Surety Industry Advocates for Infrastructure Project Protection on Capitol Hill
TL;DR
Surety & Fidelity Assoc. of America advocates for legislation strengthening construction surety bonds, presenting significant taxpayer savings and economic growth opportunities.
Legislative Fly-In educates Congress on Water Infrastructure Subcontractor and Taxpayer Protection Act, emphasizing bonding for all projects and bipartisan support.
Surety bonds protect taxpayer dollars and support public infrastructure projects, ensuring project completion, safeguarding workers and promoting economic growth.
Former Congressman Ray LaHood shares insights on federal infrastructure projects during special event hosted by NASBP and SFAA, advancing key priorities and dialogue with policymakers.
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Surety industry leaders from the Surety & Fidelity Association of America (SFAA) and the National Association of Surety Bond Producers (NASBP) conducted a strategic Legislative Fly-In, engaging with over 135 congressional members and staff to underscore the critical importance of surety bonds in protecting public infrastructure investments.
The industry representatives focused on supporting the bipartisan Water Infrastructure Subcontractor and Taxpayer Protection Act, which would mandate bonding requirements for water infrastructure projects, including public-private partnerships. By leveraging data from an Ernst & Young study, the industry highlighted how surety bonds generate significant taxpayer savings while ensuring project completion and protecting subcontractors, suppliers, and workers.
SFAA President Ryan Work emphasized the necessity of educating Congress about surety bonds' essential role in infrastructure development. NASBP CEO Mark McCallum stressed that these bonds guarantee project delivery and protect critical national investments.
The advocacy efforts extended beyond water infrastructure, addressing bonding requirements for broader initiatives like the Broadband Equity, Access, and Deployment (BEAD) program. The industry's coordinated approach included hosting a special event featuring insights from former Congressman Ray LaHood and a panel discussion with congressional transportation committee staff.
By demonstrating surety bonds' economic benefits and risk mitigation capabilities, the industry aims to influence legislative priorities and ensure robust protection for taxpayer-funded infrastructure projects across the United States.
Curated from News Direct
