Bipartisan Bill Aims to Strengthen Water Infrastructure Project Protections
TL;DR
The Water Infrastructure Subcontractor and Taxpayer Protection Act ensures bonding on infrastructure projects, providing a competitive advantage for surety and fidelity industry segments.
This bipartisan legislation mandates payment and performance bonding on projects receiving WIFIA assistance, safeguarding workers, subcontractors, suppliers, and taxpayers.
The Act promotes economic growth, protects workers, and ensures project completion, contributing to a better tomorrow for infrastructure development.
SFAA commends the introduction of the legislation to modernize WIFIA, enhancing industry standards and ensuring transparency in federally funded projects.
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Senators Mark Kelly and Kevin Cramer, alongside Representatives Mike Bost and Chris Pappas, have introduced bipartisan legislation designed to modernize the Water Infrastructure Finance & Innovation Act (WIFIA) by mandating payment and performance bonding for infrastructure projects.
The Water Infrastructure Subcontractor and Taxpayer Protection Act would require bonding for projects receiving WIFIA assistance, including public-private partnerships (P3s). This legislative effort aims to provide comprehensive financial protections similar to those already established in other federally funded infrastructure programs.
Ryan Work, President and CEO of the Surety & Fidelity Association of America (SFAA), emphasized the importance of implementing consistent protection mechanisms across infrastructure projects. The proposed legislation ensures parity between traditional project delivery methods and P3 projects, potentially reducing financial risks for workers, subcontractors, suppliers, and taxpayers.
By aligning WIFIA requirements with existing standards in programs like the Transportation Infrastructure Finance & Innovation Act (TIFIA), the bill seeks to create a more standardized approach to infrastructure project financing and risk management. This could lead to increased transparency, reduced financial vulnerability, and more reliable project completion across water infrastructure initiatives.
The proposed legislation represents a significant step toward modernizing infrastructure financing, offering enhanced economic protections and potentially promoting more stable and secure infrastructure development nationwide.
Curated from News Direct
