Railroad Rehabilitation and Improvement Financing Equity Act

Bill: 117-s-1818
Sponsor: full_name: Sen. Hickenlooper, John W. [D-CO]
Introduced: 2021-05-25
Policy area: Transportation and Public Works
Subjects: Government lending and loan guarantees

Interest, dividends, interest rates

Railroads

Transportation programs funding
Latest action: action_date: 2021-05-25
text: Read twice and referred to the Committee on Commerce, Science, and Transportation.

Summaries:
action_date: 2021-05-25
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 117th CONGRESS 1st Session S. 1818 IN THE SENATE OF THE UNITED STATES May 25, 2021 Mr. Hickenlooper (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 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 in cohort 3 (as defined by the Department of Transportation’s memorandum to the Office of Management and Budget dated November 5, 2018), 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 such 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. .