WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration (EDA) has been reauthorized by Congress for the first time in 20 years. This bipartisan legislation aims to modernize the EDA and other regional commissions to spur economic growth across the country.
Since its inception in 1965, the EDA has led impactful programs to strengthen public works, infrastructure, job creation, workforce development, disaster recovery, and technology advancement. The EDA had not been formally reauthorized since 2004.
U.S. Secretary of Commerce Gina Raimondo stated that the reauthorization will allow the EDA to continue providing resources to expand economic opportunities, invest in innovation, and recover from disasters. From January 2021 to November 2024, the EDA directed nearly $6 billion in investments, creating or saving over 554,700 jobs and generating more than $67.7 billion in private investment.
Acting Assistant Secretary for Economic Development Cristina Killingsworth emphasized that the reauthorization will enable the EDA to adapt to new industries, challenges, and the impacts of the global pandemic and natural disasters.
Key benefits of the reauthorization include strengthening tools for job creation, supporting supply chain and manufacturing, modernizing broadband delivery, and establishing the Office of Disaster Recovery and Resilience. The legislation also aims to improve EDA's operational efficiency and transparency.
The reauthorization is part of the Thomas R. Carper Water Resources Development Act of 2024, which passed with bipartisan support. EPW Chairman Senator Tom Carper and other lawmakers praised the reauthorization for its potential to drive job growth, build resilient supply chains, and invest in local economies.
0 Comments