State Rep. Peter Abbarno, R-Centralia, on Friday announced the passage of House Bill 1990, a measure aimed at enhancing the resilience and recovery of Washington state’s critical infrastructure in the face of catastrophic events.
HB 1990, which passed with bipartisan House support, establishes a framework for catastrophic infrastructure securitization, ensuring that essential public assets — such as electric and natural gas infrastructure, water systems, and power networks — have the financial safeguards necessary for rapid recovery following natural disasters, such as flooding and wildfires.
“As Washington faces increasing threats from wildfires, earthquakes and flooding, we must take proactive steps to secure our critical infrastructure,” Abbarno, House Republican Caucus chair, said in a news release. “This bill creates an essential safety net to ensure that our communities can quickly rebuild and recover without placing undue financial burdens on taxpayers.”
Abbarno’s proposal would provide a structured mechanism for leveraging securitization, allowing state and local governments to access dedicated funding to rebuild vital infrastructure in the aftermath of catastrophic events while reducing the impact on ratepayers, according to a news release. HB 1990 ensures that Washington is prepared for immediate response efforts and long-term recovery by enabling cost-effective financing.
“We cannot afford to wait until disaster strikes,” Abbarno said. “By passing HB 1990, we are investing in the resilience of our communities, protecting the well-being of every Washingtonian and reducing the economic burden to ratepayers.”
The bill now heads to the Senate Environment, Energy and Technology Committee for a hearing on Friday, March 21.
