US S353

Bill

US S353

RAPID Act Revitalizing American Priorities for Infrastructure Development Act

Introduced
02/06/2019

In Committee
02/06/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

A bill to amend title 23, United States Code, to improve the transportation infrastructure finance and innovation (TIFIA) program, and for other purposes. Revitalizing American Priorities for Infrastructure Development Act or the RAPID Act This bill revises the transportation infrastructure finance and innovation (TIFIA) program to (1) require program applicants to obtain investment grade ratings from at least two credit rating agencies, unless the federal credit instrument is less than $150 million (currently, less than $75 million), in which case one rating will suffice; (2) require the Department of Transportation (DOT) to implement an expedited decision timeline for public agency borrowers seeking secured loans; and (3) require DOT to publish status reports on program applications on the TIFIA website.

AI Summary

This bill, the Revitalizing American Priorities for Infrastructure Development Act or the RAPID Act, revises the Transportation Infrastructure Finance and Innovation (TIFIA) program. It requires program applicants to obtain investment-grade ratings from at least two credit rating agencies, unless the federal credit instrument is less than $150 million (currently less than $75 million), in which case one rating will suffice. The bill also requires the Department of Transportation (DOT) to implement an expedited decision timeline for public agency borrowers seeking secured loans that meet certain criteria, such as having an A-category or higher rating and a TIFIA program share of 33% or less of eligible project costs. Additionally, the bill requires DOT to publish monthly and quarterly status reports on the TIFIA program's website, providing details on submitted letters of interest, applications, and approved applications.

Committee Categories

Agriculture and Natural Resources

Sponsors (2)

John Cornyn (R)*, Tim Kaine (D),

Last Action

Read twice and referred to the Committee on Environment and Public Works. (on 02/06/2019)

Official Document

https://www.congress.gov/bill/116th-congress/senate-bill/353/all-info

(5 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/senate-bill/353/all-info
BillText	https://www.congress.gov/116/bills/s353/BILLS-116s353is.pdf
Bill	https://www.congress.gov/116/bills/s353/BILLS-116s353is.pdf.pdf

Bill	Bill Name	Last Action	Type
HR2	Moving Forward Act	Received in the Senate.	Related
HR2475	RAPID Act Revitalizing American Priorities for Infrastructure Development Act	Referred to the Subcommittee on Highways and Transit.	Same As
HR7095	INVEST in America Act Investing in a New Vision for the Environment and Surface Transportation in America Act	Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.	Related
HRes1028	Providing for consideration of the bill (H.B. 2) to authorize funds for Federal-aid highways, highway safety programs, and transit programs, and for other purposes.	Motion to reconsider laid on the table Agreed to without objection.	Similar To
S2302	America's Transportation Infrastructure Act of 2019	By Senator Barrasso from Committee on Environment and Public Works filed written report. Report No. 116-200.	Related

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Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

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