Federal Issues

  • American Recovery and Reinvestment Act
    Recently Congress passed the $789 billion Federal Stimulus Bill, which was signed into law by President Obama on February 16, 2009.

    Nationally the plan includes:
    - $46 billion for Transportation projects - including highway and bridge construction and repair; mass transit; high speed rail; and Amtrak
    - $137 billion for Health Care - to provide a 60 percent subsidy for unemployed workers utilizing Cobra; state aid for Medicaid; health information technology systems; health research and construction of NIH facilities.
    - $5 billion for State Block Grants - provides aid to state budget deficits.
    - $54 billion for Education - to be used for school repair; funding of special education and No Child Left Behind; boost Pell Grants and Head Start.
    - $70 billion for Alternative Minimum Tax relief.
    - $13 billion for expanded tax credit for college tuition.
    - $2.5 billion for Auto Sales - provides a deduction on sales tax associated with new auto purchases.


    For Rhode Island, the plan includes: - Estimated 12,000 jobs created or saved
    - More than $213 million in infrastructure investments
    - $470 million in Medicaid
    - $231 million in education aid
    - $14.8 million in employment and training and services
    - 100,000 Rhode Islanders expected to be impacted by the Alternative Minimum Tax Relief
    - 14,000 Rhode Islanders expected to qualify for college tuition tax credit

    The Chamber will continue to monitor these issues in the weeks and months ahead.
  • Creation of a Knowledge Economy
    The Greater Providence Chamber of Commerce - together with a consortium of the state's leading businesses, hospitals, colleges and universities - continue their work on a first-of-its kind effort to invest in the region's economic growth. The next phase of the project to grow and expand the Knowledge Economy in the greater Providence area involves helping to fund projects in target areas of opportunity, including alternative energy, product safety and design; health care and entrepreneurship. The Federal Affairs Committee will closely monitor the activities of these initiatives in order to be prepared to participate, advocate and/or support when, and if necessary.
  • Employees Free Choice Act
    The "Employee Free Choice Act"--better known as the Card Check bill--is a proposed law that would change how unions are allowed to organize workers in the United States. The Chamber has voiced concern that the "card check" bill will undo 70 years of preserving the rights of employees to vote in a private, federally supervised secret ballot election under the National Labor Relations Act of 1947 as amended. Changing this system will effectively remove the privacy, power and voice from workers by eliminating the federally supervised private ballot when choosing when to join a union.

    The system as it exists now, allows a confidential vote by employees based on the principles of American democracy. To change that would be an injustice to local companies and their employees. The Chamber is especially concerned about the impact this bill could have on small businesses, the backbone of the Rhode Island economy. The Chamber opposes the Employee Free Choice Act.
  • Financial Stability Plan
    Treasury Secretary Timothy Geithner recently unveiled broad outlines of the Treasury Department strategy to address the nation's current economic situation.

    The outline includes the following:
    - $1 trillion to leverage funding to encourage private investors to rid lenders of assets handicapping the flow of credit.
    - Up to $1 trillion to expand the Treasury/Federal Reserve loan capabilities.
    - $50 billion for Troubled Assets Relief Program (TARP)


    The Chamber will continue to monitor the proposal as it becomes more formalized.
  • Proposed 2010 Fiscal Budget
    President Obama's $3.55 trillion budget projects a total deficit for the 2009 Budget year of $1.75 trillion - 12.3 percent of gross domestic product.

    The proposed budget includes the following:
    - Raise taxes on households making more than $250,000 per year over 10 years.
    - Create a cap-in-trade auction program to tax carbon emissions and greenhouse gases
    - Set aside $630 billion over 10 years for financing a national health care program.
    - Reserve $250 billion in new spending to rescue banks
    - Would make permanent the "Making Work Pay" tax credit
    - Lays groundwork to create a future system of automatic workplace pensions in addition to social security. Employers would be required to enroll employees in a direct pay IRA.
    - Expands spending for education; makes college tax credit permanent

    In addition to the above proposals, the Fiscal budget contains many more initiatives. The Chamber will continue to watch as the Budget winds through Congress.
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