Pelosi: California to Receive More Than $2 Billion in Recovery Zone Bonds

Pelosi: California to Receive More Than $2 Billion in Recovery Zone Bonds

Friday, June 12, 2009

Contact: Brendan Daly/Nadeam Elshami/Drew Hammill, 202-226-7616

Washington, D.C. - Speaker Nancy Pelosi released the following statement on the Treasury Department's announcement today that $25 billion in bond authority will be made available for State and local governments through the Recovery Zone Bonds program created in the American Recovery and Reinvestment Act:

â€Å"Today's Treasury announcement to utilize the Recovery Zone Bonds program to aid areas hit by major jobs losses through economic development assistance is a welcome move, particularly in California. This innovative tool, created within the economic recovery package passed by Congress and President Obama earlier this year, will kickstart public infrastructure, job training and other projects.

â€Å"The state of California will receive more than $2 billion in bond authority to finance critical economic recovery initiatives in hard-hit communities.

â€Å"While today's announcement does not directly address California's budget crisis, these recovery funds will have a positive effect in local communities. I will continue to consult with my colleagues in the Congress, the Obama Administration and state officials regarding what options are available to help the state. I hope that the Governor and the Legislature will come together to address the urgent fiscal needs of the state.”