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.

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.