Today, Rep. Berman voted to create and save more American jobs by making targeted investments in areas that will grow the economy over the long term, including highways, public transit, construction, small businesses, job training and hiring and retaining teachers, police officers, firefighters. These investments are fully paid for by redirecting TARP funds from Wall Street to Main Street, and are another step in our ongoing effort to put Americans back to work.
The Jobs for Main Street Act invests $48 billion to help put people back to work rebuilding our roads and bridges, modernizing public buildings and mass transit, and cleaning our air and water. It also includes $27 billion to save or create approximately 250,000 education jobs over the next two years; put 5,000 law enforcement officers on the beat and hire and retain firefighters; and support hundreds of thousands of youth summer jobs and work study jobs, along with job training at community colleges.
The bill includes several key initiatives to help America's small businesses create jobs by expanding the federal guarantee for banks that lend to small businesses and eliminating fees on Small Business Administration (SBA) loans. Making small business loans more accessible and affordable can spur the creation of thousands of jobs.
To help those Americans hit hardest by the recession, the bill extends emergency unemployment benefits, helps with health benefits for those out of work through COBRA, protects health care coverage for millions through Medicaid, and cuts taxes for the families of 16 million children by making the Child Tax Credit available to all low-income working families with children in 2010.
This bill will help California's 28th District by bringing much-needed emergency relief to its families and making targeted investments to create jobs immediately and grow the economy into the future.