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RAPID Act

3/8/2023, 8:12 PM

Congressional Summary of S 941

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.

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Current Status of Bill S 941

Bill S 941 is currently in the status of Bill Introduced since March 24, 2021. Bill S 941 was introduced during Congress 117 and was introduced to the Senate on March 24, 2021.  Bill S 941's most recent activity was Read twice and referred to the Committee on Environment and Public Works. as of March 24, 2021

Bipartisan Support of Bill S 941

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
1
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 941

Primary Policy Focus

Transportation and Public Works

Potential Impact Areas

- Government information and archives
- Government lending and loan guarantees
- Public transit
- Roads and highways
- Transportation programs funding

Alternate Title(s) of Bill S 941

RAPID Act
A bill to amend title 23, United States Code, to improve the transportation infrastructure finance and innovation (TIFIA) program, and for other purposes.
RAPID Act
Revitalizing American Priorities for Infrastructure Development Act

Comments

Sponsors and Cosponsors of S 941

John Cornyn
John Cornyn
TexasRepublican
Tim Kaine
Tim Kaine
VirginiaDemocrat

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