The bridge is named for Fred Schwengel, a former U.S. Representative from Davenport, Iowa and one of the driving forces behind the Interstate Highway Act.

By 2025, Illinois is expected to spend $23 billion on concrete, as well as fixing and expanding 4,200 miles (6,800 km) of roadways and 9 million square feet (836,000 m²) of bridge decks.

[11] A separate multi-use pathway for bicyclists and pedestrians will be included as well as upgrades to the interchanges at both ends of the bridge.

On March 18, 2021, a plan was announced by Chad Pregracke to repurpose the Fred Schwengel Memorial Bridge into a national park.

The project would allow both bison and pedestrians to roam freely between Iowa and Illinois and also place a visitor center directly on the bridge.