WASHINGTON, D.C. – Following a major address by President Obama on job creation, U.S. Sen. Sherrod Brown (D-OH) outlined components of a legislative package aimed at creating jobs and expanding manufacturing operations in Ohio. Brown, the chairman of the Senate Banking Subcommittee, is holding a hearing today entitled “Weathering the Storm: Creating Jobs in the Recession.”
“We cannot have an economic recovery without jobs,” Brown said. “We need to help Ohio small businesses gain access to credit so they can expand operations. We need to create new jobs in the manufacturing industry, which drives economic growth throughout our state. Through the right policies in Washington, we can help businesses put people back to work and create new jobs.”
Brown’s legislative package is aimed at helping small business with credit so they can expand operations, hire new workers, and foster job growth in the manufacturing industry. More than 64 percent of jobs across the nation are created by small businesses. Jobs in the manufacturing industry pay 20 percent more on average than service jobs. Each manufacturing job supports 4-5 other jobs throughout the U.S. economy.
Since 2007, Sen. Brown has held more than 140 roundtables, meeting with Ohioans to develop strategies to turn around the state’s economy. In addition, Brown hosted a series of forums connecting more than 1,000 Ohio small businesses with federal officials from the Small Business Administration (SBA). Brown’s jobs plan focuses on small business, clean energy manufacturing, and trade enforcement.
Brown is the author of the Small Business Emergency Relief Act, which would temporarily raise maximum amounts for loans administered by the SBA. Brown’s bill, aimed at unfreezing the credit market for small businesses, would increase the caps for SBA’s most popular loan programs. Yesterday, in a major address on jobs, President Obama announced his desire to use remaining TARP funds to achieve the goals of Brown’s legislation. More information can be found HERE.
Brown has also been leading the fight in Congress to promote the competiveness of U.S. manufacturing and to create new jobs through the clean energy industry. He is the author of the Investments for Manufacturing Progress and Clean Technology (IMPACT) Act, which would establish a $30 billion Manufacturing Revolving Loan Fund to help small and mid-sized manufacturers transition to the clean energy economy through retooling. The bill would also expand the Manufacturing Extension Partnership (MEP) in order to help manufacturers access new export markets. The bill is estimated to have the potential to generate more than $100 billion in revenue for clean energy businesses and create 680,000 direct manufacturing jobs and nearly two million indirect jobs over five years.
Brown is also fighting to ensure that our nation’s trade laws are enforced to prevent job loss and incentivize domestic job creation. He is the author of the Trade Enforcement Priorities Act of 2009, legislation that would give the federal government more authority to address trade barriers that undermine American workers and domestic manufacturing. The bill would require the U.S. Trade Representative to analyze trade barriers that have the most adverse effect on U.S. exports and employment, and crack down on these unfair practices.
As chair of the U.S. Senate Banking Subcommittee on Economic Policy, Brown has been examining the effects of the credit crisis on small businesses and manufacturers and ways to create new jobs in the manufacturing industry. Over the past year, Brown’s Subcommittee featured: (1) "Lessons from the New Deal", exploring how to apply New Deal era strategy to today’s economy, (2) “Manufacturing and the Credit Crisis,” evaluating challenges manufacturers face in the current recession; (3) “The U.S. as Global Competitor: What Are the Elements of a National Manufacturing Strategy", examining how best to establish a national manufacturing policy; and (4) "Restoring Credit to Manufacturers," investigating the challenges U.S. manufacturers face in the current recession. The hearings have helped shape the Senator’s advocacy in Congress for the development of a national manufacturing policy and for a new direction in U.S. trade.
Testimony at today’s hearing featured Ray Leach, CEO, Jumpstart, Inc. (Cleveland, Ohio); Mr. Rick L. Weddle, President and CEO, The Research Triangle Park (Research Triangle Park, NC); Mr. Bruce Katz, Vice President, Brookings Institution and Founding Director, Metropolitan Policy Program; Heather Boushey, Senior Economist, Center for American Progress.