AED Washington Insights Newsletter
June 2009
Prepared by Christian A. Klein, AED Vice President of Government Affairs
and the AED Washington team
In this Issue:
House subcommittee reports highway reauth bill; Obama calls for 18-month extension
In the first major development in several months on the highway reauthorization front, on June 24 the House Highways and Transit Subcommittee approved draft legislation to reauthorize federal surface transportation programs.
While the bill reported by the subcommittee does not include specific funding levels for individual programs, at a meeting with AED and other infrastructure advocacy groups earlier this month, House Transportation & Infrastructure (T&I) Committee Chairman James Oberstar (D-MN) outlined his plans for the legislation. According to Oberstar, the $450 billion Surface Transportation Authorization Act (STAA) bill will include $337.4 billion for highways, $98.8 billion for mass transit, and $12.6 billion for highway and motor carrier safety programs over six years. The highway funding is expected to include $100 billion for Capital Asset Investment to begin restoring the National Highway System (including the Interstate System) and improve bridges. The specific funding numbers are expected to be incorporated into the legislation when it is marked up by the full T&I Committee in July.
Under Oberstar's STAA plan, the average annual investment level for the federal highway program over six years would be $56 billion. That's considerably more than the roughly $41 billion that the program currently receives (not counting the additional money in this year's stimulus bill), but significantly less than the amount AED and others have said is necessary to improve our nation's transportation system.
Additionally, while the Oberstar and the legislation's other sponsors acknowledge that the Highway Trust Fund (HTF) will run out of money this summer, the bill does not provide a long-term solution to address the HTF's insolvency. During the June 24 mark-up, Highways & Transit Subcommittee Chairman Peter Defazio (D-OR) suggested a tax on energy speculation that he said would raise an estimated $190 billion for the HTF. Chairman Oberstar apparently supports the proposal. The House Ways & Means Committee is responsible for determining how to raise the revenues for the HTF and will be holding several hearings over the course of the summer to consider the issue. AED has long advocated an increase in the gas tax highway user fee and transitioning to a vehicle miles traveled tax as the fiscally responsible way to pay for a bigger program.
DOT calls for long-term extension of current program
As details of the Surface Transportation Authorization Act were being released, the Obama Administration announced its proposal for a short-term, 18-month highway reauthorization that would extend the current program and provide funding for the HTF through the end of fiscal year 2011. An 18-month extension would effectively delay final action on reauthorization until after the 2010 mid-term elections. The administration most likely took this approach given the unlikelihood that the Senate will consider highway reauthorization legislation before the current authorization expires on Sept. 30. Sen. Barbara Boxer (D-CA), the chairman of the Senate committee with jurisdiction over highway issues, has endorsed the administration's extension proposal.
Immediate reaction from T&I Committee leadership was that an extension of current law was unacceptable and that they would continue to push forward with the STAA. At the June 24 mark-up, nearly all of the members, both Democrats and Republicans, expressed similar sentiments. Construction industry groups, including AED, are concerned that delaying reauthorization for two more construction cycles will add to the current uncertainty in construction markets and squander the benefits of this year's infrastructure stimulus. However, given that administration officials have announced the HTF will run out of funding in August, it is likely Congress will need to pass some form of an extension to provide funding for the HTF in the short-term.
"We applaud Chairman Oberstar for taking this first important step in the highway reauthorization debate," said Toby Mack, AED president and CEO, in response to the release of the STAA plan. "We look forward to working with him and his colleagues in a bipartisan manner to quickly enact legislation that increases highway investment and provides long-term stability for construction markets."
AED launches new online reauthorization tool for members
As the highway debate takes center stage in Washington, AED has unveiled a new tool to help our members get involved in the process.
AED's new Highway Reauthorization Action Center has resources to help distributors learn more about the issues and influence the debate. In addition to background information on the nation's infrastructure needs, the site includes draft letters to members of Congress, a sample e-mail for distributors to send their employees, a draft op-ed for members to submit to their local newspapers, and a link to the highway reauthorization section of AED's grassroots Web site (AEDaction.org).
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AED Director urges Congress to address construction credit crisis at House hearing
At a House Small Business Committee hearing on June 10, Tim Watters, president and CEO of Hoffman Equipment Co. in Piscataway, N.J., briefed committee members on the credit challenges confronting equipment distributors and their customers in the current economic environment.
Watters is AED's northeast region director, and his company's distribution territory includes New York's 10th congressional district, which is represented by House Small Business Committee Chairwoman Nydia Velázquez (D-NY).
