Latest news with #FRA
Malay Mail
an hour ago
- Business
- Malay Mail
Trump pulls federal funding for California high-speed rail, calls it ‘a scam'
LOS ANGELES, July 17 — US President Donald Trump announced yesterday that his administration was cutting billions in federal funding for the construction of a high-speed rail line in California, a project beset by delays. The Republican had previously signaled his opposition to the project, launched 15 years ago to build a high-speed train connecting Los Angeles and San Francisco. 'Not a SINGLE penny in Federal Dollars will go towards this Newscum SCAM ever again,' he posted on social media, using a pejorative name for California Governor Gavin Newsom, a Democrat and bitter political rival of the US president. 'This was an ill-conceived and unnecessary project, and a total waste of Taxpayer money,' said Trump. Launched in 2008, the project to connect the two main cities of the country's most populous state has seen numerous delays and overshot budgets. Trump had earlier canceled federal funding for the project in his first term, but the move was suspended after California challenged it in court. When Democrat Joe Biden was elected president in 2020, he restored the funds. Trump returned to office in January, and in June, his administration threatened to cancel US$4 billion in funding for the project after a report by the Federal Railroad Administration (FRA) concluded that the initial section of the line would not be completed by a 2033 deadline. 'Governor Newsom and California's high speed rail boondoggle are the definition of government incompetence and possibly corruption,' said US Transportation Secretary Sean Duffy in a post on social media. Duffy alleged the project's price tag had gone up from US$33 billion to US$135 billion, 'with no completion date in sight.' 'That's why TODAY we're pulling the plug on federal funding for this train to nowhere,' he said. Governor Newsom hit back on social media by assailing Duffy over the recent US air safety record. 'Won't be taking advice from the guy who can't keep planes in the sky,' he said. Even if California once again challenges Trump's decision in court, the funding cancellation would be a serious blow to the project, with new delays almost inevitable. Unlike Europe or Asia, passenger rail travel is one of the least developed forms of transportation in the United States, with high-speed rail virtually non-existent. The country's first fully high-speed rail line, planned to run about 220 miles (355 kilometers) between Los Angeles and Las Vegas, is expected to be completed by 2028, in time for the Olympic Games. — AFP
San Francisco Chronicle
2 hours ago
- Business
- San Francisco Chronicle
Newsom slams Trump's $4B cut to California bullet train as ‘illegal'
Gov. Gavin Newsom on Wednesday condemned the Trump administration's decision to rescind $4 billion in federal funding for California's high-speed rail project, calling the move 'illegal' and vowing to fight back. 'Trump wants to hand China the future and abandon the Central Valley. We won't let him,' Newsom said in a statement. The governor's response came just hours after Transportation Secretary Sean P. Duffy announced the funding cut, following what he described as a comprehensive compliance review by the Federal Railroad Administration that concluded that the California High-Speed Rail Authority 'cannot meet its obligations under the grant agreement.' 'It's time for this boondoggle to die,' Duffy said in a statement. 'President Trump and I will always fight to ensure your tax dollars only go to projects that accomplish great, big, beautiful things.' The FRA's review cited numerous issues, including a $7 billion funding gap, missed procurement deadlines and inflated ridership estimates. Despite 16 years of planning and $15 billion spent, no high-speed rail track has been laid, Duffy said. 'The Railroad we were promised still does not exist, and never will,' Trump wrote on Truth Social. 'This project was Severely Overpriced, Overregulated, and NEVER DELIVERED.' Newsom and the CHSRA disputed the administration's findings, arguing that the project is actively progressing, with more than 50 major structures completed and track-laying set to begin. 'Canceling these grants without cause isn't just wrong — it's illegal,' CEO Ian Choudri said in a statement. 'These are legally binding agreements, and the Authority has met every obligation.' The revocation comes amid broader Republican criticism of the rail project, which was approved by California voters in 2008 and originally promised high-speed service between San Francisco and Los Angeles. The project's cost has ballooned to more than $135 billion, with current efforts focused on a 119-mile segment from Bakersfield to Merced, projected to begin service by 2033.
