[Congressional Record Volume 147, Number 91 (Wednesday, June 27, 2001)]
[Extensions of Remarks]
[Page E1225]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 HIGH-SPEED RAIL INVESTMENT ACT OF 2001

                                 ______
                                 

                           HON. AMO HOUGHTON

                              of new york

                    in the house of representatives

                        Wednesday, June 27, 2001

  Mr. HOUGHTON. Mr. Speaker, I am pleased to join my friend, Mr. 
Oberstar, and 123 of our colleagues, in introducing the bipartisan 
``High-Speed Rail Investment Act of 2001.'' We believe this bill is 
critical to getting high-speed rail projects started across the country 
and liberating our Nation's highways and airways from increasingly 
serious congestion. This legislation, a companion to S. 250 in the 
other body, is designed to put into place a federal program to support 
States in the development of high-speed rail. The House passed a 
similar bill in the 106th Congress.
  Congestion on our highways and in our skies is at a crisis point. The 
cost to our nation in terms of lost productivity and wasted fuel could 
be as high as $ 100 billion a year. This will only get worse as road 
and air travel continue to increase. We cannot resolve this problem 
simply by building new roads and new airports, the costs are enormous 
and in many places we simply do not have the space. Our rail system has 
fallen far below the standards of systems in most other developed 
industrial countries. We have scarce fiscal and land resources and we 
must make more efficient use of our existing infrastructure. The rail 
lines are there already.
  Our bill would build on the current rail infrastructure. The bill 
would authorize Amtrak to issue $12 billion in bonds over the next 10 
years for high-speed rail projects in up to 12 regional corridors 
identified by the Department of Transportation. The bond proceeds could 
be invested in high-speed rail rights-of-way, rolling stock and other 
capital improvements. Bonds could also be issued by Amtrak on behalf of 
any other qualified intercity passenger rail carrier with the approval 
of the Secretary of Transportation. The bondholders would receive 
federal tax credits in lieu of interest payments and the credits would 
be included in taxable income. States would provide at least a 20 
percent match which would be deposited in a trust account to redeem the 
bonds, but Amtrak would remain ultimately responsible for repaying the 
principal. The state match would help ensure that only high priority 
projects are funded.
  The bill provides that not more than $1.2 billion in bonds could be 
issued in each fiscal year from 2002 to 2011. Also, not more than $3 
billion could be designated for qualified projects on the northeast 
rail corridor between Washington, DC and Boston, Massachusetts. In 
addition, not more than $3 billion could be designated for any 
individual state for qualified projects.
  We believe this proposed legislation is forward looking, cost-
effective, and absolutely necessary if we are to ensure that our 
nation's transportation system can handle the expected growth in travel 
without being overwhelmed by congestion and gridlock. We encourage our 
colleagues to join us in cosponsoring this legislation.

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