Cornyn Pushes to Strengthen NADBank in New Trade Agreement
by John Cornyn on November 22, 2019 at 12:45 PM
Yesterday on the floor, I emphasized the importance of ratifying the U.S.-Mexico-Canada Agreement (USMCA), which would include provisions to bolster the North American Development Bank (NADB), improving cross-border trade between the U.S. and Mexico. Excerpts of my floor remarks are below, and video can be found here.
I’m also hoping that the USMCA will include provisions from a bill I introduced earlier with another border state senator, our friend Senator Feinstein from California.
This would improve the North American Development Bank, sometimes called the NADBank, which invests in our border communities, and particularly in the infrastructure.
For every one NADBank dollar that's been invested in a project, it's successfully leveraged $20 in total infrastructure investment using public and private sector dollars.
Throughout NADBank 's 25-year history, they've taken on projects that have improved air and water quality, updated infrastructure, and increased cross-border trade.
NADBank brings Mexico and the U.S. together to finance these projects to improve trade and travel and the quality of life on both sides of the border.
This legislation that Senator Feinstein and I have introduced would authorize the Treasury Department to increase its capital and provide additional authority to fund critical projects.
So I hope working with my friend and Democratic colleague from Laredo, Texas, Congressman Cuellar, we've been working to make sure that these provisions are included in the final text of the USMCA.
My hope is we'll be able to take those provisions up as well as the entire agreement and ratify it soon.