LeMonde
4 hours ago
- Politics
- LeMonde
Trump cancels billions in funds for California high-speed rail
US President Donald Trump announced on Wednesday, July 16, that his administration was cutting billions in federal funding for the construction of a high-speed rail line in California, a project beset by delays. The Republican had previously signaled his opposition to the project, launched 15 years ago to build a high-speed train connecting Los Angeles and San Francisco. "Not a SINGLE penny in Federal Dollars will go towards this Newscum SCAM ever again," he posted on social media, using a pejorative name for California Governor Gavin Newsom, a Democrat and bitter political rival of the US president. "This was an ill-conceived and unnecessary project, and a total waste of Taxpayer money," added Trump. Launched in 2008, the project to connect the two main cities of the country's most populous state has seen numerous delays and overshot budgets. Trump had earlier canceled federal funding for the project in his first term, but the move was suspended after California challenged it in court. When Democrat Joe Biden was elected president in 2020, he restored the funds. Trump returned to office in January, and in June, his administration threatened to cancel $4 billion in funding for the project after a report by the Federal Railroad Administration (FRA) concluded that the initial section of the line would not be completed by a 2033 deadline. 'Train to nowhere' "Governor Newsom and California's high speed rail boondoggle are the definition of government incompetence and possibly corruption," said US Transportation Secretary Sean Duffy in a post on social media. Duffy alleged the project's price tag had gone up from $33 billion to $135 billion, "with no completion date in sight." "That's why TODAY we're pulling the plug on federal funding for this train to nowhere," he said. Governor Newsom hit back on social media by assailing Duffy over the recent US air safety record. "Won't be taking advice from the guy who can't keep planes in the sky," he said. Even if California once again challenges Trump's decision in court, the funding cancellation would be a serious blow to the project, with new delays almost inevitable. Unlike Europe or Asia, passenger rail travel is one of the least developed forms of transportation in the United States, with high-speed rail virtually non-existent. The country's first fully high-speed rail line, planned to run about 220 miles (355 kilometers) between Los Angeles and Las Vegas, is expected to be completed by 2028, in time for the Olympic Games.
New York Post
5 hours ago
- Politics
- New York Post
Trump terminates federal funding for California's $135B high-speed rail ‘boondoggle': ‘TRAIN TO NOWHERE'
President Trump and Transportation Secretary Sean Duffy announced Wednesday that about $4 billion in unspent federal funding for California's significantly delayed and overbudget high-speed rail project has been terminated. 'To the Law abiding, Tax paying, Hardworking Citizens of the United States of America, I am thrilled to announce that I have officially freed you from funding California's disastrously overpriced, 'HIGH SPEED TRAIN TO NOWHERE,'' Trump wrote on Truth Social. 'This boondoggle, led by the incompetent Governor of California, Gavin Newscum, has cost Taxpayers Hundreds of Billions of Dollars, and we have received NOTHING in return except Cost Overruns,' the president fumed, using his preferred nickname for Democratic California Gov. Gavin Newsom. 'The Railroad we were promised still does not exist, and never will.' 4 Trump described the project as a 'boondoggle' and blamed Gavin Newsom for its failure. Getty Images Originally passed as a ballot initiative in 2008, the 800-mile rail line was supposed to be completed in two phases on a $33 billion budget by 2020, with a main line connecting San Francisco with Los Angeles and branches stretching north to Sacramento and south to San Diego. By 2019, Newsom announced that there was no path forward after costs ballooned to $77.3 billion and the project was drawn down to a 171-mile section between Merced and Bakersfield. California High Speed Rail Authority (CHSRA) officials later applied for $8 billion in grants from former President Joe Biden's 2021 infrastructure law to help complete that Central Valley Segment, which has since been abbreviated further — to just 119 miles. CHSRA blew through nearly $7 billion in taxpayer funds over a decade and a half without laying a single foot of track, according to the Department of Transportation, which notes the projected cost of the project has since risen to $135 billion. Federal Railroad Administration (FRA) acting administrator Drew Feeley notified CHSRA CEO Ian Choudri of the decision to 'de-obligate' federal funds for the project in a letter Wednesday. Feeley noted that FRA determined that CHSRA 'breached the commitments made' in a 2010 agreement with federal government for funding and based on California's 'inability to complete' the project by a revised Dec. 31, 2033 deadline, the project 'does not adequately serve the purpose of the statute under which the FY10 Agreement was authorized and funded.' 