Topic: Bellingham (1134)

Bellingham City Council Resolution on the $5 Trillion National Infrastructure Bank

Local action in support of a proposal to rebuild nationwide infrastructure

Local action in support of a proposal to rebuild nationwide infrastructure

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If you did not notice on January 13th, the Bellingham City Council passed (7-0) a resolution (See FILES below) supporting congressional creation of a $5 trillion National Infrastructure Bank (NIB). Yes, that is FIVE TRILLION, not a misprint. The Bank will be dedicated to providing low cost loans to public entities across the U.S. for infrastructure projects at a monumental scale, as President Franklin Roosevelt did with the Reconstruction Finance Corporation both before and during WWII. The best part is that the NIB is off-budget and will add nothing to the national debt. See “How the National Infrastructure Bank Is Capitalized” below.

Click to enlarge

I last wrote about this proposal in October, 2024 in an article titled, “How Do You Spell Budget And Disaster Relief?  N…I…B”  Since then, Bellingham City Council Member Lisa Anderson introduced the concept of a resolution in support of the NIB to the council. She effectively demonstrated to the council and mayor the advantages that would be available to cities, counties, and states were an NIB created by Congress. Lack of low-cost financing is one of the principle obstacles to government entities in rebuilding infrastructure, creating affordable housing, and building educational facilities. So a shout-out to Lisa, the Bellingham City Council, and Mayor Lund for recognizing the importance of the NIB. Further information on the NIB, including actions you can take in support, can be found on the website of the Coalition for a $5 Trillion National Infrastructure Bank. 

[Note: This most recent resolution on the NIB is in keeping with the Bellingham City Council's awareness of the value of public banking. Five years ago, the council passed a resolution in support of a bill to establish a public bank in Washington state. My article on that resolution can be found here: City Council Resolution Supports A Washington Public Bank. The site of Washingtonians for Public Banking provides information on the present status of public banking legislation in Olympia for a state bank.]

Attached Files

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