Columbus - Senator Joe Schiavoni (D-Boardman) introduced a Senate Concurrent Resolution to urge the President and Congress to create a national bank dedicated to funding repair, renewal and construction projects of national scope, such as modern high-speed rail, water systems and power projects.

“States often find themselves having to use limited financial resources to fix large-scale infrastructure problems,” said Senator Schiavoni. “This bank would give the additional financial support that is needed to begin rebuilding our country’s failing infrastructure. We know it will work because the bank would be modeled after the successful national banks that built this country.”

These projects will not add new debt and have the potential to raise the output and productivity of the American economy. The projects will adhere to prevailing wage levels. In order to maintain local control, the bill also allows the national bank to partner with entities such as state and local governments, banks and credit unions.

SCR 17, which was introduced last week, is being co-sponsored by Democratic leadership in the Senate. Eleven other states have introduced similar legislation. 

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