Latest News for Congressman Charles B. Rangel

W&M: Rangel, Commitee Leaders Call for Analysis of Recent Drug Price Increases

2009-11-18T22:02:18Z

Leaders of the House Ways and Means and Energy and Commerce Committees sent a letter to the Government Accountability Office (GAO) last night requesting an expedited report on recent trends in prescription drug pricing.

The letter, authored by Rep. Charles B. Rangel (D-NY), Chair of the House Ways and Means Committee, Rep. Henry A. Waxman (D-CA), Chair of the Energy and Commerce Committee, Rep. Pete Stark (D-CA), Chair of the Ways and Means Health Subcommittee, and Rep. John Lewis (D-GA), Chair of the Ways and Means Oversight Subcommittee, comes after recent studies and a New York Times report indicated that the pharmaceutical industry may be artificially raising prices in anticipation of the passage of health reform legislation that could reduce prescription drug prices or price growth.

The letter also requests that GAO submit a proposal to ensure ongoing monitoring of pharmaceutical manufacturer pricing practices.

Click here for a copy of the letter. Click here for a fact sheet on how H.R. 3962, the Affordable Health Care for America Act, protects consumers and taxpayers from these sorts of rapid drug increases.

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Rangel: House-Approved Health Reform Strengthen Fight Against HIV/AIDS

2009-11-18T20:02:53Z

Congressman Charles B. Rangel released the following statement in support of provisions in the House-approved Affordable Health Care for America Act (H.R. 3962) that increase access to Medicaid and reduce Medicare Part D costs for people living with HIV/AIDS. The bill passed the House on Saturday, Nov. 7, by a vote of 220 to 215:

"With the passage of the health insurance reform bill last week in the House, we have scored a major victory in the fight against HIV/AIDS. Provisions in the bill benefit the hundreds of thousands of people who are infected with HIV/AIDS by affording them better access to care and relieving them of the burden of having to pay out-of-pocket the entire cost of expensive medication and treatment.

"People living with HIV/AIDS rely heavily on prescription drugs to remain healthy, and an estimated 100,000 of them rely on Medicare for their medical treatment and prescription drugs. But due to the high costs of their medicines and treatments, HIV/AIDS patients reach the 'doughnut hole' quicker than other Americans on Medicare. The doughnut hole is the Medicare Part D coverage gap that Americans face once they surpass the coverage limit, making them financially responsible for the entire cost of prescription drugs until the expense reaches the catastrophic coverage threshold. Many patients use state AIDS Drug Assistance Programs (ADAP) for help purchasing their medications while in the coverage gap. The bill would allow medication provided through ADAP to count towards out-of-pocket costs in the Medicare Part D 'doughnut hole.'

"It also ensures early access to care and treatment for people living with HIV by giving states the option of an enhanced federal match if they choose to cover people with HIV in their existing Medicaid programs. In participating states, people with HIV would qualify for coverage using the same eligibility standards that currently apply for disabled adults. These common sense approaches will provide relief to Americans living with this disease, at a time when they need it most."

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W&M: House Passes Historic Health Reform Bill

2009-11-08T04:50:56Z

For the first time in America�s history, all Americans will have access to quality, affordable health care under updated health insurance reform legislation passed by the U.S. House of Representatives today. The legislation will cover 96 percent of Americans by 2015, while reducing the deficit by tens of billions of dollars over the next decade. The House approved the measure by a vote of 220 to 215.

The Affordable Health Care for America Act (H.R. 3962), blends and revises the three versions of reform legislation passed by the House committees of jurisdiction in July. It embodies President Obama�s key goals for health reform. It will slow the growth in out-of-control health costs, and introduce competition into the health care marketplace to keep coverage affordable and insurers honest. Additionally, it will protect people�s choice of doctors and health plans, and assure all have Americans access to quality, stable, affordable health care.

The Congressional Budget Office (CBO) estimates the net cost of expanding coverage at $891 billion, consistent with the $900 billion coverage mark laid out by President Obama in September. The legislation will be fully paid for. CBO estimates the bill reduces the deficit by at least $30 billion over 10 years, not counting the additional deficit reduction generated by the CLASS Act.

