Economic Development

One of the greatest privileges I get as an elected official is when I can help bring new jobs into the district. This can be from the expansion of existing industry or the recruitment of new industry. With the infusion of good paying, quality jobs into our local communities, most areas of the state are experiencing growth across the board.

Two of the most important, and successful, organizations as far as North Alabama's economic development are the Appalachian Regional Commission (ARC) and the Economic Development Agency (EDA). For FY 2008, I've requested a budget of $75 million for ARC this year, an increase of Industrial Development Matters

$10 million above the President’s request.

While this seems like a great deal of money, we've experienced an incredible rate of return on it. If you look at the industries that have located in North Alabama over the last couple of years, in many instances you're seeing the direct results of this funding. It's vital that we continue these efforts.

Current Legislation (Updated September 24, 2007)

H.R. 1332, Small Business Lending Improvements Act of 2007: This measure amends the Small Business Act relating to the business start-up loan program to authorize the Administrator of the Small Business Administration (SBA) to offset (contribute to) borrower and lender fees associated with start-up loans when funds are made available to the SBA for such contributions. It also directs the Administrator to carry out a rural lending outreach program to provide up to an 85 percent guaranty for loans of $250,000 or less made by lenders to small businesses in rural areas and further requires the SBA to approve or decline such loan within 36 hours.

I supported this legislation and it passed the House April 25, 2007 by a vote of 380-45. It has since moved to the Senate for their consideration.

H.R. 2, Fair Minimum Wage Act of 2007: When passed by the House on January 10, 2007 by a vote of 315-116, it amended the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage.

I supported this bill and voted in favor of it but I was disappointed that in passing it, Congress failed to address the needs of small business to offset some of the burdens that they would face following enactment of this bill. Small businesses have been hit hard by the rising cost of health insurance over the last several years. With this legislation we missed a real opportunity to address this critical problem.

The minimum wage provisions included in this bill were ultimately included in other legislation that passed both the House and the Senate and was subsequently signed into law by the President.