The Senate Environment and Public Works Committee recently passed the Economic Development Reauthorization Act of 2024, marking the first reauthorization of the Economic Development Administration (EDA) in nearly two decades. The EDA plays a crucial role in supporting small businesses and promoting economic growth in distressed communities across America. The bipartisan legislation aims to provide the EDA with the tools and resources needed to drive investment, create jobs, and grow local economies, particularly in states like West Virginia.
Established in 1965 within the U.S. Department of Commerce, the EDA offers grants and technical assistance to communities facing economic distress, with a focus on generating new job opportunities and fostering industrial and commercial growth. The agency’s support is available to both rural and urban areas with high unemployment rates, low income levels, and severe economic challenges. Reauthorizing the EDA is essential to continuing its mission and ensuring that underserved communities have access to the resources they need for economic development.
The EDA is also actively involved in implementing the White House’s Investing in America agenda through initiatives like the Recompete Pilot Program and the creation of Regional Technology and Innovation Hubs. These tech hubs, located across 32 states and Puerto Rico, aim to cultivate innovative industries such as semiconductors, clean energy, and biotechnology. By boosting small businesses and fostering technological advancements, the EDA is helping to drive economic growth and create opportunities for communities nationwide.
S. 3891, the Economic Development Reauthorization Act of 2024, seeks to modernize the EDA’s core programs and enhance efforts to support workforce development, disaster assistance, broadband deployment, and renewable energy initiatives. The bill aims to make it easier for smaller communities to access grant opportunities, update the agency’s distress criteria to include factors like underemployment and low median household income, and strengthen the EDA’s role in building local economic development capacity.
Senator Tom Carper, the Committee Chairman, emphasized the importance of passing the Economic Development Reauthorization Act of 2024, stating that it will provide the agency with the necessary tools to foster economic growth and build resilient supply chains in communities across the country. While Congress is currently divided on many issues, passing this bill is seen as a crucial step in supporting Main Streets in some of the poorest communities, regardless of whether they are in red or blue states. The Senate and House are urged to pass the legislation this year to ensure the continued support of underserved communities and promote economic development nationwide.
