PUBLIC TESTIMONY
Testimony by Dr. Nomi Prins, Macroeconomist from Coalition for a National Infrastructure Bank
0:19:44
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62 sec
Dr. Nomi Prins, a macroeconomist with the Coalition for a National Infrastructure Bank, urged the committee to support Resolution 11, which calls for the passage of the National Infrastructure Bank Act of 2023. She emphasized the importance of this off-budget mechanism for addressing New York's infrastructure needs without incurring new debt or taxes.
- Dr. Prins highlighted her background as a former managing director at Goldman Sachs and her experience testifying before the Senate.
- She pointed out that 10% of New York's bridges are structurally deficient, illustrating the urgent need for infrastructure investment.
- The proposed National Infrastructure Bank was presented as the only way to substantially grow the economy and job market in New York and the country, given the scale of existing debt.
Dr. Nomi Prins
0:19:44
Good morning.
0:19:44
Thank you.
0:19:45
I'll make this brief.
0:19:46
I'm doctor Naomi Prins, a macroeconomist with the National Infrastructure Bank Coalition, a native New Yorker, and former managing director of Goldman Sachs.
0:19:53
I've also testified before the senate.
0:19:55
I urge you today to not just support resolution number 11 calling upon the US Congress to pass and the president to sign HR 4052, the National Infrastructure Bank Act of 2023, but to affirm former FDR era leadership and financing strategies for the nation by advocating for this off budget mechanism that invokes no new debt or taxes and is used by every other g twenty nation except the United States.
0:20:19
New York has a backlog of infrastructure needs in search of financing that will not come from Wall Street Banks or the muni bond market.
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10% of New York Bridges to name just one infrastructure necessity are deemed structurally deficient.
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The only way to substantively grow the economy and the job market in New York and for the country versus the size of our debt is to create a national infrastructure bank with the financial might to get it done.
0:20:43
Please pass resolution number 11.
0:20:45
Thank you.
