Industry representatives from the Surety & Fidelity Association of America (SFAA) and the National Association of Surety Bond Producers (NASBP) conducted a comprehensive legislative advocacy effort, engaging with over 135 congressional members and staff to underscore the importance of surety bonds in infrastructure development.
The industry's coordinated effort centered on supporting the bipartisan Water Infrastructure Subcontractor and Taxpayer Protection Act, which aims to strengthen bonding requirements for water infrastructure projects, including public-private partnerships. Senators Mark Kelly and Kevin Cramer, along with Representatives Mike Bost and Chris Pappas, introduced the legislation to enhance financial safeguards for critical infrastructure initiatives.
Drawing from an Ernst & Young study, surety professionals presented compelling evidence demonstrating the economic benefits of surety bonds. The data highlighted how these financial instruments protect taxpayer investments, ensure project completion, and support subcontractors, suppliers, and workers while driving economic growth.
SFAA President and CEO Ryan Work emphasized the critical nature of engaging federal policymakers to communicate the essential role of surety bonds in public infrastructure projects. NASBP CEO Mark McCallum reinforced this message, stressing the importance of educating each new Congress about surety's protective mechanisms.
The advocacy efforts extended beyond water infrastructure, encompassing discussions about bonding requirements for the Broadband Equity, Access, and Deployment (BEAD) program and other national infrastructure initiatives. The industry leaders also hosted a special event featuring insights from former Congressman and U.S. Transportation Secretary Ray LaHood and a panel discussion with the U.S. House Representatives Transportation & Infrastructure Committee's Majority Staff Director.
By proactively engaging with congressional representatives, the surety industry seeks to demonstrate its commitment to financial transparency, risk mitigation, and taxpayer protection. The legislative fly-in represents a strategic approach to ensuring that infrastructure projects receive robust financial oversight and protection, ultimately safeguarding public investments and promoting economic stability.
