To amend the Water Infrastructure Finance and Innovation Act of 2014 to establish payment and performance security requirements for projects, and for other purposes.

Hozzl · 2024-01-22T18:45:17Z

Explore the details of House Bill 1740 To amend the Water Infrastructure Finance and Innovation Act of 2014 to establish payment and performance security requirements for projects, and for other purposes. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Water Resources Development. Stay informed on legislative developments.

1/22/2024, 6:45 PM

Summary of Bill HR 1740

Bill 118 hr 1740, 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. The goal of the program is to help communities improve their water infrastructure and ensure clean and safe drinking water for all residents.

The proposed amendments in Bill 118 hr 1740 would require project sponsors to provide payment and performance security to ensure that the projects are completed on time and within budget. This security could take the form of a bond, letter of credit, or other financial instrument that guarantees the project will be completed as planned. In addition to the payment and performance security requirements, the bill also includes provisions for technical assistance and training for project sponsors, as well as reporting requirements to ensure transparency and accountability in the use of WIFIA funds. Overall, the WIFIA Amendments Act of 2021 aims to strengthen the WIFIA program and ensure that taxpayer dollars are being used effectively to improve water infrastructure across the country.

Congressional Summary of HR 1740

This bill establishes bonding requirements for the recipient of a water infrastructure construction loan under the Water Infrastructure Finance and Innovation Act. A borrower must secure the financed project with payment and performance bonds in minimum amounts set out in the bill.

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Current Status of Bill HR 1740

Bill HR 1740 is currently in the status of Bill Introduced since March 23, 2023. Bill HR 1740 was introduced during Congress 118 and was introduced to the House on March 23, 2023. Bill HR 1740's most recent activity was Referred to the Subcommittee on Environment, Manufacturing, and Critical Materials. as of March 31, 2023

Bipartisan Support of Bill HR 1740

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1740

Primary Policy Focus

Water Resources Development

Alternate Title(s) of Bill HR 1740

To amend the Water Infrastructure Finance and Innovation Act of 2014 to establish payment and performance security requirements for projects, and for other purposes.To amend the Water Infrastructure Finance and Innovation Act of 2014 to establish payment and performance security requirements for projects, and for other purposes.

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