Curated News
By: NewsRamp Editorial Staff
February 13, 2025
SFAA Applauds Introduction of Legislation to Modernize WIFIA
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- The Water Infrastructure Subcontractor and Taxpayer Protection Act ensures bonding on infrastructure projects, providing a competitive advantage for surety and fidelity industry segments.
- This bipartisan legislation mandates payment and performance bonding on projects receiving WIFIA assistance, safeguarding workers, subcontractors, suppliers, and taxpayers.
- The Act promotes economic growth, protects workers, and ensures project completion, contributing to a better tomorrow for infrastructure development.
- SFAA commends the introduction of the legislation to modernize WIFIA, enhancing industry standards and ensuring transparency in federally funded projects.
Impact - Why it Matters
This news highlights the importance of ensuring payment and performance bonding on infrastructure projects to protect workers, subcontractors, suppliers, and taxpayers. It emphasizes the need for modernizing WIFIA to include these essential protections for all federally funded infrastructure projects, promoting economic growth and preserving taxpayer dollars.
Summary
The Surety & Fidelity Association of America (SFAA) praises Senators Mark Kelly and Kevin Cramer, as well as Representatives Mike Bost and Chris Pappas, for introducing the Water Infrastructure Subcontractor and Taxpayer Protection Act. This bipartisan legislation mandates payment and performance bonding on infrastructure projects receiving WIFIA assistance, safeguarding workers, subcontractors, suppliers, and taxpayers. SFAA emphasizes the need for modernizing WIFIA to include these protections for all federally funded infrastructure projects.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, SFAA Applauds Introduction of Legislation to Modernize WIFIA