Watters told committee members that AED's 2009 Government Affairs Survey showed that the credit crisis has hit the equipment industry particularly hard. Eighty-one percent of survey respondents reported that they had lost sales in the last year because qualified purchasers had been unable to secure financing, which translates into a loss of more than $120 million in sales for these survey respondents.
When the survey results are projected across the association's entire membership, AED calculates distributors have lost more than $720 million in sales because credit was unavailable.
"Our customers have no work, so they need no machinery and we have no business," said Watters. "If we are lucky enough to find a customer who has work and is actually willing to purchase a new machine, we have difficulty finding him financing to allow the deal to happen."
Watters also explained that credit challenges were also making it more difficult and expensive for AED members to operate their companies. Fifty-six percent of distributors who responded to the AED survey reported an increase in their own credit costs, and 44 percent of respondents said their companies had difficulty securing credit.
Watters told committee members that although the equipment industry credit crisis was part of a bigger economic problem, Congress could be taking steps to ease the pain. He said that passing multiyear highway and water reauthorization bills with investment increases would restore stability and confidence in construction markets.
Watters also suggested that the Small Business Administration should be directed to work with captive finance companies and banks serving the construction industry to develop loan products that meet the unique needs of small construction contractors, particularly those perceived as high-risk borrowers. Finally, Watters said Congress and the executive branch should continue to work to improve access to capital for the captive finance companies that serve the construction equipment industry.
In addition to AED, other leading industry groups testifying at the hearing included the Independent Community Bankers Association, the American Bankers Association, the International Franchise Association, and the National Marine Manufacturers Association.
To read AED's written testimony, visit www.cedmag.com/Press-Releases/AED_Watters_Testimony_on_Credit.pdf
For more information about the hearing and to watch excerpts of Watters' testimony, visit www.house.gov/smbiz
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Clean Water Council report demonstrates economic impact of water infrastructure investment
On June 12, the Clean Water Council (CWC) announced the results of a highly anticipated study regarding the impact that water and wastewater infrastructure has on the economy. The study, Sudden Impact: Assessment of Short-Term Economic Impacts of Water and Wastewater Projects in the United States, demonstrates the significant economic benefits of water and wastewater infrastructure projects both during project construction and well after project completion.
Specifically, the report shows that a $1 billion investment in water and wastewater infrastructure results in total national output (i.e., demand for products and services in all industries) of between $2.87 and $3.46 billion, creates up to 26,669 new jobs (with average annual earnings for the construction portion of the jobs at an impressive $50,396) and generates personal (household) income of between $1.01 and $1.06 billion. About one-half of those jobs are in industries outside of water and wastewater construction, further illustrating the broad reach of the initial investment. In addition, each $1 billion invested generates approximately $82.4 million in state and local tax revenue.
The report was coordinated by the National Utility Contractors Association (NUCA), which manages the CWC. AED is a CWC member and provided financial support for the project through the AED Washington Education Fund. The results are based on actual data collected from 116 water and wastewater construction projects in five demographically diverse states, including 73 different counties. The projects were completed in 2006 and 2007 and encompass a comprehensive array of geographic regions, project types, sizes, materials, construction methods and labor markets. To view the study in its entirety, visit http://www.nuca.com/files/public/CWC_Sudden_Impact_Report_FINAL.pdf
The latest economic impact study on the importance of water and wastewater infrastructure investment supports the study conducted last summer by AED and NUCA, which determined that 12 percent of the average underground water utility project is attributable to equipment costs. Given the impact that water and wastewater infrastructure investment has on equipment dealers and the overall economy, AED has made the increase of water infrastructure funding one of our top legislative priorities.
On May 7, Sens. Ben Cardin (D-MD), chairman of the Senate Environment and Public Works (EPW) Water and Wildlife Subcommittee, and Barbara Boxer (D-CA), EPW chairwoman, joined Sens. James Inhofe (R-OK), EPW ranking member, and Mike Crapo (R-ID), ranking member of the EPW Water and Wildlife Subcommittee, to introduce the Water Infrastructure Financing Act (S. 1005). The legislation would dramatically increase federal funding for water infrastructure construction, thereby expanding equipment markets while addressing an infrastructure investment crisis that threatens public health, the environment, and the economic vitality of communities across the country.