�God has been good to our country and this Congress and that means we have a responsibility to extend our power to make certain that every American has access to quality, affordable health care,� said U.S. Rep. Charles B. Rangel (D-NY), the Chairman of the House Ways and Means Committee. �We are so proud of this bill because it will cover 96 percent of our nation and ensure that no one will be denied health care because they have a pre-existing condition, or lose their coverage because they lose their job. This is truly an historic effort to improve the health and well-being of our nation, create jobs and grow our economy.�

Click here to read more about this historic vote.

Click here to view a copy of the Affordable Health Care for America Act, H.R. 3962.

Cick here to view the immediate benefits for Americans that kick in under this legislation

Click here to read detailed summaries, fact sheets and other materials…

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House Passes Worker, Homeownership, and Business Assistance Act of 2009

2009-11-05T20:21:11Z

The U.S. House of Representatives today approved essential legislation to stimulate the economy and provide stability to American families. The House Passed H.R. 3548, the Worker, Homeownership and Business Assistance Act of 2009 by an overwhelmingly bipartisan vote of 403 to 12. The legislation will help continue America�s economic recovery by extending unemployment benefits for millions of workers looking for jobs, as well as extending, expanding and improving the homebuyer tax credit, and providing tax relief for military families and businesses. Many of the provisions in today�s legislation originated in the Committee on Ways and Means, and Committee leaders offered the following statements upon passage:

“Passage of this bill will give critical benefits to the millions of unemployed workers struggling in the current downturn, giving them some measure of relief while they search for the next opportunity to build a brighter future for their families,� said Ways and Means Committee Chairman Charles B. Rangel (D-NY). �This legislation also extends the homebuyer tax credit and provides tax relief for struggling businesses to build upon recent gains in the housing market and give American companies a foundation for future growth. I am pleased that Congress has united behind this vital assistance to families and businesses and I look forward to President Obama�s signature so this important bill can become law.”

Click here to find out how this legislation will extend UI benefits, homebuyer tax credits, and includes vital tax relief to military families and businesses.

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W&M: Rangel and House Leaders Introduce Historic Bill to Provide Quality, Affordable Health Care

2009-10-29T22:46:24Z

For the first time in U.S. history, all Americans would have access to quality, affordable health care under updated health insurance reform legislation unveiled by House Democrats today. The House is expected to debate and vote on the legislation next week.

The Affordable Health Care for America Act (H.R. 3962), which blends and updates the three versions of previous bills passed by the House committees of jurisdiction in July, embodies President Obama�s key goals for health reform. It will slow the growth in out-of-control costs, introduce competition into the health care marketplace to keep coverage affordable and insurers honest, protect people�s choices of doctors and health plans, and assure all Americans access to quality, stable, affordable health care.

The legislation will ensure that 96 percent of Americans will be covered by a quality, affordable health plan. The Congressional Budget Office estimates the cost of expanding coverage at $894 billion, consistent with the $900 billion coverage mark laid out by President Obama. And the legislation will be paid for. CBO estimates the bill reduces the deficit by at least $30 billion over 10 years.

After the House Committees of jurisdiction debated and reported versions of the legislation in July, members of Congress have solicited unprecedented levels of input from the American people. Since then, the committees, House leadership, and the entire caucus have worked to revise the legislation to reflect the priorities that Members heard from their constituents.

�For over 70 years, generations have fought to bring the promise of quality, affordable health care to every American. Today is a groundbreaking moment in this historic effort,� said U.S. Rep. George Miller (D-CA), the Chairman of the House Education and Labor Committee. �The Affordable Health Care for America Act reflects the hard work and input of many members of Congress and the American people and lives up to the principles that President Obama has laid out. We are closer than ever to guaranteeing every American access to quality, affordable health insurance and giving middle-class families and businesses relief from crushing costs, while reducing our deficit.

�For too long, health care has been a privilege, not a right in America,� said U.S. Rep. Charles B. Rangel (D-NY), the Chairman of the House Ways and Means Committee. �This bill ensures that every American has access to high-quality, affordable care that meets their needs, while also working to slow the staggering growth of health care costs. We have worked long and hard to develop this consensus legislation that incorporates feedback from our constituents to deliver reform that will and protect and strengthen coverage for those who have it and help cover those who are currently uninsured.�

Click here to read more about this story.

Click here for more details on The Affordable Health Care for America Act (H.R. 3962),

Click here for more information on efforts to reform Medicare Payments For Physicians

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Rangel Praises President Obama for Providing Emergency Aid to Puerto Rico

2009-10-28T18:28:54Z

Congressman Charles B. Rangel applauded the Obama Administration's swift decision to provide emergency aid to Puerto Rico in light of a weekend fire that has caused millions in damages and forced hundreds from their homes.

