Articles with Recent Comments

National Infrastructure Bank…And The State Of Washington

The state of Washington has much to gain by the passage of a bill that will provide for $5 trillion to finance infrastructure nationwide.

The state of Washington has much to gain by the passage of a bill that will provide for $5 trillion to finance infrastructure nationwide.

“The purpose of National Infrastructure Bank (NIB) shall be to facilitate efficient, long-term financing of infrastructure projects, business and economic growth, and new job creation in the United States.”

Bill 3339 of the 117th Congress that proposed this infrastructure bank was originally introduced in 2021. [The bill now before the 118th Congress is HR 490] The Infrastructure Improvement and Jobs Act of 2021 (providing $1.2 trillion in transportation investments) was insufficient to repair the nation's infrastructure at an estimated cost of $6.1 trillion. At $5 trillion, the NIB will fill the gap. Here is how it will work (see Coalition for the National Infrastructure Bill below):

  • "Bill creates a $5 trillion public bank to lend for infrastructure projects only
  • Covers 16 Project categories monitored by the American Society of Civil Engineers
  • Additional categories: Affordable Housing, High-Speed Rail, Water projects to address drought 
  • Affordable Housing: $720 billion dedicated financing; lowest 30% AMI*; priority for NIB 
  • Water to the West: $400 billion dedicated to bring water into the west (all types of projects, like FDR**) 
  • Financing for all urban mass transit systems in California 
  • Creates 25 million new jobs, Davis-Bacon wages***, Buy America****, DBE*****, significant investment in low income urban and rural communities 
  • Supercharges the economy: GDP increase 5% per year
  • Requires no new Federal Spending, Taxes, or Debt
  • Source of Capital: Existing U.S. Treasury Bonds held in private accounts; exchanged for Preferred Stock (silent partners, no voting)
  • Conventional commercial bank lending, low interest loans at Treasury bond rates; flexible terms; Loan maturity over the life of the project
  • Excess profits go to Trust Fund to provide grants for poor communities"

Many of you have read my recent articles regarding the creation of a public bank for the state of Washington. That effort continues in Olympia but is unrelated to efforts on a national level regarding infrastructure. The NIB, as described above, is an effort in the U.S. Congress that will benefit all states. The Washington State Senate already endorsed the NIB bill in January 2023 with the SENATE JOINT MEMORIAL 8001 which has been sent to the president and both houses of the U.S. Congress, and which reads in part:

“A new national infrastructure bank could directly finance much of our nation's infrastructure, in partnership with state and local officials, and lead to the reemployment of people who have lost their jobs during the COVID-19 pandemic…”

A list of the many other states, counties, and cities, as well as unions and other organizations, can be found here. The list is impressive. Nationally, to boost the bill and inform the pubic, there is also the Coalition for the National Infrastructure Bank.  

“The Coalition for the National Infrastructure Bank …consists of like-minded political leaders dedicated to a common purpose, enacting HR 3339 to create a $5 Trillion Bank to fund U.S. infrastructure. [It is] modeled on four previous banks, beginning with the First and Second Bank of the United States, and was last used by Abraham Lincoln and Franklin Roosevelt. Each time the bank was used, America developed as a manufacturing nation. It must be used for that same purpose today.”

To assist in informing the public and promoting the NIB legislation, the Coalition is sponsoring a Zoom town hall on Thursday, May 18th at 5 p.m. EDT. Click HERE to find out more about the town hall and to register.  [Note: If you register and lose your registration link, just register again.]

 
NOTES:
*Area Median Income.
** Franklin Delano Roosevelt.
***Federal law that requires local prevailing wages be paid on most federal and federally funded construction contracts.
****Established a domestic content procurement preference for all Federal financial assistance obligated for infrastructure projects after May 14, 2022.
*****Disadvantaged Business Enterprise is designed to remedy ongoing discrimination and the continuing effects of past discrimination.

Comments by Readers

Satpal Sidhu

May 15, 2023

Hi Dick,

I also  endorse such a policy decision to create a visionary fiscal investments for our future generations and not the election cycle investments. Look what the Federal Goverment’s inaction for last 3 deacdes has done to deteriorate our communites and citizens. The bickering goes on and we get piecemeal investment decision for our infrastructure, housing, mental / behavioral health.

We need another $5 trillion multi-decade American Housing Renewal Fund to allow low interest mortages ( like 1-2%) for “permanently affordable” housing in every community.

 

Read More...

Dianne Foster

May 23, 2023

Dick,

I was on the call as well,  after which I called Larsen’s office in Everett and spoke with his aide,  (whose name I didn’t catch).   Anyway,  she seemed quite interested,  and looked it up online as we spoke.  Apparently the newest bill is HR490,  and only has a couple co-sponsors,  so we’re starting from scratch. Maybe we should put together a group visit to his office to better inform everyone,  since it’s a fairly complex deal.

Read More...

