Madam Speaker, I rise in strong support of H.R. 2847, the Jobs for Main Street Act, which redirects Trouble Asset Relief Program (TARP) funds from Wall Street to Main Street, where our towns, small businesses and families need it most.

While we have seen some significant improvements since this time last year, we are still feeling the repercussions of the worst economic downturn since the Great Depression.  Many older Americans are entering retirement with deflated savings, forced to dramatically adjust plans and expectations for their golden years.  Millions of our constituents remain unemployed, desperately searching for jobs that simply aren’t there.  Rhode Island families are struggling to pay bills and mortgage payments, and in too many cases, those who used to have two salaries to rely on must now make do with only one.  While we have brought the economy back from the brink, we must do more to limit job loss and create new employment opportunities.

H.R. 2847 addresses these issues by redirecting $48 billion in unused TARP funds to highway infrastructure, school renovation grants, public transportation investments and airport improvement grants.  To address our housing needs, this measure contains $1 billion for the National Housing Trust Fund that provides communities with funds to build, preserve and rehabilitate affordable rental homes and $1 billion for the Public Housing Capital Fund for repairs and rehabilitation of public housing. 

The Jobs for Main Street Act also uses $27 billion in TARP funds to stabilize public service jobs, including teachers, firefighters and police officers.  It funds an Education Jobs Fund to help states retain or create jobs in school districts and public higher education institutions.  And it includes funding for AmeriCorps, the College Work Study program, and job training for high growth and emerging industry sectors, including those in health care and green industries. 

Small businesses have borne the brunt of this economic crisis, and their inability to access credit to keep their businesses operating has clearly added to the high unemployment rate across the nation, and especially in Rhode Island.  It is imperative that our small businesses have access to the tools they need to weather this economic downturn, as well as to keep and create jobs.  H.R. 2847 will help by extending Recovery Act provisions that eliminated fees on SBA loans and guaranteeing these loans at 90 percent.  This gives local banks and credit unions the confidence to lend to small businesses.

This measure also extends crucial American Recovery and Reinvestment Act safety net programs that provide invaluable health and social services to our nation’s low-income and disabled citizens with the inclusion of $23.5 billion in enhanced funding for state Medicaid programs.  It further extends a provision to assist recently unemployed individuals and their families by helping them maintain their health coverage through a 65 percent subsidy for health insurance premiums under COBRA from nine months to 15 months and also extends unemployment benefits by six months. 

This job creation package will help move our country further down the road to recovery and help our families in need during this holiday season.  I urge my colleagues to support this bill.