[Congressional Record Volume 161, Number 47 (Thursday, March 19, 2015)]
[Senate]
[Pages S1661-S1662]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BOOKER:
  S. 797. A bill to amend the Railroad Revitalization and Regulatory 
Reform

[[Page S1662]]

Act of 1976, and for other purposes; to the Committee on Commerce, 
Science, and Transportation.
  Mr. BOOKER. Mr. President, our Nation faces an infrastructure 
investment crisis across the board, but one aspect of our 
infrastructure that has been particularly neglected by the Federal 
Government is rail. While the Nation's large freight rail carriers are 
able to invest in infrastructure with their own funds, the 
infrastructure used by passenger and many smaller freight railroads is 
deteriorating at an alarming rate. We need to be doing more to repair 
and modernize these tracks, roadbeds, bridges, tunnels, and train cars.
  Nowhere is the investment crisis more pressing than in New Jersey, 
where a set of tunnels constructed under the Hudson River in 1910--
badly damaged by Hurricane Sandy--must either be replaced or shut down 
sometime over the next two decades. The shutdown scenario is 
unacceptable to the economy of not only my State, but the entire 
northeast region, if not the country.
  Amtrak has a plan, known as the Gateway Program, to replace these 
tunnels, as well as the century old Portal Bridge. Executing the 
Gateway Program will take a significant funding commitment from the 
Federal Government, and I stand ready to fight for that funding. But, 
given the significant upfront cost, and the long-term benefits and 
revenue potential, it makes sense to explore financing opportunities in 
addition to funding.
  The Federal Government already has an established financing program 
in the Railroad Rehabilitation and Improvement Financing Program, or 
RRIF. However, the RRIF program is fraught with limitations, 
particularly in its ability to finance fixed infrastructure projects 
like a bridge or tunnel. The program is significantly underutilized, 
especially relative to other Federal financing programs.
  That is why I am introducing the Railroad Infrastructure Financing 
Improvement Act. This bill would incorporate into RRIF the policies 
that make other Federal loan programs more successful. For instance, it 
will establish new creditworthiness criteria focused on the merits of 
the project, increase repayment flexibility, help leverage private 
financing opportunities, speed up the process of applying for and 
receiving a loan, and improve access to the program particularly for 
smaller applicants.
  The bill is meant to start a conversation about the tools we 
currently have available for investing in rail infrastructure, and the 
improvements we can make to start getting critical projects like the 
Gateway Program off the ground. I look forward to working with my 
colleagues and rail stakeholders to build upon this proposal and move 
forward on a comprehensive passenger rail reauthorization bill.
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