II 

117TH CONGRESS 

1ST SESSION S. 2557 

To require certain transportation projects to include a value-for-money 

analysis, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 29, 2021 

Mr. PORTMAN (for himself and Mr. MANCHIN) introduced the following bill; 

which was read twice and referred to the Committee on Environment and 

Public Works 

A BILL 

To require certain transportation projects to include a valuefor-money analysis, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. VALUE FOR MONEY ANALYSIS. 

4 (a) IN GENERAL.—Notwithstanding any other provi5 sion of law, in the case of a project described in subsection 

6 (b), the entity carrying out the project shall, during the 

7 planning and project development process, conduct a value 

8 for money analysis of the project, which shall include an 

9 evaluation of— 


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1 (1) the life-cycle cost and project delivery sched2 ule; 

3 (2) the costs of using public funding versus pri4 vate financing for the project; 

5 (3) a description of the key assumptions made 

6 in developing the analysis, including— 

7 (A) an analysis of any Federal grants and 

8 subsidies received or expected (including tax de9 preciation costs); 

10 (B) the key terms of the proposed public11 private partnership agreement, if applicable (in12 cluding the expected rate of return for private 

13 debt and equity); 

14 (C) a discussion of the benefits and costs 

15 associated with the allocation of risk; 

16 (D) the determination of risk premiums 

17 assigned to various project delivery scenarios; 

18 (E) any user fee revenue generated by the 

19 project; and 

20 (F) any externality benefits for the public 

21 generated by the project; and 

22 (4) any other information the Secretary of 

23 Transportation determines to be appropriate. 

24 (b) PROJECT DESCRIBED.—A project referred to in 

25 subsection (a) is a transportation project— 


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1 (1) with an estimated total cost of more than 

2 $750,000,000; 

3 (2) carried out— 

4 (A) by a State, territory, Indian Tribe, 

5 unit of local government, transit agency, port 

6 authority, metropolitan planning organization, 

7 airport authority, or other political subdivision 

8 of a State or local government; and 

9 (B) in a State in which there is in effect 

10 a State law authorizing the use and implemen11 tation of public-private partnerships for trans12 portation projects; and 

13 (3) that is carried out with— 

14 (A) assistance under the TIFIA program 

15 under chapter 6 of title 23, United States Code; 

16 or 

17 (B) assistance under the Railroad Reha18 bilitation and Improvement Financing Program 

19 of the Federal Railroad Administration estab20 lished under title V of the Railroad Revitaliza21 tion and Regulatory Reform Act of 1976 (45 

22 U.S.C. 821 et seq.). 

23 (c) REPORTING REQUIREMENTS.— 


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1 (1) PROJECT REPORTS.—For each project de2 scribed in subsection (b), the entity carrying out the 

3 project shall— 

4 (A) include the results of the analysis 

5 under subsection (a) on the website of the 

6 project; and 

7 (B) submit the results of the analysis to 

8 the Build America Bureau and the Secretary of 

9 Transportation. 

10 (2) REPORT TO CONGRESS.—The Secretary of 

11 Transportation, in coordination with the Build 

12 America Bureau, shall— 

13 (A) compile the analyses submitted under 

14 paragraph (1)(B); and 

15 (B) submit to Congress a report that— 

16 (i) includes the analyses submitted 

17 under paragraph (1)(B); 

18 (ii) describes— 

19 (I) the use of private financing 

20 for projects described in subsection 

21 (b); and 

22 (II) the benefits of conducting a 

23 value for money analysis; and 


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1 (iii) identifies best practices for pri2 vate financing of projects described in sub3 section (b). 

4 (d) GUIDANCE.—The Secretary of Transportation, in 

5 coordination with the Build America Bureau, shall issue 

6 guidance on performance benchmarks, risk premiums, and 

7 expected rates of return on private financing for projects 

8 described in subsection (b). 

Æ 


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