SPB welcomes FAST P3 changes

Law firm Squire Patton Boggs has backed the new Fixing America’s Surface Transportation Act (FAST) Act and highlighted areas that are likely to boost the US P3 market.

SPB said that the legislation includes several provisions and programs that provide greater opportunities for private sector investment.

As the first long-term transportation Act in 10 years, the five-year reauthorization will now allow states to pursue larger infrastructure projects, the firm’s report said.

Improvements to RRIF, TIFIA and WIFIA legislation housed within the new National Finance Bureau will also allow for greater flexibility in the creation of rail, transportation and water deals.

The report also highlighted the increased role of the federal government in establishing P3 practices across the country, with a key focus on federal funding for the creation of dedicated regional P3 offices.

As previously reported by P3 Bulletin, President Barack Obama signed the new legislation into law at the start of December.