Bill > S570

This bill amends the Water Infrastructure Finance and Innovation Act (WIFIA) to establish new payment and performance security requirements for water infrastructure projects seeking federal assistance. Specifically, the bill requires that any project funded under WIFIA must have robust financial protections to ensure subcontractors are paid and project completion is guaranteed. If a state or local jurisdiction already has payment and performance security requirements that cover at least 50% of the total construction contract amount, those requirements will be considered sufficient. For projects without existing state or local security measures, the bill mandates that federal bonding requirements from Title 40 of the United States Code be applied, which typically involve performance bonds and payment bonds that protect both the government and subcontractors from financial risks associated with construction projects. The goal is to provide additional financial safeguards for taxpayers and ensure that water infrastructure projects are completed successfully and workers are appropriately compensated.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/senate-bill/570/all-info