Dick Conoboy

May 23, 2023

Dianne,

Thanks for contacting Larsen and for the new bill number HR490.  Not sure I am in a position to talk to the details of the bill with Larsen.  The Coalition for NIB is more into doing that kind of outreach.

Read More...

National Infrastructure Bank…And The State Of Washington

By Dick ConoboyOn May 14, 2023

The state of Washington has much to gain by the passage of a bill that will provide for $5 trillion to finance infrastructure nationwide.

3 comments, most recent 1 year ago

City Council Review of Rental Registration and Inspection Ordinance

By Dick ConoboyOn Apr 25, 2023

A review and update of Bellingham’s rental registration and inspection program is long overdue.

10 comments, most recent 1 year ago

The Long History of Corporate Fraud and Abuse in Medicare

By Guest WriterOn May 05, 2023

[The following is reprinted from The Retiree Advocate, monthly newsletter of Puget Sound Advocates for Retirement Action (PSARA). &...

1 comment, most recent 1 year ago

Growth of Medicare’s ACO Reach Scam Halted

By Dick ConoboyOn Mar 12, 2023

The program appears to be dying of self-inflicted wounds that were long predicted. Supporters stiffened their spines instead, ignoring the obvious blood loss.

11 comments, most recent 1 year ago

It Always Comes Back to the Toxic Sludge

By David Netboy On Apr 15, 2023

David Netboy contends “business as usual” is no longer acceptable, and here’s why.

15 comments, most recent 1 year ago

Dealing with Meth Contamination - A Race to the Bottom in Whatcom County

By Dick ConoboyOn Feb 25, 2015

In a hearing, possibly on 3 March, the Whatcom County Council will consider an ordinance changing the rules for contaminated meth use sites.

3 comments, most recent 1 year ago

Whatcom Democrats Are Pro-Jail?!

By Jon HumphreyOn Apr 19, 2023

Moreover, is a new jail of any size necessary?

2 comments, most recent 1 year ago

Ban All Firearms

By Dick ConoboyOn Apr 10, 2023

Ban them all. Forever. Every single, solitary firearm in the U.S.

18 comments, most recent 1 year ago

Leadership

By Guest WriterOn Apr 03, 2023

Including others when developing solutions is a hallmark of leadership. It was not evident at the March 13th City Council meeting regarding new drug use sanctions.

7 comments, most recent 1 year ago

Port Priorities Subvert Their Own Plan

By David Netboy On Apr 01, 2023

David Netboy writes: So how, exactly, does ABC Scrap Metal “restore the health of the land and water” on our waterfront?

11 comments, most recent 1 year ago

Wildflowers in Santa Ynez

By Guest WriterOn Mar 15, 2023

Garrett O’Brien guest writes. And just how do we get out of this housing mess?

21 comments, most recent 1 year ago

Rise of Medicare Advantage – Creation of a Myth

By Guest WriterOn Mar 06, 2023

Millions of Medicare recipients have already been schnookered into Medicare Advantage. Don’t be a victim. Fight back.

6 comments, most recent 1 year ago

Call To Action On Medicare (Dis)Advantage!

By Dick ConoboyOn Mar 02, 2023

If we do not speak out NOW on the privatization of Medicare, the system will effectively be eaten alive from within.

3 comments, most recent 1 year ago

NWCitizen Journalist Down, But Certainly Not Out

By NWCitizen ManagementOn Feb 28, 2023

Stoney Bird, local writer and activist, was severely injured in a fall at this home. He has helped many. Now it is our time to return the support.

3 comments, most recent 1 year ago

How Our Government Has Used Nuclear Weapons since 1945

By Guest WriterOn Oct 24, 2022

John Repp writes how the flexing of the U.S. nuclear muscle was done, at various times, behind the scenes.

6 comments, most recent 1 year ago

Public Banking Bill Introduced In Olympia

By Dick ConoboyOn Jan 27, 2023

Public funds belong to all the residents of Washington state. Why give that money to private banks so they can make a fortune for themselves?

5 comments, most recent 1 year ago

Atul Explains Vote Against Jail Recommendations

By Guest WriterOn Feb 24, 2023

Atul Deshmane explains his dissenting vote on the new jail recommendation report of the Stakeholder Advisory Committee to the County Council

9 comments, most recent 1 year ago

A Cruel Joke From The VA and Congress

By Dick ConoboyOn Feb 27, 2023

At least with a real joke, you get to laugh. Here, the government seem to laugh at you.

7 comments, most recent 1 year ago

TAGNW Recaptured By Big Telecom

By Jon HumphreyOn Feb 22, 2023

With the loss of Michael Gan, TAGNW has become a puppet organization of big telecom that is aggressively working against the public interest.

4 comments, most recent 1 year ago

Never Too Late to Shout About It

By Gene MarxOn Feb 14, 2023

Gene Marx is a Vietnam Veteran and past National Board of Directors Secretary of Veterans for Peace. A retired Federal Administration employee, Gene lives in Bellingham, Washington, with his wife Victoria.

17 comments, most recent 1 year ago