S. 1005 would authorize $14.7 billion for the Drinking Water State Revolving Fund (SRF), $20 billion for the Clean Water SRF over the next five years, and authorize $1.85 billion for a nationwide grant program to address combined sewer overflows. Additionally, the legislation would provide $60 million per year for grants to states and municipalities to reduce lead in drinking water and $50 million to address agriculture-related water quality issues. By comparison, in recent annual appropriations bills the sewer and drinking water programs have received less than $1 billion each. Based on the AED/NUCA study from last summer, the $36.7 billion provided for the Drinking Water and Clean Water SRFs in the Senate legislation would create an estimated $4.4 billion in equipment market opportunity over the next five years.
On May 14, the EPW Committee passed S. 1005, with overwhelming bipartisan support. The legislation is now ready for consideration by the full Senate. AED will continue to monitor the progress of S. 1005 and will urge the Senate to act quickly on the legislation. Earlier this year, the House passed similar legislation (Water Quality Investment Act, HR 1262) to reauthorize the Clean Water SRF.
S. 1005 offers the best opportunity in years to reauthorize the Clean Water and Drinking Water SRFs. The Clean Water SRF has not been reauthorized in 22 years, and the Drinking Water SRF has not been reauthorized in 13 years.
Visit AEDaction.org to send a letter to your senator urging quick action on S. 1005.
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House passes climate change legislation by narrow margin
On June 26, the House of Representatives handed Speaker Nancy Pelosi (D-CA) a major victory by passing American Clean Energy and Security Act (HR 2454), in a 219-212 vote. The vote was a nail-biter, with Pelosi, President Barack Obama, and former Vice-President Al Gore, putting significant pressure on House members up until the vote to ensure the bill's passage.
In order to pass the legislation, Pelosi needed the help of several Republicans who crossed party lines to support HR 2454, including Reps. Dave Reichart (R-WA), Mike Castle (R-DE), Mary Bono Mack (R-CA), Mark Kirk (R-IL), Leonard Lance (R-NJ), Frank LoBiondo (R-NJ), Chris Smith (R-NJ), and John McHugh (R-NY). Forty-four Democrats voted against the bill.
The legislation, which is more than 1,200 pages long, mandates a 17 percent cut in greenhouse gas emissions by 2020 and an 83 percent cut by 2050, reductions that will be accomplished by putting a price on carbon dioxide pollution through a cap-and-trade system. Additionally, the legislation requires that 20 percent of our electricity be generated from renewable sources by 2020; it also calls for increased efficiency standards.
The National Black Chamber of Commerce estimates that the bill could result in $170 billion annual drop in gross domestic product (GDP) in 2015, $350 billion in 2030, and $730 billion in 2050, and a net loss of 2.3 million to 3 million jobs – despite all the "green" jobs the legislation's proponents claim it will create.
The legislation will be considered by the Senate Environment and Public Works (EPW) Committee prior to its vote by the full Senate. Most likely the Senate will craft its own bill, which is expected to be more moderate than the American Clean Energy and Security Act in order to avoid a filibuster on the Senate floor. Senator Barbara Boxer (D-CA), chairwoman of the Senate EPW Committee, has indicated her desire to begin considering climate change legislation the week of August 3, with possible floor consideration later in the fall.
AED will continue to follow the climate change debate and urge senators to carefully balance environmental objectives with the need for job creation and economic growth.
To see how your representative voted on the bill in the House, visit AEDaction.org, at http://capwiz.com/aedaction/vote.xc/?votenum=477&chamber=H&congress=1111&voteid=13648686&state=US.
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Two studies show the negative impact of estate tax
On June 4, the American Family Business Foundation released two important studies on the economic impact the estate tax has on the overall economy. Both studies concluded that the estate tax undermines economic growth while generating very little government revenue.
The first study was authored by Douglas Holtz-Eakin, former Congressional Budget Office (CBO) director and former director of domestic and economic policy to Sen. John McCain's 2008 presidential campaign. He analyzed the economic impact that current estate tax legislative proposals would have on small businesses and the economy. His study found that full repeal of the estate tax would result in 1.5 million additional small business jobs. Holtz-Eakin also found that full repeal of the estate tax would:
- Increase small business capital by $1.6 trillion
- Increase the probability of hiring by 8.6 percent
- Increase payrolls by 2.6 percent
- Expand investment by 3 percent
- Slash the current jobless rate by .9 percent
However, if Congress fails to act, in 2011 the estate tax will revert back to the pre-2001 rate of 55 percent with a $1 million exemption ($2 million for married couples). According to Holtz-Eakin, this will:
- Decrease small business capital by $539 billion
- Decrease the probability of hiring by 2.9 percent
- Decrease payroll size by .9 percent
- Reduce investment by 1 percent
In the second study, Stephen J. Entin, president of the Institute for Research on the Economics of Taxation (IRET), also examined the economic impact the estate tax has on the overall economy. Entin found that allowing the estate tax to revert back to pre-2001 rates would reduce gross domestic product (GDP) by $183 billion and labor income by about $122 billion. By contrast, ending the estate tax would add $119 billion to the GDP and boost labor income by $79 billion.
