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1
HOUSE RESOLUTION

 
2    WHEREAS, The United States is in a deep infrastructure
3crisis; the American Society of Civil Engineers, the U.S.
4Chamber of Commerce, the International Association of
5Machinists and Aerospace Workers, and the North American
6Building Trades Unions all estimate the infrastructure
7shortfall at approximately $4 trillion; this does not account
8for needed spending on new projects, including high-speed rail
9systems, water projects, a modernized power grid, and
10nationwide broadband; and
 
11    WHEREAS, The American Society of Civil Engineers gave the
12State of Illinois a grade of C+ on its 2017 Infrastructure
13Report Card; on the state of its roads, the State received a
14grade of a D and was ranked third worst in the nation in travel
15delay and truck congestion; the State has 2,300 structurally
16deficient bridges, and many of the State's over 1,500 water
17systems were built in the first half of the 20th century and
18now need urgent repair and replacement; and
 
19    WHEREAS, While the State can partially finance many
20projects, it needs a funding partner to address all of the
21infrastructure needs; the proposed National Infrastructure
22Bank could join with all states, including Illinois, and with
23public banks to provide the necessary funding for everything

 

 

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1from mass transit to clean water, rural broadband, and
2passenger and high-speed rail; and
 
3    WHEREAS, The Bank would be capitalized at $3 to $4
4trillion with little new taxpayer money; the Bank would be
5funded on the successful model of Alexander Hamilton's First
6Bank of the United States and subsequent National Banks,
7including the Lincoln Banking Acts and Franklin Roosevelt's
8Reconstruction Finance Corporation; the Bank would repurpose
9existing Treasury debt to useful projects; and
 
10    WHEREAS, This project has been endorsed by many labor
11organizations and institutions, including the Democratic
12Municipal Officials, the National Federation of Federal
13Employees, and the National Latino Farmers and Ranchers
14Association; resolutions in support of this project have been
15filed by 16 state legislatures; therefore, be it
 
16    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
17HUNDRED SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
18we call upon the Congress of the United States to introduce
19legislation to create a new National Infrastructure Bank,
20which will enable our nation to erect a new infrastructure
21platform appropriate for the 21st century; and be it further
 
22    RESOLVED, That suitable copies of this resolution be

 

 

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1delivered to all members of the Illinois delegations to
2Congress and to the President of the United States for their
3immediate consideration and action.