Last Thursday House leaders rolled out the details for HR 2, the Moving Forward Act. A $1.5 trillion investment into infrastructure systems across the country, the bill addresses the growth and repair of roadways, railways, ports, harbors, educational facilities, and more. The bill uses existing formula grant programs to distribute funds largely based on the proportional allotments from FY20. H.R. 2 is comprehensive in scope, making funds available to address maintenance backlogs by prioritizing the upkeep of existing infrastructure, while also incentivizing the growth of new development across multiple transportation modes. The bill also includes provisions to support the expansion of broadband in rural areas, developing energy efficiency, creating affordable housing, and more.
The bill addresses multiple GFOA advocacy priorities in an effort to provide state and local governments with financial resources, including:
- The restoration of Advance Refunding
- Expansion of Bank Qualified debt
- Direct Subsidy Bonds
- Private Activity Bonds
The following resources for the bill have been provided:
The Moving Forward Act:
GFOA urges members to reach out to their Representatives and ask them to support the public finance priorities. You can use the draft template letter here to craft a message to your member of Congress. The Federal Liaison Center will continue to monitor developments of the legislation.