"President Obama has rightfully stepped in and assured our fellow citizens in Puerto Rico that the economic downturn will not stop us from doing the right thing," said Rangel. "Federal aid will be available to help Gov. Luis Fortuño and other local agencies respond to this disaster.

Rangel said that his office was working with leaders in Puerto Rico and on the U.S. mainland to facilitate relief efforts in the island. Local residents who want to get involved with relief efforts on the island can do so by contacting the Red Cross at 787-758-8150.and Servicios Sociales Católicos de Puerto Rico (Catholic Social Services) at (787) 727-7373.

"Although it's true that we can't personally drive those fire engines and we can't personally distribute aid, there are still lots of other ways in which we can all help," said Rangel.

Rangel said that he and his Congressional colleagues would continue to work to ensure that aid would flow as quickly as possible to the areas affected by the fire, which include the municipalities of Bayamón, Cataño, Guaynabo, San Juan, and Toa Baja.

"We will do all that we can to make sure that our government does not stray from its commitments and that bureaucratic red tape does not impede any relief efforts to the affected area." said Rangel. "We must never forget that our country's strength lies not just in the size of our military, but also in the depth of our compassion."

According to media reports, an explosion at the fuel storage complex in Cataño on October 23rd started a two-day fire that spewed thick, toxic smoke across the Caribbean region, forcing hundreds of people on the island to evacuate.

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Rangel Applauds President Obama's New Small Business Lending Initiatives, Supports Similar Legislation in the House

2009-10-27T13:52:33Z

Congressman Charles B. Rangel issued the following statement today on the House's consideration of comprehensive legislation that would increase credit to small businesses:

"Last week, President Obama announced a package of initiatives that will increase credit to small businesses by providing incentives for community institutions to lend in low- and moderate-income areas. To complement the President's efforts, the House will consider legislation this week to modernize the Small Business Administration's capital access initiatives, a move that would increase lending and help save or create more than one million jobs a year.

I commend the President for his leadership on this critical sector of the economy that represents our nation's most robust job creation engine, and I look forward to getting this legislation passed in the House. The President's initiatives and House legislation this week build upon the work Congress has done this year to help our small businesses and communities overcome the challenges brought upon us by the worst economic crisis since the Great Depression.

My office has worked together with New York small businesses, banks, and government to find ways to open up the flow of credit and take advantage of stimulus programs so that we can bring stability and growth to our community. Under the work of the House Ways and Means Committee, we have provided tax breaks for small businesses and financing for local economic development, which were enacted in the Recovery Act.

Our country has made some positive strides since the Recovery Act was enacted, but we must continue to bring about economic recovery to all with these small business and job creation policies."

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Rangel Votes to Fund, Extend Country's Largest HIV/AIDS Treatment Program

2009-10-22T18:09:20Z

Congressman Charles B. Rangel applauded yesterday the four-year extension of the largest federally funded HIV/AIDS treatment program in the country − a measure that was approved by the House by a strong 408-to-9 vote. The program, called the Ryan White program, funds services that improve the availability of care for low-income, uninsured, and under-insured people with HIV/AIDS. It also provides technical assistance to local and state primary medical care providers, support services, healthcare providers, and training programs.

"Today we have brought relief to so many people who are living with HIV/AIDS and to their families and loved ones," Rangel said. "It is good to know that thousands of people who suffer from this life-threatening disease can now worry that much less about paying for their medicine or treatments. For them, the funding and extending of this program is vital."

HIV/AIDS affects more than 1 million people in the United States. Over 530,000 low-income people with HIV/AIDS depend on the services provided through the Ryan White program. In New York City alone, about 104,234 people have been diagnosed and reported to be living with HIV/AIDS, including 63,899 who live with the full AIDS syndrome. Approximately 32,000 New Yorkers use Ryan White, Part A services for medical treatment, support services, and other care that they would not otherwise be able to afford.

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Rangel Urges Contemplation, Zero Tolerance during Domestic Violence Awareness Month

2009-10-22T14:18:24Z

Congressman Charles Rangel issued the following statement today in recognition of Domestic Violence Awareness Month, observed in October:

"For far too long, domestic violence has torn families apart, affected whole communities, and subjected millions of women, children, and men to the constant threat of bodily harm in their own homes. This has got to stop. We must continue to come together, as one people, to condemn, disown, and reject this violence. That's what Domestic Violence Awareness Month is all about. To honor how far we have come − it is, after all, the 15th anniversary of the historic Violence Against Women Act − but also, to keep in mind all that we have left to do.

