On May 31, the House of Representatives passed the AGC of America-backed debt limit agreement legislation entitled the Fiscal Responsibility Act of 2023 (FRA). The U.S. Senate is expected to pass it shortly and President Biden to sign it into law thereafter.
The FRA includes the most impactful federal environmental review and permitting reforms in over 40 years, helps address the industry’s workforce shortages, and averts a catastrophic national credit default until at least 2025, among other things. For a detailed breakdown on the impacts of this legislation on the construction industry, CLICK HERE. AGC will provide updates to this document and more information on this important legislation soon.