FOR IMMEDIATE RELEASE                    Contact: Adriana Surfas
Wednesday, June 25, 2008                           (202) 225-3661     

Economic Investment Spurred through

FY’09 Financial Services Appropriations Bill

Bill Reflects Congressional Efforts to Strengthen Product Safety

Washington , D.C. – Congresswoman Rosa L. DeLauro (CT-3) applauded the fiscal year 2009 Financial Services Appropriations Bill for its efforts to strengthen consumer protections and boost job creation by funding small business loans and making capital and financial services available to underserved communities, as well as make our tax system fairer – enhancing enforcement, while improving taxpayers’ services. The bill also includes funding for the Avery Point Technology Incubation Center .  The bill, which is funded at $22.4 billion – $150 million over the President’s budget request – was approved by the full Appropriations Committee and will now be debated by the House, following passage there, the legislation will also need to be voted on by the Senate, approved by both chambers and signed by the President.

“Given the unprecedented number of toy recalls last year, parents in Connecticut and across the country questioned the safety of their children’s toys.  That is why in the Financial Services Appropriations Bill, we ensure the Consumer Product Safety Commission has the resources – a 25 percent increase over last year – to carry out its responsibilities to protect our children from harmful products,” said DeLauro.

“Additionally, this bill recognizes that our economy is fueled by small businesses and makes critical investments in the programs that help them succeed, such as the Avery Point Technology Incubation Center at the University of Connecticut .  Through this federal investment we will continue to strengthen Connecticut ’s job growth by expanding small business services to help our state’s entrepreneurs.”

Of interest to Connecticut , the bill includes $300,000 through the Small Business Administration for the Avery Point Technology Incubation Center at UConn, which will allow the University’s current Technology Incubation Centers at Avery Point , Storrs and Farmington to increase its space reaching additional new, aspiring start-up firms. The program is able to arrange business support, faculty collaboration, and use of highly specialized equipment and instrumentation. These and many other resources offer huge benefits to start up technology firms allowing them to defer costly investment until they are stable.

As with last year, DeLauro advocated for the inclusion of the Corporate Expats provision, which prevents the federal government from contracting with any company that uses tax havens to avoid paying U.S. taxes.  The bill also includes funding for the following initiatives:

·        Consumer Product Safety Commission – $100 million, an increase of $20 million above the President’s request, who recommended flat funding the commission – to improve oversight and enforcement to protect the public from unreasonable risks of serious injury or death from more than 15,000 types of consumer products under the agency's jurisdiction. Following a year of record toy recalls, the bill recognizes the comprehensive product safety reform legislation moving through the Congress and makes clear that the CPSC will be strengthened with greater regulatory authorities and responsibilities. Additionally it calls for the assignment of a Product Safety Officer to the U.S. embassy in Beijing and urges the CPSC to increase its capacity for lead screening.

·        The Small Business Development Centers – $110 million – a public-private partnership, that provides management assistance to current and prospective small business owners. These centers, like the one located in the Institute of Business Development at Central Connecticut State University , offer one-stop assistance to individuals and small businesses by providing a wide variety of information and guidance in central and easily accessible branch locations.

·        The Micro-loan program – $20 million – through this program the SBA makes funds available for very small loans to start-up, newly established, or growing small business concerns.

·        Drug Free Communities (DFC) Grant Program – $90 million, rejecting the President’s $10 million recommended funding cut – which invests federal anti-drug resources at the community level with those who have the most power to reduce the demand for drugs, namely parents, teachers, business leaders, the media, religious leaders, law enforcement officials, youth, and others.

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www.house.gov/delauro