“We did something that’s long overdue, that long has been talked about in Washington but never actually been done.”
– President Joe Biden
President Biden has signed into law a $1.2 trillion infrastructure bill, following the recent passage by the House of Representatives.
The bill is intended to replace, repair and provide new investments in infrastructure around the country. The 2,702-page bill includes significant funding toward roads and bridges. In addition, the bill includes funds for repairs and improvements to public transit, high-speed rail, airports, electric vehicles, broadband internet, rivers and lakes, and water systems.
The bill was initially passed in the Senate back in August, with the House of Representatives just passing the bill in earlier November. Over the last few months of negotiations, the bill’s total spending amount was significantly reduced. Regardless of these cuts, this spending bill is one of the largest infrastructure packages in United States history, and it is expected to have a significant economic impact.
This bill is just one of a few major legislative initiatives advanced by Biden. Other major legislation includes the Build Back Better Act, which includes funds for various initiatives not included in this infrastructure bill.
As this bill is now officially law, the economic impacts are sure to affect organizations in a wide array of industries. We will keep you apprised as we learn more about how this will impact employers and insurers.