Entin also found that if the estate tax rate were lowered to 35 percent with an exemption of $5 million – a proposal introduced by Sens. Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) – the result would be $27 billion added to the GDP and nearly $9 billion in labor income. Entin concluded that the damage caused to GDP, wages, and other income reduces tax collections by more than the revenue actually brought in to the federal government by the estate tax.
Both studies demonstrate the need for Congress to create a reasonable solution to end the uncertainty surrounding the estate tax. While AED continues to support full repeal of the estate tax, all realistic indications point to the likelihood of some compromise in the near term. Visit AEDaction.org to send a note to your representatives on Capitol Hill urging them to support estate tax reform.
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Obama nominates Sotomayor to Supreme Court
On May 26, President Barack Obama nominated Judge Sonia Sotomayor of the 2nd Circuit Court of Appeals to fill a vacancy that will open up on the U.S. Supreme Court when Justice David Souter retires later in the summer. The Senate Judiciary Committee will hold hearings to investigate Judge Sotomayor's qualifications and legal background beginning on July 13. Following the hearings, the Judiciary Committee will vote to approve her nomination. After Judiciary Committee approval, the nomination will be considered by the full Senate.
The Supreme Court can have a considerable impact on all Americans. It rules on the constitutionality of many controversial social issues including abortion, school prayer, and the death penalty. However, the Court also hears many cases that directly impact the private sector. In past terms, the Supreme Court has ruled on labor and workplace regulations, employment discrimination, and product liability cases that directly impact how you run your business.
While Judge Sotomayor is expected to be confirmed fairly easily because of the Democrats' substantial majority in the Senate, one case has drawn fire from the business community. In Ricci v. Destefano, 17 white firefighters and one Hispanic firefighter took and passed promotional exams, but the City refused to certify the results and/or promote any of the candidates simply because "no blacks and at most two Hispanics would be eligible for promotion." The firefighters brought their case to federal court, but a trial judge decided that their claims did not even merit a trial.
On appeal, Judge Sotomayor agreed with the trial judge's decision not to allow the firefighters to go before a jury. The firefighters appealed to the Supreme Court, which this month reversed Judge Sotamayor's decision, ruling that New Haven was wrong in refusing to certify the test results.
The case is especially notable given Judge Sotomayor's history of openly touting identity politics. She has said that judges should consider their "experiences as women and people of color" in their decision-making and has suggested that Latina females make better judges than white males.
The concern for the business community is that Judge Sotomayor will tend to base decisions not on the law, but rather on how she "feels" about a certain case. This is especially problematic in cases involving employment discrimination, labor, and product liability where the plaintiff in the case tends to evoke sympathy when compared to the business in question.
As the confirmation process moves forward, AED will continue to analyze Judge Sotomayor's record and ensure that AED's interests are represented in the nomination process.
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Obama proposes "technical" changes to estate tax law
The Obama administration's Office of Tax Analysis has proposed a series of changes in tax planning that will make it more difficult for family businesses to continue over future generations. The administration claims that the proposed changes, which are contained in the "Green Book" of revenue proposals supporting Obama's FY 2010 budget, are of a "technical" nature. However, proposed changes to minority and lack-of-marketability discounts, grantor-retained annuity trusts (GRAT), and the reporting of tax basis could substantially increase the tax liability for family-owned businesses.
First, the Obama administration has proposed to remove minority and lack-of-marketability discounts. Under current law, when a family business owner gifts ownership in the company to his or her children, the children typically become "minority" owners. Their shares are worth less to prospective buyers than the majority owner's shares.
The IRS currently grants minority discounts as a way of recognizing that the "minority owner" of a family business (one who owns less than 50 percent of a business) cannot obtain the same price-per-share as the "majority owner" (one who owns more than 50 percent of a business). Minority discounts allow a minority owner to value shares lower when reporting to the IRS, and thereby reduce overall tax liability. No family business owner should be forced to pay more in taxes than the price the shares would obtain in the market.
