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It’s 2021 and suddenly all of our economic, social, and environmental priorities are framed as infrastructure investment. There’s a good reason.
Infrastructure=the structure below. Our policy ideas are aiming for America’s foundations. https://www.futurenex.us/post/a-us-public-investment-institution
Infrastructure=the structure below. Our policy ideas are aiming for America’s foundations. https://www.futurenex.us/post/a-us-public-investment-institution
We waited for the quite invisible hand to repair our bridges and communities and carbon problem. But the public interest depends on the public sector after all--even in finance--to mitigate risk and mediate externalities.
*Investment infrastructure!*
*Investment infrastructure!*
A case of multiple discovery:
>15 distinct proposals call for a new federal institution to invest in the investment program: strategically, financially, or both.
Underinvestment is a problem they agree on; the rest is up for debate.
>15 distinct proposals call for a new federal institution to invest in the investment program: strategically, financially, or both.
Underinvestment is a problem they agree on; the rest is up for debate.
The #AmericanJobsPlan fact sheet mentions a Clean Energy and Sustainability Accelerator, suggesting HR.806 from @RepDebDingell, which is also in the CLEAN Future Act HR.1512, but what we know about it so far isn’t a perfect match (scale and scope).
The Accelerator HR.806 and Climate Bank S.283 are House/Senate sisters.
An independent nonprofit capitalized by Treasury w/$100bn but not backed by it, focused on emissions, working through the green bank network, maximizing private capital flows. @CGreenCapital @EdMarkey
An independent nonprofit capitalized by Treasury w/$100bn but not backed by it, focused on emissions, working through the green bank network, maximizing private capital flows. @CGreenCapital @EdMarkey
The US Green Bank S.1528, this one owned by Treasury, directly capitalizes the green bank network, to support green private investment.
It brings Treasury into the Green Bond game and boosts green finance infrastructure with a focus on data and standards. @ChrisMurphyCT
It brings Treasury into the Green Bond game and boosts green finance infrastructure with a focus on data and standards. @ChrisMurphyCT
$15bn Climate Change Finance Corp. is a step closer to a fiscal unit. It channels private capital with loan guarantees, but also makes grants, especially for R&D, and doesn't expect to be profitable.
Governance structure embeds diversity & stakeholder engagement @SenatorDurbin
Governance structure embeds diversity & stakeholder engagement @SenatorDurbin
National Infrastructure Development Bank HR.658 is a more conventional financial institution, though capitalized ($25bn) and backed by Treasury. Sells Public Benefit Bonds to finance a range of physical infrastructure, without an explicit climate or social objective. @rosadelauro
National Infrastructure Bank HR.6422 is the colossus, capitalized up to $500bn, financing up to $4-5tn, with a large cross-sectoral planning function for physical & community infrastructure. High economic and engineering standards for project selection. @CoalitionBank @ASBCouncil
This Bank HR.6422 also uniquely proposes mixed public/private ownership: no control but no risk for private owners.
It also realizes a public bank concept, accepting deposits from governments and citizens. @RepDannyDavis
It also realizes a public bank concept, accepting deposits from governments and citizens. @RepDannyDavis
Policy memo from @RealBankReform on Public Investment Bank emphasizes intersectional strategic planning, capacity building and coordination with agencies & state/local govts, high labor, environmental, and equity standards, transparency, and a strong role in economic crises.
The @SierraClub National Investment Agency focuses on democracy and equity in governance, including democratic accountability and representatives of impacted communities on the Board, high operational standards, and long-term strategy for sustainable development. @Ben_Beachy
The @STOmarova National Investment Authority has a broad mandate and multi-tier structure, combining a large-scale infrastructure bank and a strategic equity investment arm to design, finance, and execute national strategy through physical, industrial, and social infrastructure
The Authority centers a multifaceted public interest evaluation in the project selection process. It also doesn’t shy away from competition with the private sector. It operates through a network of regional offices, including for stakeholder engagement.
With a focus on repurposing existing govt functions, @rch371's draft Act creates a Council of 14 federal agency heads to set national strategy, upgrades the Federal Financing Bank to act as financing arm, and creates a public cryptocurrency through TreasuryDirect.
Domestic Investment Fund @Sorenson_Impact expands govt financial toolkit to support jobs, infrastructure, and strategic industries.
It leverages expertise of impact investment sector in community and small business development. Emphasizes contribution to data / knowledge bases
It leverages expertise of impact investment sector in community and small business development. Emphasizes contribution to data / knowledge bases
The US Development Bank supports the small business sector and community development, also seeing a role for impact investors, CDFIs, and fintech in underserved communities. @agnesdasewicz
The National Health Corporation is an emergency fiscal/investment body to fund and finance the many dimensions of the national response to COVID-19, including state/local government budgets, research, hospitals, etc.
The Green Reconstruction Corporation rationalizes government control of production in economic crises, replacing haphazard use of Defense Production Act, funds crisis response when Congress won’t, and improves democratic accountability in federal financing support. @toddntucker
National Endowment @BuddyYakov is a sovereign wealth fund, managing public assets for present and future generations, paying dividends or funding social programs. Can build govt capacity to transact in capital markets, including for tax payments. Venture investor @berggruenInst
Common threads and lots of differences. Extra, extra, read all about it. Link in top tweet. @IsabellaMWeber @AntoAndreoni @BJMbraun @AntonJaegermm @maxkrahe @jvtklooster @abenanav @lenorepalladino @theilmatic @jmlcochrane @ImpactInvestUS @davidbank @ImpactAlpha @JanisDubno
