Local Economic Leadership
Southeastern Pennsylvania has remarkable economic assets, including a well-educated workforce; dozens of leading colleges and universities; diversified industries including manufacturing, pharmaceuticals, medical device, and financial services; and new potential with industries connected to Marcellus Shale. We also face significant challenges, with Pennsylvania’s middle class families and businesses worrying about the economic uncertainty facing our nation.
I meet frequently with local entrepreneurs and business leaders, emerging industries and small businesses, and experts from Pennsylvania’s booming health care sector for ideas on how to grow our economy and strengthen our middle class, both regionally and nationally.
Expanding Job Opportunities for Veterans
As the daughter of a Korean War veteran, I understand the sacrifices made by our troops and their families.
In my first term in Congress, I introduced legislation to provide tax credits to businesses that hire troops returning from Iraq and Afghanistan. This bill was signed into law in 2007 and later strengthened by President Obama in 2009. In 2011, I introduced the Hiring Our Veterans Act to build on the success of this initiative. This bill was signed into law by President Obama as part of a larger package to strengthen the economic climate for veterans.
In a continued effort to expand job opportunities for veterans, I introduced legislation on June 21, 2012 to combat the job discrimination many veterans face when returning home from serving their country. Due to the extended length of the wars in Iraq and Afghanistan, the military relied heavily on the National Guard and Reserves. Hundreds of thousands of Americans left their families, their homes, and their civilian jobs to serve their country. Some of these brave men and women returned home to find that their employers would not promptly reinstate their civilian jobs as required by the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). The Servicemembers’ Access to Justice Act strengthens the existing law that prohibits workplace discrimination against veterans returning from service.
I also worked to secure grant money for 25 new police officers in Philadelphia through the COPS hiring program. In a change from previous awards, this grant requires that all new officers hired under the grant must be military veterans.
Supporting America’s Innovative Biotechnology Industry
To grow the American economy, we must create the right environment to promote private sector job growth. One way to restore America’s economic might is to promote innovative emerging industries, particularly small businesses and startups that are working to turn new concepts into products developed and manufactured here in the United States.
From scientists and business leaders to doctors and researchers, every single day critical work is done in America in the field of biotechnology, one of the leading growth industries of the 21st century. Biotechnology companies are transforming the field of medicine by developing life-saving cures and groundbreaking new and improved medicine.
As one of the top 10 biotech states in the nation, Pennsylvania companies are on the frontlines of innovation. The state’s biotech firms are pivotal to the Commonwealth’s economic growth by creating jobs and generating economic opportunity. More than 80,000 Pennsylvanians work in the life sciences industry, with workers earning an average salary of more than $82,262—almost twice the statewide average. The life sciences industry in Pennsylvania pumps more than $6.7 billion into the local economy and generates 15 percent of all economic activity in Philadelphia.
In April 2012, I was honored to receive the prestigious “Legislator of the Year” award from the Biotechnology Industry Organization (BIO) for my efforts to advance health care innovation, biotechnology, and the life sciences.
The leaders of BIO and Pennsylvania Bio had this to say about my work on this important issue:
“As the leading House advocate for the renewal of the Therapeutic Discovery Project Tax Credit and repeal of the Independent Payment Advisory Board, Representative Schwartz has been an ardent advocate for the growth of the life science industry, which is researching and developing new cures and treatments for debilitating diseases, and providing cutting-edge technologies to improve crop yields, and discover cleaner forms of home-grown energy,” said BIO President and CEO Jim Greenwood, a former Republican Member of Congress from Bucks County, Pennsylvania.
“Congresswoman Schwartz has been a strong and consistent champion of the life sciences industry,” added Pennsylvania Bio President Christopher Molineaux. “She recognizes the tremendous economic and societal benefits this industry produces and has distinguished herself as a leader for national policy that ultimately benefits people everywhere. Pennsylvania companies, universities, and research institutes are fostering one of the most robust biotechnology sectors in the country. To continue our leadership in the biosciences, the support of our policymakers is critical, and we have a great champion in Representative Schwartz.”
I have long fought for increased investment and support for the growing biotechnology and life sciences field and have taken a leadership role in providing targeted tax credits to companies that are on the cutting edge of research and development.
The Life Sciences Jobs and Investment Act: I introduced legislation to enhance medical innovation, life sciences education, and high-quality job creation across the country through targeted tax incentives. The bill invests in both small- and medium-sized businesses by expanding on the research and development tax credit. It allows larger companies to bring back overseas earnings for the purpose of creating American jobs or invest in small start-up life science companies. This seed money allows smaller companies to grow and bring products to the market.
Qualifying Therapeutic Discovery Project Tax Credit: I championed this effort to provide tax credits and grants to small biotech firms that show significant potential to produce new and cost-saving therapies, support U.S. jobs, and increase U.S. competitiveness. This initiative has achieved enormous success with more than 3,000 companies receiving either a grant or tax credit totaling $1 billion dollars. In Pennsylvania, 158 small biotech firms received funds totaling $48 million to support cutting-edge research and development in biotech and life sciences. This support drove growth in the biotechnology sector in 2011, even in a year when little private capital was available to such high-risk startups.
To continue the tremendous success of this tax credit, I introduced legislation to extend the therapeutic tax credit through 2017. Renewing this initiative will grow high-skilled, high-wage jobs in the Keystone State, and ensure Pennsylvania has the resources it needs to compete for the top talent nationwide.
Innovative Technologies Investment Incentive Act: I am a co-sponsor of this legislation, which will spur private sector job growth by providing a tax credit for equity investment in high technology and biotechnology small businesses.
Building Livable Communities
Local redevelopment—from Main Street improvements, to rebuilding commercial corridors, to creating recreational open space—is among the strongest economic forces in our country. Reinvigorating communities to be greener, safer, and more livable improves the quality of life for residents and visitors, and stimulates job creation.
I have proposed a number of initiatives to reinvigorate neighborhoods and promote local economic development in Southeastern Pennsylvania and throughout the country including:
- Rebuilding Local Main Streets: From Lansdale to Jenkintown to Ambler, I have fought to secure the necessary funds to rebuild these local Main Streets and pave the way for new economic development.
- Community Restoration and Revitalization Act: I am a sponsor of this legislation to modernize the Historic Tax Credit (HTC)—the premier federal tax credit for the rehabilitation of historic and older buildings. The HTC has been extremely successful in attracting capital to the nation’s older and historic neighborhoods. This legislation would create new economic opportunity and jobs while strengthening the quality of life in these older neighborhoods.
- Green Communities Act: I introduced this legislation to assist municipalities across the country in implementing green infrastructure solutions to improve their economic development. This legislation will improve quality of life, attract new business, generate economic development, and improve the general environment.
- Healthy Food Financing Initiative: I introduced this legislation to provide an economically sustainable solution to the problem of limited access to healthy foods in underserved communities by encouraging supermarkets and other fresh food retailers to open new stores or expand their fresh food offerings. This legislation would create jobs, reinvigorate commercial corridors and communities, and combat the obesity epidemic in America.