Obama signs highway bill

President Barack Obama has signed into law the $305bn Fixing America’s Surface Transportation Act (FAST) Act.

The White House has rubber-stamped the new highway bill, which will replace the MAP-21 legislation that expired at midnight last Friday.

The passing of the bill is the first long-term national transportation spending legislation in a decade and follows a series of temporary extensions, which had frustrated the P3 and wider infrastructure markets.

"This bill is not perfect, but it is a commonsense compromise, and an important first step in the right direction," Obama said.

"I look forward to signing this bill right away, so that we can put Americans to work rebuilding our crumbling roads, bridges, and transit systems, reauthorize the Export-Import Bank that helps our companies compete around the world, and give local and state governments and employers the certainty they need to invest and hire for the long term.”

Last week the proposals were overwhelmingly approved by both the House and the Senate. Under the new legislation, a series of provisions to boost P3s and private investment have been agreed, including a redefined role of TIFIA and a federal support for state P3 projects.

More information on the FAST Act will be discussed at the P3 Hub East event, held today in Washington DC.