[Congressional Record Volume 167, Number 36 (Thursday, February 25, 2021)]
[Senate]
[Pages S892-S900]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTION
By Mr. CARDIN (for himself and Ms. Stabenow):
S. 448. A bill to amend title XXI of the Social Security Act to
prohibit lifetime or annual limits on dental coverage under the
Children's Health Insurance Program, and to require wraparound coverage
of dental services for certain children under such program; to the
Committee on Finance.
Mr. CARDIN. Mr. President, I rise today to discuss two bills
addressing oral health, which I am introducing today. These bills will
provide incentives for dental and dental hygiene graduates to remain as
dental school faculty and make the Children's Health Insurance Program
(CHIP) more affordable for at-risk patients and families. We rely on
dental faculty to train the next generation of oral health providers,
but too often, these educators find themselves pushed to work in
private practice in order to pay off their student loans. The Dental
Loan Repayment Assistance Act will ease some of this financial burden
and allow faculty members to stay where they are needed most by
eliminating certain loan assistance benefits from counting as taxable
income. For low-income children, the CHIP program provides access to
affordable oral health care. The Ensuring Kids Have Access to Medically
Necessary Dental Care Act makes oral
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health more affordable by eliminating annual and lifetime dollar limits
for dental care provided under CHIP and requires that CHIP wraparound
dental coverage be the same as dental coverage for CHIP enrollees.
The ongoing novel coronavirus (COVID-19) pandemic has decreased
access to oral health care. Though patient volumes have improved since
last spring, recent surveys from the American Dental Association (ADA)
indicate that since August many private practices have been operating
at around 80 percent of pre-COVID-19 patient volumes while public
health practices have been operating at around 60 percent of pre-COVID-
19 patient volumes. Patients nationwide have experienced restrictions
throughout the pandemic impeding their ability to visit health
professionals like oral health practitioners, while dental practices
have experienced financial difficulties brought on by the pandemic.
Increases in operating costs to enable safe operations, such as
purchasing personal protective equipment (PPE), have strained dental
practices' financial resources. These added costs, coupled with reduced
patient volume, have led to nearly 60 percent of dental practices
applying or planning to apply for small business loans under the
Paycheck Protection Program (PPP).
As patients and providers alike currently struggle with oral health
access issues, it is critical that the pandemic not compound access to
care inequities. In particular, these challenges are cause for concern
for at-risk populations such as communities of color, who experienced
oral health disparities before the pandemic began. As families and
patients nationwide struggle to access care at this incredibly
challenging time, I am introducing these two bills to ease the
financial burden of dental professionals and promote increased access
to oral health for low-income beneficiaries.
There are nearly 6,500 dental health professional shortage areas
nationwide. These are areas where nearly 60 million Americans,
including 835,000 Marylanders, struggle to find a dental provider, even
with insurance coverage. By 2030, the Department of Health & Human
Services (HHS) projects that the United States will have a national
shortage of 16,000 dentists. We can only hope to solve this problem if
we can recruit and retain enough faculty to train the next generation
of dentists and dental hygienists. Crippling educational debt should
not prevent our Nation from having the oral health care providers it
needs, and the Dental Loan Repayment Assistance Act will help address
that
I would also like to take this opportunity to acknowledge that
February is National Children's Dental Health Month. Since 1981, this
month has afforded us the opportunity to acknowledge the importance of
children's dental health. We recognize the significant strides we have
made, but we also acknowledge the work that remains to be done. I
invite my colleagues to join me to use this month to renew our
commitment to ensuring that all children in our country have access to
affordable and comprehensive dental services. As former U.S. Surgeon
General C. Everett Koop said, ``there is no health without oral
health.''
Tooth decay--despite being largely preventable--is the single most
common chronic health condition among children and adolescents in the
United States. It is four times more common than early-childhood
obesity, five times more common than asthma, and 20 times more common
than diabetes. Among children in families living below the federal
poverty line, 52 percent have cavities. Children with cavities in their
primary or ``baby'' teeth are three times more likely to develop
cavities in their permanent, adult teeth, and the early loss of baby
teeth can make it harder for permanent teeth to grow in properly. If
tooth decay is untreated, it not only can destroy a child's teeth; it
can have a debilitating impact on his or her health and quality of
life.
Many of my colleagues have heard me speak before about the tragic
loss of Deamonte Driver, a 12-year-old Prince George's County resident,
in 2007. Deamonte's death was particularly heartbreaking because it was
entirely preventable. What started out as a toothache turned into an
abscess and then severe brain infection that an $80 extraction could
have prevented. After multiple surgeries and a lengthy hospital stay,
Deamonte tragically passed away--fourteen years ago and just a few
miles from where we gather here in the Senate Chamber.
Even in less tragic cases, tooth and gum pain can impede a child's
healthy development, including the ability to learn, play, and eat
nutritious foods. Recent studies have shown that children with poor
oral health are nearly three times more likely to miss school due to
dental pain, and children reporting recent toothaches are four times
more likely to have a lower grade point average than their peers who do
not suffer from dental pain. Tooth decay and oral health problems also
disproportionately affect children from low-income families and
minority communities. According to the National Institutes of Health,
approximately 80 percent of childhood dental disease is concentrated in
25 percent of the population. These children and families often face
inordinately high barriers to receiving essential oral health care and,
simply put, the consequences can be devastating.
In 2009, Congress reauthorized the Children's Health Insurance
Program with an important addition: a guaranteed pediatric dental
benefit. Today, CHIP provides affordable comprehensive health
coverage--including dental coverage--to more than 9 million children.
Thanks to CHIP, we now have the highest number of children with medical
and dental coverage in history. In addition, in 2010, Congress included
pediatric dental services in the set of essential health benefits
established under the Affordable Care Act. I am pleased to say that our
actions have been working, and our numbers are improving. In 2004,
nearly 23 percent of all children had untreated tooth decay. In 2016,
that number had dropped to 13 percent.
I am very proud that my State of Maryland is recognized as a national
leader in pediatric dental health coverage. In a 2011 Pew Center
report, ``The State of Children's Dental Health,'' Maryland earned an
``A'' and was the only State to meet seven of eight policy benchmarks
for addressing children's dental health needs. In addition, in the
Maryland Health Benefit Exchange, very qualified health plan now
includes pediatric dental coverage, so families do not have to pay a
separate premium for dental coverage for their children and do not have
a separate deductible or out-of-pocket limit for pediatric dental
services.
I am also proud to say that Maryland Medicaid does not place a
lifetime or annual limit on pregnant women or children receiving dental
benefits under CHIP. This ensures that preventive dental care like
exams and cleanings, fillings, crowns, root canals, and dentures are
not out of reach for low-income Marylanders because of cost
constraints. This benefit is critically important nationwide as
millions of Americans have joined Medicaid in the past year due to the
pandemic.
Not every State has the same benefit structure for CHIP as Maryland,
however, which means that new and existing Medicaid beneficiaries may
have limits on the types of services they can access. As we know from
the terribly tragic example of Deamonte Driver, no family or child
should ever face cost constraint decisions for basic oral health care.
This is why I have introduced the Ensuring Kids Have Access to
Medically Necessary Dental Care Act, to protect access to oral health
care for millions of CHIP and Medicaid enrollees and ensure that the
pandemic does not reverse the progress we have made in oral health.
I urge my colleagues to join the senior Senator from Mississippi (Mr.
