1. Short title This Act may be cited as the Invest in American Railroads Act . 2. Payment of credit risk premiums for loans and loan guarantees Section 502(f)(4) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(f)(4) ) is amended— (1) by striking Credit risk premiums and inserting the following: (A) Timing of payment Credit risk premiums ; and (2) by adding at the end the following: (B) Payment of credit risk premiums (i) In general In granting assistance under this section, the Secretary may pay credit risk premiums required under paragraph (3), in whole or in part, with respect to a loan or loan guarantee. (ii) Set-aside Of the amounts made available to carry out this paragraph, at least $100,000,000 shall be used for passenger rail projects for a fiscal year. Any amounts not obligated in a fiscal year shall be made available for any project receiving assistance under this section. (iii) Authorization of appropriation There are authorized to be appropriated $300,000,000 for each of fiscal years 2021 through 2026 to carry out this subparagraph, to remain available until expended. . 3. Increasing Federal support for freight rail Section 502(a) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(a) ) is amended— (1) in paragraph (5), by striking and at the end; (2) in paragraph (6), by striking the period and inserting ; and