Press Releases

Today, Congressman Adam Smith (WA-09) announced that $19,722,515 is being allocated for lending to small businesses in Washington State, a key step of implementing the just-passed Small Business Jobs Act.  States can now apply for their allocation.  This effort will spread $15 billion in new small business lending through innovative local programs that help entrepreneurs expand their businesses and create new jobs. 

Congress recently passed the Small Business Jobs Act to spur economic growth and create new jobs by providing much-needed lending to millions of small businesses, and offering 8 new tax incentives to companies, so that they can expand, hire, and fuel our economy.

“Small businesses are the engine of our economy and are central to creating American jobs and rebuilding the economy for the future,” said Congressman Adam Smith. “This investment of nearly $20 million and new tax cuts will provide an important boost to small businesses and help them grow and flourish. I encourage local officials to move quickly on this opportunity.”

Through this part of the Small Business Jobs Act, states have the opportunity to apply for federal funds for programs that partner with private lenders to extend credit to small businesses. States are required to demonstrate a minimum “bang for the buck” of $10 in new private lending for every $1 in federal funding. Accordingly, the $1.5 billion investment from the federal government is expected to support $15 billion in additional private lending. 

In addition to the State Small Business Credit Initiative, the Small Business Jobs Act will help America’s 27 million small businesses with eight tax cuts totaling $12 billion that went into effect last week. It will make small businesses more competitive with big corporations by spurring up to $300 billion in private sector lending for small businesses through community banks and extending and expanding existing Small Business Administration low-cost loans. Finally, this bill is fully paid for and will not add a dime to the deficit. 

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Congressman Adam Smith (WA-09), Chairman of the House Armed Services Subcommittee on Air and Land Forces, released the following statement on today’s announcement that General James L. Jones will be stepping down as National Security Advisor:  

“As National Security Advisor, General Jim Jones has been a tremendous asset to our country. He has worked diligently to protect our nation from the threats we face from violent extremist. Throughout his career, he has built a distinguished record of public service and his talents and knowledge will be missed.  I look forward to working with recently appointed National Security Advisor Tom Donilon and continuing the important work of protecting our nation.”

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With Congressman Adam Smith’s support, Congress passed and the President signed into law legislation that will bolster access to capital for small businesses. The legislation, H.R. 5297, The Small Business Lending Fund Act of 2010, creates a $30 billion fund that local community banks can access specifically for the purpose of small business lending.  

“Small businesses are the backbone of our economy and our communities - we must continue to support their efforts to grow and create jobs,” said Congressman Adam Smith. “I frequently hear from small businesses owners who simply do not have access to capital, or face lending terms that are completely untenable.  If our economy is to recover, the lending environment must improve and this fund will help local banks to reengage in the type of small business lending that helps our local economy flourish.”

The bill also provides $12 billion in tax incentives targeted at small businesses.  Most notably, it reinstates an expired tax provision that allows businesses to write off half the cost of new equipment purchased and placed in service this year.

On Monday, September 27th, the President signed the bill into law.

Congressman Adam Smith (WA-09) praised today’s announcement that the Federal Way Police Department will receive $1,036,292 from the Department of Justice COPS Hiring Program (CHP) to preserve four law enforcement jobs. 

 “This funding is crucial to ensuring that Federal Way remains a safe place to live, work and raise a family,” said Congressman Adam Smith. “In the current economic environment, cities and towns across the country face difficult choices when it comes to public safety funding. Today’s announcement will help relieve some of that pressure and allow Federal Way to continue to focus on its public safety priorities.”

The grant, which is the largest awarded in Washington State, is part of a $298 million announcement made by the Department of Justice COPS Office, COPS Hiring Program (CHP). The grants are designed to create and/or preserve law enforcement jobs. The grants were made to 379 different local law enforcement agencies in 51 states and territories.

CHP provides funding to address the full-time sworn officer needs of state, local, and tribal law enforcement agencies nationwide.  CHP grants go directly to law enforcement agencies to hire new and/or rehire career law enforcement officers in an effort and to increase their community policing capacity and crime prevention efforts. 

CHP also provides 100 percent funding for approved entry-level salaries and benefits for three years (36 months) for newly-hired, full-time sworn officer positions (including filling existing unfunded vacancies) or for rehired officers who have been laid off, or are scheduled to be laid off on a future date, as a result of local budget cuts. Any additional costs above the approved entry-level salaries and fringe benefits are the responsibility of the grantee agency.

“A safe community is a strong community and ensuring that our local law enforcement agencies have the tools and resources they need will continue to be a top priority of mine in Congress,” continued Smith. 

“From reports today on the World Trade Organization’s (WTO) interim ruling I believe it is clear that Europe vastly exaggerated their claims against Boeing.  While the interim ruling found that American policies caused some harm to Airbus, their impact was significantly less than the harm caused to Boeing by Europe’s market distorting illegal subsidies, or “launch aid.” 

 "Earlier this year, the WTO found that illegal subsidies to Airbus distorted the industry, shifting market share toward Europe and away from the U.S., impacting thousands of American aerospace jobs. 

 "Going forward, I will be carefully reviewing the details of the WTO’s final ruling when it is released and will continue working with the United States Trade Representative in an effort to restore market balance for our aerospace workers."

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