Infrastructure Bank Legislation
Sen. Mark Warner (D-VA) is expected to introduce an infrastructure bank bill during the week of September 16 that is similar to the 2011 “BUILD Act,” which proposed a $10 billion fund to leverage private investment in large infrastructure projects. Warner’s bill is likely to propose some changes to the 2011 legislation that will be highlighted during a Senate Committee on Commerce, Science and Transportation subcommittee hearing on September 24.
This Week’s Hearings:
- Tuesday, September 10: The House Transportation and Infrastructure Subcommittee on Coast Guard and Maritime Transportation will hold a hearing on maritime transportation regulations.
FY 2013 TIGER Funding
Last Thursday, September 5, Transportation Secretary Anthony Foxx announced awards for the fifth round of the Transportation Investment Generating Economic Recovery (TIGER) grant program. The Department of Transportation (DOT) distributed $474 million across 52 projects, half of which were located in rural communities.
To date, the TIGER program has awarded more than $3.6 billion to 270 projects in all 50 states, the District of Columbia, and Puerto Rico. Since its origination, the program has been highly competitive and oversubscribed, a trend that continued with TIGER V.
The FY 2013 program received 585 applications representing $9 billion in need, which far exceeded the $474 million available (including a set aside of $120 million for rural projects). Combined, the five rounds of TIGER funding have yielded more than 5,200 applications seeking more than $114.2 billion for transportation projects across the country.