United Airlines Holdings Inc. and American Airlines Group Inc. have finally settled on an $8.5 billion revamp plan for Chicago’s O’Hare International Airport. This agreement comes after a series of disagreements over escalating costs and delays in the project implementation, which was initially announced in 2018. Both airlines, along with the city of Chicago, have
Politics
John Williams, the President of the New York Federal Reserve Bank, recently discussed the timing of federal interest rate cuts at the Milken Institute’s Global conference. Despite the Federal Reserve’s reluctance to cut rates amid persistent high inflation, Williams hinted that rate cuts are inevitable. He emphasized the significance of monitoring various economic indicators to
Hawaii Gov. Josh Green was unsuccessful in his attempts to convince lawmakers to consider important legislation that would have provided support to struggling Hawaii Electric Co. The proposed Senate Bill 2922, introduced by Senate Commerce and Consumer Protection Chair Jarrett Keohokalole, aimed to allow HECO to issue up to $2.5 billion in low-interest bonds. However,
Recently, Oklahoma State Treasurer Todd Russ announced that Barclays has been added to the list of investment banks deemed to be “boycotting” the fossil fuel industry, making them ineligible for state and local government contracts. This decision comes as part of the state’s 2022 Energy Discrimination Elimination Act, which aims to hold companies accountable for
The U.S. Department of Transportation recently made history by announcing its inaugural Transportation Infrastructure Financing and Innovation Act (TIFIA) loan for a transit-oriented development project. This groundbreaking initiative signifies the beginning of a new era in transportation development, as the Build America Bureau under the USDOT aims to revolutionize the way projects are financed. By
President Biden’s recent revision of environmental permitting rules to align with his climate and environmental justice agenda has sparked controversy among construction groups and Republicans. The updated rules aim to streamline the approval process for new infrastructure projects under the National Environmental Policy Act (NEPA). However, concerns have been raised regarding the potential delays and
Transportation Secretary Pete Buttigieg recently appeared before the House Appropriations Subcommittee on Transportation, Housing, and Urban Development to discuss President Biden’s fiscal 2025 transportation request. The $146 billion spending proposal includes funding for critical infrastructure projects, such as roads, bridges, and rail systems. One key priority outlined by Buttigieg is the need to prevent collapses
Shreveport, Louisiana, recently saw a significant victory as voters approved $256 million of general obligation bonds to invest in critical infrastructure projects. This approval includes $125 million for streets and drainage, $82 million for water and sewer, and $49 million for police and fire infrastructure. Overwhelming Support from the Community The citizens of Shreveport showed
Tribal governments have long been at a disadvantage when it comes to accessing tax-exempt bonds compared to state and local governments. The essential government function test, also known as Section 7871, has been a major barrier preventing tribes from issuing tax-exempt bonds for a wide range of projects. This limitation puts tribes at a significant
The water and wastewater infrastructure in the United States have been a growing concern in recent years. Despite the significant federal funding allocated in the 2021 Infrastructure Investment and Jobs Act, a large portion of it remains undistributed. With approximately 94% of the $55 billion earmarked for water and wastewater needs yet to be disbursed,