The establishment of a national infrastructure bank as proposed by H.J.M.5 would provide a significant boost to state and local economies by creating around twenty-five million high-paying jobs. It outlines a mechanism for financing that does not necessitate new federal spending, suggesting repurposing existing U.S. Department of the Treasury debt to capitalize the bank. This approach positions the bank as a sustainable solution for infrastructure financing, enabling local and state authorities to undertake necessary projects while ensuring that workers receive prevailing wages as per the federal Davis-Bacon Act.
Summary
HJM5 is a Joint Memorial urging the United States Congress to pass H.R. 3339, the National Infrastructure Bank Act of 2021. The bill seeks to establish a national infrastructure bank that would provide funding for urgently needed infrastructure projects in the United States, which is suggested to require an investment of approximately five trillion dollars to restore the nation's crumbling infrastructure. The memorial emphasizes the urgent need for such a bank, highlighting that existing infrastructure in New Mexico is in poor condition and requires immense financial resources for repair and improvement.
Contention
Notable points of contention may arise regarding the funding allocations for specific projects and the exclusion of other forms of infrastructure improvement from the federal Infrastructure Investment and Jobs Act. Critics may argue that focusing on a national infrastructure bank could divert resources away from other necessary local initiatives. Furthermore, discussions may occur regarding the efficiency of fund distribution and the accountability of the proposed bank in managing vast financial transactions. The contrasting perspectives on prioritization of job creation versus local control and spending accountability are also likely to be points of debate.