WISE Act Water Infrastructure Sustainability and Efficiency Act
Impact
By requiring states to direct a portion of their federal funds toward environmentally focused projects, HB2921 is expected to drive significant advancements in sustainable water management practices. This shift not only addresses immediate water infrastructure needs but also aligns federal funding with the broader goals of reducing environmental impact and fostering green technology development. The implementation of such measures is anticipated to support local economies and create job opportunities in the green sector, ultimately benefiting communities dependent on clean water resources.
Summary
House Bill 2921, known as the Water Infrastructure Sustainability and Efficiency Act (WISE Act), aims to amend the Federal Water Pollution Control Act by mandating that a minimum of 20% of funds appropriated for revolving fund capitalization grants be allocated for green projects. This legislation is designed to enhance the sustainability of water infrastructure by encouraging projects that promote green infrastructure, water or energy efficiency improvements, and environmentally innovative activities. Proponents of the bill argue that prioritizing these projects will ultimately contribute to more resilient and sustainable water systems across the states.
Contention
One of the key points of contention related to HB2921 is the definition and criteria of what constitutes a 'green project'. Critics may argue that the vagueness in terminology could lead to discrepancies in funding allocations, depending on how state officials interpret these requirements. Furthermore, there are concerns over the potential challenges that smaller municipalities might face in meeting the new funding criteria. While some stakeholders support the push for sustainable practices, others worry about the implications for already struggling budgets and the ability to access federal grants. Advocates for environmental sustainability, however, emphasize the long-term savings and benefits that will arise from investing in green infrastructure.
Federal Infrastructure Bank Act of 2023 This bill establishes the Federal Infrastructure Bank and the Federal Infrastructure Bank Holding Company (FIBHC). The bank shall be a wholly owned subsidiary of the FIBHC. The bank must provide equity investments, direct loans, and loan guarantees for the planning, predevelopment, design, construction, operation or maintenance of infrastructure projects in the United States with sufficient revenue sources and guarantees to support the interest and principal payments to the bank. At least 10% of the loans, equity investments, and loan guarantees must be for infrastructure projects in rural areas. The Board of Governors of the Federal Reserve System shall have oversight and supervisory authority over the FIBHC and the bank. The bank must establish an Infrastructure Guarantee Fund to cover loans and loan guarantees in the event of nonpayment by loan recipients. The bill provides for a taxpayer credit in an amount equal to 10% of the amount such taxpayer paid to the FIBHC for an equity investment at its original issue.