Federal Nat'l Infrastructure Bank Act
If enacted, SJM7 would significantly influence the funding and management of infrastructure projects on a national scale. By advocating for a national infrastructure bank, it proposes a system where financing can come from repurposed federal debt, facilitating investment without requiring new federal spending. This could lead to the creation of approximately 25 million new high-paying jobs, as projects financed through this bank would need to adhere to certain labor regulations, such as paying prevailing wages. Moreover, this bank would also encourage adherence to 'Buy American' provisions, therefore supporting local economies and potentially increasing job opportunities within the country.
SJM7 is a joint memorial introduced by Bill Tallman in the New Mexico Legislature, urging the United States Congress to pass H.R. 3339, the National Infrastructure Bank Act of 2021. The primary purpose of this bill is to create a national infrastructure bank aimed at financing critical infrastructure projects across the country. The proposal emphasizes the dire state of America's infrastructure, as highlighted by the American Society of Civil Engineers, which has rated it a C-. The bill claims that approximately $5 trillion will be necessary to restore the infrastructure to acceptable conditions, touching on issues such as inadequately maintained roads, bridges, and dams in New Mexico, along with a significant financial requirement for updating drinking water infrastructure.
The joint memorial forecasted that federal investments through a national infrastructure bank would not be evenly distributed, raising concerns among some stakeholders regarding equitable access to funds, particularly for smaller municipalities and underfunded areas. Critics may argue that while such a bank could provide necessary funds for infrastructure, it could also centralize decision-making and financing in ways that might sideline local preferences and needs, leading to potential disparities in how infrastructure improvements are prioritized. The debate is likely to focus on finding a balance between federal oversight and local control over infrastructure projects.
The joint memorial notes the widespread endorsement of H.R. 3339 across various councils, labor unions, and advocacy organizations, showcasing a broad support base that could aid its passage. In light of New Mexico's specific infrastructural needs—such as high rates of deficient roads and insufficient internet access for students—it argues for increased federal action. The bill serves not only as an appeal for urgent infrastructure reform but also highlights the interconnectedness of labor needs and public infrastructure in fostering long-term economic recovery and growth.