News Release: Statement on House Infrastructure Framework by Lee Covington
Thursday, January 30, 2020
FOR IMMEDIATE RELEASE
Contact: Dalton DeFendis, Director of Federal Government Affairs
Phone: (202) 778-3639
Statement on House Infrastructure Framework by Lee Covington, President & CEO of The Surety & Fidelity Association of America
JANUARY 30, 2020, WASHINGTON, D.C.— The surety bond industry commends Speaker Pelosi, Chairman DeFazio and Ranking Member Graves on their respective announcements to pursue broad infrastructure reform in 2020. The House framework contemplating $760 billion to fund infrastructure investments over the next five years is an important step towards passing legislation to address America’s critical infrastructure needs. Improving our nation’s infrastructure remains a clear point of bipartisan consensus in Washington, and therefore, we urge Congress to pass an infrastructure bill this year.
The surety bond industry, which has provided approximately $2.7 trillion of protection for public construction projects over the past decade, looks forward to working with Congress to advance a bipartisan infrastructure package that maintains the historic surety bonding protections for taxpayer funding and small business subcontractors and workers tasked with rebuilding America’s infrastructure.
The Surety & Fidelity Association of America (SFAA) is a trade association of more than 425 insurance companies that write 98 percent of surety and fidelity bonds in the U.S. SFAA is licensed as a rating or advisory organization in all states and it has been designated by state insurance departments as a statistical agent for the reporting of fidelity and surety experience.
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