U.S. senators finalized a long-awaited construction permit agreement on Wednesday. At this time, the Senate is about to leave Washington and will not return until after the mid-term elections in November, which also paves the way for completing a key priority for the business community during the upcoming "lame-duck" congressional session.

For a long time, lawmakers have prioritized simplifying the complex federal licensing laws in the United States in order to accelerate the construction of energy projects and other critical infrastructure. The licensing process is usually very lengthy and often takes several years to complete – a problem that is particularly prominent at a time when the U.S. is seeking to increase power generation capacity to supply energy to data centers that consume large amounts of electricity.

This bipartisan agreement was reached by Sen. Shelley Moore Capito of the Republican Party from West Virginia, Sen. Sheldon Whitehouse of the Democratic Party from Rhode Island, Sen. Mike Lee of the Republican Party from Utah, and Sen. Martin Heinrich of the Democratic Party from New Mexico, bringing Congress one step closer to passing licensing reforms. The bill will ultimately benefit both traditional fossil fuels and clean energy, as both may be hindered by licensing obstacles.

This, known asbipartisan Affordable Care and Employment ActThe measures will also require data center developers to bear their own energy transmission costs.

The MPs participating in the negotiations promoted this agreement as a way to not only reduce energy costs but also to promptly advance the construction of major infrastructure projects.

In a statement issued at the time of the agreement's announcement, Whitehouse stated: "If we are able to pass this bill, we will inject a large amount of clean and affordable energy into the power grid and get data centers to start paying their fair share."

He also stated, "We believe that this is a compromise that will bring a brighter, cleaner, and more affordable future."

In his statement, Capito stated, "The malfunctioning and outdated federal environmental review and licensing process has been hindering energy reliability, safe employment, modern infrastructure, and economic growth."

She stated, "The bipartisan reforms that we have secured in this agreement will change our country's ability to drive the economy and promote future growth, while continuing to protect the land, water resources, and wildlife that we all cherish."

It is currently anticipated that this bill will become one of the top priorities of the Senate during the lame-duck session following the elections on November 3rd. Capito stated at a press conference announcing the agreement that the negotiating parties are considering it as the first item to be voted on upon resumption of sessions.

Delaware Democratic Senator Chris Coons stated earlier on Wednesday to CNBC that permitting reforms and government funding will be the top priorities for senators once they return to session.

Koons said, 'Funding, permits. I believe that by then there will be a permit bill ready for us to take action on.'