a state funding gap of $10 billion; wastewater treatment was graded D- , and transit was graded D. Southeast Pennsylvania Transportation Authority (SEPTA), needs at least $5 billion in capital requirements; 20% of Pennsylvania's bridges are graded structurally deficient, and the top fifteen most traveled structurally deficient bridges are in Philadelphia; and
WHEREAS, The U.S. House of Representatives introduced HR 6422, creating a $4 trillion National Infrastructure Bank(NIB). This bank will require no new federal appropriations, and no new taxes. It will be capitalized by repurposing existing Treasury debt. It will pay Davis-Bacon wages, mandate Project Labor Agreements, and Buy American policies. The NIB will ensure a substantial flow of contracts to Disadvantage Business Enterprises and also provide large-scale minority hiring; and
WHEREAS, A new National Infrastructure Bank could partner with Philadelphia and the state to supply the needed financing to fix the water systems, roads, bridges, schools and all neglected projects. I...
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