[This article was originally published in Law360 and has been modified for the blog.]

Earlier this year, President Trump revealed his plan to facilitate new (and much-needed) federal real property projects in part through a $10 billion “mandatory revolving fund,” commonly known as the Federal Capital Financing Fund or the Federal Capital Revolving Fund (the “Revolving Fund” or “FCRF”).  In this article, we take a close look at the Revolving Fund, and discuss the interaction between the Revolving Fund and the Office of Management and Budget (“OMB”) budgetary scoring rules.  As described below, the Revolving Fund is structured to allow federal agencies to meet the large, upfront dollar obligations often required by OMB’s budgetary scoring rules.  But despite this welcome and significant development, questions still remain about the scope and operation of the Revolving Fund.


Continue Reading How Trump Plans To Finance Federal Real Property Projects

Last week, President Donald Trump released his long-awaited infrastructure plan, entitled a “Legislative Outline for Rebuilding Infrastructure in America.”  Clocking-in at 53 pages, this plan is designed to “stimulate at least $1.5 trillion in new investment over the next 10 years” through $200 billion of federal funding.  The infrastructure plan is intended to provide a “roadmap for the Congress to draft and pass the most comprehensive infrastructure bill in our Nation’s history.”  Our high-level key takeaways from that plan are discussed below.

Continue Reading Key Takeaways from Trump’s Infrastructure Plan—Private Financing And A Capital Budget, But No “Buy American” Requirements?

During his first State of the Union address on January 30, 2018, President Trump informed the country that “it is time to rebuild our crumbling infrastructure.”  He called on Congress to “produce a bill that generates at least $1.5 trillion for the new infrastructure investment we need.”  And, the President suggested that “every Federal dollar should be leveraged by partnering with State and local governments and, where appropriate, tapping into private sector investment — to permanently fix the infrastructure deficit.”

The President’s full infrastructure plan has yet to be unveiled, but a leaked summary of the plan from January 22 suggests that the plan will heavily depend upon encouraging “state, local and private investment” by providing incentives in the forms of grants.  Fixing federal infrastructure may be made difficult, however, due to the budgetary scoring rules implemented by the Office of Management & Budget (“OMB”).
Continue Reading Will President Trump’s Infrastructure Plan Address OMB Scoring?