WILMINGTON, Del. – U.S. Senator Chris Coons (D-Del.) released the following statement after President Obama signed into law a bipartisan bill backed by Senator Coons to extend the Small Business Administration’s (SBA) flagship 7(a) loan program, which has reached its cap this year. Under this new law, the loan cap will be increased from $18.75 billion to $23.5 billion, allowing businesses in Delaware and across the country to access federal loans so they can invest in their equipment, hire new workers and continue growing the economy. The legislation was introduced by Senators Jeanne Shaheen (D-N.H.) and David Vitter (R-La.). Senator Coons is the ranking Democrat on Financial Services and General Government Appropriations Subcommittee, which funds the SBA, and a member of the Small Business Committee.
This year, SBA and lenders have dramatically increased lending to small businesses. As of July 1, the SBA loan production is up 56% (156 vs 100) and Dollars Financed is up 151% ($84.6M vs $33.6M). The $84.6M represents an all-time high mark for dollars financed here in Delaware and they still have two months remaining.
“Providing access to capital, especially for small businesses, is critical to keep the economy moving in the right direction, and we should not punish the SBA and Delaware lenders for their success by cutting off their lending ability.” said Senator Coons, member of the Senate’s Small Business committee. “The fact that the Senate and the House were able to act so quickly on our bill to address this issue shows that these federal loans are vitally important to small businesses and our entire economy. This is a big win for Delaware businesses, and it’s an example of how Congress should be working together to help our economy grow.”
“The U.S. Small Business Administration welcomes the House and Senate’s action to raise the 7(a) Program authorization ceiling,” said SBA Mid-Atlantic Regional Administrator Natalia Olson-Urtecho. “This move will allow us to continue supporting American small businesses as they grow and create jobs to strengthen the nation’s economy.”
“We’re glad that Congress has reached an agreement to increase the SBA’s lending ability, which means we will be able to settle on those loans which will create 36 jobs in Delaware,” said Darrell Stayman, Applied Bank Commercial Credit Manager. “Applied Bank continues to work with and appreciates the efforts of Delaware’s SBA District Office and Senator Chris Coons with his staff for their continuing and constant support of the SBA and the 7a program.”
“SBA financing is a vital tool for the continued growth of Delaware’s small business community,” said Nick Lambrow, M&T Bank’s regional president for Delaware. “The health of our local economy and job growth in Delaware depends on the continuation of SBA financing. We appreciate Senator Coons’ efforts to expedite the increase of the SBA’s authorized funding levels so small businesses across our state, as well as our nation, can get the support they need. ”
(Washington, DC) – Today, U.S. Senator Chris Coons (D-Del.) joined Senators Richard Blumenthal (D-Conn.) and Rob Portman (R-Ohio), Co-Chairs of the Senate Caucus to End Human Trafficking, in reintroducing the Human Trafficking Prioritization Act to increase the country’s ability to monitor and effectively combat sex and human trafficking across the globe. Yesterday, the U.S. Department of State’s Office to Monitor and Combat Trafficking in Persons (TIP Office) released their 2015 Trafficking in Persons Report, an annual report that identifies progress and lapses in efforts to end human trafficking and has proven to encourage governments to address specific gaps in their responses to the issue.
Under the Human Trafficking Prioritization Act, the TIP Office would be established as a Bureau within the State Department. This will provide the TIP Office with greater ability to effectively advocate on behalf of anti-human trafficking initiatives and increase its ability to lead the global effort to end modern-day slavery. The TIP Office has become the center of the U.S. Government’s anti-slavery diplomacy, grant-making, and interagency collaboration. Additionally, designation of the TIP Office as a Bureau headed by an Assistant Secretary would greatly improve the organizational support for combatting trafficking, increasing the likelihood that rankings in the annual TIP Report are made solely on a country’s efforts to combat sex and labor trafficking and not influenced by any other considerations.
“This measure will provide important support for dedicated diplomats and public servants for the forces against modern day slavery who combat human trafficking at home and around the globe,” said Blumenthal. “Increasing support and status bolsters advocacy worldwide. Senator Portman and I will continue working to address this fundamental violation of our most basic human rights. Human trafficking is a repugnant and reprehensible scourge that occurs in our own nation and across the world – a sobering, tragic, reality for children, and men and women of all ages.”
