Boxer, Inhofe introduce bill to reauthorize jobs program

The EDA was established more than 40 years ago to help create and maintain existing jobs. Its multi-year authorization expired on September 30, 2009. 

The Boxer-Inhofe bill would authorize EDA from 2011 through 2015, providing $500 million each year and making changes that would ensure funding quickly reaches communities with the most severe needs. 

Between 2005 and 2010, EDA awarded $1.2 billion in construction-related and revolving loan fund projects. The investments are expected to create more than 314,000 jobs, and each dollar of EDA funding is expected to attract nearly $7 in private-sector investment, according to the committee.

Senate Finance Chairman Max Baucus (D-Mont.) also has signed on in support of the measure.

“EDA has proven to be helpful in promoting job creation, especially in communities where jobs and economic opportunities are scarce,” Inhofe said. “For years, EDA has leveraged federal dollars with private investment, with positive returns for the American taxpayer.”