Wicker) and me in supporting the Dental Loan Repayment Assistance Act
to help address our critical nationwide shortage of dental healthcare
providers and especially dental faculty. We cannot continue to allow
crippling graduate student debt to deprive the American people of the
teachers and mentors we need to train the next generation of oral
healthcare providers. I similarly urge my colleagues to join the senior
Senator from Michigan (Ms. Stabenow) and me in supporting the Ensuring
Kids Have Access to Medically Necessary Dental Care Act to improve
access to oral health care for low-income beneficiaries. We must learn
from the tragic example of
[[Page S894]]
Deamonte Driver, and ensure that cost constraints are not a barrier to
accessing oral health care.
______
By Mr. THUNE (for himself and Ms. Hassan):
S. 468. A bill to expedite transportation project delivery,
facilitate infrastructure improvement, and for other purposes; to the
Committee on Commerce, Science, and Transportation.
Mr. THUNE. Mr. President, I ask unanimous consent that the text of
the bill be printed in the Record.
There being no objection, the text of the bill was ordered to be
printed in the Record, as follows:
S. 468
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Railroad
Rehabilitation and Financing Innovation Act''.
(b) Table of Contents.--The table of contents for this Act
is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Railroad Rehabilitation and Improvement Financing Program.
Sec. 3. Conforming amendments.
Sec. 4. Transitional and savings provisions.
Sec. 5. Repeals.
SEC. 2. RAILROAD REHABILITATION AND IMPROVEMENT FINANCING
PROGRAM.
(a) Amendment to Title 49, United States Code.--Part B of
subtitle V of title 49, United States Code, is amended by
inserting after chapter 223 the following:
``CHAPTER 224--RAILROAD REHABILITATION AND IMPROVEMENT FINANCING
PROGRAM
``22401. Definitions.
``22402. Direct loans and loan guarantees.
``22403. Administration of direct loans and loan guarantees.
``22404. Employee protection.
``22405. Substantive criteria and standards.
``22406. Funding.
``Sec. 22401. Definitions
``In this chapter:
``(1) Cost.--
``(A) In general.--The term `cost' means the estimated
long-term cost to the Government of a direct loan or loan
guarantee, or modification of the direct loan or loan
guarantee, calculated on a net present value basis, excluding
administrative costs and any incidental effects on
governmental receipts or outlays.
``(B) Cost of direct loans.--
``(i) In general.--The cost of a direct loan shall be the
net present value, at the time when the direct loan is
disbursed, of the following estimated cash flows:
``(I) Loan disbursements.
``(II) Repayments of principal.
``(III) Payments of interest and other payments by or to
the Government over the life of the loan.
``(ii) Calculation.--Calculation of the cost of a direct
loan shall include the effects of changes in loan terms
resulting from the exercise by the borrower of an option
included in the loan contract.
``(C) Cost of loan guarantee.--
``(i) In general.--The cost of a loan guarantee shall be
the net present value, at the time when the guaranteed loan
is disbursed, of the following estimated cash flows:
``(I) Payments by the Government to cover defaults and
delinquencies, interest subsidies, or other payments.
``(II) Payments to the Government, including origination
and other fees, penalties, and recoveries.
``(ii) Calculation.--Calculation of the cost of a loan
guarantee shall include the effects of changes in loan terms
resulting from the exercise by the guaranteed lender of an
option included in the loan guarantee, or by the borrower of
an option included in the guaranteed loan contract.
``(D) Cost of modification.--The cost of a modification is
the difference between the current estimate of the net
present value of the remaining cash flows under the terms of
a direct loan or loan guarantee contract, and the current
estimate of the net present value of the remaining cash flows
under the terms of the contract, as modified.
``(E) Estimation of net present values; discount rate.--In
estimating net present values, the discount rate shall be the
average interest rate on marketable Treasury securities of
similar maturity to the cash flows of the direct loan or loan
guarantee for which the estimate is being made.
``(F) Estimated cost; basis.--When funds are obligated for
a direct loan or loan guarantee, the estimated cost shall be
based on the current assumptions, adjusted to incorporate the
terms of the loan contract, for the fiscal year in which the
funds are obligated.
``(2) Current.--The term `current' has the meaning given
such term in section 250(c)(9) of the Balanced Budget and
Emergency Deficit Control Act of 1985 (2 U.S.C. 900(c)(9)).
``(3) Direct loan.--
``(A) In general.--The term `direct loan' means a
disbursement of funds by the Government to a non-Federal
borrower under a contract that requires the repayment of the
funds.
``(B) Inclusions.--The term `direct loan' includes the
purchase of, or participation in, a loan made by another
lender and financing arrangements that defer payment for more
than 90 days, including the sale of a Government asset on
credit terms.
``(C) Exclusion.--The term `direct loan' does not include
the acquisition of a federally guaranteed loan in
satisfaction of default claims.
``(4) Direct loan obligation.--The term `direct loan
obligation' means a binding agreement by the Secretary to
make a direct loan when specified conditions are fulfilled by
the borrower.
``(5) Intermodal.--The term `intermodal' means of or
relating to the connection between rail service and other
modes of transportation, including all parts of facilities at
which the connection is made.
``(6) Investment-grade rating.--The term `investment-grade
rating' means a rating of BBB minus, Baa3, bbb minus,
BBB(low), or higher assigned by a rating agency.
``(7) Loan guarantee.--The term `loan guarantee' means any
guarantee, insurance, or other pledge with respect to the
payment of all or a part of the principal or interest on any
debt obligation of a non-Federal borrower to a non-Federal
lender, but does not include the insurance of deposits,
shares, or other withdrawable accounts in financial
institutions.
``(8) Loan guarantee commitment.--The term `loan guarantee
commitment' means a binding agreement by the Secretary to
make a loan guarantee when specified conditions are fulfilled
by the borrower, the lender, or any other party to the
guarantee agreement.
``(9) Master credit agreement.--The term `master credit
agreement' means an agreement to make 1 or more direct loans
or loan guarantees at future dates for a program of related
projects on terms acceptable to the Secretary.
``(10) Modification.--
``(A) In general.--The term `modification' means any
Government action that alters the estimated cost of an
outstanding direct loan (or direct loan obligation) or an
outstanding loan guarantee (or loan guarantee commitment)
from the current estimate of cash flows.
``(B) Inclusions.--The term `modification' includes--
``(i) the sale of loan assets, with or without recourse,
and the purchase of guaranteed loans; and
``(ii) any action resulting from new legislation, or from
the exercise of administrative discretion under existing law,
that directly or indirectly alters the estimated cost of
outstanding direct loans (or direct loan obligations) or loan
guarantee (or loan guarantee commitment), such as a change in
collection procedures.
``(11) Project obligation.--The term `project obligation'
means a note, bond, debenture, or other debt obligation
issued by a borrower in connection with the financing of a
project, other than a direct loan or loan guarantee under
this chapter.
``(12) Railroad.--The term `railroad' has the meaning given
the term `railroad carrier' in section 20102.
``(13) Rating agency.--The term `rating agency' means a
credit rating agency registered with the Securities and
Exchange Commission as a nationally recognized statistical
rating organization (as defined in section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a))).
``(14) Secretary.--The term `Secretary' means the Secretary
of Transportation.
``(15) Substantial completion.--The term `substantial
completion' means--
``(A) the opening of a project to passenger or freight
traffic; or
``(B) a comparable event, as determined by the Secretary
and specified in the terms of the direct loan or loan
guarantee.
``Sec. 22402. Direct loans and loan guarantees
``(a) General Authority.--The Secretary shall provide
direct loans and loan guarantees--
``(1) to States and units of local government;
``(2) to interstate compacts consented to by Congress under
section 410(a) of the Amtrak Reform and Accountability Act of
1997 (Public Law 105-134; 49 U.S.C. 24101 note);
``(3) to government-sponsored authorities and corporations;
``(4) to railroads;
``(5) to joint ventures that include at least 1 of the
entities described in paragraph (1), (2), (3), (4), or (6);
``(6) to private entities with controlling ownership in 1
or more freight railraods other than Class 1 carriers; and
``(7) solely for the purpose of constructing a rail
connection between a plant or facility and a railroad,
limited option freight shippers that own or operate a plant
or other facility.