Domestic violence largely targets our mothers, our sisters, and our daughters, and it must be met with zero tolerance. This is not a private, family matter. This is a law enforcement matter. And the perpetrators of these crimes must be punished and held accountable for their actions and the pernicious physical, psychological, and emotional consequences they impart.

This is also a moment for contemplation. The numbers are sobering: One in four women will be a victim of domestic violence over the course of her lifetime. That's 1.3 million women this year who will live in fear of physical abuse. We must and can do better to encourage and uplift battered women, celebrate those courageous survivors who make it through, and seek justice before the law when these crimes occur.

Domestic violence is a community problem, and we will combat it together, as one, united American family."

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Rangel Earns Fourth-Top Jamaican Honor for Work on the Caribbean

2009-10-22T14:07:11Z

Congressman Charles B. Rangel yesterday received the distinguished Order of Jamaica for his outstanding contribution in promoting the interests of Jamaica and the Caribbean. The award was announced at the National Heroes Day ceremony in Kingston by the Bruce Golding administration.

"I am honored to receive such an award, especially since it is normally presented to a Jamaican citizen. I have worked for 40 years in the Congress to be a friend of the Caribbean, and it is a good feeling to be acknowledged for this work," Rangel said.

From his earliest days in the U.S. Congress, Congressman Rangel has been a friend to the Caribbean. He assisted Michael Manley, then-Prime Minister of Jamaica, in influencing U.S. policy away from retaliation after Manley demanded a fair return from U.S. companies mining bauxite in Jamaica. He has fought for the resources Caribbean nations need to combat narcotics and drug-related crimes, and since 1982, he pushed for the Caribbean Basin Initiative (CBI), which promotes closer trade and commercial relationships between the U.S. and the nations of the Caribbean.

Most recently, in 2006 and 2008, Congressman Rangel displayed his leadership in pushing the HOPE II bill, providing trade preferences for the struggling Caribbean nation of Haiti.

The Order of Jamaica is the fourth of the five ranks in the Jamaican honours system. The Order was established in 1969 and is considered the equivalent of knighthood in the British honours system. Honorary membership in the Order can be conferred to any distinguishing citizen of a country other than Jamaica.

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Successful Veterans Braintrust Event Draws Hundreds

2009-10-21T13:28:34Z

Forum focuses on veterans' transition from military life to home life.

Congressman Charles Rangel hosted his annual Veterans Braintrust forum last month, bringing together members of the Obama Administration, two of today's highest-ranking Black military officers, and a crowd of over 200 veterans, civilians, and caseworkers, to discuss the importance of addressing soldiers' transition from military to civilian life.

"As a veteran of the Korean War, I have experienced the difficulty of transitioning to the real world after a tour in combat," Rangel said. "I went from being a respected and decorated staff sergeant while in the military to being viewed as nothing more than a high school drop out. I was able to navigate my way using the GI Bill to obtain my undergraduate and law degrees, but not everyone is as fortunate."

The Sept. 25 forum, titled 'Coming Home: Transition from Military to Civilian Life,' addressed the thousands of veterans who negotiate family life, jobs, education, and healthcare after discharge from the military. The Congressman has introduced legislation, H.R. 1963, that seeks to ease that transition by offering servicemen and women the vital training and information they will need to assimilate successfully upon discharge.

"Although we have a very effective Department of Veterans' Affairs, thousands of today's veterans are falling through the cracks. Most of those who flounder are simply not aware of the assistance available from the VA and other service organizations," Rangel said. "Our vision was that any veteran who walked into this session lost or disillusioned about the future − after hearing our speakers − would walk out feeling that the VA was there for him or her."

The event, also hosted by Reps. Corrine Brown and Sanford Bishop, featured a keynote from President Obama's Veterans Affairs Secretary Eric Shinseki, the first four-star general of Asian descent in U.S. military history and an early critic of the flawed strategy in the lead-up to the Iraq War.

