H.R.3035 - Restoring WIFIA Eligibility Act (119th Congress)
Summary
H.R. 3035, the Restoring WIFIA Eligibility Act, aims to amend the Water Infrastructure Finance and Innovation Act (WIFIA) of 2014. The amendment focuses on the budgetary treatment of financial assistance provided under WIFIA. Specifically, it addresses how certain amounts of financial assistance are handled for budgetary purposes under the Federal Credit Reform Act of 1990.
Expected Effects
The bill intends to change the budgetary treatment of WIFIA financial assistance when the recipient is not a federal entity and the repayment sources are non-federal. This would classify such assistance as non-federal and treat it as a direct loan or loan guarantee. This change could make it easier for non-federal entities to access WIFIA funding for water infrastructure projects.
Potential Benefits
- Increased access to funding for local and state water infrastructure projects.
- Reduced burden on federal budget by classifying certain financial assistance as non-federal.
- Potential for more efficient allocation of resources for water infrastructure improvements.
- Encourages private investment in public water systems.
- Could lead to improved water quality and infrastructure resilience.
Potential Disadvantages
- Potential for increased risk to taxpayers if non-federal revenue sources are insufficient to repay the loans.
- May shift financial burden from the federal government to state and local entities.
- Possible inconsistencies in budgetary treatment across different federal programs.
- Could incentivize less stringent oversight of non-federal projects.
- Potential for unintended consequences related to the interpretation of "non-Federal revenue sources."
Constitutional Alignment
The bill appears to align with the Constitution, particularly Article I, Section 8, which grants Congress the power to provide for the general welfare and regulate commerce. By facilitating investment in water infrastructure, the bill can be argued to promote the general welfare. The bill does not appear to infringe on any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).