WASHINGTON, D.C. - President Obama gave a speech today on jobs and the economy and sent a small business lending proposal to Congress. Both actions advanced key jobs proposals advocated by U.S. Sen. Sherrod Brown (D-OH).

"We need to keep fighting to put Ohioans back to work and regain America's leadership in manufacturing products that we can export around the world," Brown said. "I will continue to work with President Obama and my colleagues in Congress to unfreeze credit for small businesses and revitalize American manufacturing through clean energy production."

Earlier this week, Brown introduced The Security in Energy and Manufacturing (SEAM) Act, legislation which would expand the Advanced Energy Manufacturing Tax Credit (48C) program authorized by the Recovery Act. It provides a 30 percent credit to domestic companies for investments in new, expanded, or reequipped clean energy manufacturing projects. Through "48C" in the Recovery Act, $2.3 billion in federal funds leveraged more than $5.4 billion of private investment that supports the creation of manufacturing jobs. The funds distributed through the first wave of funding are estimated to create 17,000 jobs, plus an additional 41,000 jobs through matching private investment. The initial tax credit supported seven Ohio projects, totaling nearly $125 million in tax credits.

In his remarks on the economy and jobs this morning, President Obama said: "I'm urging Congress to expand the clean energy manufacturing tax credit, which is helping create jobs across America building wind turbines and solar panels."

President Obama also sent a small business lending proposal to Congress. Among other provisions, the proposal would give states the option to assist borrowers - in distressed industries like manufacturing - in achieving the collateral they need to secure loans. Brown chaired a hearing of his subcommittee, the Banking Subcommittee on Economic Policy, entitled "Restoring Credit to Main Street: Proposals to Fix Small Business Borrowing and Lending Problems." The hearing examined this proposal, and Brown later raised the issue with Secretary Geithner in a letter dated March 8.


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