Bill > HR2475

This bill, the Revitalizing American Priorities for Infrastructure Development Act (RAPID Act), proposes to amend the transportation infrastructure finance and innovation (TIFIA) program. The key provisions of the bill are: 1) It requires TIFIA program applicants to obtain at least two investment-grade ratings from credit rating agencies, unless the federal credit instrument is less than $150 million (previously $75 million), in which case one rating will suffice. 2) It 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 conforming to terms established by the National Surface Transportation Innovative Finance Bureau and having a TIFIA program share of 33% or less of eligible project costs. 3) It requires the DOT to publish monthly and quarterly status reports on the TIFIA program website, providing details on all submitted letters of interest, applications, and approved projects. The goal of these changes is to streamline and improve the TIFIA program, which provides federal credit assistance for eligible transportation infrastructure projects.

Transportation and Infrastructure

https://www.congress.gov/bill/116th-congress/house-bill/2475/all-info