S. 3631 · 115th Congress
RAPID Act
- Stage
- In committee
- Sponsor
- John Cornyn
- Introduced
- 2018-11-15
- Latest action
- 2018-11-15 · Introduced in Senate
Summary
Revitalizing American Priorities for Infrastructure Development Act or the RAPID Act
This bill revises the transportation infrastructure finance and innovation (TIFIA) program to: (1) require program applicants to obtain investment grade ratings from at least two credit rating agencies, unless the federal credit instrument is less than $150 million (currently, less than $75 million), in which case one rating will suffice; (2) require the Department of Transportation (DOT) to implement an expedited decision timeline for public agency borrowers seeking secured loans; and (3) require DOT to publish status reports on program applications on the TIFIA website.