Jerry Nadler: “Mr. Speaker, lower Manhattan, as we all know, is devastated by the attacks on the World Trade Center. Over 20 million…”

“Mr. Speaker, lower Manhattan, as we all know, is devastated by the attacks on the World Trade Center. Over 20 million square feet of office was destroyed and another 15 million rendered unusable, and 125,000 jobs out of the 300,000 private sector jobs in lower Manhattan were destroyed. It will take a strong private-public partnership to revive lower Manhattan economically. A package of tax incentives, intelligently arranged, would stimulate private investment in the area. The Houghton bill and the proposals by Senator Schumer and Clinton, with the gentleman from New York (Mr. Rangel), should be seen in tandem. The Houghton bill is important and constructive for the long-term economic strength of New York, but does little, if anything, for our immediate critical needs. The Schumer-Clinton-Rangel package contains measures that are vital for the immediate survival of small businesses in lower Manhattan. We need to nurse lower Manhattan back to health, but before businesses will return to lower Manhattan, we must rebuild the neighborhood's infrastructure in utilities and transportation.”