Clay Says Jobs Bill Redirects Federal Help From Wall Street to Main Street

Washington, D.C.- Congressman Wm. Lacy Clay (D) MO-1, applauded the passage of H.R. 2847, the Jobs for Main Street Act, which was approved by a vote of 217 – 212. "I´m proud that we´ve redirected $75 billion in Troubled Asset Relief Program (TARP) savings from Wall Street to Main Street to save jobs, create new jobs, and provide emergency funding to help Americans who are struggling in this very deep recession," said the Congressman. "We extended emergency unemployment and COBRA benefits through June of 2010, a critical issue for families who have been hit hard by job losses. I am also very gratified that this bill includes nearly $4 billion, which I fought hard for, to help relieve urban communities whose residents are suffering rates of unemployment and foreclosures at levels unseen since the Great Depression."

"I voted against the Wall Street bailout in 2008 because it lacked accountability and did very little to help my constituents," said Mr. Clay. "In contrast, this legislation directs Federal dollars to those who need it most… families on Main Street. The Jobs for Main Street Act also provides critical funding for highways, transit, school renovation, teachers, police, firefighters, small business, job training and affordable housing."

Key Components of the Jobs for Main Street Act include:

Emergency Relief to Families Hit by the Recession

For those hardest hit by the Recession, the bill includes emergency relief ($79 billion) -- extending unemployment benefits and help with health benefits for those out of work

Unemployment Benefits

Extends emergency unemployment benefits through June of 2010. The program expires at the end of the year and without an extension, roughly one million Americans will lose their emergency benefits in January 2010.

Help with Health Insurance for Unemployed Workers (COBRA) Extends through June 30, 2010 a key provision to strengthen COBRA to help maintain health coverage during this downturn.

Protecting Health Care Coverage for Millions through Medicaid

Extends the provisions in the Recovery Act that provide the states with additional federal matching funds for Medicaid for six months – from December 31, 2010 to June 30, 2011.

Child Tax Credit

Cuts taxes for 16 million families by making the Child Tax Credit

available to low-income working families with children in 2010.

Highways, Transit and Other Infrastructure ($48 Billion)

The bill invests $48 billion to help put people back to work rebuilding our crumbling roads and bridges, modernizing public buildings, and cleaning our air and water.

Hiring Teachers, Police, Firefighters & Job Training ($27 Billion)

Education—$23 billion to help States save or create an estimated 250,000 education jobs over the next two years with an Education Jobs Fund solely focused on paying salaries.

Police & Firefighters- Puts over 5,000 law enforcement officers on the beat and invests in hiring and retaining firefighters.

Training- Invests $2 billion for hiring and training programs that will support 25,000 more Americorps volunteers and 250,000 youth summer jobs. Additionally, it expands college work study jobs for 250,000 students and supports job training for 150,000 people in high growth industries, such as health care and clean energy jobs at community colleges.

Small Business

The legislation eliminates fees on Small Business Administration (SBA) loans to make them more affordable for small businesses. It also encourages banks to lend to small businesses by raising the portion of a loan that the Small Business Administration will guarantee to 90 percent (from 85 percent).

For more information about the Jobs on Main Street Act of 2010, please go to www.lacyclay.house.gov