“Our provisions will empower those fighting human trafficking in the U.S. and worldwide,” Portman stated. “By elevating the status of those advocating on behalf of human trafficking victims, we will take important steps toward identifying and combating this form of modern day slavery.”
Joining Coons, Blumenthal, and Portman as co-sponsors of this legislation are Senators Edward J. Markey (D-Mass.), Debbie Stabenow (D-Mich.), Kirsten Gillibrand (D-N.Y.), Tammy Baldwin (D-Wisc.), Elizabeth Warren (D-Mass.), Jack Reed (D-R.I.), Michael Bennet (D-Colo.), Chuck Schumer (D-N.Y.), Sheldon Whitehouse (D-R.I.), John Boozman (R-Ark.), Amy Klobuchar (D-Minn.), and Al Franken (D-Minn.).
WILMINGTON, Del. – U.S. Senator Chris Coons, co-founder of the Senate Chicken Caucus, applauded United States Department of Agriculture (USDA) Secretary Tom Vilsack’s recent comments about the importance of providing a safety net for farmers impacted by avian influenza (AI) in the Unites States. “I would strongly urge the Congress as it begins the process of considering future farm bills, to look for a way in which that issue could be addressed,” Vilsack said in House Committee on Agriculture hearing.
Last week, Sec. Vilsack highlighted the need for an insurance program for poultry growers to help them deal with AI outbreaks. Last year’s farm bill, the Agricultural Act of 2014, included an amendment sponsored by Sen. Coons to study that very issue. The study will examine the feasibility of creating an insurance program that would provide protection for growers in the event of a disease outbreak, like AI. It is currently underway and results are expected to be available this fall.
“I am pleased to see that Secretary Vilsack has highlighted the need for an insurance program to protect poultry growers in the event of an avian influenza outbreak, and I am glad the study I called for is underway,” said Sen. Coons. “I look forward to the results of the study in the fall and, I am ready to introduce legislation to protect our poultry farmers once we have that information in hand. We must do everything we can to prevent the spread of this year’s devastating high-path avian influenza outbreaks, but we must also protect our farmers in the event that the disease continues to impact the poultry sector.”
WASHINGTON – U.S. Senator Ben Cardin (D-MD), Ranking Member of the Senate Foreign Relations Committee, along with Senators John McCain (R-AZ), Tim Kaine (D-VA), Marco Rubio (R-FL), Chris Coons (D-DE), Mark Kirk (R-IL), and Bob Casey (D-PA) wrote Secretary of State John Kerry today ahead of the upcoming U.S.-Egypt Strategic Dialogue, urging that “political reform, human rights, and fundamental freedoms” are made a central element of the agenda.
In the letter, the Senators write that while “The United States and Egypt have shared a strategic partnership for more than four decades … we are troubled by recent developments in Egypt that suggest the country is not on a path to long-term sustainable security or political inclusion. We are also concerned that recent U.S. policy and assistance decisions have been interpreted by the Egyptian government as endorsement of the current political climate.”
The letter appears below.
Dear Secretary Kerry,
As you prepare to lead the U.S. delegation during the upcoming August 2 U.S.-Egypt Strategic Dialogue, we strongly urge you to make political reform, human rights, and fundamental freedoms a central element of the agenda. The United States and Egypt have shared a strategic partnership for more than four decades, and we hope that together our two countries, governments, and peoples will continue to work together and benefit from shared interests and objectives. However, we are troubled by recent developments in Egypt that suggest the country is not on a path to long-term sustainable security or political inclusion. We are also concerned that recent U.S. policy and assistance decisions have been interpreted by the Egyptian government as endorsement of the current political climate.
