Fixing America's Surface Transportation Act
The Fixing America's Surface Transportation Act or the 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 the following day.[1][2] The vote was 359–65 in the House of Representatives and 83–16 in the United States Senate.[1][3]
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| Long title | An act to authorize funds for Federal-aid highways, highway safety programs, and transit programs, and for other purposes |
|---|---|
| Acronyms (colloquial) | FAST Act |
| Enacted by | the 114th United States Congress |
| Effective | December 4, 2015 |
| Citations | |
| Public law | Pub. L.Tooltip Public Law (United States) 114–94 (text) (PDF) |
| Statutes at Large | 129 Stat. 1312 |
| Codification | |
| Acts amended | Securities Act of 1933 |
| Titles amended | 23 U.S.C.: Highways |
| Legislative history | |
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History
The bill was introduced to the House by Rodney Davis (R‑IL) as the "Hire More Heroes Act of 2015" on January 6, 2015. 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]
Transportation provisions
The Act requires a reanalysis of the costs and benefits of electronically controlled pneumatic brakes.
Unrelated provisions
- 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
- Laing, Keith; Carney, Jordain (December 3, 2015). "Senate sends $305B highway bill to Obama". The Hill. Retrieved December 4, 2015.
- 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. National Academies of Sciences, Engineering, and Medicine. December 6, 2018.
- "Highway bill has some farm help too". Farm Futures. December 4, 2015. Retrieved December 4, 2015.
- 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
- Fixing America’s Surface Transportation Act as amended (PDF/details) in the GPO Statute Compilations collection
- Fixing America’s Surface Transportation Act as enacted (PDF) in the US Statutes at Large
