RAPID Act

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 time line for public agency borrowers seeking secured loans; and (3) require DOT to publish status reports on program applications on the TIFIA website.

The RAPID Act, also known as Bill 117 hr 3651, is a piece of legislation introduced in the US Congress that aims to streamline the permitting process for infrastructure projects. The bill seeks to expedite the approval process for projects such as highways, bridges, and pipelines by setting deadlines for agencies to review and approve permits.

Under the RAPID Act, agencies would be required to complete environmental reviews within a certain timeframe and would be held accountable for any delays. The bill also includes provisions to improve coordination between federal, state, and local agencies involved in the permitting process.

Supporters of the RAPID Act argue that it will help reduce red tape and bureaucratic hurdles that often delay infrastructure projects, leading to increased efficiency and economic growth. Critics, however, raise concerns about potential environmental impacts and the potential for shortcuts in the permitting process. Overall, the RAPID Act is aimed at expediting the approval process for infrastructure projects while balancing the need for environmental protection and public input. It is currently being debated in Congress and may undergo revisions before being voted on.