Urges President and Congress of the United States to create National Infrastructure Bank.
The proposal highlights the dire state of New Jersey's infrastructure, as reported by the American Society of Civil Engineers. The state received a 'D+' grade in its infrastructure report card, reflecting issues such as structurally deficient bridges, aging dams, and severely congested roads. The establishment of a National Infrastructure Bank is positioned as a solution that could potentially direct $4 trillion towards addressing these infrastructure challenges without requiring new federal appropriations, instead leveraging existing Treasury debt.
AR25 is an Assembly Resolution from New Jersey that urges the President and Congress of the United States to establish a new National Infrastructure Bank. This bank is intended to provide low-interest loans to state and local governments to finance essential infrastructure projects. The resolution cites a significant funding shortfall of over $2 trillion needed to restore U.S. infrastructure to a satisfactory condition, with urgent requirements in areas such as passenger transit systems, high-speed rail, clean water supply systems, and flood control measures presented as critical needs.
Despite its potential benefits, the establishment of the National Infrastructure Bank may encounter challenges in terms of political support and funding mechanisms. While the resolution has garnered support from various national organizations and local entities, critics may raise concerns about how the bank's operations will align with existing federal and state financial policies. Additionally, the effectiveness of such an institution in solving the complex infrastructure issues might be a point of debate among lawmakers and stakeholders.