``(b) Eligible Purposes.--
``(1) In general.--Direct loans and loan guarantees
provided under this section shall be used--
``(A)(i) to acquire, improve, or rehabilitate intermodal or
rail equipment or facilities, including track, components of
track, civil works such as cuts and fills, bridges, yards,
buildings, and shops; and
``(ii) to finance costs related to the activities described
in clause (i), including preconstruction costs;
``(B) to develop or establish new intermodal or railroad
facilities;
``(C) to refinance outstanding debt incurred for the
purposes described in subparagraph (A) or (B);
``(D) to reimburse planning, permitting, and design
expenses relating to activities described in subparagraph (A)
or (B); or
[[Page S895]]
``(E) to finance economic development, including commercial
and residential development, and related infrastructure and
activities that--
``(i) incorporates private investment;
``(ii) is physically or functionally related to a passenger
rail station or multimodal station that includes rail
service;
``(iii) has a high probability of the applicant commencing
the contracting process for construction not later than 90
days after the date on which the direct loan or loan
guarantee is obligated for the project under this chapter;
and
``(iv) has a high probability of reducing the need for
financial assistance under any other Federal program for the
relevant passenger rail station or service by increasing
ridership, tenant lease payments, or other activities that
generate revenue exceeding costs.
``(2) Operating expenses not eligible.--Direct loans and
loan guarantees under this section may not be used for
railroad operating expenses.
``(3) Sunset.--The Secretary may provide a direct loan or
loan guarantee under this section for a project described in
paragraph (1)(E) only during the 4-year period beginning on
December 4, 2015.
``(c) Priority Projects.--In granting applications for
direct loans or guaranteed loans under this section, the
Secretary shall give priority to projects that--
``(1) enhance public safety, including projects for the
installation of a positive train control system (as defined
in section 20157(i));
``(2) promote economic development;
``(3) enhance the environment;
``(4) enable United States companies to be more competitive
in international markets;
``(5) are endorsed by the plans prepared under chapter 227
of this title or section 135 of title 23 by the State or
States in which the projects are located;
``(6) improve railroad stations and passenger facilities
and increase transit-oriented development;
``(7) preserve or enhance rail or intermodal service to
small communities or rural areas;
``(8) enhance service and capacity in the national rail
system; or
``(9)(A) would materially alleviate rail capacity problems
that degrade the provision of service to shippers; and
``(B) would fulfill a need in the national transportation
system.
``(d) Extent of Authority.--
``(1) Limitation on aggregate unpaid principal amounts of
obligations.--The aggregate unpaid principal amounts of
obligations under direct loans and loan guarantees made under
this section may not exceed $35,000,000,000 at any time.
``(2) Minimum amount for freight railroads.--Of the amount
referred to in paragraph (1), not less than $7,000,000,000
shall be available solely for projects primarily benefitting
freight railroads other than Class I carriers.
``(3) Proportion of unused amount.--The Secretary shall not
establish any limit on the proportion of the unused amount
authorized under this subsection that may be used for 1 loan
or loan guarantee.
``(e) Rates of Interest.--
``(1) Direct loans.--The interest rate on a direct loan
under this section shall be not less than the yield on United
States Treasury securities of a similar maturity to the
maturity of the secured loan on the date of execution of the
loan agreement.
``(2) Loan guarantees.--The Secretary shall not make a loan
guarantee under this section if the interest rate for the
loan exceeds that which the Secretary determines to be
reasonable, taking into consideration the prevailing interest
rates and customary fees incurred under similar obligations
in the private capital market.
``(f) Infrastructure Partners.--
``(1) Authority of secretary.--
``(A) In general.--In lieu of or in combination with
appropriations of budget authority to cover the costs of
direct loans and loan guarantees as required under section
504(b)(1) of the Federal Credit Reform Act of 1990 (2 U.S.C.
661c(b)(1)), including the cost of a modification of a direct
loan or loan guarantee, the Secretary may accept on behalf of
an applicant for assistance under this section a commitment
from a non-Federal source, including a State or local
government or agency, or public benefit corporation or public
authority of a State or local government, to fund, in whole
or in part, credit risk premiums and modification costs with
respect to the loan that is the subject of the application or
modification.
``(B) Limitation.--The aggregate of appropriations of
budget authority and credit risk premiums described in this
paragraph with respect to a direct loan or loan guarantee
shall not be less than the cost of that direct loan or loan
guarantee.
``(2) Credit risk premium amount.--The Secretary shall
determine the amount required for credit risk premiums under
this subsection on the basis of--
``(A) the circumstances of the applicant, including the
amount of collateral offered, if any;
``(B) the proposed schedule of loan disbursements;
``(C) historical data on the repayment history of similar
borrowers;
``(D) consultation with the Congressional Budget Office;
and
``(E) any other factors the Secretary considers relevant.
``(3) Creditworthiness.--Upon receipt of a proposal from an
applicant for assistance under this section, the Secretary
shall accept, as a basis for determining the amount of the
credit risk premium under paragraph (2), in addition to the
value of any collateral described in paragraph (5), any of
the following :
``(A) The net present value of a future stream of State or
local subsidy income or other dedicated revenues to secure
the direct loan or loan guarantee.
``(B) Adequate coverage requirements to ensure repayment,
on a nonrecourse basis, from cash flows generated by the
project or any other dedicated revenue source, including--
``(i) tolls;
``(ii) user fees, including operating or tenant charges,
facility rents, or other fees paid by transportation service
providers or operators for access to, or the use of,
infrastructure, including rail lines, bridges, tunnels,
yards, or stations; and
``(iii) payments owing to the obligor under a public-
private partnership.
``(C) An investment-grade rating on the direct loan or loan
guarantee, as applicable, unless the total amount of the
direct loan or loan guarantee is greater than $150,000,000,
in which case the applicant shall have an investment-grade
rating from not fewer than 2 rating agencies regarding the
direct loan or loan guarantee.
``(D) A projection of freight or passenger demand for the
project based on regionally developed economic forecasts,
including projections of any modal diversion resulting from
the project.
``(4) Payment of premiums.--Credit risk premiums under this
subsection shall be paid to the Secretary before the
disbursement of loan amounts (and in the case of a
modification, before the modification is executed), to the
extent appropriations are not available to the Secretary to
meet the costs of direct loans and loan guarantees, including
costs of modifications of direct loans and loan guarantees.
``(5) Collateral.--
``(A) Types of collateral.--An applicant or infrastructure
partner may propose tangible and intangible assets as
collateral, exclusive of goodwill. The Secretary, after
evaluating each such asset--
``(i) shall accept a net liquidation value of collateral;
and
``(ii) shall consider and may accept--
``(I) the market value of collateral; or
``(II) in the case of a blanket pledge or assignment of an
entire operating asset or basket of assets as collateral, the
net liquidation value, the market value of assets, or, the
market value of the going concern, considering--
``(aa) inclusion in the pledge of all the assets necessary
for independent operational utility of the collateral,
including tangible assets such as real property, track and
structure, equipment and rolling stock, stations, systems and
maintenance facilities and intangible assets such as long-
term shipping agreements, easements, leases and access rights
such as for trackage and haulage;
``(bb) interchange commitments; and
``(cc) the value of the asset as determined through the
cost or market approaches, or the market value of the going
concern, with the latter considering discounted cash flows
for a period not to exceed the term of the direct loan or
loan guarantee.
