Cornyn, Feinstein Introduce Bill to Improve North American Development Bank


In: All News   Posted 01/30/2019
Share:

‘Bank Has Proven Record of Improving Quality of Life, Economy Along U.S.-Mexico Border’

WASHINGTON—U.S. Senators John Cornyn (R-TX) and Dianne Feinstein (D-CA) yesterday introduced the North American Development Bank Improvement Act of 2019, which would improve the North American Development Bank (NADB) so it may continue investing in international land border crossings, natural gas projects, and environmental infrastructure along the U.S.-Mexico border. Senators Martha McSally (R-AZ) and Kyrsten Sinema (D-AZ) are original cosponsors of the legislation.

“For more than 20 years, the North American Development Bank’s investments in our border communities have improved air and water quality, updated infrastructure, and increased cross-border trade,” said Sen. Cornyn.  “What happens along our southern border impacts not only Texas but the entire nation, so we cannot let this crucial partner in economic development lapse.”

“For far too long, untreated sewage, trash and sediment has routinely flowed north across the U.S.-Mexico border, jeopardizing the health of our communities. The North American Development Bank plays a key role in solving these problems by bringing the United States and Mexico together to finance critical infrastructure projects along the border. But there is still much more work to be done. Our legislation will significantly expand the bank’s ability to invest in new projects to improve the quality of life on both sides of the border,” said Sen. Feinstein.

The North American Development Bank was created jointly by the United States and Mexico in 1993 to preserve and enhance environmental conditions and the quality of life for communities along the U.S.-Mexico border. This legislation will authorize the Treasury Department to increase its capital and provide additional authority to fund projects related to limited natural gas and land port of entry infrastructure.

Sens. Cornyn and Feinstein’s NADBank improvement bill is supported by the United States Chamber of Commerce, Texas Border Coalition, Border Trade Alliance, Rio Grande Valley Partnership, Borderplex Alliance, the League of United Latin American Citizens (LULAC), the United States Hispanic Chamber of Commerce, and the following local chambers in Texas: the Greater Austin Hispanic Chamber of Commerce, the El Paso Hispanic Chamber, the Houston Hispanic Chamber, the Irving Hispanic Chamber, the San Antonio Hispanic Chamber and the Rio Grande Valley Hispanic Chamber.