To waive certain requirements under section 306018 of title 54, United States Code, with respect to undertakings to upgrade public water systems and treatment works.

HR6353, introduced December 2, 2025, by Rep. Bice (R-OK), waives Section 106 National Historic Preservation Act requirements for projects upgrading public water systems and treatment works. The bill was referred to three committees (Transportation & Infrastructure, Energy & Commerce, Natural Resources) and on February 2, 2026, was referred to the Subcommittee on Water Resources and Environment—indicating active committee processing. As an authorization bill, it does not appropriate funds; it removes a regulatory barrier that currently adds 3-9 months of environmental/cultural review to federally involved water projects. The money trail runs through existing federal water infrastructure funding streams: EPA's Clean Water State Revolving Fund ($1.7B in FY2025 appropriations), Drinking Water State Revolving Fund ($1.2B), and the infrastructure law's water earmarks. By exempting these projects from Section 106 review, HR6353 reduces non-construction costs (cultural resource surveys, mitigation, delays) by an estimated 2-8% of project costs based on historical Section 106 compliance expenses. Structural winners are pure-play water equipment manufacturers ($AOS), construction engineering firms ($FLR), and regulated water utilities ($CWT, $WTRG). Diversified industrial conglomerates like $ETN (electrical components for water facilities) see indirect benefit but the exemption's direct impact on their revenue is smaller relative to their total business. $JCI, focused on building solutions, has limited exposure to this specific regulatory change. Real market data shows $AOS trading at $63.91, near its 52-week low ($62.14), with a 30-day decline of -0.79%, indicating the market has not priced in this regulatory catalyst. $FLR shows strong momentum with a 7-day change of +5.56% and 30-day gain of +10.47%, partly reflecting broader infrastructure DPA activity. $CWT ($46.53) and $WTRG ($39.63) trade within their 52-week ranges with mixed short-term moves. The April 20, 2026 DPA determinations on grid, energy, and natural gas infrastructure amplify the infrastructure narrative but address different asset classes than water systems. Legislative timeline: the bill remains at early stage (subcommittee referral). For enactment, it must pass subcommittee, full committee, House floor, Senate (companion bill needed), and President's desk—likely 12-24 months if pursued. Near-term market impact is minimal until committee markup or a companion Senate bill surfaces. The bipartisan nature of water infrastructure and the modest regulatory relief suggest reasonable passage probability (40-60%) within this Congress.