Rep. Shelia Stubbs Supports the Creation of a National Infrastructure Bank

MADISON, WI – Upon introducing an Assembly Resolution that would support federal legislation to create a new National Infrastructure Bank, Representative Shelia Stubbs (D-Madison) released the following statement:

“Wisconsin’s infrastructure is in danger of falling apart. In the American Society of Civil Engineers’ (ASCE) 2021 Infrastructure Report Card, we received a grade of C. Our transportation, water, and waste management systems are already mediocre to poor, and these grades are only expected to drop as time passes without critical investments in the framework of our state.

According to the ASCE, more than one-third of Wisconsin’s drivable highways are in fair or below condition and are only expected to deteriorate over the next 10 years. The ASCE also estimates that deficient roads cost drivers $6 billion annually in wear and tear, gas wasted sitting in traffic, and crash costs. Additionally, roadway features are likely a contributing factor in about a third of fatal Wisconsin traffic crashes.

Wisconsin’s drinking water and wastewater are also critical areas needing intervention. Drinking water contamination from lead, PFAS, and other hazardous substances is of special concern in our state, which still has 200,000 lead service lines in need of replacement. Our wastewater treatment facilities are aging, and necessary upgrades to meet new phosphorus water quality standards will require a significant amount of investment, all while grant funding is dwindling. Utilities costs are rising to bridge some of this funding gap and putting a larger financial burden on Wisconsin residents, but even these increases do not reflect the true cost of service.

The bottom line is that Wisconsin and the United States do not currently possess the ability to properly fund infrastructure through existing channels. That is why the United States House of Representatives introduced HR 4052, the National Infrastructure Bank Act. This legislation creates a $5 trillion bank, authorized to invest in infrastructure projects only. The legislation requires no new federal spending and no new federal taxes, and it would be capitalized by existing treasury debt, as was done previously in U.S. history. Additionally, this legislation would create 25 million new, good-paying jobs nationwide, prioritize the hiring of veterans, minorities, and formerly incarcerated individuals, and dramatically expand small- and medium-size businesses.

I have introduced a resolution in the Wisconsin State Assembly to support this legislation, because I believe in its ability to resolve our long-standing infrastructure funding issues.”

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.