Two of the morning's featured speakers touched on their experiences as high-achieving minority members of the military, including General William 'Kip' Ward, today's highest-ranking Black military officer and only the fifth African American ever to be promoted to the rank of four-star general. He serves as the first-ever commander of the newly formed U.S. Africom, one of six geographic commands within the Department of Defense tasked with training African soldiers and delivering aid and resources to the continent's residents. Rear Admiral Michelle Howard also dazzled the crowd with her stories as the first African American woman to command a ship in U.S. Naval history. She led the highly publicized effort to rescue U.S. cargo ship Captain Richard Phillips, who was captured by Somali pirates last April.

The event closed with a panel discussion featuring distinguished scholars and representatives from the federal agencies, educating the audience on the benefits available to veterans in the areas of education, mental health, employment, and housing.

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W&M: Committee Sends Health Reform Legislation to the House Budget Committee

2009-10-16T16:23:32Z

The following is a press release from the Ways & Means Committee, which Congressman Rangel chairs:

Today, the House Committee on Ways and Means approved a procedural measure to send H.R. 3200, the America’s Affordable Health Choices Act of 2009 to the House Committee on the Budget with reconciliation instructions. Ways and Means Committee Chairman Charles B. Rangel (D-NY) issued the following opening statement:

“I call the Committee to order for the purposes of considering a procedural measure to send the previously approved health reform bill to the House Budget Committee. Today’s vote is strictly procedural, it does not change the substance of the health reform bill and it does not indicate a change in process as the bill moves toward a vote in the House of Representatives.

“The Ways and Means Committee is proud of its work on this landmark health reform legislation to control health care costs and provide patients with greater choice and access to affordable, high quality care. This Committee has held more than 30 hours of health reform hearings, hearing from more than 40 expert witnesses on this issue. In July, the Ways and Means Committee met for a 16-hour markup and considered 38 amendments offered by Committee Republicans. There is no question that Democratic and Republican Members have been given an opportunity to present their views on this important issue. Furthermore, Republicans have not presented the Committee with a health reform bill for consideration.

“Today’s action was necessary because there is a possibility that a handful of Senate Republicans could choose to engage in partisan tactics to stall this important health reform bill. By sending the legislation to the Budget Committee, we simply preserve the option of advancing health reform legislation in a manner that would allow a majority of this Congress to answer the call of the American people and President Obama to address this growing crisis.”

*Please click here to view the letter approved by the Committee.*

*Please click here to view a copy of the Committee’s report on passage of H.R. 3200.*

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Rangel, Obama Administration Fights for More Federal Assistance to Seniors

2009-10-15T00:18:20Z

Ways and Means Committee Chairman Charles B. Rangel (D-NY) joined President Barack Obama in calling for an additional $250 emergency recovery assistance payment to seniors, veterans and people with disabilities. The White House's announcement came in anticipation that the Social Security Administration (SSA), because of economic conditions, would not provide a cost of living adjustment (COLA) to beneficiaries for 2010.

“The Committee on Ways and Means is keenly aware of the economic difficulties facing our seniors," said Rep. Rangel. "I support the President’s call to assist America’s seniors during these challenging economic times and look forward to working with my colleagues in Congress to send a bill to President Obama for his signature.”

"These payments will provide aid to more than 50 million people in the coming year, relief that will not only make a difference for them, but for our economy as a whole, complementing the tax cuts we’ve provided working families and small businesses through the Recovery Act,” said President Obama in a prepared statement. "This additional assistance will be especially important in the coming months, as countless seniors and others have seen their retirement accounts and home values decline as a result of this economic crisis."

President Obama singled out Rep. Rangel as he thanked members of Congress for working on behalf of those hardest hit by this recession.

"I want to compliment all the members of Congress who have been working to address these challenges, especially Senators Reid, Baucus, Sanders, and Lincoln, Speaker Pelosi, and Representatives Rangel, McCarthy, and DeFazio.” said President Obama.

Extending Economic Recovery Payments

The President’s proposal would provide an additional year of the $250 “Economic Recovery Payments” initially enacted under the American Reinvestment & Recovery Act (ARRA). Under this proposal:

•    57 million people would benefit. These include 49 million Social Security beneficiaries, 5 million Supplemental Security Income beneficiaries, 2 million veterans benefit recipients, 0.5 million railroad retirement and disability beneficiaries, and also about 1 million public-employee retirees not entitled to any of the previous benefits.

•    The benefit would be $250 – or equivalent to a 2 percent increase in benefits for the average Social Security retiree beneficiary. Under the rules no person could “double dip” and receive a $250 Economic Recovery Payment through more than one program. Nor could they receive both an Economic Recovery Payment and the Making Work Pay tax credit.

