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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.
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The Surety & Fidelity Association of America (SFAA) is a nonprofit, nonpartisan trade association representing all surety and fidelity industry segments. We promote the value of surety and fidelity bonding and its vital protections through advocacy, outreach, promotion, and education. The more than 425 member companies write 98 percent of surety and fidelity bonds in the U.S. SFAA is also licensed as a rating or advisory organization in all states, and state insurance departments have designated it as a statistical agent for reporting fidelity and surety experience. www.surety.org
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