Political Quotes

“As you may know, the Environmental Protection Agency currently administers Clean Water State Revolving Funds and Drinking Water State Revolving Funds to provide low-interest financing through the States. These low-interest loans are a way for States and communities to be able to use their own discretion in making much- needed improvements to their water supplies and infrastructure. This program was a grant program years ago, but was transitioned into a loan program to save money some 25 years ago. {time} 1950 When the American Recovery and Reinvestment Act passed in 2009, an increase in funding for these accounts was coupled with a provision in those two funds, requiring no less than 30 percent of the financed funds issued to be used as principal forgiveness. It was a type of grant program to them. This principal forgiveness changes the low- interest loan program to a direct funding program. It's a hybrid between a loan program now and a grant program. Since the stimulus expired and funding for these provisions returned to normal levels, unfortunately, the principal forgiveness provision has remained. This bill rolls back to pre-stimulus funding levels, but it doesn't roll back to pre-stimulus Federal strings. So my amendment removes the Federal mandate of principal forgiveness and allows the States to use their discretion on the amounts they'd like to offer. States will be allowed to provide principal forgiveness up to 30 percent.…”