Stop the National Infrastructure Development Bank: New Life for Infrastructure Bank

Tuesday, May 26, 2009

New Life for Infrastructure Bank

Representative Rosa DeLauro (D-CT) has re-introduced President Obama's unconstitutional bank legislation into the current congress. Formerly identifed as H.R. 3401 The National Infrastructure Reinvestment Bank, the current incarnation is H.R. 2521 currently titled: "To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Bank, and for other purposes."

The bill was introduced with 26 sponsors:
Rep Berkley, Shelley [NV-1] - 5/20/2009
Rep Blumenauer, Earl [OR-3] - 5/20/2009
Rep Bordallo, Madeleine Z. [GU] - 5/20/2009
Rep Courtney, Joe [CT-2] - 5/20/2009
Rep Delahunt, William D. [MA-10] - 5/20/2009
Rep Driehaus, Steve [OH-1] - 5/20/2009
Rep Ellison, Keith [MN-5] - 5/20/2009
Rep Etheridge, Bob [NC-2] - 5/20/2009
Rep Farr, Sam [CA-17] - 5/20/2009
Rep Fattah, Chaka [PA-2] - 5/20/2009
Rep Frank, Barney [MA-4] - 5/20/2009
Rep Hirono, Mazie K. [HI-2] - 5/20/2009
Rep Israel, Steve [NY-2] - 5/20/2009
Rep Larson, John B. [CT-1] - 5/20/2009
Rep Massa, Eric J. J. [NY-29] - 5/20/2009
Rep McDermott, Jim [WA-7] - 5/20/2009
Rep McGovern, James P. [MA-3] - 5/20/2009
Rep Moore, Gwen [WI-4] - 5/20/2009
Rep Ryan, Tim [OH-17] - 5/20/2009
Rep Schakowsky, Janice D. [IL-9] - 5/20/2009
Rep Sutton, Betty [OH-13] - 5/20/2009
Rep Van Hollen, Chris [MD-8] - 5/20/2009
Rep Weiner, Anthony D. [NY-9] - 5/20/2009
Rep Welch, Peter [VT] - 5/20/2009
Rep Woolsey, Lynn C. [CA-6] - 5/20/2009
Rep Yarmuth, John A. [KY-3] - 5/20/2009

Complete text of the proposed legislation is not yet available on THOMAS. The bill has been assigned to the Subcommittee on Water Resources and Environment. Members of the subcommittee are:

For the Majority:
Eddie Bernice Johnson, Texas, Chairwoman
Thomas S. P. Perriello, Virginia
Jerry F. Costello, Illinois
Gene Taylor, Mississippi
Ellen O. Tauscher, California
Brian Baird, Washington
Timothy H. Bishop, New York
Russ Carnahan, Missouri
Steve Kagen, Wisconsin
Donna F. Edwards, Maryland
Solomon P. Ortiz, Texas
Phil Hare, Illinois
Dina Titus, Nevada
Harry Teague, New Mexico
Eleanor Holmes Norton, District of Columbia
Michael E. Capuano, Massachusetts
Grace F. Napolitano, California
Mazie K. Hirono, Hawaii
Harry E. Mitchell, Arizona
John J. Hall, New York
Parker Griffith, Alabama
Bob Filner, California
Corrine Brown, Florida
James L. Oberstar, Minnesota (ex officio)

For the Minority
John Boozman, Arkansas
Ranking Member
Don Young, Alaska
John J. Duncan, Jr., Tennessee
Vernon J. Ehlers, Michigan
Frank A. LoBiondo, New Jersey
Gary G. Miller, California
Henry E. Brown, Jr., South Carolina
Todd Russell Platts, Pennsylvania
Bill Shuster, Pennsylvania
Mario Diaz-Balart, Florida
Connie Mack, Florida
Lynn A. Westmoreland, Georgia
Candice S. Miller, Michigan
Robert E. Latta, Ohio
Anh "Joseph" Cao, Louisiana
Pete Olson, Texas

Please Contact your Representative and ask them to stop this unconstitutional government agency.

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Suggested Text for Your Email to Your Senator

Dear Senator __________:

I wish to bring to your attention a bill currently working its way through the United States Senate. At issue is SB 1926 titled the "National Infrastructure Reinvestment Bank" introduced by Senator Chris Dodd (D - Connecticut) and co-sponsored by 12 other Senators including President Obama during the 110th Congress. A version of the bill as recently been reintroduced in the House as H.R. 2521. Given Senator Dodd's position on the Senate Banking Committee, the new Democratic majority, and President Obama's endorsement of this bill, it stands a good chance of earning a vote in the Senate.

It is my view that this bill must be defeated. The bill creates a new government agency that would have the power to 1) "accept for funding any infrastructure project with a Federal price tag of $75 million or more," 2) "unilateral authority to determine the appropriate Federal share of spending for every project accepted," 3) to issue general purpose infrastructure bonds, and 4) "to issue project-based infrastructure bonds for the financing of specific qualified infrastructure projects." The bill provides an initial ceiling of $60 billion with 1% of the proceeds used to fund the new agency's operation.

This bill is objectionable because it short circuits our republican form of democracy. The responsibility of reviewing funding priorities and determining whether and how much tax revenue will be allocated to specific priorities is the responsibility of the United States Congress and I believe that Congress does not have the constitutional authority to delegate this responsibility to an appointed committee tasked with administering a federal agency. As written in Article 1, Section 9: "No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time."

I hope that you will take the time to review SB 1926, determine for yourself whether this bill comports with the tradition of American representative democracy and the Constitution of the United States. If you agree with me, I hope you will take whatever steps are within your power to help defeat this bill including a filibuster if necessary.

Very Respectfully,

Suggested Text for Your Email to Your Representative

Dear Representative ________;

I wish to bring to your attention a bill currently working its way through the United States Congress. At issue is HR 2521 titled the "National Infrastructure Development Bank" introduced by Rep. Rosa DeLauro (D - CT) and co-sponsored by 26 other Congressman. A Similar bill introduced in the last congress was H.R. 3401. A bill identical t0 H.R. 3401 in the Senate, S.1926, was introduced by Senator Dodd, Chair of the Senate Banking Committee, and had as a co-sponsor President (then Senator) Obama. It seems to me it stands a good chance of earning a vote given this backing.
It is my view that this bill must be defeated. The bill creates a new government agency that would have the power to (A) make senior and subordinated loans and purchase senior and subordinated debt securities ... the proceeds of which are to be used to finance or refinance the development of one or more infrastructure projects. (B) To issue and sell debt securities of the Bank ... (C) To issue public benefit bonds and to provide direct subsidies to infrastructure projects from amounts made available from the issuance of such bonds. ... (F) To borrow on the global capital market and lend to regional, State, and local entities, and commercial banks for the purpose of funding infrastructure projects.
This bill is objectionable because it short circuits our republican form of democracy. The responsibility of reviewing funding priorities and determining whether and how much tax revenue will be allocated to specific priorities is the responsibility of the United States Congress. I believe that Congress does not have the constitutional authority to delegate this responsibility to an appointed committee tasked with administering a federal agency. As written in Article 1, Section 9: "No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time."
I hope that you will take the time to review H.R. 2521 and H.R 3401, determine for yourself whether these bills comport with the tradition of American representative democracy and the Constitution of the United States. If you agree with me, I hope you will take whatever steps are within your power to help defeat this bill.

Very Respectfully,

Stop the National Infrastructure Development Bank

Tuesday, May 26, 2009

New Life for Infrastructure Bank

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