``(B) Appraisal standards.--In evaluating appraisals of
collateral under subparagraph (A), the Secretary shall
consider--
``(i) adherence to the substance and principles of the
Uniform Standards of Professional Appraisal Practice, as
developed by the Appraisal Standards Board of the Appraisal
Foundation;
``(ii) performance of the appraisal by licensed or
certified appraisers as may be required by the State of
jurisdiction for the type of asset being appraised; and
``(iii) the qualifications of the appraisers to value the
type of collateral offered.
``(g) Prerequisites for Assistance.--The Secretary may not
make a direct loan or loan guarantee under this section
unless the Secretary has made a written finding that--
``(1) repayment of the obligation is required to be made
within a term of the lesser of--
``(A) 35 years after the date of substantial completion of
the project; or
``(B) with regard to rail equipment or facilities with
estimated useful lives that exceed the term described in
subparagraph (A)--
``(i) 50 years after the date of substantial completion of
the project; or
``(ii) the estimated useful life of the rail equipment or
facilities to be acquired, rehabilitated, improved,
developed, or established, subject to an adequate
determination of long-term risk;
``(2) the direct loan or loan guarantee is justified by the
present and probable future demand for rail services or
intermodal facilities;
``(3) the applicant has given reasonable assurances that
the facilities or equipment to be acquired, rehabilitated,
improved, developed, or established with the proceeds of the
obligation will be economically and efficiently utilized;
``(4) the obligation can reasonably be repaid, using an
appropriate combination of credit risk premiums and
collateral offered by the applicant to protect the Federal
Government; and
``(5) the purposes of the direct loan or loan guarantee are
consistent with subsection (b).
``(h) Conditions of Assistance.--
[[Page S896]]
``(1) In general.--Before granting assistance under this
section, the Secretary shall require the applicant to agree
to such terms and conditions as are sufficient, in the
judgment of the Secretary, to ensure that, as long as any
principal or interest is due and payable on the obligation,
the applicant, and any railroad or railroad partner for whose
benefit the assistance is intended--
``(A) will not use any funds or assets from railroad or
intermodal operations for purposes not related to the
operations, if the use--
``(i) would impair the ability of the applicant, railroad,
or railroad partner to provide rail or intermodal services in
an efficient and economic manner; or
``(ii) would adversely affect the ability of the applicant,
railroad, or railroad partner to perform any obligation
entered into by the applicant under this section;
``(B) will, consistent with its capital resources, maintain
its capital program, equipment, facilities, and operations on
a continuing basis; and
``(C) will not make any discretionary dividend payments
that unreasonably conflict with the purposes stated in
subsection (b).
``(2) Collateral and request for assistance from another
source not required.--
``(A) Collateral.--
``(i) In general.--The Secretary may not require an
applicant for a direct loan or loan guarantee under this
section to provide collateral.
``(ii) Valuation.--Any collateral provided or enhanced
after being provided shall be valued as a going concern after
giving effect to the present value of improvements
contemplated by the completion and operation of the project,
if applicable.
``(B) Request for assistance from another source.--The
Secretary may not require an applicant for a direct loan or
loan guarantee under this section to have previously sought
the financial assistance requested from another source.
``(3) Required compliance.--The Secretary shall require
recipients of direct loans or loan guarantees under this
section to comply with--
``(A) the standards of section 24312, as in effect on
September 1, 2002, with respect to the project in the same
manner that Amtrak is required to comply with the standards
for construction work financed under an agreement made under
section 24308(a); and
``(B) the protective arrangements established under section
22404, with respect to employees affected by actions taken in
connection with the project to be financed by the direct loan
or loan guarantee.
``(4) Matching funds.--The Secretary shall require each
recipient of a direct loan or loan guarantee under this
section, for a project described in subsection (b)(1)(E), to
provide a non-Federal match of not less than 25 percent of
the total amount expended by the recipient for the project.
``(i) Application Processing Procedures.--
``(1) Application status notices.--Not later than 30 days
after the date on which the Secretary receives an application
under this section, or additional information and material
under paragraph (2)(B), the Secretary shall provide the
applicant written notice as to whether the application is
complete or incomplete.
``(2) Incomplete applications.--If the Secretary determines
that an application is incomplete, the Secretary shall--
``(A) provide the applicant with a description of all of
the specific information or material that is needed to
complete the application, including any information required
by an independent financial analyst; and
``(B) allow the applicant to resubmit the application with
the information and material described under subparagraph (A)
to complete the application.
``(3) Application approvals and disapprovals.--
``(A) In general.--Not later than 45 days after the date on
which the Secretary notifies an applicant that an application
is complete under paragraph (1), the Secretary shall provide
the applicant written notice as to whether the Secretary has
approved or disapproved the application.
``(B) Actions by the office of management and budget.--In
order to enable compliance with the time limit under
subparagraph (A), the Office of Management and Budget shall
take any action required with respect to the application
within such 45-day period.
``(4) Streamlined application review process.--
``(A) In general.--Consistent with section 116, and not
later than 180 days after date of the enactment of the
Railroad Rehabilitation and Financing Innovation Act, the
Secretary shall make available an expedited application
process or processes at the request of applicants seeking
loans or loan guarantees.
``(B) Criteria.--Applicants seeking loans and loan
guarantees issued under this subsection shall--
``(i) seek a total loan or loan guarantee value not
exceeding $100,000,000;
``(ii) meet eligible project purposes included in
subparagraphs (A)(i), (A)(ii), and (B) of subsection (b)(1);
and
``(iii) meet other criteria considered appropriate by the
Secretary, in consultation with the Department of
Transportation Council on Credit and Finance.
``(C) Expedited credit review.--The total period between
the submission of a draft application and the approval or
disapproval of a loan or loan guarantee for an applicant
under this paragraph may not exceed 90 days. If an
application review conducted under this paragraph exceeds 90
days, the Secretary shall--
``(i) provide written notice to the applicant, including a
justification for the delay and updated estimate of the time
needed for approval or disapproval; and
``(ii) post the notice on the dashboard described in
paragraph (5).
``(5) Dashboard.--The Secretary shall post, on the
Department of Transportation's internet website, a monthly
report that includes, for each application--
``(A) the applicant type;
``(B) the location of the project;
``(C) a brief description of the project, including its
purpose;
``(D) the requested direct loan or loan guarantee amount;
``(E) the date on which the Secretary provided application
status notice under paragraph (1);
``(F) the date that the Secretary provided notice of
approval or disapproval under paragraph (3); and
``(G) whether the project utilized the expedited
application process under paragraph (4).
``(6) Regular creditworthiness review status reports.--
``(A) In general.--The Secretary shall provide to the
applicant a regular report containing information related to
the application for a loan or loan guarantee, including--
``(i) a summary of the proposed transaction, including--
``(I) the total value of the proposed loan or loan
guarantee;
``(II) the name of the applicant or applicants submitting
an application;
``(III) the proposed capital structure of the project to
which the loan or loan guarantee would be applied, including
the proposed Federal and non-Federal shares of the total
project cost;
``(IV) the type of activity to receive credit assistance,
including whether the project--
``(aa) is new construction or rehabilitation of existing
rail equipment or facilities;
``(bb) is a refinancing an existing loan or loan guarantee;
and
``(V) if a deferred payment is proposed, the length of such
deferment;
``(VI) the credit rating or ratings provided for the
applicant;
``(VII) if other credit instruments are involved, the
proposed subordination relationship and a description of such
other credit instruments;
``(VIII) a schedule for the readiness of proposed
investments for financing;
``(IX) a description of any Federal permits required,
including under the National Environmental Policy Act of 1969
(42 U.S.C. 4321 et seq.) and any waivers under section
5323(j) of title 49, United States Code (commonly referred to
as the `Buy America Act'); and
``(X) other characteristics of the proposed activity to be
financed, borrower, key agreements, or the nature of the
credit that the Secretary considers to be fundamental to the
creditworthiness review;
``(ii) the status of the application in the pre-application
review and selection process;
``(iii) the cumulative amounts paid by the Secretary to
outside advisors related to the application, including
financial and legal advisors;
``(iv) a description of the key rating factors used by the
Secretary to determine credit risk, including--
``(I) the qualitative and quantitative factors used to
determine risk for the proposed application;
``(II) an adjectival risk rating for each identified
factor, ranked as either low, moderate, or high; and
``(v) a nonbinding estimate of the credit risk premium,
which may be in the form of--
``(I) a range, based on the assessment of risk factors
described in clause (iv); or
``(II) a justification for why the estimate of the credit
risk premium cannot be determined based on available
information; and
``(vi) a description of key information the Secretary needs
from the applicant to complete the credit review process and
make a final determination of the credit risk premium.
