Bill 119 HR 1285, also known as the Water Infrastructure Finance and Innovation Act (WIFIA) Amendments Act of 2021, aims to make changes to the original WIFIA Act of 2014. The main focus of this bill is to establish payment and performance security requirements for projects funded through the WIFIA program.
The WIFIA program provides low-interest loans for water infrastructure projects, such as drinking water and wastewater treatment facilities. By adding payment and performance security requirements, the bill seeks to ensure that these projects are completed on time and within budget.
The bill also includes provisions for the Environmental Protection Agency (EPA) to review and approve these security requirements, as well as guidelines for how they should be implemented. Additionally, the bill outlines penalties for non-compliance with these requirements, such as withholding of funds or termination of the loan agreement.
Overall, the goal of Bill 119 HR 1285 is to improve the accountability and effectiveness of the WIFIA program by ensuring that taxpayer dollars are being used efficiently and that water infrastructure projects are being completed successfully.