Surety Industry Advocates for Stronger Bonding Requirements in National Infrastructure Development

The Surety & Fidelity Association of America (SFAA) and the National Association of Surety Bond Producers (NASBP) recently took a significant step in advocating for the surety industry's role in national infrastructure development. Through a Legislative Fly-In, representatives from these organizations met with congressional members to emphasize the economic and protective benefits of surety bonds. Their efforts were centered around the bipartisan Water Infrastructure Subcontractor and Taxpayer Protection Act, which seeks to enhance bonding requirements for water infrastructure projects, including those involving public-private partnerships.

During over 135 meetings with policymakers, the delegation leveraged data from an Ernst & Young study to illustrate how surety bonds safeguard taxpayer investments, guarantee project completion, and foster economic growth. The initiative garnered support from a bipartisan group of lawmakers, including Senators Mark Kelly and Kevin Cramer, and Representatives Mike Bost and Chris Pappas. SFAA President and CEO Ryan Work and NASBP CEO Mark McCallum both highlighted the importance of these discussions in advancing the surety industry's advocacy mission and educating Congress on the critical role of surety in infrastructure development.

The discussions also ventured into other vital areas such as the Broadband Equity, Access, and Deployment (BEAD) program and various public-private partnership projects. The event was further enriched by insights from former Congressman and U.S. Transportation Secretary Ray LaHood and a panel discussion featuring Jack Ruddy, Majority Staff Director of the House Transportation & Infrastructure Committee. By pushing for comprehensive bonding requirements, the surety industry aims to introduce additional financial safeguards for complex infrastructure projects, ensuring the protection of taxpayers and the successful realization of essential national development initiatives.