Railroad Rehabilitation and Improvement Financing Equity Act

Bill: 116-s-2213
Sponsor: full_name: Sen. Gardner, Cory [R-CO]
Introduced: 2019-07-23
Policy area: Transportation and Public Works
Subjects: Government lending and loan guarantees

Railroads

Transportation programs funding
Latest action: action_date: 2019-07-23
text: Read twice and referred to the Committee on Commerce, Science, and Transportation.

Summaries:
action_date: 2019-07-23
action_desc: Introduced in Senate
text: <p><b>Railroad Rehabilitation and Improvement Financing Equity Act </b></p> <p>This bill directs the Department of Transportation to refund credit risk premiums under the Railroad Rehabilitation and Improvement Financing loan program upon the satisfaction of a loan's obligations.</p>

tv_txt: II 116th CONGRESS 1st Session S. 2213 IN THE SENATE OF THE UNITED STATES July 23, 2019 Mr. Gardner (for himself and Mr. Bennet ) introduced the following bill; which was read twice and referred to the Committee on Commerce, Science, and Transportation A BILL To require the Secretary of Transportation to repay the credit risk premiums paid with respect to certain railroad infrastructure loans after the obligations attached to such loans have been satisfied.

1. Short title This Act may be cited as the Railroad Rehabilitation and Improvement Financing Equity Act . 2. Credit risk premiums (a) Refund Section 502(f) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(f) ) is amended by adding at the end the following: (5) Refund of premiums The Secretary shall repay the credit risk premium of each loan, with interest accrued thereon, not later than 60 days after the date on which all obligations attached to each such loan have been satisfied. For each loan for which obligations have already been satisfied, as of the date of enactment of the Railroad Rehabilitation and Improvement Financing Equity Act , the Secretary shall repay the credit risk premium of each such loan, with interest accrued thereon, not later than 60 days after the date of the enactment of such Act. . (b) Authorization of appropriations There are authorized to be appropriated such sums as may be necessary to pay the cost of any direct loan modification (as defined in section 502 of the Federal Credit Reform Act of 1990) to carry out section 502(f)(5) of the Railroad Revitalization and Regulatory Reform Act of 1976, as added by subsection (a).