The Surety & Fidelity Association of America (SFAA) and the National Association of Surety Bond Producers (NASBP) led a coordinated advocacy effort on Capitol Hill, conducting over 135 meetings with policymakers to underscore the importance of surety bonding in infrastructure projects.
Industry leaders focused on promoting the bipartisan Water Infrastructure Subcontractor and Taxpayer Protection Act, which would mandate bonding requirements for water infrastructure projects, including public-private partnerships. The proposed legislation, introduced by a bipartisan group of senators and representatives, aims to strengthen financial protections for large-scale infrastructure initiatives.
During their meetings, surety professionals presented data from an Ernst & Young study highlighting the economic benefits of surety bonds. The study demonstrates that these financial instruments not only safeguard taxpayer dollars but also ensure project completion, protect subcontractors and workers, and contribute to economic growth.
SFAA President Ryan Work emphasized the critical nature of engaging with federal policymakers to communicate the essential role of surety bonds in public infrastructure projects. Similarly, NASBP CEO Mark McCallum stressed the importance of educating Congress about surety's benefits and its role in protecting national infrastructure investments.
The industry's advocacy extended beyond water infrastructure, with discussions covering bonding requirements for various federal programs, including the Broadband Equity, Access, and Deployment (BEAD) program and ongoing public-private partnership projects.
The legislative outreach included a special event featuring insights from former Congressman and U.S. Transportation Secretary Ray LaHood and a panel discussion with the U.S. House of Representatives Transportation & Infrastructure Committee's Majority Staff Director.
This coordinated effort demonstrates the surety industry's commitment to protecting public investments and ensuring the successful completion of critical national infrastructure projects.
