[Congressional Record (Bound Edition), Volume 145 (1999), Part 19]
[Senate]
[Page 27427]
[From the U.S. Government Publishing Office, www.gpo.gov]



                     HIGH SPEED RAIL INVESTMENT ACT

  Mr. KERRY. Mr. President, let me begin by congratulating Senator 
Lautenberg for developing this important piece of legislation that 
recognizes the importance of rail in our overall transportation system 
as we approach the 21st century.
  I am proud to be an original cosponsor of the High Speed Rail 
Investment Act, which will provide Amtrak with much needed resources to 
pay for high speed rail corridors across the country. This legislation 
is crucial for the country, and for my home State of Massachusetts, and 
I am hopeful we can move it quickly through Congress.
  This bill will give Amtrak the authority to sell $10 billion in bonds 
over the next 10 years to finance high speed rail. Instead of interest 
payments, the Federal Government would provide tax credits to 
bondholders. Amtrak would repay the principal on the bonds after 10 
years, however, the payments would come primarily from required state 
matching funds. I know many states will gladly participate in this 
matching program, as their Governors and State legislatures are eager 
to promote high speed rail. Amtrak would be authorized to invest this 
money solely for upgrading existing lines to high speed rail, 
constructing new high speed rail lines, purchasing high speed rail 
equipment, eliminating or improving grade crossings, and for capital 
upgrades to existing high speed rail corridors.
  Let there be no mistake, this country needs to develop a 
comprehensive national transportation policy for the 21st century. So 
far, Congress has failed to address this vital issue. What we have is 
an ad hoc, disjointed policy that focuses on roads and air to the 
detriment of rail. We need to look at all of these modes of 
transportation to alleviate congestion and delays on the ground and in 
the sky and to move people across this country efficiently. Failing to 
do this will hamper economic growth and harm the environment.
  Despite rail's proven safety, efficiency and reliability in Europe 
and Japan, and also in the Northeast corridor here in the United 
States, passenger rail is severely underfunded. We need to include rail 
into the transportation mix. We need more transportation choices and 
this bill helps to provide them.
  In the Northeast corridor, Amtrak is well on its way to implementing 
high speed rail service. The high speed Acela service should start 
running in January. This will be extremely helpful in my home State of 
Massachusetts, where airport and highway congestion often reach 
frustrating levels. The more miles that are traveled on Amtrak, the 
fewer trips taken on crowded highways and skyways.
  But new service in the Northeast corridor is only the beginning. We 
need to establish rail as a primary mode of transportation along with 
air and highways. This bill will help us achieve that goal across the 
country and I am proud to be an original cosponsor of such an important 
piece of legislation.

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