To amend the Water Infrastructure Finance and Innovation Act of 2014 to establish payment and performance security requirements for projects, and for other purposes.
Impact
The implementation of HB 1740 will have significant implications for how water infrastructure projects are financed and executed. By mandating specific security requirements, the bill aims to ensure that project construction adheres to regulatory standards, which could lead to improved outcomes in construction quality and project reliability. It may also necessitate that state and local governments adjust their existing practices to align with these new federal standards, ensuring compliance and potentially leading to increased scrutiny on project financing practices.
Summary
House Bill 1740 aims to amend the Water Infrastructure Finance and Innovation Act of 2014 by establishing payment and performance security requirements for projects funded under the Act. This legislative proposal was introduced on March 23, 2023, and it seeks to enhance accountability in the use of federal funds for water infrastructure projects. The bill emphasizes the necessity of securing payments to contractors and ensuring that projects are completed satisfactorily, thus safeguarding taxpayer investments in these critical infrastructure initiatives.
Contention
While the bill is aimed at improving the governance of water infrastructure financing, it may encounter discussions regarding the balance of federal oversight and state autonomy. Some stakeholders may argue that additional federal requirements could complicate the funding process, while others may view these regulations as essential for maintaining the integrity of public works projects. This dynamic could spark debates among policymakers, municipalities, and various interest groups about the effectiveness and practicality of the proposed security requirements.
To facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Bank, and for other purposes.
A bill to amend the Infrastructure Investment and Jobs Act to authorize the use of funds for certain additional Carey Act projects, and for other purposes.