Reauthorizing Economic Development Administration Critical To Business

The Economic Development Reauthorization Act of 2024

Introduction

The Senate Environment and Public Works Committee recently marked up legislation reauthorizing the Economic Development Administration (EDA) for the first time in nearly 20 years. The EDA is vital to growing small businesses across America and its reauthorization is a nonpartisan issue.

Committee Ranking Member’s Statement

“Today, the EPW Committee took an important step for local communities across the country by passing the Economic Development Reauthorization Act of 2024. This bipartisan legislation will help the EDA carry out its mission to drive investment, create jobs, and grow our local economies in West Virginia.,” said Committee Ranking Member Senator Shelley Moore Capito [R-WV] when the bill was passed.

About the EDA

Congress established the EDA in 1965 within the U.S. Department of Commerce and it provides grants and technical assistance to economically distressed communities in order to generate new jobs and kickstart industrial and commercial growth through investment programs. This support is available to rural and urban areas that face high unemployment, low income, and/or other severe economic distress.

Implementing Sustainable Development Goals

• The EDA is playing a critical role in implementing the White House’s Investing in America agenda through efforts that include the Recompete Pilot Program and Regional Technology and Innovation Hubs.
• The Recompete Pilot Program aims to turn the economic tide nationwide.
• The Regional Technology and Innovation Hubs program will boost entrepreneurship and innovation across America.
• Tech hubs are being developed in communities to grow innovative industries, including semiconductors, clean energy, and biotechnology.
• These tech hubs are located across 32 states and Puerto Rico, with a focus on tribal governments, low-population states, and coal communities.

Modernizing the EDA

With its roles in supporting underserved communities, the EDA needs to be updated from time to time to best respond to the current environment. S. 3891, the Economic Development Reauthorization Act of 2024, seeks to modernize EDA’s core programs and establish efforts to support workforce development, disaster assistance, broadband deployment, and renewable energy. Specifically, the bill:

1. Makes it easier for smaller communities to access EDA’s grant opportunities.
2. Updates the agency’s distress criteria to include high underemployment, low median household income, and high prime-age employment gap.
3. Gives EDA a stronger role in building local economic development capacity.

Committee Chairman’s Statement

“The Economic Development Reauthorization Act of 2024 will give the agency the tools and resources it needs to foster economic growth and build resilient supply chains in communities across the country,” said Committee Chairman Senator Tom Carper [D-DE].

Next Steps

With passage out of the committee, the next step is for the Senate to consider the bill. While Congress is divided to a point where passing legislation to keep the government up and running is not guaranteed, this bill will help Main Streets in some of the poorest communities in both red and blue states. The Senate and House should pass it this year.

SDGs, Targets, and Indicators in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 8: Decent Work and Economic Growth
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 11: Sustainable Cities and Communities
• SDG 17: Partnerships for the Goals

The article discusses the Economic Development Administration (EDA) and its role in driving investment, creating jobs, and growing local economies. These goals align with SDG 8, which aims to promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. The article also mentions the EDA’s efforts to establish tech hubs for innovative industries, which relates to SDG 9’s target of promoting inclusive and sustainable industrialization and fostering innovation. Additionally, the EDA’s support for economically distressed communities contributes to SDG 11’s objective of making cities and human settlements inclusive, safe, resilient, and sustainable. Lastly, SDG 17 emphasizes the importance of partnerships for achieving sustainable development, and the article highlights the bipartisan support for the reauthorization of the EDA.

2. What specific targets under those SDGs can be identified based on the article’s content?

• SDG 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation.
• SDG 9.3: Increase the access of small-scale industrial and other enterprises to financial services, including affordable credit.
• SDG 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.
• SDG 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources.

The article mentions the EDA’s efforts to drive investment, create jobs, and grow local economies, which aligns with SDG 8.3’s target of promoting development-oriented policies that support job creation and entrepreneurship. The establishment of tech hubs for innovative industries also contributes to SDG 9.3’s target of increasing access to financial services for small-scale enterprises. The EDA’s support for economically distressed communities relates to SDG 11.1’s target of ensuring access to adequate housing and basic services. Lastly, the bipartisan support for the reauthorization of the EDA demonstrates a commitment to SDG 17.16’s target of enhancing global partnerships for sustainable development.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Number of jobs created in economically distressed communities
• Number of small-scale enterprises accessing financial services
• Improvement in housing conditions and access to basic services in distressed areas
• Level of bipartisan support and collaboration in reauthorizing the EDA

The article mentions that the EDA’s mission is to drive investment, create jobs, and grow local economies. Therefore, the number of jobs created in economically distressed communities can serve as an indicator of progress towards SDG 8.3’s target. The establishment of tech hubs and support for small-scale enterprises imply an increase in the number of enterprises accessing financial services, which aligns with SDG 9.3’s target. The improvement in housing conditions and access to basic services in distressed areas can be used as an indicator for SDG 11.1’s target. Lastly, the level of bipartisan support and collaboration in reauthorizing the EDA reflects progress towards SDG 17.16’s target of enhancing global partnerships.

4. Table: SDGs, Targets, and Indicators

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: forbes.com

Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.