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Record #: R2021-337   
Type: Resolution Status: Adopted
Intro date: 3/24/2021 Current Controlling Legislative Body: Committee on Transportation and Public Way
Final action: 4/21/2021
Title: Call for U.S. Congress to pass H.R. 6422, National Infrastructure Bank Act of 2020
Sponsors: Rodriguez, Michael D., Martin, Matthew J. , Vasquez, Jr., Andre, Hadden, Maria E. , La Spata, Daniel
Attachments: 1. R2021-337.pdf
Committee on Transportation and Public Way
. March 24, 2021

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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