``(B) Report.--The Secretary shall submit the report
described in subparagraph (A) not less frequently than every
45 days after the date on which the Secretary presents the
first request to the applicant for funding to pay fees for
advisors described in subparagraph (A)(iii).
``(C) Exception.--The report required under this paragraph
may not be applied to applications processed using the
expedited credit review process under paragraph (5)(B).
``(j) Repayment Schedules.--
``(1) In general.--The Secretary shall establish a
repayment schedule requiring payments to commence not later
than 5 years after the date of substantial completion.
``(2) Accrual.--Interest shall accrue as of the date of
disbursement, and shall be amortized over the remaining term
of the loan, beginning at the time the payments begin.
``(3) Deferred payments.--
``(A) In general.--If, at any time the date of substantial
completion, the obligor is unable to pay the scheduled loan
repayments of principal and interest on a direct loan
provided under this section, the Secretary, subject to
subparagraph (B), may allow, for a maximum aggregate time of
1 year over the duration of the direct loan, the obligor to
[[Page S897]]
add unpaid principal and interest to the outstanding balance
of the direct loan.
``(B) Interest.--A payment deferred under subparagraph (A)
shall--
``(i) continue to accrue interest under paragraph (2) until
the loan is fully repaid; and
``(ii) be scheduled to be amortized over the remaining term
of the loan.
``(4) Prepayments.--
``(A) Use of excess revenues.--With respect to a direct
loan provided by the Secretary under this section, any excess
revenues that remain after satisfying scheduled debt service
requirements on the project obligations and direct loan and
all deposit requirements under the terms of any trust
agreement, bond resolution, or similar agreement securing
project obligations may be applied annually to prepay the
direct loan without penalty.
``(B) Use of proceeds of refinancing.--The direct loan may
be prepaid at any time without penalty from the proceeds of
refinancing from non-Federal funding sources.
``(k) Sale of Direct Loans.--
``(1) In general.--Subject to paragraph (2) and as soon as
practicable after substantial completion of a project, the
Secretary, after notifying the obligor, may sell to another
entity or reoffer into the capital markets a direct loan for
the project if the Secretary determines that the sale or
reoffering has a high probability of being made on favorable
terms.
``(2) Consent of obligor.--In making a sale or reoffering
under paragraph (1), the Secretary shall not change the
original terms and conditions of the secured loan without the
prior written consent of the obligor.
``(l) Nonsubordination.--
``(1) In general.--Except as provided in paragraph (2), a
direct loan provided by the Secretary under this section
shall not be subordinated to the claims of any holder of
project obligations in the event of bankruptcy, insolvency,
or liquidation of the obligor.
``(2) Preexisting indentures.--
``(A) In general.--The Secretary may waive the requirement
under paragraph (1) for a public agency borrower that is
financing ongoing capital programs and has outstanding senior
bonds under a preexisting indenture if--
``(i) the direct loan is rated in the A category or higher;
``(ii) the direct loan is secured and payable from pledged
revenues not affected by project performance, such as a tax-
based revenue pledge or a system-backed pledge of project
revenues; and
``(iii) the program share, under this chapter, of eligible
project costs is 50 percent or less.
``(B) Limitation.--The Secretary may impose limitations for
the waiver of the nonsubordination requirement under this
paragraph if the Secretary determines that the limitations
would be in the financial interest of the Federal Government.
``(m) Master Credit Agreements.--
``(1) In general.--Subject to paragraph (2) and to
subsection (d), the Secretary may enter into a master credit
agreement that is contingent on all of the conditions for the
provision of a direct loan or loan guarantee, as applicable,
under this chapter and other applicable requirements being
satisfied prior to the issuance of the direct loan or loan
guarantee.
``(2) Conditions.--Each master credit agreement shall--
``(A) establish the maximum amount and general terms and
conditions of each applicable direct loan or loan guarantee;
``(B) identify 1 or more dedicated non-Federal revenue
sources that will secure the repayment of each applicable
direct loan or loan guarantee;
``(C) provide for the obligation of funds--
``(i) for the direct loans or loan guarantees contingent on
the meeting of all applicable requirements and after all
requirements have been met, for the projects subject to the
master credit agreement; and
``(D) provide 1 or more dates, as determined by the
Secretary, before which the master credit agreement results
in the disbursement issuance of each of the direct loans or
loan guarantees or in the release of the master credit
agreement.
``Sec. 22403. Administration of direct loans and loan
guarantees
``(a) Applications.--
``(1) In general.--The Secretary shall prescribe the form
and contents required of applications for assistance under
section 22402, to enable the Secretary to determine the
eligibility of the applicant's proposal, and shall establish
terms and conditions for direct loans and loan guarantees
made under that section, including a program guide, a
standard term sheet, and specific timetables.
``(2) Documentation.--An applicant meeting the size
standard for small business concerns established under
section 3(a)(2) of the Small Business Act (15 U.S.C.
632(a)(2)) may provide unaudited financial statements as
documentation of historical financial information if such
statements are accompanied by the applicant's Federal tax
returns and Internal Revenue Service tax verifications for
the corresponding years.
``(b) Full Faith and Credit.--All guarantees entered into
by the Secretary under section 22402 shall constitute general
obligations of the United States of America and shall be
backed by the full faith and credit of the United States of
America.
``(c) Assignment of Loan Guarantees.--The holder of a loan
guarantee made under section 22402 may assign the loan
guarantee in whole or in part, subject to such requirements
as the Secretary may prescribe.
``(d) Modifications.--The Secretary may approve the
modification of any term or condition of a direct loan, loan
guarantee, direct loan obligation, or loan guarantee
commitment, including the rate of interest, time of payment
of interest or principal, or security requirements, if the
Secretary finds in writing that--
``(1) the modification is equitable and is in the overall
best interests of the United States;
``(2) consent has been obtained from the applicant and in
the case of a loan guarantee or loan guarantee commitment,
the holder of the obligation; and
``(3) the modification cost has been covered under section
22402(f).
``(e) Compliance.--The Secretary shall ensure compliance by
an applicant, any other party to the loan, and any railroad
or railroad partner for whose benefit assistance is intended,
with the provisions of this chapter, regulations issued under
this chapter, and the terms and conditions of the direct loan
or loan guarantee, including through regular periodic
inspections.
``(f) Commercial Validity.--
``(1) In general.--For purposes of claims by any party
other than the Secretary, a loan guarantee or loan guarantee
commitment shall be conclusive evidence that the underlying
obligation is in compliance with the provisions of this
chapter, and that the obligation has been approved and is
legal as to principal, interest, and other terms.
``(2) Valid and incontestable.--A guarantee or commitment
under paragraph (1) shall be valid and incontestable in the
hands of a holder of the guarantee or commitment, including
the original lender or any other holder, as of the date when
the Secretary granted the application for the guarantee or
commitment, except as to fraud or material misrepresentation
by the holder.