•    The total cost of the proposal would be $13 billion – and would not hurt the solvency of Social Security. The President is committed to ensuring that the $13 billion cost of the proposal does not reduce the solvency of Social Security or other social insurance programs.

•    Would extend an effective relief program. To date Economic Recovery Payments have been made to 55 million people including seniors, veterans and people with disabilities and totaled $13.7 billion. Most of the checks were mailed out in May 2009.

In addition to this legislative proposal, the Internal Revenue Service and the Department of Treasury will take steps this week to prevent reductions in the amounts that workers can contribute to IRAs, 401(k)s, and other aspects of tax-favored retirement systems in 2010 that some feared could result from negative inflation over the past twelve months.

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Rangel: Postponement of New York Philharmonic Trip to Cuba is 'Disappointing'

2009-10-06T14:34:15Z

Concert Was Opportunity for Groundbreaking Cultural Exchange.

Congressman Charles B. Rangel released the following statement today in reaction to news that the New York Philharmonic will have to postpone its planned October concert in Cuba due to American travel restrictions:

"A New York Philharmonic concert in Cuba would have been an unprecedented and monumental event, a true opportunity to foment cultural exchange and person-to-person interaction between Americans and the Cuban people. I am disappointed that this historic trip had to be postponed, particularly when we were able to secure licensing for the musicians and the group's support personnel in time. I appreciate Secretary of State Clinton's overarching support for the performance, and I look forward to working with the State Department to iron out the details for a future trip.

It is clear that U.S. policy regarding travel to Cuba is still far too stringent. The free flow of our people and our ideas is still the greatest and most effective form of diplomacy. Cuban society needs more of our American essence – not less. Our religious missionaries and charities are hamstrung by a policy that labels their generous donations and messages of hope, love, and brotherhood as contraband. Our academic institutions, researchers, and bright minds struggle with restrictions that disallow them from gaining – and more importantly, sharing – knowledge. Not even for the longstanding communist governments of North Korea, Vietnam, and China do we impose similar travel restrictions on Americans.

This concert would have been a great follow-up to the orchestra's successful concert in North Korea last year. I am still optimistic that we can see this trip through, and I am committed to working with the Philharmonic to make sure it happens. Music has a way of bringing people together, and I know this concert would go a long way towards bridging the divide that has kept our two countries apart for far too long."

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Rangel, Senior Treasury Official Tout Benefits Of Recovery Act's Build America Bonds

2009-10-06T00:59:58Z

On the heels of New York City announcing its first issuance of Build America Bonds to fund public projects, Congressman Charles B. Rangel joined Treasury Assistant Secretary Alan Krueger Monday, Oct. 5 to celebrate the successful financing program.

Build America Bonds, written into the Recovery Act by Chairman Rangel and his Ways & Means Committee, grant state and local governments much-needed funding − at lower borrowing costs − for projects like the construction of schools and hospitals, the development of transportation infrastructure, and the upgrading of water and sewage.

The Metropolitan Transportation Authority has already issued $750 million in Build America Bonds, saving the public benefit corporation more than $46 million over the next 30 years.

"These bonds give State and local governments a new, direct injection of capital to jumpstart infrastructure projects that will create jobs and improve our cities and towns," Rangel said at a press conference just outside the 96th Street and Broadway station in Manhattan.

Rangel, joined also by MTA Finance Director Pat McCoy, thanked United Federation of Teachers President Michael Mulgrew, Ciy Council member Gale Brewer, New York State Senator Bill Perkins and members of the Transportation Workers Union Local 100 (TWU) for their support and attendance. He also thanked his fellow congressional colleagues for their hard work in ensuring that the bonds were included as part of last February's economic recovery package, including Ways and Means including Select Revenue Measures Subcommittee Chairman Richard E. Neal (D-MA) and Rep. Earl Blumenauer. (D-ORE).

"Savings like these allow the MTA, and other transportation systems nationwide, to put more individuals to work and pursue more projects that enhance our public transportation system," Rangel said.

The Build America Bonds program allows issuers to sell taxable debt and collect a direct 35-percent subsidy from the Treasury Department, instead of a traditional tax exemption. This opens the market for local government bonds by appealing to a broader set of investors, like pension funds and European investors, who do not benefit from tax exemptions. Municipal bond market professionals have credited the Recovery Act with reviving their market.

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