On 17 February, US President Barack Obama signed into law the American Recovery and Reinvestment Act (ARRA) of 2009. The stimulus legislation is set to have a profound impact on all aspects of the US economy, from infrastructure development and financial services reform to areas such as education and health care.
Careful analysis of this legislation, and of the planned implementation of its mandates by federal agencies and state and local governments in the US, reveals unique investment opportunities. The following are some industries presenting immediate options for both foreign and US investors.
Aviation: The stimulus legislation injects significant funds into the Federal Aviation Administration’s Airport Improvement Program (AIP), making grants available for projects to enhance airport safety, capacity and security, and to meet environmental concerns. The AIP will cover most airfield capital improvements and repairs. The stimulus legislation will make AIP grants available to large and small airports that have “shovel-ready” projects, and will not require recipients to obtain matching state funds, enabling airports to immediately commence improvement works.
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Waajid Siddiqui is a partner at New York-based law firm Hogan & Hartson. The firm has 1,100 lawyers in 27 global offices.
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