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U.S. Secretary of Commerce Donald L. Evans Hails Passage of the Economic Development Reauthorization Act of 2003

Legislation Reauthorizes Economic Development Administration for Five Years, Complements Agency Reinvention Efforts

WASHINGTON, D.C. – U.S. Commerce Secretary Donald L. Evans today announced that Congress approved legislation reauthorizing the Economic Development Administration (EDA) for another five years. EDA’s prior reauthorization was passed by Congress in 1998, and expired on September 30, 2003.

“This bi-partisan bill is a high priority of this administration, and one which the President considers critical to continuing the upturn in the economy that the nation has experienced during the past year,” said Evans.

Since EDA’s inception in 1965, the agency has worked closely with Congress, the private sector, economic development organizations, and state and local governments to help create millions of jobs across the United States.

“President Bush has often stated that the role of government is to create conditions in which jobs are created,” said Assistant Secretary of Commerce for Economic Development David A. Sampson. “This legislation will allow EDA to work with communities on the ground to help create these favorable conditions across the country.”

Highlights of the Bill include:

-- Improving agency performance in rural America: Highlights the President’s commitment to results by providing the Secretary of Commerce with new authority to reward outstanding performance by grant recipients who excel in carrying out projects that create jobs;

-- Economic Planning: Reflects the Administration’s support for regional collaboration for thinking strategically about how communities can position themselves to compete in a worldwide economy, with particular focus on
strategies for manufacturing-intensive communities and for deploying broadband technology.

-- Streamlining investment process; Advances the President’s initiative to simplify and streamline government procedures by reducing paperwork for grant recipients and removing barriers for non-profit and faith-based organizations to participate in economic development activities.

EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA's mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov