Representatives from the Surety & Fidelity Association of America (SFAA) and the National Association of Surety Bond Producers (NASBP) recently conducted a comprehensive Legislative Fly-In, engaging with congressional members to underscore the importance of surety bonds in national infrastructure development. During their Capitol Hill meetings, surety professionals emphasized the significant economic benefits of surety bonding, leveraging data from an Ernst & Young study. The delegation focused on advancing the bipartisan Water Infrastructure Subcontractor and Taxpayer Protection Act, which aims to strengthen bonding requirements for water infrastructure projects, including public-private partnerships.
The legislative initiative was supported by a bipartisan group of lawmakers, including Senators Mark Kelly and Kevin Cramer, and Representatives Mike Bost and Chris Pappas. Industry leaders held over 135 meetings with policymakers, highlighting how surety bonds protect taxpayer investments, ensure project completion, and support economic growth. SFAA President and CEO Ryan Work characterized the engagement as a critical component of the organization's advocacy mission. Similarly, NASBP CEO Mark McCallum stressed the importance of educating Congress about surety's role in infrastructure development.
The industry's discussions extended beyond water infrastructure, covering critical areas such as the Broadband Equity, Access, and Deployment (BEAD) program and ongoing public-private partnership projects. The event also featured insights from former Congressman and U.S. Transportation Secretary Ray LaHood and a panel discussion with Jack Ruddy, Majority Staff Director of the House Transportation & Infrastructure Committee. By advocating for comprehensive bonding requirements, the surety industry seeks to provide additional financial safeguards for complex infrastructure projects, ultimately protecting taxpayers and ensuring the successful completion of critical national development initiatives.
