Fixing America's Surface Transportation Act: Difference between revisions
Content deleted Content added
David Gerard (talk | contribs) rm forbes contributor blog, not an RS on Wikipedia |
m date formats per MOS:DATEFORMAT by script; expand cites; and infobox, General formatting by script |
||
| Line 1: | Line 1: | ||
{{Use mdy dates|date=August 2021}} |
|||
{{Infobox U.S. legislation |
{{Infobox U.S. legislation |
||
| name = Fixing America's Surface Transportation Act |
| name = Fixing America's Surface Transportation Act |
||
| Line 24: | Line 25: | ||
| cite public law = {{USPL|114|94}} |
| cite public law = {{USPL|114|94}} |
||
| cite statutes at large = |
| cite statutes at large = |
||
| acts amended = |
| acts amended = [[Securities Act of 1933]] |
||
| acts repealed = |
| acts repealed = |
||
| title amended = |
| title amended = |
||
| Line 34: | Line 35: | ||
| introducedby = [[Rodney Davis (politician)|Rodney Davis]] ([[Republican Party (United States)|R]]–[[Illinois|IL]]) |
| introducedby = [[Rodney Davis (politician)|Rodney Davis]] ([[Republican Party (United States)|R]]–[[Illinois|IL]]) |
||
| introduceddate = January 6, 2015 |
| introduceddate = January 6, 2015 |
||
| committees = |
| committees = |
||
| passedbody1 = House |
| passedbody1 = House |
||
| passeddate1 = December 3, 2015 |
| passeddate1 = December 3, 2015 |
||
| Line 54: | Line 55: | ||
}} |
}} |
||
The '''Fixing America's Surface Transportation (FAST) Act''' is a funding and authorization bill to govern [[United States]] federal surface transportation spending. It was passed by Congress on December 3, 2015, and President [[Barack Obama]] signed it on December 4.<ref name="TheHill">{{cite news |last1=Laing |first1=Keith |last2=Carney |first2=Jordain |date=December 3, 2015 |title=Senate sends $305B highway bill to Obama |url=http://thehill.com/policy/finance/262049-senate-sends-highway-bill-to-obama |work=[[The Hill (newspaper)|The Hill]] |accessdate=December 4, 2015}}</ref><ref name="TheHill2">{{cite news |last=Laing |first=Keith |date=December 4, 2015 |title=Obama signs $305B highway bill |url=http://thehill.com/policy/finance/262171-obama-signs-305b-highway-bill |work=The Hill |accessdate=December 4, 2015}}</ref> The vote was 359–65 in the House of Representatives and 83–16 in the United States Senate.<ref name="TheHill"/><ref>{{cite book |last1=Frittelli |first1=John |title=Federal Freight Policy: In Brief |date=December 14, 2018 |publisher=Congressional Research Service |location=Washington, DC |url=https://fas.org/sgp/crs/misc/R44367.pdf |accessdate= |
The '''Fixing America's Surface Transportation (FAST) Act''' is a funding and authorization bill to govern [[United States]] federal surface transportation spending. It was passed by Congress on December 3, 2015, and President [[Barack Obama]] signed it on December 4.<ref name="TheHill">{{cite news |last1=Laing |first1=Keith |last2=Carney |first2=Jordain |date=December 3, 2015 |title=Senate sends $305B highway bill to Obama |url=http://thehill.com/policy/finance/262049-senate-sends-highway-bill-to-obama |work=[[The Hill (newspaper)|The Hill]] |accessdate=December 4, 2015}}</ref><ref name="TheHill2">{{cite news |last=Laing |first=Keith |date=December 4, 2015 |title=Obama signs $305B highway bill |url=http://thehill.com/policy/finance/262171-obama-signs-305b-highway-bill |work=The Hill |accessdate=December 4, 2015}}</ref> The vote was 359–65 in the House of Representatives and 83–16 in the United States Senate.<ref name="TheHill"/><ref>{{cite book |last1=Frittelli |first1=John |title=Federal Freight Policy: In Brief |date=December 14, 2018 |publisher=Congressional Research Service |location=Washington, DC |url=https://fas.org/sgp/crs/misc/R44367.pdf |accessdate=December 22, 2018}}</ref> |
||
The $305 |
The $305 billion, five-year bill is funded without increasing transportation [[user fee]]s.<ref>{{cite web |url=http://usa.streetsblog.org/2015/12/02/5-year-300-billion-fast-act-will-extend-transpo-policy-status-quo-to-2020/ |title=5-Year, $300 Billion "FAST Act" Will Extend Transpo Policy Status Quo to 2020 |website=Streetsblog USA |date=December 2, 2015 |access-date=August 25, 2021}}</ref> (The federal [[fuel tax|gas tax]] was last raised in 1993.<ref>{{cite web |url=http://www.fhwa.dot.gov/infrastructure/gastax.cfm |title=When did the Federal Government begin collecting the gas tax? - Ask the Rambler - Highway History |agency=Federal Highway Administration |access-date=August 25, 2021}}</ref>) Instead, funds were generated through changes to passport rules, [[Federal Reserve Bank]] dividends, and privatized tax collection.<ref name="TheHill"/> |
||
