Committee on Transportation and Public Way
. March 24, 2021
RESOLUTION CALLING ON CONGRESS TO PASS H.R. 6422, THE NATIONAL INFRASTRUCTURE BANK ACT OF 2020
WHEREAS, Safe, reliable infrastructure is the backbone of any thriving economy, and is key to connecting people, communities, and businesses throughout the City of Chicago; and
WHEREAS, The American Society of Civil Engineers, the nation's oldest society of Civil engineers, representing 150,000 members ofthe civil engineering profession, gave the country's infrastructure a cumulative D+ in its 2017 Infrastructure Report Card, and stated that despite recent efforts by Congress to invest in and update infrastructure around the country, the country still has $2 trillion in infrastructure needs; and
WHEREAS, The City's infrastructure crisis mirrors the country's: Chicago needs $4.4 billion over the next five years to put Its streets, bridges, buildings, and vehicles on an adequate maintenance-and-replacement cycle, but has funding for only $1.7 billion in improvements, putting a significant strain on City resources and City residents; and
WHEREAS, Failing to take the necessary action to rebuild the country's infrastructure costs every American family $3,400 a year, and
WHEREAS, To help combat this looming crisis, Representative Danny Davis introduced H.R. 6422, the National Infrastructure Bank Act of 2020, which is co-sponsored by Representative Bobby Rush; and
WHEREAS, If passed, H.R. 6422 would establish a national infrastructure bank to exclusively invest in infrastructure projects, capitalized by $4 trillion of existing Treasury debt without the need for any new federal spending or taxes; and
WHEREAS, A national infrastructure bank could help finance much of Chicago's infrastructure needs, in partnership with the state of Illinois and other Institutions; and
WHEREAS, The proposed bank will create millions of jobs paying local prevailing wages in accordance with the Davis-Bacon Act, require Project Labor Agree...
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