Kevin Brady: “I thank Ranking Member Graves for his leadership trying to find a bipartisan framework on our Nation's infrastructure…”

“I thank Ranking Member Graves for his leadership trying to find a bipartisan framework on our Nation's infrastructure priorities. Madam Speaker, I rise today to speak in support of my amendment that would add crucial taxpayer safeguards to the Railroad Rehabilitation and Improvement Financing. With this amendment, 67 percent of total funding for projects would be required to come from sources other than the Federal Government. This ensures Federal funds are going towards projects with sound financials that partner with other public or private entities. My amendment would require borrowers to document a revenue stream with the sole objective of paying off the loan. If the Federal Government is going to lend money to a project, we have to make sure they have a plan to pay it back. And this provision does just that. Another provision would require the Federal loan be repaid, along with primary debt, if the loan defaults. This requirement protects taxpayers from bearing the brunt of costs from bankrupt projects. In my district, constituents are seeing firsthand how high-speed rail projects with uncertain financing and lacking necessary permits in place, are looking to the RRIF program for funding. Even though Texas Central Railroad vowed for years to not seek Federal funding for the high-speed rail projects, just last year they lobbied Congress to loosen the RRIF lending requirements even further.…”