Alabama House Bill HR81

Alabama 2022 Regular Session

• Introduced: 2/22/22
• Refer: 2/22/22

Caption

National Infrastructure Bank Act of 2020, endorsed

Impact

If enacted, HR81 would have a substantial impact on state laws concerning infrastructure spending and public works projects. The long-term funding offered through the NIB is posited to increase annual economic growth from 1.8% to 5%, which could significantly enhance local and state economies. The proposed bank would operate without creating new federal debt, instead repurposing existing Treasury debt, which could lead to greater efficiency in governmental resource allocation and potentially increased tax revenues as a result of economic growth.

Summary

House Resolution 81, also known as endorsing the National Infrastructure Bank Act of 2020, seeks to address the significant shortfall in infrastructure funding across the United States, highlighted by the American Society of Civil Engineers giving a D+ rating on the country's infrastructure in 2017. The bill proposes the establishment of a National Infrastructure Bank (NIB) that would have the capacity to lend $4 trillion for critical infrastructure projects. It aims to stimulate economic recovery in the wake of the coronavirus pandemic by creating 25 million new jobs and requiring Project Labor Agreements and Buy American provisions for all funded projects.

Contention

Notable points of contention regarding HR81 revolve around the governance and oversight of the proposed National Infrastructure Bank. Supporters argue that it would provide necessary funding for various projects, including transportation, education, and communication systems that address local critical needs. Critics, however, may raise concerns about the potential for mismanagement of funds, lack of accountability, and the impact on local governments’ ability to address specific infrastructure needs in their communities, fearing that a centralized approach could overlook unique local challenges.