National Infrastructure Bank Coalition Zoom meeting - The Devil Is in the Details
Channel: Coalition for a National Infrastructure Bank
Date: 2021-08-21

For more information:  https://nibcoalition.com

On August 19, 2021, a group of economists, state legislators, and other state and local officials gathered via Zoom to discuss and promote the need for HR 3339, the National Infrastructure Bank Act of 2021.  

00:00 Video begins 
00:28 Introductory remarks from the moderator Julie Olsen, a state leader from Alaska, about the National Infrastructure Bank.
02:28 Alphecca Muttardy, macro-economist, gives a review of what is the current status of funding for infrastructure through the budget in the United States.  She takes a close look at the bi-partisan Senate bill, which is promoted in the media as a $1.3 trillion bill.  However, only $550 billion is actually new money for infrastructure.  Even when combined with the $3.5 Trillion Democratic "Reconciliation" package there is still a $4.5 Trillion infrastructure financing gap.
12:44 Dr. Stephen Hubbard, who got his doctorate degree in national infrastructure banks, examines the question, how big should the National Infrastructure Bank be?  He examines the American Society of Civil Engineers report on infrastructure, and how there are many things that are left out.  He reveals the devastating impact of "deferred maintenance".  From this standpoint, he examines the true size of the U.S. national infrastructure deficit.  Why we need a $5 Trillion National Infrastructure Bank.
18:40 Assemblyman Felix Ortiz (ret) proudly relates that he introduced the first resolution in support of the national infrastructure bank into the New York assembly.  He has been to China 56 times in the last 26 years, and he has seen firsthand the progress they've made in infrastructure.
20:58 Sen. William Tallman of the New Mexico Senate sponsored a resolution into the New Mexico Senate.  The United States is no longer a model for the world in infrastructure.  Some of our infrastructure looks like a third world country.  He has visited China, and "it will blow you away", the advanced state of their infrastructure.  They have leapt ahead of us.  He cites figures from the World Economic Forum on the decline of the state of the U.S. infrastructure.  We need $1.1 Trillion for water infrastructure alone.
26:02 Julie Olsen points out the use of the Asian Infrastructure Development Bank.  
27:29 Rep. Eddie Day Pashinski, a Democratic state legislator from Pennsylvania starts by saying the future of our children and grandchildren is at stake.  The $5 Trillion National Infrastructure Bank (NIB) is a pathway to our future.  Our manufacturing has gone to China, and we must get it back.  It will create 25 million new, industrial, productive jobs.  He addresses other aspects of infrastructure.
32:19 Mary Jane Shimsky, Majority Leader of the Westchester County Board of Legislators from White Plains, NY, has sponsored a resolution in support of the National Infrastructure Bank.  Anyone who has been an elected official for any appreciative time knows how vast the requirements for infrastructure is.  Resiliency in the face of storms and floods is critical.  Roads are a mess.  Price it out.  
36:32 Julie Olsen takes a question about how the National Infrastructure Bank would be financed.  Julie points out it will be capitalized using existing Treasury debt, coming from private holders.  Because of the lower rates the National Infrastructure Bank would be able to offer, the financing costs are half what they would be with other financing methods.  It will not cost the taxpayers.
28:14 Rep. James Roebuck (ret), master's degree and PhD, from Philadelphia, describes how he has become "really caught up" with the National Infrastructure Bank.  He points out a number of things strike him about it.
43:15 Julie introduces Rock Holder, Chairman and CEO of Stockmans Bank in Altus OK.  He discusses the National Infrastructure Bank from a banker's standpoint, and from the standpoint of other federal credit programs that have been successful in the past.
47:33 Carolyn Barclift, Founder of "Build Back Better" from Olympia Washington, describes the mission of her organization, and her enthusiasm for the National Infrastructure Bank and why.
51:15 Dennis Montoya, immediate past director of the New Mexico chapter of LULAC, the League of United Latin American Citizens, says he is involved in the Coalition for the National Infrastructure Bank has a commitment for developing rural America.
57:05 The question and answer session begins.  Many questions asking for details about the National Infrastructure Bank.