Senator John Thune along with Senator Maggie Hassan of New Hampshire has introduced the Railroad Rehabilitation and Financing Innovation Act. The measure calls for providing dedicated funding for RRIF financing costs, streamlining the application process and extends loan terms. South Dakota Farm Bureau President Scott VanderWal says railroads are an important cog in the Ag economy helping producers get commodities to export customers. He says this bill will shore up the rail system benefitting agriculture.
He says having a streamlined process is necessary in order for railroad infrastructure to be improved and Thune’s legislation helps achieve that.
Under the legislation, the Department of Transportation is required to provide rail applicants with regular updates on the status of their application for credit. The bill also establishes an expedited credit review process for loans meeting certain financial and operational criteria.