In Section 6021, Congress asked the [[Transportation Research Board]] to conduct a study of the actions needed to upgrade and restore the Interstate Highway System to fulfill its role as a crucial national asset, serving the needs of people, cities and towns, businesses, and the military while remaining the safest highway network in the country. The subsequent 2019 report, "Renewing the National Commitment to the Interstate Highway System: A Foundation for the Future," |
In Section 6021, Congress asked the [[Transportation Research Board]] (TRB) to conduct a study of the actions needed to upgrade and restore the [[Interstate Highway System]] to fulfill its role as a crucial national asset, serving the needs of people, cities and towns, businesses, and the military while remaining the safest highway network in the country. The subsequent 2019 report, "Renewing the National Commitment to the Interstate Highway System: A Foundation for the Future," recommended actions Congress could take.<ref>{{Cite book |agency=National Academies of Sciences, Engineering, and Medicine |url=https://www.nap.edu/catalog/25334/renewing-the-national-commitment-to-the-interstate-highway-system-a-foundation-for-the-future |title=Renewing the National Commitment to the Interstate Highway System: A Foundation for the Future |date=December 6, 2018 |language=en}}</ref> |
||
==Unrelated provisions== |
==Unrelated provisions== |
||
| Line 64: | Line 65: | ||
* This law authorizes the [[Export–Import Bank of the United States]] through 2019.<ref name="TheHill2"/> |
* This law authorizes the [[Export–Import Bank of the United States]] through 2019.<ref name="TheHill2"/> |
||
* New [[crop insurance]] funding is approved.<ref>{{cite news |date=December 4, 2015 |title=Highway bill has some farm help too |url=http://farmfutures.com/story-highway-bill-has-farm-help-too-0-134876 |work=Farm Futures |accessdate=December 4, 2015 }}{{Dead link|date=December 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> |
* New [[crop insurance]] funding is approved.<ref>{{cite news |date=December 4, 2015 |title=Highway bill has some farm help too |url=http://farmfutures.com/story-highway-bill-has-farm-help-too-0-134876 |work=Farm Futures |accessdate=December 4, 2015 }}{{Dead link|date=December 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> |
||
* [[Emigrant Savings Bank]] would have been exempted from certain provisions of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]].<ref>{{cite news |last=Carter |first=Zach |date=December 1, 2015 |title=Congress Is About To Hand This Bank A Ridiculous Gift |url=http://www.huffingtonpost.com/entry/emigrant-savings-bank-highway-bill_565e1967e4b072e9d1c3d10a |work=[[The Huffington Post]] |accessdate=December 4, 2015}}</ref> This was not included in the final bill that was passed into law.<ref>{{cite web |url=https://www.govinfo.gov/content/pkg/PLAW-114publ94/html/PLAW-114publ94.htm |website= |
* [[Emigrant Savings Bank]] would have been exempted from certain provisions of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]].<ref>{{cite news |last=Carter |first=Zach |date=December 1, 2015 |title=Congress Is About To Hand This Bank A Ridiculous Gift |url=http://www.huffingtonpost.com/entry/emigrant-savings-bank-highway-bill_565e1967e4b072e9d1c3d10a |work=[[The Huffington Post]] |accessdate=December 4, 2015}}</ref> This was not included in the final bill that was passed into law.<ref>{{cite web |url=https://www.govinfo.gov/content/pkg/PLAW-114publ94/html/PLAW-114publ94.htm |website=govinfo |title=114th Congress Public Law 94 |accessdate=August 25, 2021 |publisher=U.S. Government Publishing Office}}</ref> |
||
* The Act also includes several revisions to federal securities law, including Section 76001 of the Act. This provision creates a new Section 4(a)(7) of the [[Securities Act of 1933]], a new exemption from registration under that act intended to facilitate secondary trading of private company securities among accredited investors. By doing so, Congress and the President hoped to support smaller, nonpublic companies with their capital raising efforts by providing more liquidity for their securities, with reduced regulatory burdens.<ref>{{cite journal|author1=David Lynn|author2=Anna Pinedo|title=FAST Forward: A Summary of the Securities Law Provisions of the FAST Act (client alert)|journal=MOFO Jumpstarter|date=December 7, 2015|url=http://www.mofo.com/~/media/Files/ClientAlert/2015/12/151207FastForwardSecurities.pdf|accessdate= |
