On the recordJuly 29, 2010
I rise to introduce legislation that will lead to the establishment of the Pakistan-American Enterprise Fund on behalf of myself and Senator Kerry. The Pakistan-American Enterprise Fund bill authorizes the Administration to allocate, from existing funds granted under the Enhanced Partnership with Pakistan Act of 2009, such sums as required to create the Fund. The mission of the Fund will be to help empower Pakistan's private sector to create jobs, which will contribute towards achieving long-term social stability and economic growth. The failed attack that occurred on May 1, 2010 in Times Square reinforces the need for our governments to work together to neutralize the imminent threats posed by terrorist waiting to strike, while simultaneously preventing the cancer of extremism from spreading and corrupting local communities in both our countries. It was to help undergird such cooperation that President Obama last year signed the Kerry-Lugar-Berman Enhanced Partnership with Pakistan Act authorizing $7.5 billion over 5 years. This non-military aid package is intended to help reverse Pakistan's converging crises of a growing al-Qaeda sanctuary, an expanding Taliban insurgency, a failing economy and deteriorating human development indicators. These conditions were intensifying turmoil and violence in the country, helping to incubate extremism and putting in question the security of Pakistan's nuclear weapons arsenal, as well as our own domestic security.
