Economy and Jobs
Congressman Serrano believes that more must be done to help those who have the least in our nation. He believes that we must do more to create good jobs that provide a living wage for residents of the Bronx. While the Bronx has come a long way, there is much more that must be done at the local, state, and federal level to help the local Bronx economy. As the economy continues its recovery from the recent recession, Congressman Serrano is working to ensure that all sectors of society benefit from that process.
Expanding Financial Resources and Investment in the Bronx
As chair of the Financial Services and General Government Appropriations subcommittee, Congressman Serrano more than quadrupled funding for the Community Development Financial Institutions (CDFI) fund. This fund helps provide economic development and financial services to underserved populations. In the 112th Congress, he has fought to prevent Republicans from enforcing crippling cuts on this important economic development program.
As Chairman, Congressman Serrano also provided increased funding for several Small Business Administration programs that provide assistance to small business-owners in low-income areas. Among other things, he designated additional funding for PRIME, a program that provides technical assistance to low-income small business owners. In addition, he increased funding for Small Business Development Centers, which are located throughout the United States and provide counseling, training, and technical assistance to small businesses.
Over the years, Congressman Serrano has also obtained significant federal support, through earmarks, for numerous community groups in the Bronx to provide job training and career counseling for individuals in search of jobs.
Helping American Families
Congressman Serrano believes that the federal government has an important role to play in helping families to make ends meet.
In order to help individuals who have suffered as a result of the economic downturn, Congressman Serrano has been supportive of efforts to extend and enhance unemployment benefits for those who are looking for work. In addition, he supported important tax incentives in the American Recovery and Reinvestment Act that expand opportunities for working families. These include: strengthening of the child tax credit, which provides families with tax credits for children, the Making Work Pay Tax Credit, which has provided immediate tax relief by lowering taxes withheld in each paycheck, and the American Opportunity Tax Credit, which expands tax credits that individuals can claim for post-secondary education expenses.
As chair of the Financial Services and General Government Appropriations Subcommittee, Congressman Serrano helped to create the Volunteer Income Tax Assistance grant program, which helps non-profits to provide free tax assistance services to low- and moderate-income individuals. These programs help taxpayers to file their taxes and claim important tax credits- like the Earned Income Tax Credit (EITC). He has also worked with the IRS to increase awareness of the EITC through outreach in the Bronx.
Congressman Serrano continues to support efforts to maintain affordable housing options in the Bronx, and provided federal funding to help construct the first affordable housing facility in the nation for grandparents raising their grandchildren.
More on Economy and Jobs
Washington, DC – Congressman José E. Serrano released the following statement regarding the announcement today that the National Science Foundation (NSF) plans to withdraw federal support for the Arecibo Observatory in Puerto Rico. The observatory is owned by the NSF and operated in collaboration with Universities Space Research Association, SRI International, and the Metropolitan University of Puerto Rico. The independent federal agency announced its plans for the facility this week amidst the financial and humanitarian crisis the island is going through.
Washington, D.C – Today, Congressman José E. Serrano condemned House Republicans for passing their devastating tax legislation, which causes serious harm to residents of the Bronx.
In Washington, DC
Congressman Serrano Questions Financial Oversight & Management Board for Puerto Rico Executives
Washington, DC – Congressman Serrano today released the following statement on the Trump Administration’s decision to end the Temporary Protected Status program that temporarily gives asylum to and protect immigrants from Nicaragua, and to leave TPS holders from Honduras in limbo. Both countries that have been affected by natural disasters in recent years and economic difficulties.
In Washington, DC
Congressman Serrano Continues Efforts to Provide Puerto Rico Adequate Relief Support
Congressman Serrano continues advocating for the island of Puerto Rico on Capitol Hill as it faces a humanitarian crisis post Hurricane Maria. Congressman Serrano released the following statement on the disaster relief efforts aid packet approved in Congress last week and vowed to fight for more funding to help Puerto Rico:
Washington, DC – Today, Congressman José E. Serrano released the following statement in response to the announcement made today that the Financial Oversight and Management Board for Puerto Rico will appoint a Chief Transformation Officer (CTO) to oversee the Puerto Rican Electric Power Authority (PREPA):
Washington, D.C. – Today, Congressman José E. Serrano (D-The Bronx) sent a letter along with Congresswomen Nydia M. Velázquez (NY), Stacey E. Plaskett (VI), Jenniffer González-Colón (PR), and 52 members of the U.S. House of Representatives urging U.S. Secretary of Education Betsy DeVos to do more to help federal student loan borrowers in Puerto Rico and the U.S. Virgin Islands that have been affected by Hurricanes Maria and Irma.
“This is a first step in addressing the needs of Puerto Rico and the Virgin Islands. The funding provides short term assistance to the government of Puerto Rico and the federal government, allowing them to continue their relief and recovery efforts.
In Washington, DC
Congressman Serrano Leads Letter on Need for Comprehensive Emergency Supplemental for Puerto Rico
This week, Congressman José E. Serrano led a letter with 7 of his colleagues in support of a comprehensive relief and recovery effort by the federal government to help Puerto Rico, the U.S. Virgin Islands, Texas, and Florida. The letter includes a number of important programs that must be funded in both the near and long term:
The Bronx – Congressman José E. Serrano, Ranking Member of the House Appropriations Commerce, Justice, and Commerce Subcommittee, today announced that the Treasury Department Community Development Financial Institutions Fund (CDFI Fund) has awarded Spring Community Organization, a Bronx community development institution, a total of $930,405 in federal funds as part of its fiscal year (FY) 2017 round of grants.