Subject: Resolution In Support Of H.R. 5356 From: Councilmember Fife Recommendation: Adopt A Resolution In Support Of H.R. 5356, The National Infrastructure Bank Act Of 2025

The Oakland City Council has adopted a resolution in unanimous support of H.R. 5356, The National Infrastructure Bank Act of 2025, introduced by Representative Danny Davis. This federal bill proposes establishing a $5 trillion National Infrastructure Bank (NIB) to finance critical infrastructure projects across the United States.

Mechanism & Funding: The NIB would operate as an "off-budget" government corporation, capitalized by existing U.S. Treasury bonds held in private accounts (exchanged for preferred stock) and up to $100 billion from the U.S. Treasury. It is designed to require no new federal spending, taxes, or debt. The bank would provide low-interest, long-term loans at Treasury bond rates for a wide range of projects, including 18 categories monitored by the American Society of Civil Engineers, as well as affordable housing, high-speed rail, electricity grid upgrades, and water projects.

Expected Impacts: Proponents estimate the NIB would create 20-25 million new high-wage jobs, enforce Davis-Bacon wages and Buy America provisions, and significantly invest in low-income urban and rural communities. It is projected to increase GDP by 5% per year and be anti-inflationary by boosting supply. Excess profits would fund grants for disadvantaged communities.

Local Justification: The resolution highlights significant infrastructure needs in Oakland and California, including: $3.689 trillion in unfunded national infrastructure needs (ASCE 2025 Report Card); California roads rated 'D' with 50% of bridges functionally obsolete; 45,000 shovel-ready affordable housing units unfunded statewide; and in Oakland specifically, nearly 30,000 units of truly affordable housing are needed, roads are in poor condition requiring hundreds of millions for repair, and $65 million is needed to replace lead water service lines in at least two dozen city schools.