February 14, 2025

WASHINGTON, DC / ACCESS Newswire / February 13, 2025 / The Surety & Fidelity Association of America (SFAA) commends Senators Mark Kelly (D-AZ) and Kevin Cramer (R-ND) and Representatives Mike Bost (R-IL) and Chris Pappas (D-NH) for the introduction of the Water Infrastructure Subcontractor and Taxpayer Protection Act. This bipartisan legislation ensures payment and performance bonding on infrastructure projects receiving Water Infrastructure Finance & Innovation Act (WIFIA) assistance, including public-private partnerships (P3s). These protections safeguard workers, subcontractors, suppliers and taxpayers. “It is essential WIFIA be modernized to include the same payment and performance requirements that protect all other federally funded infrastructure projects,” said Ryan Work, President and CEO of SFAA. “Bonding all projects receiving WIFIA assistance is a commonsense solution to better preserve taxpayer dollars, ensure project completion, protect workers and promote economic growth.” The Water Infrastructure Subcontractor & Taxpayer Protection Act will ensure parity protections between traditional project delivery methods and P3 projects utilizing the WIFIA program. The legislation also provides the same protections required in the Transportation Infrastructure Finance & Innovation Act (TIFIA) program and other federally financed projects. SFAA looks forward to working with industry allies and policymakers to advance this legislation in the 119th Congress. https://finance.yahoo.com/news/sfaa-applauds-introduction-legislation-modernize-215000711.html