An effective, sustainable, and equitable transportation system is key to the economic, social, and environmental health of residents of the United States. However, the US has focused its transportation investments on automobility, at the expense of sustainable transportation options that expand access to opportunity for families with low incomes and people of color. A new federal place-based transportation policy, framed around promoting equitable and sustainable processes and outcomes, and undertaken through partnerships, is necessary to chart a path forward. In this report, we discuss shortcomings of the current federal approach to transportation investment and propose strategies to improve it.