On Capitol Hill
Bailout Becomes Law--Serrano Still Opposed
Last Friday, after extended negotiations, the House of Representatives passed H.R. 1424, a federal bailout of financial institutions. The bill passed the Senate on Wednesday by a vote of 74-25, and passed the House two days later by a vote 263-171. Congressman Serrano voted against the bill, which was quickly signed into law by President Bush.
“I understand the need to shore up our nation’s big banks to prevent a larger problem, but I cannot support such an action if it does nothing to help the millions of people facing foreclosure,” said Serrano. “Leaving them out of this package is shortsighted and guarantees that we will have to address the problem in the next Congress.
“The other downside for working families that no one is mentioning is that when the bill for this bailout comes due, we’ll be told that we cannot afford many of the programs that help regular people—programs like healthcare and education. So not only are we ignoring them now, but we’ll be forced to ignore them in the future as we pay off the debt from this package. That’s a bad deal twice over.
“In my no vote, I was speaking for the people in the Bronx and people across the nation who are stuck without any help from our government. I was speaking against bailing out the very people who caused this mess. I was speaking for fairness in our economic policies. And I stand by my vote.”
Most of the assets the government intends to purchase are mortgage-backed securities. These are investments which are substantially based on the packaging of sub-prime mortgages as investment opportunities. However, as the number of foreclosures has increased, the value of these assets has decreased--thus hurting the bottom line of financial institutions, and making these institutions wary of lending to others. The goal of the legislation is to ensure that banks begin lending again.
Unfortunately, the legislation included very little aid for homeowners who are struggling to pay these difficult sub-prime mortgages. The package will have little impact on the more than 2.2 million foreclosures that are expected in the coming year.
The bill was largely similar to legislation that Congressman Serrano voted against earlier in the week, which had failed to pass the House of Representatives. However, the new bill did add numerous extensions of various tax benefits, as well as legislation mandating that health care providers and insurance companies treat mental health issues on par with physical health issues.
House Extends Unemployment Benefits
Last week, the House passed H.R. 6867, the Unemployment Compensation Extension Act of 2008, which would provide an additional 7 weeks of unemployment benefits to all unemployed Americans. Individuals living in states with high unemployment rates would be entitled to a total of 20 weeks of additional unemployment benefits.
“I am pleased that the House voted overwhelmingly to pass this important legislation,” said Serrano after the vote. “I voted in favor of this measure because it provides much needed economic relief to those who have been hurt most by our nation’s economic downturn. Furthermore, extending unemployment benefits is a fast and direct way to stimulate our nation’s economy. It’s a win-win situation.”
H.R. 6867 passed 368-28, and has been sent to the Senate for further consideration.
In the Bronx
Electric Truck Starts Delivering in the Bronx
Thursday, October 2nd, marked the inaugural journey of the first medium duty all-electric delivery truck in the northeast region. Down East Seafoods, a Hunts Point-based wholesaler, acquired the 7-ton, zero-emission vehicle after meeting the truck’s manufacturer at a March, 2007 transportation technology briefing hosted by Congressman Serrano. The Center for Sustainable Energy at Bronx Community College co-hosted the event and, along with the New York State Energy Research and Development Authority, assisted Down East with the truck’s purchase.
"Today we welcome the first zero-emissions medium duty delivery truck to New York City," said Serrano. "I couldn’t be happier that it happens to be in the Bronx—the site of some of the worst air quality in the City. It is not a coincidence, however, as we have been working for quite some time to build an environmental movement in our community to deliver results like this one.
"Today’s unveiling is the first step towards a sustainable, clean, job-friendly Bronx, where entrepreneurship and environmental protection are rewarded and nurtured. We have a great support network for people and businesses interested in reducing environmental damage and rebuilding our great community. This clean business model is the future of the Bronx, but more importantly, the City and the nation. We are an example today of what tomorrow looks like.”
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Standing in front of the new truck(from left to right) Alejandra Delfin, Studio 889; Maria Torres, The Point CDC; Luis Torres, The Center for Sustainable Energy at Bronx Community College; Anita Antonetty, Rocking the Boat; Ana Vincenty, Nos Quedamos; Grisel Barrett, the Hunts Point Alliance for Children;; and Ed Taylor, Down East Seafoods
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Grant Opportunities
Community Development Grant
Application Deadline: September 30, 2009
The Economic Development Administration recently announced the availability of funds to promote innovation and job growth in areas of chronic high unemployment and low per capita income. The Public Works, Planning, Local Technical Assistance and Economic Adjustment Assistance Program supports a range of assistance to economically distressed areas, with the long-term goals of attracting new industry and promoting higher-skilled, higher-wage jobs. State and local governments, public and private institutions of higher learning and 501(c)3 not-for-profit organizations are encouraged to apply.
For more information about this opportunity, please read the full description.
For information on other government grants, please go to: www.grants.gov.
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