Further, family business owners often place restrictions on the sale of the shares that they gift to their children in order to ensure that ownership of the business stays within the family. These restrictions – a lack of marketability – reduce the value of the shares. Current law recognizes the reduced value with special discounts for estate tax purposes. Eliminating these reasonable discounts will force family business owners to report higher values to the IRS than they could expect to obtain from a buyer, and thereby pay higher taxes at death.
The Obama administration has also proposed to reform grantor-retained annuity trusts (GRAT). Some family business owners create GRATs to reduce the tax exposure of their business as it grows. The GRAT enables a family business owner to gift appreciation in the value of the trust to his children without tax penalty to the family business.
However, the GRAT is only effective if the family business owner is alive at the end of the term of the trust. Consequently, family business owners will set up short-term, two-year trusts in order to increase the likelihood that they will survive the GRAT's term. The administration's proposed changes will make GRATs ineffective by only allowing for long-term, 10-year trusts.
Finally, the administration has proposed stricter technical rules on the reporting of tax basis. Family businesses face a myriad of reporting requirements that can only be handled by their tax attorneys. Most of these requirements simply serve to create work for their attorneys, driving up the tax-planning costs for family-business owners and shifting capital away from job-creation and other productive activities.
Congress is considering Obama's proposals, and legislation to implement some of them has already been introduced (http://www.aednet.org/government/aed-washington-insights.cfm?id=03/01/2009&show=yes#ref3). Stay tuned for more as the story develops.
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U.S. Chamber launches "Project No Project" Web site
On March 20, the U.S. Chamber of Commerce launched a new Web site to spotlight energy projects that have been either delayed or stopped by "Not in My Back Yard" (NIMBYs) activists. NIMBYs use a variety of methods to deter projects in their area, such as litigation, challenges to environmental permit processes, rezoning, and grassroots organizing.
"Project No Project" was originally designed to raise awareness about delayed energy projects. However, the Chamber now wants to broaden the scope of the "Project No Project" to include transportation, telecommunications, and water infrastructure projects.
If you are aware of any projects in your area that have been delayed or stopped due to NIMBYs, please e-mail us at aeddc@aednet.org. We will report the information collected to the Chamber so that we can continue to raise awareness of this important issue.
Visit the "Project No Project" Web site, http://pnp.uschamber.com/
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Health care debate heats up
Health care reform is one of the hottest topics on Capitol Hill. Both the House and the Senate are expected to consider comprehensive health care legislation this summer. President Obama has announced his desire to sign a reform plan into law by October.
Despite early indications that health care legislation would be drafted with input from all key stakeholders, the small business community has been virtually shut out of the process. As a result, small businesses have been left guessing as to the details of the health care reform legislation. This is particularly disturbing in light of the current economic situation and the driving role small businesses will play in pulling the country out of the recession.
Word on Capitol Hill is that health care reform legislation will likely include several provisions harmful to small business, including a mandate requiring businesses to provide health insurance for all their employees or else pay a hefty tax to the federal government. In a recent Democratic draft plan, small businesses employing fewer than 27 employees were exempt from the mandate, despite the fact that the Small Business Administration considers equipment distributors to be a small business if they employ up to 100 people. Recent studies have concluded that an employer mandate could cost 1.6 million jobs.
Nearly as troubling as the employer mandate is the fact that comprehensive health care reform legislation will most likely include a government-run health care program that will compete in the private market. Not only does this go against the basic tenets of a free market economy, but it will most likely result in the eventual complete takeover of our health care system by the federal government.
Congress must consider the needs and concerns of the small business community as the health care debate moves forward. Legislation must lower the skyrocketing costs for small businesses providing health care benefits for their employees by producing more choice, reducing costs and wasteful spending, and providing real competition in the private health insurance market. All of these reforms can take place through the free market.
As a member of the Small Business Coalition for Affordable Healthcare, AED is pushing Congress for real, market-based reforms that will protect the interests of small businesses while lowering costs and making the health care system more efficient. Visit the Coalition's Web site, www.smallbusinesshealthcarecoalition.com.
You can also visit AEDaction.org to send a letter to your senator and/or member of Congress urging them not to forget small businesses during the health care debate.
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AED PAC catches monster wave in summer '09
AED PAC fundraising is off to an extreme start this year, having already raised $23,000 from 18 AED members.
These funds are being used to help elect members of Congress (both Democrat and Republican) who share our commitment to infrastructure, the free market, reason-based regulatory policy, and pro-growth tax policy. AED PAC is the vehicle that allows the equipment industry to speak with a single voice in the political process.
