On March 2, 2023, a hearing on the National Infrastructure Bank (NIB) took place in the New Mexico State Legislature. Resolution HJM 5 was heard before the “Transportation and Public Works” Committee with testimony from labor officials and other local leaders.

Resolution sponsor, NM Representative Joy Garratt opened the hearing in support of the NIB, followed by Alphecca Muttardy, 25-year veteran of the International Monetary Fund, and Senior Economist for the Coalition for a National Infrastructure Bank, who provided expert testimony.

In addition, testimony was heard by six other New Mexico officials and leaders, including labor. The witnesses included Mark Strand, Secretary-Treasurer, NM State AFL-CIO; Jon Lipshutz, Representative, NM AFL-CIO; Fred Baca, Director, NM LULAC; Rayellen Smith, President, Indivisible Albuquerque; Evelyn Vinogradov, Chair, DPNM Rural Caucus; Sarah Manning, Alliance for Local Economic Prosperity.

The most salient points raised during the testimonies were:

• The NIB is capitalized with existing Treasury Bonds, creating no new federal debt or taxes. 
• It has bipartisan appeal, and would be the perfect complement to the Bipartisan Infrastructure Law, which only covers 10%. of all infrastructure funding. 
• Its historic precedent as a lending institution, and not a spending one, would fight inflation by creating millions of jobs, generating enormous growth. 
• As NM’s infrastructure is in terrible condition, the “effect on the economy would be wonderful,” particularly for roads, produce and tourism. 

All the witnesses urged the lawmakers to support resolution HJM 5. 

Several questions came up for discussion which were satisfactorily addressed. The resolution passed the committee.

(The video of the hearing can be watched here.)