San Francisco Supervisors Unanimously Pass Resolution in Support of The National Infrastructure Bank Act of 2021 (HR3339) FOR IMMEDIATE RELEASE - JANUARY 24, 2022 Contact: Rick Girling, California Public Banking Alliance, rzgirling@gmail.com National Infrastructure Bank Coalition Preston Kilgore, Legislative Aide to Supervisor Preston | Preston.Kilgore@sfgov.org San Francisco, CA - Today, The San Francisco Board of Supervisors passed Supervisor Dean Preston’s Resolution in support of the National Infrastructure Bank Act of 2021 (H.R. 3339, Rep. Danny Davis D-IL), legislation that would establish a new $5 trillion National Infrastructure Bank (NIB) authorized to invest solely in infrastructure projects. The NIB is modeled on four previous institutions created by Presidents G. Washington, J.Q. Adams, A. Lincoln, and F.D.Roosevelt, which helped spur essential economic growth. It would be funded through repurposing existing Treasury debt, as has been done previously in the United States, thus requiring no new federal spending. “We have made significant progress towards creating a Public Bank in San Francisco, and it is exciting to see some momentum at the federal level to support public banking,” said Supervisor Preston, the author of the Resolution. “The National Infrastructure Bank Act would play a critical role in our recovery and help us build an economy that truly meets people’s needs.” The NIB will complement Supervisor Preston’s The Reinvest in San Francisco Ordinance that passed last year by the Board authorizing a Working Group to set the stage for establishing a public bank in San Francisco. When the NIB is up and running, it will be able to work with the public bank, and other financial institutions, to assist San Francisco in financing energy-efficient affordable housing, climate justice initiatives, climate change mitigation projects and support for local small businesses. Working Group Chairwoman Christin Evans noted, “With climate crisis knocking on our door, the SF Public Bank will be looking for money to finance infrastructure modernization.” For San Francisco to effectively address the dual challenges of the climate crisis and thousands of unhoused residents, substantial expenditures are required. UC Berkeley’s Center for Law, Energy & the Environment (CLEE) issued a report “Funding San Francisco Climate Action Strategies for Revenue, Implementation, & Equity,” that estimates the cost of implementing the SF 2021 Climate Action Plan (CAP) to be $21.9 billion. According to a report by the Mayor’s Office of Housing and Community Development, $1.3 billion annually is required for San Francisco to produce the state mandated 82,000 new units of housing within the next eight years, including 46,598 units for lower-income residents. The NIB could be a source for these substantial, yet essential, funds. In addition to enabling local government funding of infrastructure upgrades, the National Infrastructure Bank Act provides socially responsible criteria and preferences for deciding whether to provide loans, such as whether a project promotes job creation or provides environmental benefits. Projects that receive loans must pay all laborers and mechanics locally prevailing wages and can use only certain U.S.-produced construction materials unless a waiver is secured from the bank. Support for HR 3339 is widespread. California Members of Congress Barbara Lee, Eric Swalwell, John Garamendi, and Jimmy Panetta are cosponsors. The California Assembly has also passed a resolution in support of NIB, along with twenty-four state legislatures. San Francisco will be joined by other California city governments such as Los Angeles, Richmond and Huron in endorsing the NIB. The California Public Banking Alliance is a strong supporter of the legislation together with the National Black Caucus of State Legislators, National Asian-Pacific American Caucus of State Legislators, the National Latino Farmers and Ranchers, American Sustainable Business Council, United Association of Plumbers and Steamfitters International Union, and many more. ###