S. 941 117th Congress Senate

RAPID Act

Official title: A bill to amend title 23, United States Code, to improve the transportation infrastructure finance and innovation (TIFIA) program, and for other purposes.

Introduced: March 24, 2021 Introduced by: John Cornyn Republican · Texas See on congress.gov

Transportation and Public Works Government information and archivesGovernment lending and loan guaranteesPublic transitRoads and highwaysTransportation programs funding

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 24, 2021

Read twice and referred to the Committee on Environment and Public Works.

Mar 24, 2021

Introduced in Senate

Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

Latest action March 24, 2021

Read twice and referred to the Committee on Environment and Public Works.

Plain-English summary Congressional Research Service

Revitalizing American Priorities for Infrastructure Development Act or the RAPID Act

This bill revises the transportation infrastructure finance and innovation (TIFIA) program to (1) require program applicants to obtain investment grade ratings from at least two credit rating agencies, unless the federal credit instrument is less than $150 million (currently, less than $75 million), in which case one rating will suffice; (2) require the Department of Transportation (DOT) to implement an expedited decision time line for public agency borrowers seeking secured loans; and (3) require DOT to publish status reports on program applications on the TIFIA website.

Related & companion bills 3