Economic Recovery Bill Passed by Oberstar.org Staff Appearing in Oberstar.org on 2009-02-19. With negotiations going into late Friday night last week, the Senate for the second time passed the American Recovery and Reinvestment Act, this time a compromise bill between the differences in the earlier House and Senate versions. President Obama signed the bill earlier this week in Denver. “This is an historic moment; it ranks with Franklin Roosevelt signing into law the Works Progress Administration bill in 1935,” Oberstar said after the House passed the compromise bill. Under the economic recovery bill, in addition to other funding, Minnesota is expected to get $668 million for infrastructure investment funding, $134 million for grants to homeowners for installation of energy-efficient products, and $1.4 billion for education funding, including school improvement grants, increases to the maximum Pell Grant award, special education funding, and other sources of education funding. The bill is expected to create an estimated 66,000 jobs in Minnesota over the next two years, 7,400 in the 8th Congressional District alone. The State of Minnesota itself will also benefit from the recovery bill. Under the compromise bill, the State is expected to receive an estimated $815 million from the Federal government as part of the Federal government’s State Fiscal Stabilization Fund. That money can be used to patch holes in Minnesota’s state budget and provide funding to needy state programs, like education funding and local government assistance. Oberstar was also a strong proponent for the “Buy America” provision which prohibits the use of foreign steel sold artificially below market prices for infrastructure projects funded by the federal government. Oberstar said that with the passage of this bill foreign steel companies would hope to flood the market. “With a $64 billion investment in infrastructure that will require steel, [foreign steel companies] will want to come into our marketplace and unload their excess capacity below market prices and take jobs away from American workers -- we are not going to allow that to happen,” Oberstar said about the provision. The stimulus bill also contains dollars for Trade Adjustment Assistance, which provides opportunities for workers displaced by foreign steel competition to take part in job training programs and receive relocation grants. The “Buy America” provision coupled with Trade Adjustment Assistance will be a shot in the arm for the Iron Range economy. A large portion of this legislation was crafted in Congressman Oberstar’s Transportation Committee. Oberstar was also involved in the subsequent compromise negotiations. While the legislation is a very broad-based assault on the deteriorating economy, ranging from funding for alternative energy programs to school construction, Oberstar stressed that ultimately the bill is about jobs. “Working class families are hurting right now,” Oberstar said. “The National Recovery and Reinvestment act will create good jobs, create opportunity, and put the American people back to work.” Update: You can track how the stimulus money is being spent by visiting the White House's Recovery.gov page.

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