National Infrastructure Bank: $5 Trillion for Roads, Water, Broadband, and Jobs.
This act establishes a National Infrastructure Bank (NIB) authorized to provide up to $5 trillion in financing for critical infrastructure projects across the US, aiming to close a significant funding gap without increasing federal taxes or deficits. Citizens will benefit from modernized transportation, improved water systems, expanded broadband access, and new affordable housing, coupled with mandatory job creation and adherence to prevailing wage standards. The NIB is designed to spur economic growth and productivity, especially in disadvantaged communities.
Key points
A new public bank is created to finance up to $5 trillion in infrastructure projects, including transportation, energy grids, water systems, and affordable housing.
Projects must adhere to strict labor standards, including prevailing wages (Davis-Bacon Act), local hiring preferences, and "Buy America" requirements.
Dividends paid on the Bank's preferred stock will be exempt from gross income (tax-free), incentivizing private investment.
The Bank prioritizes lending in areas of high unemployment and disadvantaged communities, utilizing a Trust Fund to subsidize loans for these areas.
Expired
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