Mass_Transit_June_2021 - 13

BETTER
DATA.
BETTER
DECISIONS.
THE NIB would carry a broad definition of infrastructure.
197943204 | Evgeny Zhigalov | Dreamstime
broadband, cybersecurity, high-speed rail, the Hudson River
Tunnels between New York and New Jersey and replacing
the Brent-Spence Bridge in Kentucky.
As embodied in HR 6422, National Infrastructure Bank
Act of 2020, the National Infrastructure Bank will be capitalized
with existing Treasury debt so it will require no
new federal spending and no new federal taxes. It will be
capitalized at $500 billion and authorized to invest $5 trillion
to fix all the infrastructure.
This bank is modeled on four previous institutions, which
built much of the infrastructure of the nation. The last one,
Franklin Roosevelt's Reconstruction Finance Corporation,
helped end the Great Depression and win WWII.
The new NIB will work side by side with state and municipal
governments and transit and port authorities to invest
more than $1 trillion to fix all surface transportation. Also, it
will partner with the proposed Biden Administration transit
and passenger rail allocations and invest $1 trillion to launch
a nationwide high-speed rail system.
The National Infrastructure Bank will create 25 million
new jobs, pay Davis-Bacon wages and mandate Buy American
provisions.
It will ensure the robust hiring of minority populations
and disadvantaged business enterprises. It will supercharge
industry and small business, who will benefit from the $4-5
trillion in spending.
It is appealing to both Republicans and Democrats because
it requires no new federal taxes or debt, creates millions
of jobs and fixes what's broken.
In summary, this legislation would address roads, bridges
and transit; electric generation and the transmission grid,
including cybersecurity; schools; dams, levees, waterways
and ports; airports; rail; total broadband access; drinking
water and wastewater systems; public parks and recreation
facilities; and hazardous and solid waste.
The time to act is now. Delaying any longer will result
in increased costs, as many projects will be beyond repair
and require a full replacement. Please join this expanding
effort. To learn more, visit the Coalition for the National
Infrastructure Bank's website - www.nibcoalition.com.
For more information, visit www.MassTransitmag.com/10065579
JUNE 2021 | MassTransitmag.com | Mass Transit | 13
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