``(g) Default.--
``(1) In general.--The Secretary shall prescribe
regulations setting forth procedures in the event of default
on a loan made or guaranteed under section 22402.
``(2) Loan guarantees.--The Secretary shall ensure that
each loan guarantee made under section 22402 contains terms
and conditions that provide that--
``(A) if a payment of principal or interest under the loan
is in default for more than 30 days, the Secretary shall pay
to the holder of the obligation, or the holder's agent, the
amount of unpaid guaranteed interest;
``(B) if the default has continued for more than 90 days,
the Secretary shall pay to the holder of the obligation, or
the holder's agent, 90 percent of the unpaid guaranteed
principal;
``(C) after final resolution of the default, through
liquidation or otherwise, the Secretary shall pay to the
holder of the obligation, or the holder's agent, any
remaining amounts guaranteed but that were not recovered
through the default's resolution;
``(D) the Secretary shall not be required to make any
payment under subparagraphs (A) through (C) if the Secretary
finds, before the expiration of the periods described in such
subparagraphs, that the default has been remedied; and
``(E) the holder of the obligation shall not receive
payment or be entitled to retain payment in a total amount
that, together with all other recoveries (including any
recovery based upon a security interest in equipment or
facilities) exceeds the actual loss of the holder.
``(h) Rights of the Secretary.--
``(1) Subrogation.--If the Secretary makes payment to a
holder, or a holder's agent, under subsection (g) in
connection with a loan guarantee made under section 22402,
the Secretary shall be subrogated to all of the rights of the
holder with respect to the obligor under the loan.
``(2) Disposition of property.--The Secretary may complete,
recondition, reconstruct, renovate, repair, maintain,
operate, charter, rent, sell, or otherwise dispose of any
property or other interests obtained pursuant to this
section. The Secretary shall not be subject to any Federal or
State regulatory requirements when carrying out this
paragraph.
``(i) Action Against Obligor.--
``(1) In general.--The Secretary may bring a civil action
in an appropriate Federal court in the name of the United
States in the event of a default on a direct loan made under
section 22402 or in the name of the United States or of the
holder of the obligation in the event of a default on a loan
guaranteed under section 22402.
``(2) Records and evidence.--The holder of a guarantee
shall make available to the Secretary all records and
evidence necessary to prosecute the civil action.
``(3) Property as satisfaction of sums owed.--The Secretary
may accept property in full or partial satisfaction of any
sums owed as a result of a default.
``(4) Excess amount.--
``(A) Payment to obligor.--If the Secretary receives,
through the sale or other disposition of the property
described in paragraph (3), an excess amount described in
subparagraph (B), the Secretary shall pay to the obligor the
excess amount.
``(B) Amount.--An excess amount under this subparagraph is
an amount the exceeds the aggregate of--
``(i) the amount paid to the holder of a guarantee under
subsection (g); and
[[Page S898]]
``(ii) any other cost to the United States of remedying the
default.
``(j) Breach of Conditions.--The Attorney General shall
commence a civil action in an appropriate Federal court to
enjoin any activity that the Secretary finds is in violation
of this chapter, regulations issued under this chapter, or
any conditions that were agreed to, and to secure any other
appropriate relief.
``(k) Attachment.--No attachment or execution may be issued
against the Secretary, or any property in the control of the
Secretary, prior to the entry of final judgment to that
effect in any Federal, State, or other court.
``(l) Charges and Loan Servicing.--
``(1) Purposes.--The Secretary may collect from each
applicant, obligor, or loan party a reasonable charge for--
``(A) the cost of evaluating the application, amendments,
modifications, and waivers, including for evaluating project
viability, applicant creditworthiness, and the appraisal of
the value of the equipment or facilities for which the direct
loan or loan guarantee is sought, and for making necessary
determinations and findings;
``(B) to cost of award management and project management
oversight;
``(C) the cost of services from expert firms, including
counsel, and independent financial advisors to assist in the
underwriting, auditing, servicing, and exercise of rights
with respect to direct loans and loan guarantees; and
``(D) the cost of all other expenses incurred as a result
of a breach of any term or condition or any event of default
on a direct loan or loan guarantee.
``(2) Charge different amounts.--The Secretary may charge
different amounts under this subsection based on the
different costs incurred under paragraph (1).
``(3) Servicer.--
``(A) In general.--The Secretary may appoint a financial
entity to assist the Secretary in servicing a direct loan or
loan guarantee under this chapter.
``(B) Duties.--A servicer appointed under subparagraph (A)
shall act as the agent of the Secretary in servicing a direct
loan or loan guarantee under this chapter.
``(C) Fees.--A servicer appointed under subparagraph (A)
shall receive a servicing fee from the obligor or other loan
party, subject to approval by the Secretary.
``(4) National surface transportation and innovative
finance bureau account.--Amounts collected under this
subsection shall--
``(A) be credited directly to the National Surface
Transportation and Innovative Finance Bureau Account; and
``(B) remain available until expended to pay for the costs
described in this subsection.
``(m) Fees and Charges.--Except as provided in this
chapter, the Secretary may not assess fees, including user
fees, or charges in connection with a direct loan or loan
guarantee provided under section 22402.
``Sec. 22404. Employee protection
``(a) In General.--
``(1) Fair and equitable arrangements.--Fair and equitable
arrangements shall be provided, in accordance with this
section, to protect the interests of any employees who may be
affected by actions taken pursuant to authorizations or
approval obtained under this chapter.
``(2) Arrangements by agreements.--The arrangements under
paragraph (1) shall be determined by the execution of an
agreement between the representatives of the railroads and
the representatives of their employees not later than June 4,
1976.
``(3) Prescribed arrangements.--In the absence of an
executed agreement under paragraph (2), the Secretary of
Labor shall prescribe the applicable protective arrangements
not later than July 4, 1976.
``(b) Terms.--
``(1) Applicability to existing employees.--The
arrangements required under subsection (a) shall apply to
each employee who has an employment relationship with a
railroad on the date on which the railroad first applies for
financial assistance under this chapter.
``(2) Inclusions.--Such arrangements shall include such
provisions as may be necessary for the negotiation and
execution of agreements as to the manner in which the
protective arrangements shall be applied, including notice
requirements.
``(3) Execution prior to implementation of work.--The
agreements shall be executed prior to implementation of work
funded from financial assistance under this chapter.
``(4) Arbitration.--
``(A) In general.--If an agreement described in subsection
(a)(2) is not reached within 30 days after the date on which
an application for the assistance is approved, either party
to the dispute may submit the issue for final and binding
arbitration.
``(B) Decision.--
``(i) When decision is to be rendered.--The decision on any
arbitration under this paragraph shall be rendered within 30
days after the submission.
``(ii) Effect.--The arbitration decision--
``(I) shall not modify the protection afforded in the
protective arrangements established pursuant to this section;
``(II) shall be final and binding on the parties to the
arbitration; and
``(III) shall become a part of the agreement.
``(5) Other inclusions.--The arrangements shall also
include such provisions as may be necessary--
``(A) for the preservation of compensation (including
subsequent general wage increases, vacation allowances, and
monthly compensation guarantees), right, privileges, and
benefits (including fringe benefits such as pensions,
hospitalization, and vacations, under the same conditions and
so long as the benefits continue to be accorded to other
employees of the employing railroad in active service or on
furlough, as the case may be) to the employees under existing
collective-bargaining agreements or otherwise;
``(B) to provide for final and binding arbitration of any
dispute that cannot be settled by the parties with respect to
the interpretation, application, or enforcement of the
provisions of the protective arrangements;
``(C) to provide that an employee who is unable to secure
employment by the exercise of the employee's seniority
rights, as a result of actions taken with financial
assistance obtained under this chapter, shall be offered
reassignment and, where necessary, retraining to fill a
position comparable to the position held at the time of the
adverse effect and for which the employee is, or by training
and retraining can become, physically and mentally qualified,
so long as the offer is not in contravention of collective
bargaining agreements relating to the provisions in this
paragraph; and
``(D) to provide that the protection afforded pursuant to
this section shall not be applicable to employees benefitted
solely as a result of the work that is financed by funds
provided pursuant to this chapter.
