H.R. 4059: Small Projects Expedited Execution and Delivery Act

The bill titled the "Small Projects Expedited Execution and Delivery Act" (or "SPEED Act") aims to modify certain provisions related to federal assistance for smaller projects. Specifically, it focuses on enhancing the efficiency and speed at which these projects can be executed by adjusting the financial thresholds that qualify for a categorical exclusion under existing law.

Key Changes Proposed

• Increased Financial Limits: The bill proposes to increase the monetary thresholds for projects that can receive a categorical exclusion from federal review, effectively speeding up the process for many projects. The changes include:
• Raising the limit for projects qualifying for categorical exclusions from $6,000,000 to $12,000,000.
• Raising the cap for projects involving limited federal assistance from $35,000,000 to $70,000,000.
• Categorical Exclusion: A categorical exclusion allows certain projects to bypass lengthy environmental review processes, thus facilitating quicker project initiation and completion.

Implications

This bill is designed to streamline the execution of smaller projects that involve federal funding, creating opportunities for faster development and potentially reducing bureaucratic delays. It intends to help local governments and entities manage smaller infrastructure improvements, urban developments, or similar projects with federal involvement more efficiently.

Relevant Companies

• None found