Passenger Rail Legislation

Floor Speech

Mr. BOOKER. Mr. President, the tragic Amtrak derailment last month shined a light on the critical need to have a strong, safe passenger rail system for the millions of passengers traveling on our rails. My heart goes out to the families and individuals impacted by the tragedy and I hope we never see anything like it again.

Last week I joined my colleague, Senator WICKER in introducing the Railroad Reform, Enhancement, and Efficiency Act, comprehensive passenger rail legislation that boosts our infrastructure and implements needed reforms. Most importantly, it improves safety on our Nation's railways. This 4-year authorization is a step forward in providing the stability Amtrak needs to be successful and serve the consumers who rely on it.

Across every mode of transportation, America needs critical investment. Nowhere is the investment crisis more pronounced than in New Jersey. The century-old tunnels that run under the Hudson River between New Jersey and New York are reaching a breaking point. We must act with urgency to find State and local partners to replace this critical infrastructure. New Jersey is also home to the Portal Bridge, which is in need of replacement in order to prevent delays and closures that slow our economy. It has been estimated that the loss of the Northeast Corridor could cost the country $100 million per day; a devastating impact that we cannot afford. The costs for these projects are significant, which is why we must find new ways to help advance them.

Our legislation is a game changer for large-scale rail projects. The bill helps unlock and leverage innovative financing opportunities by improving the Railroad Rehabilitation and Improvement Financing Program, or RRIF. Our legislation will establish new creditworthiness criteria focused on the merits of the project, increase repayment flexibility, help leverage private financing opportunities, and speed up the process of applying for and receiving a loan--all of which can help advance projects like the Gateway Project along the Northeast Corridor. As China and other countries invest tens of billions for rail infrastructure, we must do more than maintain the status quo. Our bill's financing provisions enable us to take every possible advantage to improve our rail capacity and infrastructure.

Our legislation also includes strong safety provisions to protect passengers and workers. Positive train control, or PTC, was cited as a technology that could have prevented the tragic derailment last month and our legislation will advance deployment of PTC by authorizing grants and prioritizing loan applications to support implementation. Additionally, the legislation will improve safety by requiring action on priorities like grade crossings and enforcing speed limits, as well as worker protections, among various other provisions.

It is important to note that a strong authorization of funding for passenger rail is only the start. Investing in the future of America's rail network will also require dedicated and multi-year streams of revenue to support the funding authorized in this bill. I am committed to working with my colleagues on the Finance Committee to make that a reality.

The Railroad Reform, Enhancement, and Efficiency Act is important for our global competitiveness and a forward step in promoting investment in our infrastructure. I thank the committee leadership and Senator Wicker for their support and work on this important legislation that will improve the lives of New Jerseyans and individuals across the country I urge my colleagues to support it.

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