The SPEED Act modifies federal rules to speed up approval of smaller transportation and infrastructure projects by doubling the spending thresholds that qualify them for streamlined environmental review. Specifically, the bill increases the dollar limit for certain projects from $6 million to $12 million and raises another category's limit from $35 million to $70 million, allowing projects under these new caps to skip the standard lengthy environmental assessment process. This change affects states, local governments, and contractors working on transportation infrastructure projects, as it will reduce the time needed to get projects approved and begin construction. The bill amends existing transportation law (MAP-21) and does not include new federal funding, instead making it easier to spend existing money more quickly on eligible smaller projects.
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