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HB968, Willammete University held a [symposium on public banking](https://ourmoneyourfuture.org/) March 23rd-25th, 2023. The list of speakers included leaders from the most successful public banking movement and from the Modern Money Theory (MMT) school of economic thought, which has provided a robust framework for understanding financial institutions and is the only school of economic thought that has consistently called all the major economic events of the 21st century. Unfortunately, video of the event may never become available, but the pivotal moment came on the third day when a senior leader in the California Public Banking Alliance proclaimed that after three days of conference she had come to understand the infinity sign behind federal spending, and now every thing they had done seemed trivial. Note that Virginia, unlike the federal government, cannot issue its own currency. At the end of the day, it has to get US dollars from people who have US dollars and no amount of finance infrastructure can change that. Thus, what the state can achieve by going into the banking business is more modest than some enthusiasts may believe. Lawmakers and their staff and constituents who are interested in this issue are invited to reach out to [Virginia Progressives](http://VAProgressives.org), which can fill out this bigger picture for them and help them explore related issues in as much depth as they care to pursue. A more significant action for green infrastructure is HB985, which is a step forward for environmental justice that centers people and aligns with federal policy such as the guiding documents of the EPA Climate Pollution Reduction Grant, just one example of where Virginia can align with billions of net federal funds being spent into existence, of which we will see much more in the future. The COVID response in both the Trump and Biden administration, and globally, has shown how tapping that infinity sign can look and that the consequences of such spending are very different from what all but the MMT school of economists expected.

H ACNR Nat Res VaLCV Legislative Positions -- We encourage you to SUPPORT HB199, HB745, HB968, HB985. HB 199 (Krizek) This legislation would: Remove the provision in Virginia’s Brownfield program that only permits federal funds to fund the program. Virginia’s Brownfield program provides a $500/kWh incentive for solar projects on former coal mines and a $100/kWh incentive for solar projects on brownfields. Reasons to SUPPORT HB199: This simple fix will allow the Commonwealth to appropriate funds to this program. These modest incentives will help offset the slightly higher cost of projects in these locations. The more projects that are sited on former coal mines and brownfields means less impacts to important natural resources like farms and forests. HB 745 (Laufer) This legislation would establish a mattress stewardship program to network of convenient and free collection sites for post-consumer mattresses, defined in the bill, that will facilitate higher rates of recycling and materials recovery for post-consumer mattresses. Reasons to SUPPORT HB745: Product stewardship programs are one of the best tools to reduce litter and increase recycling. Product stewardship puts responsibility on producers to develop recycling systems for their products. Mattresses contain high-value recyclable materials that can be recovered and used to create new products. According to the Mattress Recycling Council, more than 50,000 mattresses are discarded in the U.S. each day and more than 75 percent of a mattress can be recycled. HB 968 (Lopez) This Legislation Would: Create the Virginia Climate Innovation Authority to finance clean energy projects, greenhouse gas emissions reduction projects, and other qualified projects through the strategic deployment of public funds in the form of grants, loans, credit enhancements, and other financing mechanisms. Reasons to SUPPORT HB 968: Creation of the Virginia Climate Innovation Authority would: Accelerate the adoption of proven clean energy technology and greenhouse gas reduction projects to expand access to untapped markets and to bring benefits to historically underserved communities. Catalyze access to federal funds included in the Inflation Reduction Act, such as the Greenhouse Gas Reduction Fund (GGRF), a $27 billion commitment to fund “green banks” and other investment vehicles. Use public dollars to leverage private investment. HB 985 (Tran) High polycyclic aromatic hydrocarbon; prohibits pavement sealants that contain, civil penalty. This legislation would: Prohibit the use of toxic high-PAH pavement sealants. Reasons to SUPPORT HB985: The Chesapeake Bay Program has prioritized polycyclic aromatic hydrocarbons (PAHs) as the second most important toxic contaminant. PAHs are a class of chemicals that are the byproduct left over from burning coal, oil, gas, or wood. They are cancer-causing chemicals, and human exposure can come through breathing in, ingesting or absorbing through the skin. Pavement sealants with high PAH levels degrade, ultimately releasing dust and fine particles laden with carcinogens into homes, waterways, the soil, and the air. Stormwater runoff from PAH coatings continue to be highly toxic to fish and aquatic organisms months after their application. Low PAH sealants are cost-competitive and in regular use throughout the country.

I am a resident of Ashburn, VA. I am writing to express my strong support for HB968 which would create a Virginia Green Infrastructure Bank. The establishment of such a bank would play a vital role in funding projects that would aid in Virginia's transition to a zero-carbon economy by 2045. Its primary mission would be to fill the gap left by traditional banks which lack the incentives to undertake such investments. The Green Infrastructure Bank would catalyze investment in qualified projects that serve the important objectives of the Commonwealth and its localities, such as reducing greenhouse gas emissions, assisting climate-impacted communities, and promoting environmental justice. Thank you for your consideration.