``(c) Subcontracting.--The arrangements that are required
to be negotiated by the parties or prescribed by the
Secretary of Labor, pursuant to subsections (a) and (b),
shall include provisions regulating subcontracting by the
railroads of work that is financed by funds provided pursuant
to this chapter.
``Sec. 22405. Substantive criteria and standards
``The Secretary shall publish in the Federal Register and
post on the Department of Transportation website the
substantive criteria and standards used by the Secretary to
determine whether to approve or disapprove applications
submitted under section 22404. The Secretary shall ensure
adequate procedures and guidelines are in place to permit the
filing of complete applications not later than 30 days after
such publication.
``Sec. 22406. Funding
``(a) Authorization of Appropriations.--
``(1) In general.--There are authorized to be appropriated
out of the General Fund for credit assistance under this
chapter--
``(A) $30,000,000 for fiscal year 2022;
``(B) $31,000,000 for fiscal year 2023;
``(C) $32,000,000 for fiscal year 2024;
``(D) $33,000,000 for fiscal year 2025; and
``(E) $34,000,000 for fiscal year 2026.
``(2) Availability.--Amounts appropriated pursuant to this
subsection shall remain available until expended.
``(b) Use of Funds.--
``(1) In general.--Except as provided in paragraph (2),
amounts appropriated pursuant to this section shall be used
for loans and loan guarantees with a total value of not more
than $200,000,000.
``(2) Administrative costs.--In each fiscal year, not less
than $3,000,000 of the amounts appropriated pursuant to
subsection (a) shall be made available for the Secretary for
use in lieu of charges collected under section 22403(l)(1)
for freight railroads other than Class I carriers and
passenger railroads.
``(3) Short line set-aside.--In each fiscal year, not less
than 50 percent of the amounts appropriated pursuant to
subsection (a) that remain available after the set aside
described in paragraph (2) shall be set aside for freight
railroads other than Class I carriers.
``(4) Passenger rail set-aside.--Any amounts appropriated
pursuant to subsection (a) that remain available after the
set-asides described in paragraphs (2) and (3) shall be set
aside for passenger railroads.''.
(b) Clerical Amendment.--The table of chapters for title
49, United States Code, is amended by inserting after the
item relating to chapter 223 the following:
``Chapter 224--Railroad Rehabilitation and Improvement Financing
Program''.
SEC. 3. CONFORMING AMENDMENTS.
(a) National Trails System Act.--Section 8(d) of the
National Trails System Act (16 U.S.C. 1247(d)) is amended by
inserting ``(45 U.S.C. 801 et seq.) and chapter 224 of title
49, United States Code'' after ``1976''.
(b) Passenger Rail Reform and Investment Act.--Section
11315(c) of the Passenger Rail Reform and Investment Act of
2015 (23 U.S.C. 322 note; Public Law 114-94) is amended by
striking ``sections 502 and 503 of the Railroad
Revitalization and Regulatory Reform Act of 1976'' and
inserting ``sections 22402 and 22403 of title 49, United
States Code''.
(c) Provisions Classified in Title 45, United States
Code.--
(1) Section 101 of the Railroad Revitalization and
Regulatory Reform Act of 1976 (45 U.S.C. 801) is amended--
(A) in subsection (a), in the matter preceding paragraph
(1), by striking ``It is the purpose of the Congress in this
Act to'' and inserting ``The purpose of this Act and chapter
224 of subtitle V of title 49, United States Code, is to'';
and
(B) in subsection (b), in the matter preceding paragraph
(1), by striking ``It is declared to be the policy of the
Congress in this Act'' and inserting ``The policy of this
[[Page S899]]
Act and chapter 224 of title 49, United States Code, is''.
(2) Section 11607(b) of the Railroad Infrastructure
Financing Improvement Act (Public Law 114-94; 45 U.S.C. 821
note) is amended by striking ``All provisions under sections
502 through 504 of the Railroad Revitalization and Regulatory
Reform Act of 1976 (45 U.S.C. 8301 et seq.)'' and inserting
``All provisions under section 22404 through 22404 of title
49, United States Code,''.
(3) Section 11610(b) of the Railroad Infrastructure
Financing Improvement Act (Public Law 114-94; 45 U.S.C. 821
note) is amended by striking ``section 502(f) of the Railroad
Revitalization and Regulatory Reform Act of 1976 (45 U.S.C.
822(f)), as amended by section 11607 of this Act'' and
inserting ``section 22402(f) of title 49, United States
Code''.
(4) Section 7203(b)(2) of the Transportation Equity Act for
the 21st Century (Public Law 105-178; 45 U.S.C. 821 note) is
amended by striking ``title V of the Railroad Revitalization
and Regulatory Reform Act of 1976 (45 U.S.C. 821 et seq.)''
and inserting ``chapter 224 of title 49, United States
Code,''.
(5) Section 212(d)(1) of Hamm Alert Maritime Safety Act of
2018 (title II of Public Law 115-265; 45 U.S.C. 822 note) is
amended, in the matter preceding subparagraph (A), by
striking ``for purposes of section 502(f)(4) of the Railroad
Revitalization and Regulatory Reform Act of 1976 (45 U.S.C.
822(f)(4))'' and inserting ``for purposes of section 22402 of
title 49, United States Code''.
(6) Section 15(f) of the Milwaukee Railroad Restructuring
Act (45 U.S.C. 914(f)) is amended by striking ``Section 516
of the Railroad Revitalization and Regulatory Reform Act of
1976 (45 U.S.C. 836)'' and inserting ``Section 22404 of title
49, United States Code,''.
(7) Section 104(b) of the Rock Island Railroad Transition
and Employee Assistance Act (45 U.S.C. 1003(b)) is amended--
(A) in paragraph (1), by striking ``title V of the Railroad
Revitalization and Regulatory Reform Act of 1976 (45 U.S.C.
821 et seq.)'' and inserting ``chapter 224 of title 49,
United States Code,''; and
(B) in paragraph (2), by striking ``title V of the Railroad
Revitalization and Regulatory Reform Act of 1976, and section
516 of such Act (45 U.S.C. 836)'' and inserting ``chapter 224
of title 49, United States Code, and section 22404 of title
49, United States Code,''.
(8) Section 104(b)(2) of the Rock Island Railroad
Transition and Employee Assistance Act (45 U.S.C. 1003(b)(2))
is amended by striking ``title V of the Railroad
Revitalization and Regulatory Reform Act of 1976, and section
516 of such Act (45 U.S.C. 836)'' and inserting ``chapter 224
of title 49, United States Code, and section 22404 of such
title 49,''.
(d) Title 49.--
(1) Section 116(d)(1)(B) of title 49, United States Code,
is amended by striking ``sections 501 through 503 of the
Railroad Revitalization and Regulatory Reform Act of 1976 (45
U.S.C. 821-823)'' and inserting ``sections 22401 through
22403 of this title''.
(2) Section 306(b) of title 49, United States Code, is
amended--
(A) by striking ``chapter 221 or 249 of this title,'' and
inserting ``chapter 221, 224, or 249 of this title,''; and
(B) by striking ``, or title V of the Railroad
Revitalization and Regulatory Reform Act of 1976 (45 U.S.C.
