Stabenow signed on as an original cosponsor of the High Speed Rail Investment Act, which has strong bipartisan support in the U.S. Senate. That's an incredible saving of time for passengers, especially for those on business trips. Amtrak also plans to increase service along the route to nine trains per day up from the three daily trains today. Other communities along the route that would benefit from the high-speed service include Kalamazoo, Battle Creek and Ann Arbor. The High-Speed Rail Investment Act is a fiscally responsible approach to financing national passenger rail development needs.
Bondholders receive dividends in the form of federal tax credits.
States provide the balance of the funding in a 20 percent match that is invested and, in time, forms the bond principle. The bonds will also leverage other private financing for the projects. The Midwest Regional Rail Initiative is a coordinated effort between Amtrak, the Federal Railroad Administration and nine Midwestern states to organize and operationalize a 3000 regional passenger rail system. I believe the Midwest Rail Investment Initiative will provide faster, better rail service, help to alleviate gridlock and expand travel options for travelers in Michigan and throughout the Midwest. This will be a big economic plus.