tailieunhanh - THE RECOVERY ACT IN ACTION: RECIPIENT REPORTS ON JOBS

An innovative approach to starting a commercial finance corporation would be to take advantage of the banking sector’s current trend toward consolidation. As noted above, there are several banks that may not be sustainable under the increased capital requirements set by the National Bank of Georgia. This could provide an opportunity to work with the National Bank to sell the deposits of one or more of these weak banks including the franchise value of any unneeded branches, and convert the operations to a CFC. For example, Agro-business Bank has been for sale for over a year with. | THE RECOVERY ACT IN ACTION RECIPIENT REPORTS ON JOBS OFFICE OF THE VICE PRESIDENT Introduction Today s release by the independent Recovery Accountability and Transparency Board shows that recipients of a subset of Recovery Act funds have reported creating or saving 640 329 jobs so far. Since this reporting is based on only a portion of the Act s funds about 160 billion which represents less than half of the money put to work so far it represents a subset of the jobs created or saved see Table 1 . This number also leaves out indirect jobs employment created as a result of ARRA funds money spent by direct recipients. Accounting for these differences as discussed in more detail below these recipient reports support earlier estimates that the Recovery Act has created or saved over one million jobs so far and is on track to continue generating significant job growth through the end of next year. Recipient Reporting As part of the American Recovery and Reinvestment Act recipients of certain types of funds are required to report the number of jobs saved or created by these funds. These recipient reports include not only newly created jobs but also the saved jobs of workers who in the absence of the Recovery Act funds would have been laid off. The spending categories that require reporting include state fiscal support for education . jobs for teachers and other workers in schools private workers hired on federal contracts . a construction worker fixing a roof on an army base and many grants to nonprofits and local governments . a local police officer hired using a federal grant . Table 1 below presents various components of ARRA spending to put the recipient spending in context. Table 1 Relevant Dollar Values for Putting Recipient Reports in Context Billions Total Bill 787 Amount obligated as of 9 30 09 256 Of obligations as of 9 30 09 amount on which recipients have reported 159 Of obligations as of 9 30 09 being reported on amount spent out so far 38 Tax cuts so