Senators Mark Kelly and Kevin Cramer, along with Representatives Mike Bost and Chris Pappas, have introduced bipartisan legislation designed to modernize the Water Infrastructure Finance & Innovation Act (WIFIA) by ensuring comprehensive payment and performance bonding for infrastructure projects.
The proposed *Water Infrastructure Subcontractor and Taxpayer Protection Act* seeks to establish consistent financial safeguards across federally funded infrastructure initiatives. By mandating bonding requirements similar to those in other federal infrastructure programs like the Transportation Infrastructure Finance & Innovation Act (TIFIA), the legislation aims to protect multiple stakeholders including workers, subcontractors, suppliers, and taxpayers.
Ryan Work, President and CEO of the Surety & Fidelity Association of America (SFAA), emphasized the critical nature of these protections. The proposed changes would create parity between traditional project delivery methods and public-private partnerships (P3s) utilizing the WIFIA program.
The legislation represents a significant step toward ensuring greater financial accountability and risk management in water infrastructure development. By requiring comprehensive bonding, the proposed act would help mitigate potential financial risks and promote more reliable project completion across federal infrastructure investments.
SFAA, which represents over 425 member companies writing 98 percent of surety and fidelity bonds in the United States, is actively supporting the advancement of this legislation in the 119th Congress.
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