821 et seq.)''.
(3) Section 11311(d) of the Passenger Rail Reform and
Investment Act of 2015 (Public Law 114-94; 49 U.S.C. 20101
note) is amended by striking ``, and section 502 of the
Railroad Revitalization and Regulatory Reform Act of 1976 (45
U.S.C. 822)''.
(4) Section 205(g) of the Passenger Rail Investment and
Improvement Act of 2008 (division B of Public Law 110-432; 49
U.S.C. 24101 note) is amended by striking ``title V of the
Railroad Revitalization and Regulatory Reform Act of 1976 (45
U.S.C. 821 et seq.)'' and inserting ``chapter 224 of title
49, United States Code''.
(5) Section 22905(c)(2)(B) of title 49, United States Code,
is amended by striking ``section 504 of the Railroad
Revitalization and Regulatory Reform Act of 1976 (45 U.S.C.
836)'' and inserting ``section 22404 of this title''.
(6) Section 24903 of title 49, United States Code, is
amended--
(A) in subsection (a)(6), by striking ``and the Railroad
Revitalization and Regulatory Reform Act of 1976 (45 U.S.C.
801 et seq.)'' and inserting ``, the Railroad Revitalization
and Regulatory Reform Act of 1976 (45 U.S.C. 801 et seq.),
and chapter 224 of this title''; and
(B) in subsection (c)(2), by striking ``and the Railroad
Revitalization and Regulatory Reform Act of 1976 (45 U.S.C.
801 et seq.)'' and inserting ``, the Railroad Revitalization
and Regulatory Reform Act of 1976 (45 U.S.C. 801 et seq.),
and chapter 224 of this title''.
SEC. 4. TRANSITIONAL AND SAVINGS PROVISIONS.
(a) Definitions.--In this section:
(1) Restated provision.--The term ``restated provision''
means a provision of chapter 224 of title 49, United States
Code, as added by section 2.
(2) Source provision.--The term ``source provision'' means
a provision of law that is replaced by a restated provision.
(b) Cutoff Date.--
(1) In general.--The restated provisions replace certain
source provisions enacted on or before December 31, 2020.
(2) Subsequent amendments and repeals.--If a law enacted
after December 31, 2020 amends or repeals a source provision,
that law is deemed to amend or repeal, as the case may be,
the corresponding restated provision. If a law enacted after
December 31, 2020 is otherwise inconsistent with a restated
provision of this Act, that law supersedes the restated
provision of this Act to the extent of the inconsistency.
(c) Original Date of Enactment Unchanged.--A restated
provision is deemed to have been enacted on the date of
enactment of the corresponding source provision.
(d) References to Restated Provisions.--A reference to a
restated provision is deemed to refer to the corresponding
source provision.
(e) References to Source Provisions.--A reference to a
source provision, including a reference in a regulation,
order, or other law, is deemed to refer to the corresponding
restated provision.
(f) Regulations, Orders, and Other Administrative
Actions.--A regulation, order, or other administrative action
in effect under a source provision continues in effect under
the corresponding restated provision.
(g) Actions Taken and Offenses Committed.--An action taken
or an offense committed under a source provision is deemed to
have been taken or committed under the corresponding restated
provision.
SEC. 5. REPEALS.
The following provisions of law are repealed, except with
respect to rights and duties that matured, penalties that
were incurred, or proceedings that were begun before the date
of enactment of this Act:
Schedule of Laws Repealed
------------------------------------------------------------------------
United States Code
Act Section Former
Classification
------------------------------------------------------------------------
Railroad Revitalization and 501.............. 45 U.S.C. 821.
Regulatory Reform Act of 1976
(Public Law 94-210)............
502.............. 45 U.S.C. 822.
503.............. 45 U.S.C. 823.
504.............. 45 U.S.C. 836.
Safe, Accountable, Flexible, 9003(j).......... 45 U.S.C. 822
Efficient Transportation Equity note.
Act: A Legacy for Users or
SAFETEA-LU (Public Law 109-59).
------------------------------------------------------------------------
______
By Mr. KAINE (for himself and Mr. Warner):
S. 470. A bill to authorize the Secretary of the Interior to conduct
a study to assess the suitability and feasibility of designating
certain land as the Great Dismal Swamp National Heritage Area, and for
other purposes; to the Committee on Environment and Public Works.
Mr. KAINE. Mr. President, today I am introducing a bill to assess the
feasibility of establishing a National Heritage Area in the Great
Dismal Swamp, as part of an effort to study, recognize, and preserve
the historic and natural treasures within this region.
As we continue to celebrate Black History Month, this bill
underscores the ties between the natural landmark and African American
history. The Great Dismal Swamp contains one of the largest collections
of artifacts from maroon colonies, and it served as both a home for
early colonial Free People of Color as well as one of a few known
water-based stops for freedom seekers on the Underground Railroad. The
Great Dismal Swamp also encompasses historic and ancestral lands of
Native American tribes such as the Nansemond Indian Nation and the
Haliwa-Saponi and Meherrin Tribes.
Today, the Dismal Swamp offers unique educational opportunities,
recreational adventures, and environmental benefits. It is an important
wildlife refuge for an impressive and diverse list of animal, insect,
and plant species. If designated as a National Heritage Area, local
communities will have access to technical assistance and advice from
the National Park Service while maintaining full ownership, authority
over decision-making, and stewardship of the biodiverse land.
I am pleased to be joined by my colleague Senator Mark Warner on this
bill, and I am thankful to Congressman Donald McEachin's leadership on
this effort in the House with Representatives Bobby Scott, G.K.
Butterfield, and Elaine Luria. There is great potential for community
and economic development stemming from a National Heritage Area
designation. I
[[Page S900]]
look forward to such grassroots, community-driven development, and plan
to personally contribute to the boosted tourism and recreation. As a
student of history I am looking forward to learning more from the trove
of culture and history the Dismal has to offer.
I encourage the Senate to consider this legislation to help
highlight, study, and conserve the unique ecology and cultural history
contained in the Great Dismal Swamp for generations to come.
______
By Mr. DURBIN (for himself and Mr. Grassley):
S. 473. A bill to amend the CARES Act to extend the subset for the
definition of a small business debtor, and for other purposes; to the
Committee on the Judiciary.
Mr. DURBIN. Mr. President, I ask unanimous consent that the text of
the bill be printed in the Record.
There being no objection, the text of the bill was ordered to be
printed in the Record, as follows:
S. 473
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``COVID-19 Bankruptcy Relief
Extension Act of 2021''.
SEC. 2. EXTENSIONS.
(a) In General.--Section 1113 of the CARES Act (Public Law
116-136) is amended--
(1) in subsection (a)(5) (11 U.S.C. 1182 note), by striking
``1 year'' and inserting ``2 years''; and
(2) in subsection (b)(2)(B) (11 U.S.C. 101 note), by
striking ``1 year'' and inserting ``2 years''.
(b) Modification of Plan After Confirmation.--
(1) Section 1329(d)(1) of title 11, United States Code, is
amended, in the matter preceding subparagraph (A), by
striking ``this subsection'' and inserting ``the COVID-19
Bankruptcy Relief Extension Act of 2021''.
(2) Section 1113(b)(1)(D)(ii) of the CARES Act (11 U.S.C.
1329 note) is amended by striking ``this Act'' and inserting
``the COVID-19 Bankruptcy Relief Extension Act of 2021''.
(c) Bankruptcy Relief.--Section 1001 of division FF of the
Consolidated Appropriations Act, 2021 (Public Law 116-260) is
amended by striking ``the date that is 1 year after the date
of enactment of this Act'' each place the term appears and
inserting ``March 27, 2022''.
____________________