4 Trump announced the termination of federal funding for California's high-speed rail project in a Truth Social post Wednesday. Truth Social/@realDonaldTrump Transportation Secretary Sean Duffy, whose department oversees FRA, has further directed the agency to consult with the Department of Justice on possibly clawing back federal funds for the failed high-speed rail project. 'This is California's fault,' Duffy said in a statement. 'Governor Newsom and the complicit Democrats have enabled this waste for years.' 'Federal dollars are not a blank check – they come with a promise to deliver results,' the transportation secretary continued. 'After over a decade of failures, CHSRA's mismanagement and incompetence has proven it cannot build its train to nowhere on time or on budget.' 'It's time for this boondoggle to die. President Trump and I will always fight to ensure your tax dollars only go to projects that accomplish great, big, beautiful things.' 4 Duffy ordered a review of the project earlier this year. Getty Images 4 Newsom signaled that California might sue the Trump administration to keep federal funds for the project flowing. REUTERS Duffy's efforts to pull the plug on the project date back to February, when he announced a review of the CHSRA's plan after the authority released a report indicating that it would be unable to meet future deadlines. In June, Duffy released a report determining that there was 'no viable path to complete this project on time or on budget.' The compliance review, conducted by FRA, also found that CHSRA's high speed rail project was in default of the terms of its federal grant awards, missed deadlines, budget shortfalls and overprojected ridership. Unsatisfied with CHSRA's response to the compliance review, the Trump administration officially scrapped all future federal funding for California high-speed rail on Tuesday. 'This project was Severely Overpriced, Overregulated, and NEVER DELIVERED,' Trump said. 'Thanks to Transportation Secretary Sean Duffy, not a SINGLE penny in Federal Dollars will go towards this Newscum SCAM ever again.' 'This was an ill-conceived and unnecessary project, and a total waste of Taxpayer money — But no more!' Newsom teased that California may challenge the Trump administration's action in court. 'Round of applause for [Trump] and [Duffy] on handing China the future and abandoning the Central Valley — again!' the Golden State governor wrote on X. 'But sorry to disappoint: We're not letting that happen.' '[California High Speed Rail Authority] is entering the track-laying phase and actively building across 171 miles — with 50 major railway structures and 60 miles of guideway already completed,' Newsom claimed. 'We will be exploring all options to fight this illegal action.'
Daily News Egypt
6 hours ago
- Business
- Daily News Egypt
Egypt's FRA chief vows to reform business environment to boost investor confidence
Egypt's Financial Regulatory Authority (FRA) is serious about reforming the business environment in the non-banking financial sector to boost the confidence of local and foreign investors, its chairperson Mohamed Farid said on Monday. Speaking at the 'Egypt Day' event at the London Stock Exchange, Farid said that the credibility of the investment climate begins with local investors' confidence in policies and the business environment. Farid was part of an official delegation on a promotional tour organised by the Egyptian-British Business Association. In his remarks, he outlined the FRA's efforts to contribute to Egypt's 'Vision 2030' by unleashing private sector growth. He highlighted the authority's focus on digital transformation as a key driver for the non-banking financial sector's role in the national economy. This includes developing regulations for fintech, enhancing market protection and innovation, and updating accounting standards to improve transparency. Other key initiatives mentioned were the launch of Africa's first regulated voluntary carbon market in Egypt and the drafting of a new unified insurance law. Farid said the FRA's main objectives are market integrity and stability, protecting customers' rights, digitalisation, and simplifying procedures. He added that the authority's goals support the government's efforts to increase private sector participation in achieving economic growth. The FRA chairperson pointed to the success of recent digital initiatives, noting that new regulations for identity verification and digital contracts have paved the way for a surge in new accounts. He said that over 200,000 new accounts were registered in gold investment funds within one year, with investments exceeding 2 billion Egyptian pounds. Farid also discussed the FRA's work on developing legislative frameworks to stimulate investment, including a flexible model for participatory financing and new rules for digital investment platforms in real estate investment funds. He affirmed that market stability and investor confidence remain top priorities. He noted that the FRA had recently overseen a comprehensive update to Egyptian accounting standards, introducing fair value models for fixed and intangible assets and real estate investments. This allows companies to more accurately reflect their financial position, supporting sound financing and investment decisions. Farid also highlighted the FRA's support for entrepreneurship and innovation, including developing new valuation standards for startups to help them access the necessary financing for growth.
