Rogers' Hurricane Bond Proposal Signed into Law
Rogers' Hurricane Bond Proposal Signed into Law
Wednesday, December 21, 2005
WASHINGTON, DC - President George W. Bush has signed into law legislation that includes a proposal by Congressman Hal Rogers (KY-05) to create Treasury Bonds that will help finance the rebuilding of communities impacted by Hurricanes Katrina, Rita, and Wilma.
Rogers' provision encourages the U.S. Treasury Department to issue one or more series of bonds - called "Gulf Coast Recovery Bonds" - to help finance long-term rebuilding efforts along the Gulf Coast. The legislation allows the Treasury Department to determine the exact type of bonds that will be issued.
"The 2005 hurricane season has brought unprecedented devastation to our coastal states," said Rogers. "Entire communities have been destroyed and must now be rebuilt from scratch. The scope of damage from Katrina alone is almost impossible to comprehend - nearly 90,000 square miles, roughly the size of Great Britain. These communities face extraordinary challenges, but we must continue to rally behind them in their time of need. "Gulf Coast Recovery Bonds" will provide Americans with a safe investment and an assured means of contributing to the long-term rebuilding of roads, bridges, and infrastructure along the Gulf Coast."
During WWII, Congress jump-started federal investment through the creation of War Bonds, which allowed Americans to make a personal, financial contribution to the war effort. By 1945, approximately 85 million Americans - over one-half the population of the United States - had purchased $185 billion worth of bonds. In much the same way, Gulf Coast Recovery Bonds will encourage the public to invest in repairing and rebuilding the lives and homes of people and communities along the Gulf Coast.
Rogers' proposal was included in H.R. 4440, the Gulf Opportunity Zone Act of 2005, which creates a number of tax incentives that aim to help revitalize and rebuild along the Gulf Coast. The legislation was approved by the House of Representatives on December 7 and signed into law by President Bush on December 21.
http://halrogers.house.gov/Read.aspx?ID=42