[Congressional Record (Bound Edition), Volume 157 (2011), Part 11]
[Extensions of Remarks]
[Page 15663]
[From the U.S. Government Publishing Office, www.gpo.gov]




INTRODUCTION OF RAILROAD REHABILITATION & IMPROVEMENT FINANCING (RIFF) 
                              LEGISLATION

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                           HON. CORRINE BROWN

                               of florida

                    in the house of representatives

                        Friday, October 14, 2011

  Ms. BROWN of Florida. Mr. Speaker, I am pleased today to introduce 
legislation that makes significant improvements to the Railroad 
Rehabilitation & Improvement Financing Program (RRIF). The RRIF program 
can help railroads, shippers, and states meet their rail infrastructure 
investment needs. But we are not taking full advantage of the program.
  I meet with railroads and others that tell me--time and again--how 
difficult the application process is to navigate; how time consuming it 
is; how expensive and cumbersome it is, how they can't use studies from 
other DOT agencies; and, in the end, many of them tell me: It's just 
not worth it! Well we need to do better.
  The draft Surface Transportation Authorization Act of 2009 made 
significant changes to the RRIF program, which I proposed. The bill 
authorized the Secretary to: (1) reduce the interest to be paid on 
direct loans provided to railroads, State and local governments, and 
eligible entities for the sole purpose of installing positive train 
control (PTC) systems; (2) allow applicants to use private insurance, 
including bond insurance, in lieu of a credit risk premium; and (3) 
allow applicants to pay the credit risk premium over the life of the 
loan. The draft bill also authorized appropriations to assist the 
Secretary in reducing the interest rates for loans used for installing 
PTC.

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