OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Investing in A New Vision for the Environment and Surface Transportation in America Act

Floor Speech

Date: June 30, 2020
Location: Washington, DC
Issues: Monetary Policy Finance and Banking Infrastructure

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Mr. PANETTA. Mr. Speaker, I rise in support of my amendment to H.R. 2, for added flexibility to funding that goes to local Economic Development Administrations.

As we fight this pandemic, our communities have relied on EDA funding in regard to other revolving loan funds. As we progress through this crisis, however, those same communities will start to look at forms of economic recovery and should be able to use those same funds to repair roads, bridges, and water systems; to support downtown revitalizations; and to help market tourism.

That is where H.R. 2, with my amendment, can help all of our communities, by allowing recipients of these revolving loan funds to first lend out those funds and then, after those loans have been repaid, to repurpose that money and use it for new infrastructure projects that initially were outside the purpose of the revolving loan fund.

This type of flexibility will allow our communities to best target Federal dollars as needs change over time.

Mr. Speaker, that is why I urge passage of this amendment and passage of H.R. 2.

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