HOUSE 2474117th CongressReferred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Invest in American Railroads Act
- Last Action
- 4/14/2021
Actions
- 2021-04-14Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
- 2021-04-13Referred to the House Committee on Transportation and Infrastructure.
- 2021-04-13Introduced in House
- 2021-04-13Introduced in House
CRS Summary
As of 2021-04-13 (00)
Invest in American Railroads Act
This bill revises and expands the Railroad Rehabilitation and Improvement Financing program of the Department of Transportation (DOT).
Specifically, the bill
- authorizes DOT to pay certain credit risk premiums for loans or loan guarantees;
- requires DOT to set aside at least $100 million for passenger rail projects in a given fiscal year;
- directs DOT to provide loans and loan guarantees to private entities with controlling ownership in one or more freight railroads other than Class I carriers;
- expands eligibility under the loan program to include reimbursement of planning, permitting, and design expenses related to acquiring, improving, or rehabilitating intermodal or rail equipment or facilities;
- sets forth collateral and appraisal standards under the program; and
- allows loan repayment terms to be extended up to 50 years after the date of substantial completion of a project, or the estimated useful life of the rail equipment or facilities to be acquired, rehabilitated, improved, developed, or established.
Cosponsors (2)
- Lloyd Smucker (R-PA)
- Chris Pappas (D-NH)
Subjects
- Department of Transportation
- Government lending and loan guarantees
- Infrastructure development
- Public-private cooperation
- Railroads
- Transportation programs funding
Sourced from Congress.gov (public domain).
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