United States of America - National Infrastructure Bank
The enactment of HJ1 would primarily aim to facilitate the establishment of a federal National Infrastructure Bank designed to finance critical infrastructure projects. It is projected that such a bank could lead to the creation of approximately 25 million jobs and help stimulate the overall economy by utilizing financial resources without imposing additional spending or taxes. By collaborating with states, the bank would provide funding for various initiatives, including broadband expansion, roadway repairs, and affordable housing, which are essential for addressing the challenges faced by many communities in Maryland and beyond.
House Joint Resolution 1 (HJ1) urges the United States Congress to establish a National Infrastructure Bank. This proposed bank is expected to significantly address the glaring deficiencies in infrastructure across the United States, which has been rated poorly by the American Society of Civil Engineers (ASCE). Maryland, in particular, is highlighted as being in dire need of substantial repair and investments in its infrastructure, with numerous bridges needing urgent attention and an aging drinking water system. The resolution underscores that without significant action, the state risks falling further behind in essential services that maintain the quality of life and economic vitality for its citizens.
While the initiative has broad support from numerous state legislatures and national organizations, concerns may arise from those wary of federal involvement in local infrastructure projects. Some stakeholders might raise questions about the oversight and management of funds and how to ensure that they directly benefit the communities they are intended to serve. Nevertheless, the consensus among supporters is that the National Infrastructure Bank represents a vital step towards revitalizing America's underfunded infrastructure system and ensuring sustainable economic growth.