NAT. INFRASTRUCTURE BANK ACT
The bill specifically addresses critical issues such as the poor condition of many bridges in Illinois and the urgent need for additional affordable housing. It points out that there are over 2,400 bridges in poor condition, which can significantly hinder transportation and economic activity. Additionally, Illinois is facing a substantial shortage of affordable housing units, necessitating at least 300,000 new units to support those most vulnerable in society. This infrastructure bank is intended to provide localities with the funding needed to tackle these challenges without increasing federal taxes or spending, relying instead on the bank's capacity to create economic growth.
SJR0047, also known as the National Infrastructure Bank Act, is a resolution that urges the U.S. Congress to create a new national infrastructure bank. This bank aims to address the urgent need for infrastructure improvements across the country, with a total financing mandate of $5 trillion. The proposed bank is expected to help restore and build necessary infrastructure projects, which includes maintaining roads, bridges, public transport, and water systems in a state of good repair. By focusing on essential maintenance and development, the resolution highlights the importance of investing in infrastructure to improve public safety and quality of life for citizens.
The resolution has garnered support not just from various state and local organizations but also from significant legislative bodies across multiple states. Supporters argue that the establishment of a national infrastructure bank could lead to the creation of approximately 25 million new jobs and enhance minority hiring through mandated disbursements to disadvantaged business enterprises. However, as with any substantial government initiative, there may be debate over the potential long-term implications of such financing and the mechanisms for oversight, accountability, and effectiveness in improving infrastructure across the nation.