Water Infrastructure Subcontractor and Taxpayer Protection Act of 2023

S 2928, the Water Infrastructure Subcontractor and Taxpayer Protection Act of 2023, requires federal water infrastructure projects funded through the WIFIA program to have payment and performance security to protect taxpayers. It mandates that contractors provide security covering at least 50% of the construction cost, either through state/local requirements or federal bond standards if no state rules apply. This directly affects contractors working on federally funded water projects and ensures taxpayer funds are safeguarded against project failures. The bill amends existing law to add these security requirements without altering project eligibility or environmental standards.