* The Act also includes several revisions to federal securities law, including Section 76001 of the Act. This provision creates a new Section 4(a)(7) of the [[Securities Act of 1933]], a new exemption from registration under that act intended to facilitate secondary trading of private company securities among accredited investors. By doing so, Congress and the President hoped to support smaller, nonpublic companies with their capital raising efforts by providing more liquidity for their securities, with reduced regulatory burdens.<ref>{{cite journal|author1=David Lynn|author2=Anna Pinedo|title=FAST Forward: A Summary of the Securities Law Provisions of the FAST Act (client alert)|journal=MOFO Jumpstarter|date=December 7, 2015|url=http://www.mofo.com/~/media/Files/ClientAlert/2015/12/151207FastForwardSecurities.pdf|accessdate=January 21, 2016|publisher=Morrison Foerster}}</ref><ref>{{cite web|last1=SecondMarket|title=Secondary Trading Markets|url=https://www.sec.gov/info/smallbus/acsec/slides-acsec-meeting-030415-secondary-trading-tierney.pdf|website=Securities and Exchange Commission|accessdate=January 21, 2016}}</ref> |
||
==References== |
==References== |
||
Revision as of 18:29, 25 August 2021
.svg) | |
| Other short titles |
|
|---|---|
| Long title | An Act to authorize funds for Federal-aid highways, highway safety programs, and transit programs, and for other purposes |
| Nicknames | FAST Act |
| Enacted by | the 114th United States Congress |
| Effective | December 4, 2015 |
| Citations | |
| Public law | Pub. L. 114–94 (text) (PDF) |
| Codification | |
| Acts amended | Securities Act of 1933 |
| Legislative history | |
| |
The Fixing America's Surface Transportation (FAST) Act is a funding and authorization bill to govern United States federal surface transportation spending. It was passed by Congress on December 3, 2015, and President Barack Obama signed it on December 4.[1][2] The vote was 359–65 in the House of Representatives and 83–16 in the United States Senate.[1][3]
The $305 billion, five-year bill is funded without increasing transportation user fees.[4] (The federal gas tax was last raised in 1993.[5]) Instead, funds were generated through changes to passport rules, Federal Reserve Bank dividends, and privatized tax collection.[1]
In Section 6021, Congress asked the Transportation Research Board (TRB) to conduct a study of the actions needed to upgrade and restore the Interstate Highway System to fulfill its role as a crucial national asset, serving the needs of people, cities and towns, businesses, and the military while remaining the safest highway network in the country. The subsequent 2019 report, "Renewing the National Commitment to the Interstate Highway System: A Foundation for the Future," recommended actions Congress could take.[6]
- This law authorizes the Export–Import Bank of the United States through 2019.[2]
- New crop insurance funding is approved.[7]
- Emigrant Savings Bank would have been exempted from certain provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act.[8] This was not included in the final bill that was passed into law.[9]
- The Act also includes several revisions to federal securities law, including Section 76001 of the Act. This provision creates a new Section 4(a)(7) of the Securities Act of 1933, a new exemption from registration under that act intended to facilitate secondary trading of private company securities among accredited investors. By doing so, Congress and the President hoped to support smaller, nonpublic companies with their capital raising efforts by providing more liquidity for their securities, with reduced regulatory burdens.[10][11]
References
- ^ a b c Laing, Keith; Carney, Jordain (December 3, 2015). "Senate sends $305B highway bill to Obama". The Hill. Retrieved December 4, 2015.
- ^ a b Laing, Keith (December 4, 2015). "Obama signs $305B highway bill". The Hill. Retrieved December 4, 2015.
- ^ Frittelli, John (December 14, 2018). Federal Freight Policy: In Brief (PDF). Washington, DC: Congressional Research Service. Retrieved December 22, 2018.
- ^ "5-Year, $300 Billion "FAST Act" Will Extend Transpo Policy Status Quo to 2020". Streetsblog USA. December 2, 2015. Retrieved August 25, 2021.
- ^ "When did the Federal Government begin collecting the gas tax? - Ask the Rambler - Highway History". Federal Highway Administration. Retrieved August 25, 2021.
- ^ Renewing the National Commitment to the Interstate Highway System: A Foundation for the Future. December 6, 2018.
{{cite book}}: Unknown parameter|agency=ignored (help) - ^ "Highway bill has some farm help too". Farm Futures. December 4, 2015. Retrieved December 4, 2015.[permanent dead link]
- ^ Carter, Zach (December 1, 2015). "Congress Is About To Hand This Bank A Ridiculous Gift". The Huffington Post. Retrieved December 4, 2015.
- ^ "114th Congress Public Law 94". govinfo. U.S. Government Publishing Office. Retrieved August 25, 2021.
- ^ David Lynn; Anna Pinedo (December 7, 2015). "FAST Forward: A Summary of the Securities Law Provisions of the FAST Act (client alert)" (PDF). MOFO Jumpstarter. Morrison Foerster. Retrieved January 21, 2016.
- ^ SecondMarket. "Secondary Trading Markets" (PDF). Securities and Exchange Commission. Retrieved January 21, 2016.
External links
 | This United States federal legislation article is a stub. You can help Wikipedia by expanding it. |