Over the past several months the U.S. Government has made a series of decisions with respect to the relationship with Egypt including: lifting the executive holds in place since October 2013 on U.S. military equipment deliveries, sending a national security waiver to Congress in order to provide $1.5 billion in U.S. assistance, and notifying Congress of intent to obligate security and economic assistance funds to Egypt for fiscal year 2015. In addition, the U.S. Government is supporting Egypt through economic assistance, the Higher Education Initiative, and your attendance at the January 2015 Egypt Development Conference and advocacy on behalf of Egypt with international donors and institutions. These forms of support are critical and intended to signal U.S. support for Egypt’s security and economic recovery, but U.S. engagement in these areas must be coupled with an Egyptian commitment to implementing a reform agenda that takes into account human rights, fundamental freedoms, and the need for an active civil society.
A key element of U.S. foreign policy has always been and must continue to be support for human rights, political reform, and civil society. In the U.S.-Egypt relationship, we are concerned that these core principles seem to be no longer a priority. Policies pursued by the Egyptian authorities are fueling instability. These policies include the detention of tens of thousands of political prisoners – including American citizens – without due process of law, restrictions on basic freedoms of assembly and mounting official pressure against the legitimate activities of independent human rights organizations. Security services continue to crackdown on protests with excessive force while the Egyptian judiciary has handed down mass death sentences, often in absentia and without regard for fair trial standards.
The United States will remain committed to a security partnership with Egypt that addresses shared challenges and reflects twenty-first century threats. The Egyptian government should be commended for its adherence to the Peace Treaty with Israel, its role in brokering ceasefires between Israel and Hamas, its provision of military privileges to the United States, and its participation in peacekeeping missions and support for the anti-ISIL Coalition. In the Sinai, the Egyptian government has worked to secure the border with Israel and Gaza, though it continues to face serious terrorist threats. Egypt must also contend with ongoing instability on its border with Libya, which has allowed terrorists to smuggle weapons into Egypt and provided a haven for another ISIL affiliate that in February murdered 21 Egyptian Copts. Accordingly, we welcome the Administration’s recent decision to channel U.S. security assistance into four categories – counterterrorism, border security, Sinai security, and maritime security.
The United States should also continue to support Egypt as it seeks sustainable and inclusive economic growth. President Sisi deserves praise for his commitment to economic reforms, including difficult cuts to fuel subsidies and efforts to improve the business climate, which are vital to Egypt’s long-term economic health. This commitment has begun to bear fruit in the form of improved economic forecasts, a stabilized sovereign debt rating and increased foreign direct investment. However, it is crucial that the Egyptian government also plan and implement a long-term human development plan for Egypt’s large population that improves essential services like health and education, develops opportunities for private sector growth and entrepreneurship, and supports small and medium-sized enterprises which provide the bulk of Egyptian jobs. U.S. technical and financial assistance to Egypt already plays a role in these areas and should support Egypt in developing and implementing such a plan.
As we saw during the Arab Spring uprisings, choking off all peaceful and legitimate avenues for dissent coupled with unaccountable institutions fuels violent extremism and increases the likelihood of long-term instability. As President Obama emphasized at the Counter Violent Extremism (CVE) Summit in February, “when people are oppressed, and human rights are denied…when dissent is silenced, it feeds violent extremism.”
We firmly believe that there can be no sustainable security or economic growth in Egypt without a serious reform effort. As you prepare for the U.S.-Egypt Strategic Dialogue, we insist that discussion of human rights, political reform, and civil society freedoms are a central element of the agenda.
WASHINGTON – Yesterday, U.S. Senator Chris Coons (D-Del.), a member of the Senate Foreign Relations Committee, questioned U.S. Secretary of State John Kerry, U.S. Energy Secretary Ernest Moniz, and U.S. Treasury Secretary Jack Lew on the nuclear deal reached with Iran.
“In my years as an attorney for a corporation, I would often get handed a big complex deal by optimistic business units that believed they’d launched a new marriage, a new partnership, and my job was to review it not with the wedding bells ringing in my ears, but with the likely divorce day in the picture before me. Because, frankly, no one ever pulled those agreements out again, unless there was a violation, or there was a disappointment, or there was a break down in the relationship,” said Senator Coons. “As I look not at the spin or the politics of this agreement, but as I dig into the substance of it, it is an agreement built on distrust. It is a wedding day where the bride is shouting, ‘I hate you and your family,’ and the groom is shouting, ‘I distrust you and you’ve always cheated on me,’ and each is announcing their distrust really of the other at the outset.”
Transcript of Senator Coons’ questioning below:
SENATOR COONS: “Thank you Chairman Corker and Ranking Member Cardin for convening this important hearing, and I’d like to thank all three of our witnesses for your service to our nation and for your testimony here today. I think we all share a simple, basic premise, which is that the United States must not allow Iran to acquire a nuclear weapon. A nuclear-armed Iran would threaten our national security, our vital ally Israel, and the stability of the entire Middle East. And so in the next two months I will review the details of this nuclear agreement, and consider its ramifications for our nation and for the region. I’ll compare it to the alternatives, and support it only if I’m convinced it sufficiently freezes every Iranian pathway to a nuclear weapon.
“In my years as an attorney for a corporation, I would often get handed a big, complex deal by optimistic business units that believed they’d launched a new marriage, a new partnership, and my job was to review it not with the wedding bells ringing in my ears, but with the likely divorce day in the picture before me. Because, frankly, no one ever pulled those agreements out again, unless there was a violation, or there was a disappointment, or there was a break down in the relationship. As I look not at the spin or the politics of this agreement, but as I dig into the substance of it, it is an agreement built on distrust. It is a wedding day where the bride is shouting, “I hate you and your family,” and the groom is shouting, “I distrust you and you’ve always cheated on me,” and each is announcing their distrust really of the other at the outset. And I do wonder what the alternative is given that disagreement here seems inevitable. So let me turn to the wedding guests, and a question about how that may play out.
“A key piece of this agreement is the Joint Commission. A joint commission that has 8 representatives: P5 + 1, and the European Union and Iran. They will resolve access disputes, and they are a key piece of how we would get access to undisclosed sites. And if Iran doesn’t sufficiently answer IAEA concerns about a suspect facility within a certain number of days, there is a consensus vote, and so forth. But our confidence about our ability to resolve disputes under this agreement depends on the reliability of those votes.
“I don’t mean to impugn the partnership of our vital allies who have gotten us to this point, but I am concerned that CEOs from many European nations are already heading to Tehran, and talking about significant economic relationships. Should we be nervous about the votes in the future on that Joint Commission of the EU or our other allies, given what will be, I suspect, significant economic interests that might inspire them to either direct the EU to vote against access or block access for us? How confident can we be of our allies enduring support of our interests in the, I think, likely event of cheating?”
SECRETARY KERRY: “I think we can be very confident, and here’s the reason why: The access issue goes to the core, the absolute core of this agreement, which is preventing them from getting a weapon. And if we have sufficient information, intelligence, input shared among us – by the way, we share all this information; and by the way, Israel will be feeding into that, the Gulf States will be feeding into that. When we have any indicator that there is a site we need to get in to, and we’re all, we’ve shared that amongst each other, we’re in agreement – this goes to the heart of this entire agreement. They will prosecute that. They will understand the circumstances.
“And by the way, there is a converse, you know, there is another side of that coin about the economic interests. You have a young generation of Iranians who are thirsty for the world. They want jobs, they want a future. Iran has a huge stake in making sure there isn’t an interruption in that business, and that they are living up to his agreement. So if in fact, when you’re way beyond the 15 years, if we find there is a reason for us to have suspicion under the additional protocol, and we can’t get in, the United States alone, for the duration of the agreement, has the ability to snap back in the UN by ourselves.
“We always have the ability to put our sanctions back in place. And given our position in the world – and that’s not going to change in the next ten, 15 years economically – we are still the most powerful economy in the world – we will have the ability to have an impact on their transactions and ability to do business. So we believe we are very well protected here, Senator Coons, because we created a one-nation ability to go to the Security Council and affect snapback.”
SEN. COONS: “If I could follow up on that, Mr. Secretary. The snapback sanctions that we can affect through the UN Security Council, are they the broad sweeping financial sector sanctions that we worked on together that brought Iran to the table? Or are they a paler version of that?”
SEC. KERRY: “Oh no no, they are the full monty.”
SEN. COONS: “Because as you know, we’ve had debate among some of the colleagues on this committee about whether or not this agreement prevents the re-imposition…”
SEC. KERRY: “Well, we do have some discretion. I mean language is in there that says “in whole” or “in part.” Now if we find there is some minor something and we want to slap the wrist, we can find an “in part.” So that’s up to us.”
SEN. COONS: “So in your view, we have the ability to ratchet back sanctions in pieces or in whole?”
SEC. KERRY: “If needed, or in whole.”
SEN. COONS: “Let me, if I might, turn to Secretary Moniz in the time I have left. About centrifuge development – I will articulate the question and then if you would have an answer for me… How long did it take Iran to master the IR1 centrifuge? What’s the difference in performance between the IR1 and the IR8? And how long do you think it will take Iran, given the restrictions of this agreement if observed, to master the IR6 and 8? And then what would the impact be on their ability to enrich after years ten to 15?”
SECRETARY MONIZ: “So Senator Coons, first of all, the IR1, of course, they’ve been working on for quite some time, and they have some challenges still. The terms of the R&D and the more advanced machines. Of course, first of all, the program does substantially shift back in time their program plans. Where they are today is the IR6 that you mentioned is, let’s say, seven or eight times more powerful than the IR1, and they are already spinning small cascades of that with uranium. The IR8, which is projected to be maybe 15 times more powerful, is at the mechanical testing stage only. That’s what got frozen in the interim agreement.”
SEN. COONS: “So if I might in closing, Mr. Chairman, it would be perfectly reasonable to expect that on a ten year time horizon, the IR6 and 8 – which they’ve already, they’re already testing cascades of the 6, they’ve already got mechanical testing of the 8 underway – it would be reasonable to expect that a decade from now they’d be 15 times better, faster at their enrichment, but not 100 times?”
SEC. MONIZ: “No, we don’t believe that they will have, with this schedule we don’t think that they will be anywhere near ready for industrial scale deployment of those machines, certainly not in the decade and for some years thereafter.”
WASHINGTON – U.S. Senator Chris Coons (D-Del.) released the following statement after President Obama delivered remarks today to a group of small business owners on why Congress must act to reauthorize the Export-Import (EXIM) Bank and support American businesses. The EXIM Bank’s authorization expired on June 30, and can only be reauthorized with Congressional action.
“Each day Congress fails to reauthorize the Export-Import bank, more and more American jobs and businesses are put at risk,” said Senator Chris Coons. “President Obama made a strong case today to small business owners about why EXIM is essential to helping American businesses compete in the global economy. At a time when our economy is gaining steam, we need to continue to help American companies of all sizes compete in markets around the world, not make it harder.
“Reauthorizing EXIM has wide, bipartisan support in both chambers, and it’s time for Speaker Boehner and Leader McConnell to listen to their colleagues and the American people and hold a vote on a reauthorization bill. Our businesses and our economy cannot afford to have Congress delay any longer.”
WASHINGTON – In case you missed it, U.S. Senator Chris Coons (D-Del.), a member of the Financial Services Appropriations Subcommittee, published an oped in today’s News Journal marking the five year anniversary of the enactment of Wall Street reform.
Five years ago today, after the worst recession since the Great Depression, Congress passed groundbreaking Wall Street reforms to prevent another financial crisis. They took important steps to stop abuse, limit reckless risk-taking, avoid future taxpayer bailouts, and strengthen oversight of the financial system. Yet as we mark reform’s fifth birthday, many Republicans continue their push to dismantle these new rules put in place to prevent another financial crisis. As a Democrat who represents thousands of financial services workers here in Delaware, I believe it’s critical we work together to improve Wall Street reforms where we can, rather than reverse the progress we’ve made.
Simply put, rolling back reforms would be a dangerous step backward for the safety and soundness of our markets, and for our nation’s economic security.
At the heart of the housing market meltdown were millions of mortgages that, when the housing market finally collapsed, sent millions of homes into foreclosure. Behind those mortgages was a complicated house of cards with plenty of responsibility to go around – from families who couldn’t afford those mortgages in the first place, to lenders who should have known better than to extend them, to large financial firms that packaged those risky mortgages into complex financial instruments to make them look like a better investment than they were, to the ratings agencies which mislabeled those toxic assets. When housing prices finally fell, sending those risky mortgages underwater and homes into foreclosure, the values of neighboring homes plummeted as well – causing a devastating downward spiral.
Wall Street reform responded to each of these dynamics to help ensure we don’t face another crisis.
First, Congress created an agency with a simple, specific mission: to protect consumers from misleading financial products. Because Americans have long been protected from unsafe foods and dangerous consumer products, it only makes sense to ensure they’re protected from abusive financial products as well. The new agency is called the Consumer Financial Protection Bureau, and it works to ensure that when consumers do buy financial products, they’re given clear information on their risks and benefits.
Second, Wall Street reform limited unsafe investing practices at the highest levels of finance. For instance, it set strong capital standards so banks have a sturdy backstop in times of need and ensured that regulators have the tools to scrutinize banking practices that are far more complicated than ever before. Congress recognized that in a complex, global financial system, regulators needed to have the resources to keep up as banking continues to change.
Lastly, the financial crisis made it clear that although there is much we can do to limit risk and protect consumers, banks can still fail – and when they do, it’s critical they’re closed down in a way that’s responsible, doesn’t harm the larger economy and doesn’t require a taxpayer bailout. That’s why Wall Street reform gave the government new abilities to responsibly wind down large banks so they don’t cause financial earthquakes, much in the way the government has done with smaller banks for more than 80 years.
Now, I have no doubt that we can improve and build on these reforms, especially as someone who wasn’t in Congress when they became law. There are further changes that Democrats and Republicans can agree on, for instance, to relieve regulatory burdens on community banks so that smaller banks can provide the lending their neighborhoods need to grow and thrive. We should continue to seek the regulatory sweet spot where rules are simple and prevent bad behavior, and where regulators act to protect consumers with an understanding of the important role responsible creditors play in our economy. Further, while reforms went a long way to prevent taxpayer bailouts, there are legitimate critiques that should force us to examine additional ways to make the system safer.
Many Delawareans work in the financial system – and that’s a great thing. I’m a firm believer in a strong, responsible and well-functioning financial services sector – it’s critical to capitalism and to our economy. I also believe that smart, fair financial regulations are essential to sustaining those very financial services jobs that we need, because without those regulations, our entire economy would be at risk. That wouldn’t be good for anyone, and if we want to prevent another financial crisis, we need to cement and build on the progress we’ve made since the last one. We shouldn’t roll it back.
Chris Coons is Delaware’s junior U.S. Senator, and serves on the Financial Services Appropriations Subcommittee
WASHINGTON – Today, the U.S. Senate Finance Committee unanimously passed bipartisan legislation to allow startup companies and small businesses to access the successful Research and Development Tax Credit. The Innovators Job Creation Act would help startups and other small companies take advantage of valuable R&D tax credits that are currently unavailable to them. The legislation, led by U.S. Senators Chris Coons (D-Del.), Pat Roberts (R-Kan.), and Chuck Schumer (D-N.Y.), now heads to the full Senate for consideration.
“Companies that invest in research and development are investing in new products and processes that grow the economy and create quality, middle class jobs that our country needs right now,” Senator Coons said. “The successful Research and Development Tax Credit has helped tens of thousands of American companies invest in job-creating innovation, but startups haven’t been allowed to take advantage. Firms younger than five years old have been responsible for the overwhelming majority of our new jobs in recent years, and they are driving our nation’s economic recovery by taking risks to turn their ideas into products. Three years after I first introduced legislation to open up the R&D Tax Credit to startups, I am proud of the progress we made today and deeply grateful for the partnership of Senators Roberts and Schumer, and all of my colleagues who have cosponsored this idea over the years. Progress on this legislation is proof that we can still work together across party lines to help grow our economy.”
“Research and development in new technologies and new products is an important source of economic growth,” Senator Roberts said. “The new technologies, products, and lower prices generated by investments in R&D create new jobs, raise wages, and create new demand for goods and services. Our legislation would increase cash flow for small businesses and start-ups involved in R&D intensive activities by reducing past, current and future tax liabilities leading to permanent tax savings. This would also reduce a company’s effective tax rate, increasing cash flow and improving earnings, which results in them becoming a more attractive investment.”
“We need to tear down barriers that prevent our startup companies from reaching their full potential,” Senator Schumer said. “The current structure of the R&D tax credit puts established companies ahead of the curve while leaving startups behind. Our bill would even the playing field and create jobs in New York and across the country, and we’re going to fight hard to see it passed into law.”
Despite the fact that research and development is critical for American innovators, the Research and Development Tax Credit is not accessible to many small businesses and startups. According to the Government Accountability Office (GAO), over half of the credit goes to firms with $1 billion or more in receipts, even though many commercially successful innovations originated in small, fledgling firms that could not access the R&D credit.
Allow the R&D Credit to be claimed against the Alternative Minimum Tax. Even if a company is entitled to the R&D credit, many pass-through entities cannot claim it because the R&D credit cannot be used against the Alternative Minimum Tax (AMT). Eight out of 10 businesses that would otherwise benefit from taking the R&D credit will receive little to no benefit because of the AMT. This provision was previously in the Small Business Jobs Act of 2010, but expired after one year.
Enable startup firms to claim the R&D credit, by claiming against their employment taxes. If a startup company cannot access the R&D credit because it does not have an income tax liability, it can claim the R&D credit against taxes it pays on employee wages. The benefit is capped at $250,000 per year.
WASHINGTON – U.S. Senator Chris Coons (D-Del.) released the following statement after voting to support cloture and final passage of the Every Child Achieves Act, the Senate’s version of the Elementary and Secondary Education Act (ESEA). The bill includes an amendment written by Senator Coons and Senator Marco Rubio (R-Fla.) based on their American Dream Accounts legislation.
“Every child in every American public school deserves a high-quality education, regardless of background and zip code,” said Senator Coons. “The Every Child Achieves Act makes important strides to improve America’s public schools, and I commend Senators Patty Murray and Lamar Alexander for their tireless work to find common ground on this urgent issue. This bill corrects much of what went wrong with No Child Left Behind, and I’m thrilled that my American Dream Accounts amendment, which will help at-risk students reach their dreams of going to college, was included.”
“However, I remain deeply concerned that this bill, as it is currently written, does not provide sufficient accountability for our public school system. Though I supported the bill today, I will not support the final bill unless accountability provisions are strengthened in negotiations between the House and Senate. This process is not over, and I’m optimistic that we can still improve this bill so that it strikes the right balance between federal oversight and local flexibility.
“We’ve made significant progress in recent years to improve our public school system, due in part to a bipartisan, national commitment to raising the bar for all of America’s children. We cannot allow ourselves to lower it once again.”
WASHINGTON – Today, the Senate passed an amendment to the Every Child Achieves Act of 2015 introduced by U.S. Senators Chris Coons (D-Del.) and Marco Rubio (R-Fla.) to help low-income and at-risk students access and complete a college education. The amendment, based on the Senators’ American Dream Accounts legislation, would authorize a pilot program within the Department of Education to award grants to support innovative and comprehensive partnerships that assist low-income students in preparation for a college education.
“For too long, college has been out of reach for the vast majority of poor Americans, but unlike in past decades, economic success today is defined by college access,” said Senator Coons. “I’m thrilled the Senate has passed our American Dream Accounts amendment that will address and break down many of the barriers to college access that our most at-risk students face in seeking a higher education. American Dream Accounts will help teachers, parents, mentors, and students work together to make sure young people — throughout their entire educational experience — prepare for, save for, train for, and then fulfill a vision for their own future. This is an important step forward towards ensuring every child in every school has the chance to go to college if they’re willing work hard for it.”
“This proposal is a big step in preparing low-income students for college with the financial tools they need, including a college savings account,” said Senator Rubio. “I know firsthand how important it is to save for college and to have individuals supporting your academic success, and this pilot program would help students and families overcome these hurdles. Significant improvements to this legislation still need to be made, but this is a positive one.”
The American Dream Accounts amendment encourages partnerships among schools, colleges, non-profits and businesses to develop secure, Web-based student accounts that contain information about academic preparedness, financial literacy, and high-impact mentoring and would be tied to a college savings account. Instead of approaching these threads independently, this bill connects students, parents, and teachers across silos, and takes a small but significant step toward helping more at-risk students of all income levels access, afford, and complete a college education.