The National Infrastructure Bank Act of 2021.
If enacted, AJR32 would facilitate the establishment of the National Infrastructure Bank, which is proposed to invest $5 trillion in infrastructure projects without requiring new federal taxes or spending. This bank is expected to finance necessary repairs and renovations, ultimately creating an estimated 25 million jobs. Furthermore, projects funded through this resolution would prioritize disadvantaged business enterprises and mandate significant hiring from minority communities, aligning economic opportunities with infrastructure development. Such initiatives would not only stimulate the economy but also address long-standing inequities in job opportunities.
AJR32, introduced by Assembly Member Nazarian, is a resolution that urges the United States Congress to pass the National Infrastructure Bank Act of 2021. The resolution highlights the urgent need for infrastructure improvements in California and across the nation, pointing to significant funding gaps estimated to exceed $5.6 trillion by 2039. The American Society of Civil Engineers has assessed California's infrastructure, assigning low grades and indicating a critical need for investment, especially in roads, bridges, and water systems. This measure seeks federal support to create a dedicated funding source for addressing these critical infrastructure challenges and ensuring that communities receive the necessary upgrades.
The support for AJR32 reflects a growing consensus among several states and local governments that recognize the need for robust investment in infrastructure. However, contention exists regarding the mechanisms of funding and the accountability of the proposed National Infrastructure Bank. Critics may raise concerns about potential federal oversight and the effectiveness of the bank in addressing local needs versus a one-size-fits-all approach to funding. Additionally, the extent to which local communities can influence project priorities remains a notable point of discussion among legislators and stakeholders.