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Protecting Subcontractors and Taxpayers in Infrastructure Projects

New rules aim to increase financial security in large infrastructure projects funded by the TIFIA program. This means that companies building roads or bridges will have to provide payment guarantees for their subcontractors, protecting them from insolvency. As a result, taxpayers' money is better secured, and projects have a higher chance of timely completion.
Key points
Mandatory payment and performance security for all TIFIA-funded infrastructure projects, regardless of the contractor.
Increased protection for subcontractors, ensuring they receive payment for their work.
Better safeguarding of public funds, minimizing the risk of losses for taxpayers in case of contractor issues.
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Additional Information
Print number: 117_S_638
Sponsor: Sen. Van Hollen, Chris [D-MD]
Process start date: 2021-03-09