Herbert Klein: “Mr. Chairman, I rise in strong support of the compromise reached between the House Banking Committee and the House…”

“Mr. Chairman, I rise in strong support of the compromise reached between the House Banking Committee and the House Public Works and Transportation Committee to reauthorize the Economic Development Administration. I urge my colleagues on both sides of the aisle to oppose Congressman Hefley's amendment to terminate the EDA. The two series of EDA grants contained in this legislation--both the public works and economic adjustment grants--are vital to our efforts to restore economically distressed areas like the cities of Paterson and Passaic, which are located in my congressional district in northern New Jersey. Communities like these need to have investment in their infrastructure in order to attract new business and industry and to create more jobs for the people who live there. It is essential that we provide these distressed communities the support they need to rebuild their infrastructure and address the long- term problems created by economic deterioration, high unemployment, massive plant closures, and defense industry cutbacks. Many of the problems that have plagued the EDA for the past 12 years have been corrected in the compromise bill we have before us today.”