Milken Institute Senior Director Dan Carol made the following statement regarding the proposed reauthorization of the Public Works and Economic Development Act of 1965:
“This bipartisan effort by Senators Carper and Capito to renovate EDA authorities and tools to help under-served communities thrive and build resilient local economies is to be commended. As noted in earlier EDA reauthorization testimony before the US House of Representatives, EDA’s project predevelopment funding efforts are among the most catalytic sources of federal investment; leveraging $16 in non-federal funding for every $1 of early EDA project support. If we are going to build next-generation, public-private partnerships and close a projected $27 trillion funding gap by 2050, updating EDA tools and authorities to help rural, urban, and tribal communities develop shovel-worthy and investment-ready project pipeline offers a solid bang for the buck. We look forward to seeing this bipartisan effort progress in Congress and will work closely with our 10,000 Communities Initiative partners to drive project pipeline and partnerships from the bottom up.”