Some of them might have that as an option ... while the Federal Matching Funds are often essential for the corridor ... track improvements or new track, signaling upgrades, grade separations, crossing work ... its a choice of the applicant project whether that includes rolling stock, especially since the infrastructure and the operator is not always in the same organizational structure.

However, since rolling stock is eligible for federal matching funds, that seems more likely as a funding strategy for HSR (which, recall, can include 110mph diesel and 125mph electric services at the "Emerging" and "Regional" HSR tiers, in addition to the "Express" HSR which would be called HSR in Europe and Asia), which would be in a position to franchise the operations, with the franchisee providing the rolling stock, or else to fund the rolling stock with revenue bonding.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.