Washington, DC - Senator Barbara Boxer (D-CA), Chairman of the Environment and Public Works Committee, and Senator James Inhofe (R-OK), Ranking Member, introduced S. 782, the Economic Development Revitalization Act of 2011, bipartisan legislation to reauthorize the Economic Development Administration (EDA). The EDA was established over four decades ago to help create and maintain existing jobs, and stimulate growth in economically distressed areas of the United States.
Senator Max Baucus (D-MT) also signed on to S. 782 as an original cosponsor. The Environment and Public Works Committee has scheduled a mark-up of the legislation on Wednesday, April 13th at 9:00 am ET.
Senator Boxer said: "With its successful track record of job creation, the Economic Development Administration continues to play an important role for families in California, and across the nation. I am pleased to be working with Senator Inhofe on this legislation that will help create jobs and opportunities for those communities that need it the most. I look forward to working with my colleagues from both sides of the aisle as we move this bill through the Senate."
Senator Inhofe said: "I am pleased to work with Chairman Boxer to reauthorize the Economic Development Administration. EDA has proven to be helpful in promoting job creation, especially in communities where jobs and economic opportunities are scarce. For years, EDA has leveraged federal dollars with private investment, with positive returns for the American taxpayer. I look forward to passing this bill and continuing the success of EDA for Oklahoma, and the nation."
The current multi-year authorization for the Economic Development Administration expired on September 30, 2009. The Economic Development Revitalization Act of 2011 would authorize EDA for 2011 through 2015 at $500 million per year. EDA has a proven track record of job creation and leveraging investment. Between 2005 and 2010, EDA awarded $1.2 billion in construction-related and revolving loan fund projects. The investments are expected to create more than 314,000 jobs, and each dollar of EDA funding is expected to attract nearly seven dollars in private sector investment. S. 782 makes important changes to EDA programs to ensure funding reaches communities with the most severe needs in a timely manner.