Action 9: Maximize Economic Impact of Federal Stimulus Dollars
Provide Strategic Support to the Office of Economic Recovery and Reinvestment
The federal government is seeking to rescue the U.S. economy through a series of extraordinary measures. Legislation to rebuild access to capital and credit, restore consumer confidence, invest in infrastructure, protect mortgage-holders, and close state budget gaps will result in the injection of hundreds of millions of dollars into the Rhode Island economy. We have an enormous opportunity — and obligation — to spend this investment strategically, so that it benefits us economically in both the short and long term.
By executive order, RIEDC has been assigned the role of "providing support, assistance and expertise" to Governor Carcieri’s Office of Economic Recovery and Reinvestment on the utilization of federal funds available under the American Recovery and Reinvestment Act of 2009 and other economic stimulus legislation. Multiple rounds of federal legislation are anticipated.
RIEDC will assist in the prioritization of projects for economic development and job creation. In the performance of this responsibility, the RIEDC will work systematically to channel funds to projects that both provide immediate employment opportunities and advance the goals of sustainable job creation. Stimulus dollars will be spent most wisely if their economic impact endures beyond the life of a construction project.