Close Menu
Fund Focus News
    Facebook X (Twitter) Instagram
    Trending
    • Same mutual fund, same SIP, same 10 years—but one investor earned Rs 3 lakh more. Here’s why – Mutual Funds News
    • Bitcoin and Ethereum ETFs Draw Fresh Capital as Institutional Demand Returns
    • Best Small Cap Mutual Funds: Top 5 schemes that delivered up to 26.71% returns in one year
    • Edelweiss MFopens Nifty REITs & Realty Index Fund; JioBlackRock Floats Nifty 50 ETF. Which one should you choose?
    • A Guide To Investing in AI-Focused ETFs
    • Commercial property: Stability sells | Law Gazette
    • 3 Funds That Focus on Wide-Moat Stocks
    • Galaxy Bitcoin ETF Returns to Inflows Amid Coldcard Hack
    Facebook X (Twitter) Instagram
    Fund Focus News
    • Home
    • Bonds
    • ETFs
    • Funds
    • Investments
    • Mutual Funds
    • Property Investments
    • SIP
    Fund Focus News
    Home»Funds»‘Frankenrail’ bill would ban federal funds for California’s high-speed train
    Funds

    ‘Frankenrail’ bill would ban federal funds for California’s high-speed train

    August 12, 2024


    California Republican Rep. Mike Garcia last week unveiled a bill that would block federal funds for the state’s controversial high-speed rail project.

    “After 15 years and billions of your hard-earned tax dollars spent, California’s high-speed rail has delivered zero results,” said Garcia in a statement announcing H.R. 9308, the No Frankenrail Act. “This so-called high-speed rail hasn’t produced any rail, and it’s certainly not moving at any speed. This isn’t just fiscal irresponsibility, it’s a betrayal of the trust Californians have placed in their government.”

    Republicans have repeatedly criticized the California project, which was initially funded in 2008 with $9.9 billion bond issue to help fund what was then envisioned as a $33 billion system between San Francisco and San Diego.

    The total cost of the nation’s only publicly-funded high-speed rail project is now estimated at $128 billion, and faces major funding gaps. The full route’s shortfall is as high as $99 billion, and the initial Merced to Bakersfield segment, with an estimated $35 billion price tag, faces a potential $7 billion gap, according to the watchdog California High-Speed Rail Peer Review Group.

    Rep. Mike Garcia, R-Calif., introduced the "No Frankenrail Act" to prohibit federal funds for California's high-speed train.
    “After 15 years and billions of your hard-earned tax dollars spent, California’s high-speed rail has delivered zero results,” said Rep. Mike Garcia, R-Calif. in announcing H.R. 9308, the No Frankenrail Act, which would ban any federal funds for the project.

    Bloomberg

    In late May, Rep. Sam Graves, R-Mo., chair of the House Transportation and Infrastructure Committee, and Sen. Ted Cruz, R-Texas, top Republican on the Senate Commerce Committee, launched an investigation into the Biden administration’s allocation of money to the project.

    The administration so far has awarded the rail line $3.3 billion in federal grants, including $3.1 billion from the Federal-State Partnership for Intercity Passenger Rail Program. Transportation Secretary Pete Buttigieg has repeatedly defended the project before Congress and said he envisions it as part of a national high-speed system across America, which falls far behind the rest of the world on the technology.

    The California High Speed Rail Authority has a goal of winning $8 billion in federal grants for the 171-mile Central Valley segment for the initial Central Valley segment. If it reaches its target, the federal share of that phase would increase to between 35% and 37%, the authority said. In May, the authority applied for a $450 million Consolidated Rail Infrastructure and Safety Improvements, or CRISI, grant from the Federal Railroad Administration.

    Separately, the authority named a new CEO last week. Ian Choudri comes from infrastructure design firm HNTB Corporation, where he was senior vice president and served as a national strategic advisor to several rail, transit and transportation agencies, including the San Bernardino County Transportation Authority. He has more than 30 years experience in the transportation sector and has also worked on high-speed rail in France and Spain, the authority said in a release. He replaces Brian Kelly, who had overseen the project for six years and announced his retirement in January.

    California Gov. Gavin Newsom praised the hire. “He’s taking control at an important moment for this project,” Newsom said. “This is about transforming ground transportation for the world’s fifth largest economy, while showing the nation what is possible with enough vision and will, and bringing a cleaner transportation future to California.”

    Also last week, Newsom, Choudri and others celebrated Caltrain’s new electrified train fleet that converts the Caltrain corridor between San Francisco and San Jose from diesel to an electric service. The new electric trains will reduce travel times and prepare the corridor to accommodate the high-speed train in the future. Construction began in July 2017. Full passenger service is set to begin next month. 



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    3 Funds That Focus on Wide-Moat Stocks

    August 5, 2026

    Sharp discounts for private credit funds: buy, sell or hold?

    August 4, 2026

    How smaller flexi cap funds outperformed larger peers in one year: Key lessons for investors

    July 31, 2026
    Leave A Reply Cancel Reply

    Top Posts

    The Shifting Landscape of Art Investment and the Rise of Accessibility: The London Art Exchange

    September 11, 2023

    Charlie Cobham: The Art Broker Extraordinaire Maximizing Returns for High Net Worth Clients

    February 12, 2024

    Bitcoin and Ethereum ETFs Draw Fresh Capital as Institutional Demand Returns

    August 5, 2026

    The Unyielding Resilience of the Art Market: A Historical and Contemporary Perspective

    November 19, 2023
    Don't Miss
    Mutual Funds

    Same mutual fund, same SIP, same 10 years—but one investor earned Rs 3 lakh more. Here’s why – Mutual Funds News

    August 5, 2026

    Imagine two mutual fund investors investing the same SIP amount for the same period of…

    Bitcoin and Ethereum ETFs Draw Fresh Capital as Institutional Demand Returns

    August 5, 2026

    Best Small Cap Mutual Funds: Top 5 schemes that delivered up to 26.71% returns in one year

    August 5, 2026

    Edelweiss MFopens Nifty REITs & Realty Index Fund; JioBlackRock Floats Nifty 50 ETF. Which one should you choose?

    August 5, 2026
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    EDITOR'S PICK

    China Bond Bulls Take Solace From Latest Details on Crackdown

    August 22, 2024

    University of Arizona asked to accept Trump’s demands to get priority for federal funds

    October 2, 2025

    China seeks to enhance rules for mutual fund performance benchmarks

    November 1, 2025
    Our Picks

    Same mutual fund, same SIP, same 10 years—but one investor earned Rs 3 lakh more. Here’s why – Mutual Funds News

    August 5, 2026

    Bitcoin and Ethereum ETFs Draw Fresh Capital as Institutional Demand Returns

    August 5, 2026

    Best Small Cap Mutual Funds: Top 5 schemes that delivered up to 26.71% returns in one year

    August 5, 2026
    Most Popular

    🔥Juve target Chukwuemeka, Inter raise funds, Elmas bid in play 🤑

    August 20, 2025

    💵 Libra responds after Flamengo takes legal action and ‘freezes’ funds

    September 26, 2025

    ₹9000 monthly SIP can help you retire at 45 with ₹2 lakh monthly pension

    May 5, 2026
    © 2026 Fund Focus News
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.