|
During these busy months in Washington, I've been grateful for the chance to speak with many of you during recent telephone town halls. You’ve shared your concerns about the economy, shrinking college and retirement savings, and the challenges for your family and business budgets. As your representative in Congress, I wanted to take this chance to update you on legislation I’ve been working on in Washington.
In this e-mail, you will find an update on the recent impact of the American Recovery and Reinvestment Act in our communities, my work with President Obama to increase small business access to affordable capital, information about regulatory reform proposals for the financial services industry, and a summary of Congress’ recent work on mortgage reform.
The American Recovery and Reinvestment Act
Since the passage of the American Recovery and Reinvestment Act, H.R. 1, in February of this year, we have seen and will continue to see positive impacts in our communities. Let me share just a few recent examples that are already making a difference in our community:
- Health Care Services: The Lake County Health Department, overwhelmed with residents uninsured for the first time because of the recession, received a $648,000 grant from the Recovery Act to help address the increasing demand for health services.
- Improving Our Roads: Illinois transportation officials recently awarded bids on two construction projects in the 8th Congressional District fully funded by the Recovery Act. Illinois Route 173 (Kenosha Street) will be resurfaced in Richmond and Illinois Route 176 (Crystal Lake Road) will be resurfaced in Prairie Grove. Statewide, Illinois is set to receive $935 million, according to Transportation Secretary Ray LaHood.
- Summer Jobs: The Lake County Workforce Department received $2 million to provide youth job training and summer employment opportunities for job seekers under 25 years of age. The Workforce Board of Northern Cook County received $2.1 million and the McHenry County Workforce Network received $592,093 under the same program.
In late February, I hosted leadership summits in Lake, Cook, and McHenry counties with local government officials to hear about how their communities have been affected by the economic downturn and to share information about the Recovery Act and available resources. In April, I met with local school officials to listen to the challenges they are facing and explain the programs and resources available in the Recovery Act.
For further information, please visit my website: www.house.gov/bean/stimulus.
Protecting Our Drinking Water
I am deeply concerned about the still-unknown effects that rising levels of pharmaceuticals and household chemicals in our drinking water have on our health. We know that millions of Americans are drinking tap water that contains measurable quantities of prescription drugs and other complex chemical compounds, but we have no long-term plan to address the problem. Understanding what levels of these drugs pose a threat to human health is the necessary first step.
In April, I amended a national water policy bill to require a comprehensive analysis by government scientists of the effects of these compounds on human health. My amendment is part of the National Water Research and Development Initiative Act, H.R. 1145, which coordinates national research efforts on water and provides for development of a national water strategy. Once we have a thorough understanding of challenges posed by the presence of pharmaceuticals in our drinking water, scientists and regulators will be able to develop an effective water treatment strategy that reflects those realities.
Affordable Capital for Small Businesses
As a former small business owner and member of the Small Business Committee, I understand that credit is critical, particularly in an economic downturn, to small business operations and growth. Too many small businesses are having their long-standing credit lines reduced or canceled. Last month, during a visit to the White House with colleagues, we asked the president to move quickly to make affordable credit available to the small business community.
Within a week, the president invited me to join him at his press announcement of a $15 billion commitment to SBA lending. The government would serve as a secondary market, buying back existing SBA loans so that capital can be recycled into new loans for credit-worthy businesses. This program will provide 90% government guarantees for SBA loans and will eliminate fees for participating lenders and borrowers. These actions should provide lending options to our community businesses during these challenging economic times.
Financial Services Industry Regulatory Reform
Outdated and ineffective regulation has contributed to the steep decline in the value of Americans’ savings, homes, and businesses. Financial institutions took on too much risk and made too many bad loans without proper oversight. We must reform our regulatory system to increase transparency, market stability and consumer and investor protection, so that this never happens again.
I am proud to be a Vice-Chair of the NDC, a coalition focused on economic growth and innovation. As co-chair of our Financial Services Task Force, I have worked closely with the Obama Administration and House Financial Services Committee Chairman to develop a framework for reform of our outdated regulatory system to improve oversight effectiveness, enhance market stability and transparency, and strengthen consumer and investor protections.
Mortgage Reform
Mortgage reform is critical to our economic recovery. On March 5, 2009, the House of Representatives passed the Helping Families Save Their Homes Act, H.R. 1106, to get more families into affordable mortgages. This bill protects lenders from lawsuits for reasonable loan modifications, and fixes the Federal Housing Administration’s Hope for Homeowners program by reducing current fees that have discouraged lenders from participating and offering new incentives for lenders to negotiate loan modifications with borrowers facing foreclosure.
As always, it is an honor to represent you. If you have questions or comments, please e-mail me or call my office.
Sincerely,
Melissa L. Bean
U.S. Representative, IL-08
May 13, 2009
|
