Washington, D.C. – Today, Congressman Joe Donnelly supported the America COMPETES Reauthorization Act of 2010, H.R. 5116, which would strengthen and expand research programs, education initiatives, and other investments focused on keeping America’s businesses competitive.
The America COMPETES Act would create an innovative technology federal loan guarantee program for small and medium manufacturers retooling or rebuilding a facility to either create a new technology end product or component, or to utilize a new technology in their manufacturing process. Congressman Donnelly authored an amendment to H.R. 5116 with Reps. Boccieri, Schauer and Davis that would double the available amount of these federal loan guarantees from $50 million to $100 million. Donnelly’s amendment passed the House with bipartisan support during debate on May 13, 2010 and was included in the final version of the America COMPETES Act that passed the House today with a bipartisan vote of 262 to 150.
“Our Hoosier manufacturers need accessible loans in order to create jobs, retool, and reinvest in new technologies,” said Donnelly. “I was proud to author an amendment to expand new federal loan guarantees so more manufacturers in north central Indiana would have access to capital. We can’t let the currently tight credit markets prevent innovators from investing, hiring, and being competitive. The America COMPETES Act makes investments where we need them: encouraging businesses to innovate, promoting new technologies and research, and educating the American workforce of the future in science, technology, engineering, and math.”
“A lot of us have had to postpone upgrades to our systems and equipment because of the tough economy,” said Bob Tennyson, CEO of Plastic Solutions in South Bend. “It doesn’t allow us to take advantage of the energy savings, which make a difference for our customers. This would be very helpful—we need to begin to get some of the companies to take advantage of the current technologies. We need to be able to keep up with our overseas competitors.”
To watch a video of Congressman Donnelly’s speech on the floor of the U.S. House of Representatives discussing his amendment earlier this month, click here.
The America COMPETES Act also would increase federal investments in the National Science Foundation, which supports fundamental research and education in all non-medical fields of science and engineering; would create Regional Innovation Clusters to strengthen regional economies; and would establish Energy Innovation Hubs to promote the development of American energies. The bill also would increase support for Manufacturing Extension Partnership (MEP) Centers that currently help thousands of small and medium manufacturers increase their productivity and technological capabilities, and direct MEP Centers to better coordinate with local community colleges to prepare graduates for good-paying jobs in their community. Additionally, the legislation would increase science, technology, engineering and math (STEM) education grants that help increase the number and quality of students receiving degrees in the careers of the future, including the manufacturing industry important to north central Indiana.
The America COMPETES Act is supported by the U.S. Chamber of Commerce and National Association of Manufacturers. The bill will now be sent to the Senate for its consideration.
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