The financial woes of AIG are impacting American public transit agencies for whom it acted as a loan guarantor: now as many as 30 agencies are in technical default on their loans and could face catastrophic losses.
"Two Congressional leaders Wednesday called on the U.S. Treasury and Federal Reserve to open the $700 billion government rescue package to the country's transit agencies, which they said are at risk of losing up to $16 billion.
As many as 30 transit agencies are at risk of default or collapse due to financing deals with certain banks, Rep. James Oberstar, a Minnesota Democrat, and Rep. John Mica, a Florida Republican, wrote to the country's economic leaders.
Calling the situation 'unprecedented,' the two leaders of the House Transportation and Infrastructure Committee said the Treasury should use its new authority to buy distressed securities to 'help the transit agencies resolve this issue.'
'These defaults -- if processed -- could cost some of the nation's largest transit agencies hundreds of millions of dollars, and could threaten their very existence and the financial stability of the state and local governments that fund them,' the Representatives wrote."
Read the full story: US transit agencies need financial help- U.S. Reps
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Eastern Nebraska is running out of electricity
Data centers and electrification are straining eastern Nebraska’s grid, throttling economic development.
Study reveals best places in the U.S. for cycling, walking
New research from Streetlight Data examines bicycle and pedestrian miles per capita in the 100 largest U.S. cities by population.
DSA members accuse Mamdani of 'abandoning values' over housing redevelopment
New York City's mayor plans to replace about 2,000 units of public housing with private, mixed-income housing.
All sides of BRT debate unhappy with CDOT’s most recent move
The Colorado Department of Transportation is no longer considering center-running bus lanes for Colorado Boulevard.
Massachusetts bogs generate both power, and cranberries
Putting solar panels above farmland is one way Massachusetts is advancing toward its goal of net-zero carbon emissions by 2050.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
University of Michigan School for Environment and Sustainability (SEAS)
Hunter College, City University of New York (CUNY)
The Architects Foundation
City of Cambridge
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello