2015: Schweikert Voted Against Reauthorizing Federal-Aid Highway And Transit Programs For Five Years. In December 2015, Schweikert voted against reauthorizing surface transportation for five years. According to Congressional Quarterly, the conference report would have "reauthorize[d] federal-aid highway and transit programs for five years, through fiscal 2020, at increased levels. It also would reauthorize Amtrak for five years, create a new grant program for nationally significant freight and highway projects, [and] convert the Surface Transportation Program into a block grant program." The legislation also renewed the Export-Import Bank and was partially offset through sale of oil from the Strategic Oil Reserve. The vote was on the conference report. The House approved the legislation by a vote of 359 to 65. The Senate later passed the legislation and the president later signed the legislation. [House Vote 673, 12/3/15; Congressional Quarterly, 12/3/15; Congressional Quarterly, 12/3/15; Congressional Actions, H.R. 22]
The Legislation Authorized Funding At An Increased Level. According to Congressional Quarterly, "This Conference Summary reauthorizes federal-aid highway and transit programs for five years, through FY 2020, at increased levels over the current baseline --- providing a total of $305 billion over that time frame, according to the Transportation and Infrastructure Committee. Within that total, $281 billion is contract authority spending that would be released from the Highway Trust Fund and $24 billion is discretionary authorizations subject to appropriations. [...] The agreement sets overall obligation limits from the Highway Trust Fund for federal highway programs, rising from $42 billion in FY 2016 to $46 billion for FY 2020." [Congressional Quarterly, 12/3/15]
Legislation Converts Federal Transportation Funding Into A Block Grant. According to Congressional Quarterly, "Among other things, it converts the federal-aid Surface Transportation Program into a block grant program to allow states and municipalities to determine how the funds should be spent in a manner that most benefits them, and it requires that a larger share of its funding go to more populated areas." [Congressional Quarterly, 12/3/15]
Measure Is Paid For In Part By A $70 Billion Transfer From The General Fund. According to Congressional Quarterly, "The measure transfers $70 billion from the general fund of the Treasury, as well as $300 million from the LUST Trust Fund, to cover projected shortfalls in the Highway Trust Fund through FY 2020, and it includes offsets to entirely cover the cost of that transfer." [Congressional Quarterly, 12/3/15]
Measure Is Paid For In Part By Limiting The Federal Reserve Surplus Fund, Reduces The Federal Reserve Dividend Fund, Requires Sale From The Strategic Petroleum Reserve And Increasing Truck-Bus Safety Penalties. According to Congressional Quarterly, " Limit the size of the Federal Reserve Surplus Fund to $10 billion. Any amounts exceeding this cap would be remitted to the Treasury ($53.3 billion in 10-year savings through increased revenue, according to CBO) [...] Reduces the 6% fixed dividend rate paid to larger banks (those with over $10 billion in consolidated assets) that are members of the Federal Reserve System. Banks above that asset level would be subject to the smaller of the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of a dividend, or 6% ($6.9 billion in savings through increased revenue) [...] Require the sale of oil from the Strategic Petroleum Reserve (SPR) in 2016 and 2017 and again in 2023 through 2025. [...] Increase motor vehicle safety penalties to $21,000 per violation per day (from $5,000 per violation per day), with an increased maximum penalty of $105,000 (from a $35,000 maximum)." [Congressional Quarterly, 12/3/15]
Measure Does Not Increase the Gasoline Tax. According to the Associated Press, "A big shortcoming in the bill, though, is how it's all financed. The main source of revenue for transportation is the trust fund, which comes mostly from the 18.4-cents-a-gallon gasoline tax. That tax hasn't been raised since 1993 even though transportation spending has increased. But raising the gas tax is viewed by many lawmakers as too politically risky." [Associated Press Via Washington Post, 12/4/15]
Measure Was The First Long Term Transportation Bill In Over A Decade. According to The Atlantic, "The five-year infrastructure bill is the longest reauthorization of federal transportation programs that Congress has approved in more than a decade, ending an era of stopgap bills and half-measures that left the Highway Trust Fund nearly broke and frustrated local governments and business groups." [The Atlantic, 12/4/15]