Congresswoman Tammy Baldwin today voted for, and the House passed (373-52), the Surface Transportation Extension Act that benefits thousands of Wisconsin's middle class families.
The legislation provides relief to college students and their parents by keeping the interest rate for Stafford student loans at 3.4 percent for another year. Without this measure, the current rate would have doubled on July 1. More than 160,000 Wisconsin students in the coming academic year will save nearly $1000 per year over the course of their loan period.
In addition, Wisconsin construction workers, who've suffered a 24.2 percent job loss over the past four years, will benefit from additional support to highway and transit programs that will create or save more than 2 million jobs nationwide rebuilding roads and bridges that are vital to our economic development and public safety. This two year authorization is fully paid for and will bring an end to the uncertainty that several short term extensions have brought to states and the construction sector.
"In passing this important legislation today, Members of Congress have shown that they can work together, in bipartisan fashion, to address challenges facing our nation," said Baldwin. "I sincerely hope that today's action marks a new commitment to focus on the issues that matter most to hard-working, middle class Wisconsinites," Baldwin said.
The legislation passed today also extends the nation's flood insurance program for five years until September 30, 2017. The bill requires annual notifications to homeowners living in flood zones about the flood risk in their community, the geographical boundaries of the flood zone, the requirement to purchase flood insurance, and a general estimate of what similar homeowners in similar communities typically pay for flood insurance.