SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regional Investments for National 
Growth Act of 1997''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the economic infrastructure of metropolitan regions 
        assists businesses in those regions in providing quality goods 
        and services at a low cost;
            (2) maintaining and improving the economic infrastructure 
        of metropolitan regions is essential for the success of the 
        Nation in the world economy; and
            (3) building efficient transportation links within and 
        between metropolitan regions is critical to that economic 
        infrastructure.

SEC. 3. REGIONAL INVESTMENTS FOR NATIONAL GROWTH PROGRAM.

    (a) Establishment.--The Secretary of Transportation shall establish 
a regional investments for national growth program (hereinafter in this 
section referred to as the ``RING program'') for the purpose of 
identifying and funding large multi-State and regional transportation 
projects that are essential to the global competitiveness of the United 
States.
    (b) Eligible Projects.--
            (1) In general.--Regional transportation infrastructure 
        investments that include participation by two or more States or 
        public authorities representing two or more States, or improve 
        access to international commerce centers such as ports, 
        commercial aviation facilities, and major rail terminals, and 
        meets the requirements of paragraph (2), shall be eligible for 
        funding under the RING program.
            (2) Requirements.--In order to be eligible for funding 
        under the RING program, a project shall--
                    (A) support the economic growth of the Nation 
                through improved movement of people and goods;
                    (B) improve intermodal connections by increasing 
                access to ports, airports, rail terminals, distribution 
                centers, or other passenger or freight rail hubs;
                    (C) address capacity constraints that hamper the 
                movement of people and goods between States or 
                metropolitan regions;
                    (D) contribute to the global competitiveness of the 
                United States; and
                    (E) not be currently funded for construction.
    (c) Selection Process.--
            (1) Solicitation of proposals.--Within 6 months of the date 
        of the enactment of this Act, the Secretary of Transportation 
        shall solicit proposals for projects to be carried out under 
        the RING program. Any State, multi-State region, or multi-State 
        agency may submit a proposal.
            (2) Recommended projects.--Within 2 years of such date of 
        enactment, the Secretary shall transmit a report to Congress 
        recommending eligible projects.
            (3) Final proposals.--Within 1 year of the date of issuance 
        of the report under paragraph (2), sponsors of those projects 
        recommended as eligible shall submit a final proposal to the 
        Secretary.
            (4) Ranking of projects.--Within 6 months of receiving 
        final proposals, the Secretary shall transmit a report to 
        Congress ranking the projects in priority order.
    (d) Selection Criteria.--In considering projects for inclusion in 
the report required by subsection (c)(2), the Secretary shall consider 
the following criteria:
                    (1) Time savings for both goods and people.
                    (2) Volume of goods and number of users affected.
                    (3) Reduction in costs of goods movement.
                    (4) Relief the project provides to capacity 
                limitations of existing infrastructure.
                    (5) Benefits for multi-State facilities and 
                operations.
                    (6) Promotion of efficient multi-modal usage.
                    (7) Level of State, local, and regional financial 
                support for the project.
                    (8) Private sector funding opportunities.
    (e) Funding Eligibility.--
            (1) Project proposal funding.--Those projects included by 
        the Secretary in the report required by subsection (c)(2) shall 
        be eligible to receive project proposal funding under the RING 
        program.
            (2) Design and engineering funding.--Those projects 
        included by the Secretary in the report required by subsection 
        (c)(4) shall be eligible to receive design and engineering 
        funding under the RING program.
    (f) Reimbursement for Planning and Design.--Projects included by 
the Secretary in the report required by subsection (c)(2) shall also be 
eligible for reimbursement of funds for planning and design which have 
been expended prior to the issuance of such report.
    (g) Federal Share.--The Federal share of the eligible costs of a 
project under the RING program shall not exceed 75 percent.
    (h) Relationship to Other Laws.--All projects receiving assistance 
under this section shall comply with other laws governing 
transportation projects and programs, including the National 
Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.).
    (i) Authorization of Appropriations.--There are authorized to be 
appropriated out of the Highway Trust Fund (other than the Mass Transit 
Account) such sums as may be necessary to carry out this section.
Regional Investments for National Growth Act of 1997 - Directs the Secretary of Transportation to establish a regional investments for national growth program (RING program) in order to identify and fund large multi-State and regional transportation projects that are essential to global U.S. competitiveness.  Makes eligible for funding under the RING program any regional transportation infrastructure investments that include participation by two or more States or public authorities representing two or more States, or that improve access to international commerce centers such as ports, commercial aviation facilities, and major rail terminals, and meet specified requirements.  Authorizes appropriations.
Regional Investments for National Growth Act of 1997