Feinstein Pitches Manufacturing Assistance Program

Sen. Dianne Feinstein (D-Calif.) today released a letter she wrote to President Obama this past Thursday, in which she urged him to consider her new plan to help out manufacturers in California.

Feinstein’s proposal involves allowing the U.S. Export-Import Bank to lend $20 billion to manufacturers who promise to use the money to directly hire domestic workers.

Prospective employers would be required to apply for loans and would have to present business plans showing how the money would allow them to expand their payrolls. Only manufacturers who can prove that they are being forced to compete unfairly with subsidized foreign companies would be eligible for the loans.

“The recent string of disappointing economic news underscores the need for us in Congress to continue to push for more robust job creation,” Feinstein wrote in her letter to Obama. “The longer we wait to counter the efforts being made by our strongest competitors, more and more of our manufacturing base will be siphoned away.”

Click here to read more…