| About RI E-News Sign Up On The Issues Photo Gallery Services for RI Test Your RIQ | Dear Fellow Rhode Islander:
Congress passed President Obama's American Recovery and Reinvestment Act (ARRA) earlier this year to create jobs, invest in our communities, and get our economy back on track.
I supported this package of fiscal relief, tax cuts, and direct aid to states because it includes about $1.1 billion in federal funding for Rhode Island and is estimated to save and create 12,000 jobs throughout the state. The federal government alone cannot address all of our state's economic difficulties, but the ARRA is a strong start to that process.
This law is already at work upgrading our transportation infrastructure, improving our schools and health care system, boosting our energy efficiency, and making a difference for families and communities across Rhode Island.
I also wanted to take a moment to update you on my recent efforts in Congress to help get our economy back on track and help working families.
 |  | | | To help Rhode Islanders use newly available federal aid, I assembled a resource guide. You'll find information on federal programs and competitive grants available to individuals, communities, and businesses in the state. Download it now: |
| You can track progress in Rhode Island and see how our federal dollars are being spent. These sites provide detailed information about how recovery funds are creating jobs and getting Rhode Island's economy moving again. | | | | President Obama signs Reed's homelessness prevention and taxpayer protection plans into law | | I joined President Obama at the White House this month as he signed a new, anti-foreclosure bill into law. I wrote two key provisions in the bill, a $2.2 billion homelessness prevention initiative and a warrants provision, which protects and reimburses taxpayers who made significant investments in the financial system through the Troubled Asset Relief Program (TARP) program. | 
Reed and other lawmakers look on as the President signs the anti-foreclosure bill at the White House. | | | | | Congress passes ban on abusive credit card practices | | In an effort to end deceptive credit card practices, protect consumers, and help restore confidence in our economy, I helped pass the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act. This legislation reins in abusive credit card practices by preventing companies from changing rates, charging new fees, and adopting new policies without notifying consumers. It will also make it easier for cardholders to understand the terms of their agreements. Under this new law, card companies will now be required to give a 45-day notice before increasing rates, and they will no longer be able do so on most existing balances. The legislation also cracks down on abusive fees. For example, consumers no longer will have to pay a fee just to pay a bill. And credit card companies must mail statements 21 days before a bill is due, so cardholders can avoid hefty late fees. The bill also protects consumers by making credit card statements understandable and protects college students from predatory marketers. | | 
- Card companies can't raise rates on existing balances, unless the account is 60 days overdue. Notice of any increase must be sent 45 days in advance. - If your account charges different interest rates, payments you make will now pay down the debt with the highest rate. - Card companies can't charge you fees for exceeding your credit limit unless you've agreed to the fees in advance. - No fees on a gift card for lack of activity, unless more than a year has passed. Cards can't expire in fewer than 5 years. | | | | | | RI gets $111 million for education in Recovery Act | | | On May 19, 2009, Rhode Island received $111 million dollars in education funding under the Recovery Act. The state has received more than $3 million a day in federal funding since the Recovery Act was signed into law in February, and more federal aid will continue to flow to the Ocean State throughout the year. | | | | | Rhode Island receives $1.8 million to clean up former hazardous waste sites | Environmental revitalization and economic development go hand-in-hand. This federal funding will go a long way toward revitalizing these sites and restoring them to productive use. Not only will this federal investment help protect the health and well being of residents and the environment, but it will also generate job growth, help increase surrounding property values, and strengthen the local economy.
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Reed visited an industrial site in Pawtucket to anounce $1.8 million in federal aid to clean brownfields across RI for new uses. | | | | | Reed offers credit rating reform bill | In an effort to address one of the systemic failures that caused the financial crisis, I recently introduced the Rating Accountability and Transparency Enhancement (RATE) Act of 2009. This legislation would reform the credit rating industry and give the Securities and Exchange Commission (SEC) strong new authority to oversee credit rating firms and hold them accountable for conflicts of interest and other internal control deficiencies that have weakened ratings in the past. The bill also includes a narrowly tailored provision that would allow investors to take legal action against rating firms that "knowingly or recklessly" fail to review key information in developing ratings. Credit rating firms could avoid litigation by conducting thorough reviews or by obtaining assessments from independent firms. Just as we need to regulate hedge funds and derivatives, we need to start the process of restoring balance to our financial system by providing stronger oversight and added incentives for rating agencies to be more impartial and independent. |
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