On the recordJune 8, 2011
I rise to express my strong support for S. 782, the 5-year reauthorization of the Economic Development Administration, which I am proud to have cowritten. Abraham Lincoln said: The legitimate object of government is to do for a community of people whatever they need to have done but cannot do at all, or cannot so well do for themselves, in their separate and individual capacities. That is what the Economic Development Revitalization Act of 2011 will do. It authorizes and funds the EDA, a Department of Commerce agency, in order to help Americans achieve what they ``cannot so well do for themselves.'' EDA is the only Federal agency charged solely with job creation. Each dollar of EDA funding leverages nearly $7 in private sector investment. From 2005 to 2010, during the administrations of Presidents from each political party, EDA awarded $1.2 billion in construction-related and revolving loan fund projects. According to estimates, more than 314,000 jobs resulted from those investments. EDA programs are critical to my home State of Montana, a State with lower per capita income but great 21st century potential. When the timber industry in the western part of the State suffered setbacks, we paired Federal EDA funding from the 2009 Recovery Act with State dollars to create an $11.7 million revolving loan fund. We enabled 34 companies to continue operating and supported nearly 2,000 jobs despite the economic downturn.…
