The U.S. Senate has passed a $1.2 trillion bill known as the Infrastructure Investment and Jobs Act. The bill is now in the hands of the House of Representatives, where its fate is intertwined with that of a separate, larger infrastructure-related initiative that is a top legislative priority of the Democratic party leadership. If the bill clears the House, it is certain to be signed by the president.

Although it is not known whether the $1.2 trillion bill will ultimately stand on its own or be tied to the larger initiative, massive near-term expenditure on public infrastructure projects is highly likely. What are the implications of this development for the practicing risk manager?