AED PAC only accepts contributions from owners and senior employees at AED member companies who have given solicitation consent in accordance with federal law. If you'd like more information about AED PAC, join the party wave by filling out a consent form and mailing or faxing it to AED's Washington Office.
A consent form and list of companies whose owners and employees are eligible to participate in AED PAC is available here: http://www.aednet.org/government/pdf/aed-pac-solicit-form.pdf.
If you have any more questions, call or e-mail the AED Washington Office: 703-739-9513, aeddc@aednet.org.
President's Circle ($5,000)
James Stephenson, Yancey Bros. Co.
Chairman's Caucus ($2,500)
Dale Leppo, Leppo, Inc.
Capitol Club ($1,000)
Walter Berry, Berry Companies, Inc.
Daniel Butler, Butler Machinery Co.
Paul Campbell, Powerscreen of California
R. Christopher Gaylor, Power Equipment Company
Lawrence F. Glynn, CMW Equipment
Dennis J. Heller, Stephenson Equipment, Inc.
Roy H. Hunt, Hunt Tractor, Inc.
A. Roy Kern Jr., Equipment Corporation of America
H. E. Kirby Jr., Kirby-Smith Machinery, Inc.
Chris MacAllister, MacAllister Machinery Co., Inc.
Jay A. Paradis III, Brandeis Machinery & Supply Co.
Alvin Richer, Arnold Machinery Co.
John Riggs IV, J A Riggs Tractor Co
Kenneth E. Taylor, Ohio CAT
R. Dale Vaughn, OCT Equipment, Inc.
Washington Team ($500)
Michael Brennan, Bramco
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T&I releases report detailing ARRA implementation
On June 23, the House Transportation and Infrastructure (T&I) Committee released a Recovery Act Implementation Status Report detailing the federal infrastructure investments as result of the American Recovery and Reinvestment Act (ARRA). The report estimates that 1.8 million jobs will be created or sustained from transportation and infrastructure investment, generating $323 billion of economic activity from the initial $64.1 billion investment. According to the report, every $1 billion invested in infrastructure is expected to produce 34,779 jobs and $6.2 billion in economic activity. AED's own data shows that 6.4 cents of each dollar spent on highways is used to buy equipment and related services.
As of May 31, 4,098 highway and transit projects totaling $16 billion have been put out to bid. Of these projects, 1,243 projects totaling $4.4 billion have begun construction. Highway and transit projects in which construction has begun have directly created or sustained at least 21,000 jobs.
The report found 43 states and the District of Columbia have already complied with ARRA's requirement that 50 percent of highway and bridge funds be obligated by June 30. Since ARRA was enacted into law, 4,366 projects totaling $14.4 billion (approximately 54 percent of the highway funding) have received approval by the Federal Highway Administration (FHWA). FHWA has committed to ensuring work will start on 1,500 projects by Sept. 5. Highway and bridge projects are expected to create 765,000 jobs and $136 billion in economic activity once all funds have been distributed.
ARRA also requires the FAA to award 50 percent ($550 million) of airport grant funds by June 17, 2009 after the date of enactment. The FAA has exceeded this goal by awarding 66 percent ($725 million) of the airport grant funds by the statutory deadline.
Additionally, the Environmental Protection Agency (EPA) has announced the Clean Water State Revolving Fund (SRF) has obligated nearly $3 billion in 71 Clean Water SRF projects in 43 states. The report estimates that these projects will generate 111,000 jobs and $20 billion in economic activity.
We've been asked to keep our friends on the Hill informed as our members start to benefit from the stimulus projects. Let us know if you have a good story and when you start to see an impact. E-mail us at aeddc@aednet.org.
To view T&I's Transparency and Accountability Report visit http://transportation.house.gov/Media/file/ARRA/Recovery%20Act%206-23-09%20Report.pdf
To view details of ARRA funding amounts broken down by state and program visit http://transportation.house.gov/Media/file/ARRA/Recovery%20Act%20Funds%20by%20State%20and%20Program%20as%20of%20May%2031%202009.pdf
To view details of specific projects funded by ARRA visit http://transportation.house.gov/Media/file/ARRA/Recovery%20Act%20Funds%20by%20Project%20as%20of%20June%2015%202009.xls
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AED Northeast Region Director Tim Watters (Hoffman Equipment Co.) testifies at a June 10 House Small Business Committee hearing on access to capital.