Congressman Serrano believes that more must be done to help those who have the least in our nation. He believes that we must do more to create good jobs that provide a living wage for residents of the Bronx. While the Bronx has come a long way, there is much more that must be done at the local, state, and federal level to help the local Bronx economy. As the economy begins is recovery from the recent recession, Congressman Serrano that all sectors of society benefit from that process.
Expanding Financial Resources and Investment in the Bronx
As chair of the Financial Services and General Government Appropriations subcommittee, he more than quadrupled funding for the Community Development Financial Institutions (CDFI) fund. This fund helps provide economic development and financial services to underserved populations. In addition, in the 110th Congress, Serrano introduced H.R. 3113, the Affordable Financial Services Enhancement Act, a bill which would allow all credit unions to provide services in underserved communities.
Serrano is also a cosponsor of Community Re-Investment Modernization Act, which requires banks to be open about the types of loans and investments that they provide to low-income and minority communities.
Helping American Families
Congressman Serrano believes that the federal government has an important role to play in helping families to make ends meet.
Congressman Serrano supported important tax incentives in the American Recovery and Reinvestment Act that expand opportunities for working families. These include: strengthening of the child tax credit, which provides families with tax credits for children, the Making Work Pay Tax Credit, which has provided immediate tax relief by lowering taxes withheld in each paycheck, and the American Opportunity Tax Credit, which expands tax credits that individuals can claim for post-secondary education expenses.
As chair of the Financial Services and General Government Appropriations Subcommittee, Serrano helped to create the Volunteer Income Tax Assistance grant program, which helps non-profits to provide free tax assistance services to low- and moderate-income individuals. These programs help taxpayers to file their taxes and claim important tax credits- like the Earned Income Tax Credit (EITC).
Serrano has also introduced H.R. 4399, the E-Drive Act, which would help jump start the production of electric vehicles in the United States, and help the U.S. Postal Service in their quest to save money. This legislation, if passed, would create upwards of 10,000 new jobs.
Congressman Serrano has also provided significant support to numerous community groups in the Bronx to provide job training and career counseling for individuals in search of jobs.
Economic Recovery
In 2009, Serrano also voted in favor of H.R. 1, the economic stimulus package. That bill has helped to restart our economy and save and create jobs in New York City. He helped to include a provision that provided stimulus benefits to all Americans, including those residing in Puerto Rico and the territories. He believes that the recession hurts all those who fly the American flag, and that federal aid should help all Americans, regardless of where they live.
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