As Congress works to reauthorize the U.S. Economic Development Administration, it was good to see two leading West Virginia officials share their input in the proceedings.
U.S. Sen. Shelley Moore Capito serves on the Senate Environment and Public Works Committee, which was considering the importance of the EDA on Wednesday.
Capito shared insight on the agency’s importance while also bringing West Virginia Economic Development Executive Director Mike Graney to Washington to share his views.
Graney said the U.S. Economic Development Administration plays a vital role and is “a critical partner to West Virginia.”
Since 2018, the agency has awarded more than $220 million to projects in the state, he said.
“EDA’s assistance to coal communities has funded so many critical projects in West Virginia since its inception,” Graney said. “It’s wonderful to have a federal agency that understands the plight of rural America as it struggles to rebuild its economy after documented economic shocks.”
While the EDA plays a vital role in economic development, Capito noted that the agency does need to evolve to current standards and work with states and congressional leaders who are most in tune to the needs on the local and state level.
“We must achieve an appropriate balance with this legislation,” she said. “That balance must uphold the core functions and goals of the EDA while thoughtfully modernizing the EDA and its authorities and programs.”
Graney stressed that the federal program should remain focused on infrastructure.
“Infrastructure has been, and I hope will continue to be, the focus of a large percentage of EDA applications,” he said. “It’s the link to expanding and sustaining our existing businesses and critical to the attraction of new businesses and industry.”
There is no question the EDA needs to be reauthorized, but we agree with Capito that lawmakers should look at updating some of its processes and procedures, as well as tighten oversight to make sure taxpayers are getting the most out of this funding.