Washington, D.C.--Congressman Eliot Engel voted to protect consumers and investors by helping to restore the stability of America’s financial markets, and boosting oversight of the food and toys we bring into our homes. The bill passed the full House by a vote of 219 - 207.

H.R. 3170, the Financial Services Appropriations and General Government Act, is another step forward in cracking down on runaway financial excesses and rebuilding regulatory protections for homeowners, investors and consumers. This assistance is needed to stabilize and restore confidence in the American economy.

Congressman Engel was able to include $150,000 for the Mount Vernon Energy Jobs Incubator Center in the bill. The funding was secured by Rep. Engel while working in conjunction with the City of Mount Vernon and the Mount Vernon Chamber of Commerce. Funding will be used to help develop the Incubator Center, which is designed to create green jobs and promote alternative sustainable energy. The Senate is also working on their version of the bill.

“In these difficult economic times, job creation and retention is vital,” said Rep. Engel. “With an unemployment rate reaching 10 percent, it is essential we do all we can to help people find jobs. I voted for the American Recovery and Reinvestment Act which began the investment into reinventing our nation’s energy needs. I commend Mount Vernon for taking the next step and fostering green jobs. This can only help the city move forward into the 21st Century economy.”

The Incubator Center is designed as:

* A training location for workers needing skills for green jobs.
* A location to attract companies – domestic or foreign – to locate in the Northeast and Mid-Atlantic market.
* A project management center and operation base for coordinating work associated with infrastructure and energy.

The Financial Services Appropriations Act strengthens the role of the Securities and Exchange Commission and the Federal Trade Commission to enforce the rules that govern financial markets, detect and prosecute fraudulent schemes and protect consumers. It also gives the Inspectors General of some of our key financial regulatory agencies more of the tools they need to carry out oversight of investigations of bank failures and market manipulation.

In response to massive recalls on household products such as children’s toys, the legislation boosts funding for the Consumer Product Safety Commission so they can thoroughly inspect more of the products families bring into their homes.

To stabilize the economy and create jobs, the bill includes more capital and credit for small businesses and disadvantaged communities through the Small Business Administration and Community Development Financial Institutions Fund.

“Our economic recovery is directly tied to the health and stability of our small businesses,” said Rep. Engel. “This bill gives small business owners the resources they need to invest in, and grow, their businesses. The innovation and success of our small businesses will create jobs and opportunity to put us back on the path towards long term economic prosperity.”