November 6, 2008
Calls for federal assistance, legislative action to create jobs, help citizens
LANSING - Governor Jennifer M. Granholm today said Tuesday's election results in Michigan and around the country are a clear call for change to get the economy working again. Saying urgent action is needed to create jobs and help hard-hit citizens, the governor called on Congress and the state Legislature to pass legislation that will help Main Street not just Wall Street.
"Citizens across the nation clearly demanded change this week, and the loudest voices were heard right here in Michigan where we've borne the brunt of federal policies that don't stand up for working people," said Granholm. "In Washington and Lansing, we must act now to answer that call for change by working in a bipartisan way to craft solutions that help citizens and stimulate the economy."
Earlier today, Granholm sent a letter (see attached) to congressional leaders asking for quick action on a second economic stimulus package that provides direct help to citizens hit hardest by the nation's economic crisis. Among the actions requested, Granholm asked Congress to help create jobs by investing in infrastructure and road projects and the new energy economy, to provide foreclosure assistance to nearly 80,000 Michigan families, to extend unemployment benefits, and to provide additional funding for health care, job training and food assistance.
"As Congress continues its discussions about stimulating the nation's economy, I write on behalf of one of the states hardest hit by this downturn and urge you to take actions that will provide relief to those who need it most: hard-working families who are feeling the direct effects of this crisis," Granholm wrote.
Granholm announced that she has directed State Treasurer Bob Kleine to make $150 million available to state banks and credit unions to help spur economic growth throughout Michigan. The state will purchase certificates of deposit at participating banks and credit unions that commit to lending at least 80 percent of the funding to Michigan businesses. A lack of available credit has created difficulties for small businesses that often use short-term borrowing to cover payroll and for citizens wanting to make large purchases like automobiles.
The governor also asked state legislative leaders to act on behalf of hurting citizens. She encouraged them to use the remaining session days this year to focus on legislation that would help spur economic development, including the proposed Cobo Hall expansion, legislation authorizing Promise Zones that expand access to higher education to promote economic growth as has occurred through the Kalamazoo Promise, and a plan to create a light rail transportation system in Detroit.
Granholm also asked for quick legislative consideration of the newly-introduced Michigan Home Foreclosure Prevention Act, which would help homeowners with subprime mortgages avoid foreclosure by providing greater outreach to borrowers who are in need of help. Granholm said the law, modeled after a successful North Carolina program, would also authorize the Office of Financial and Insurance Regulation (OFIR) commissioner to provide up to a 90-day freeze on foreclosure proceedings to allow the homeowner and the lender to work out terms.
Finally, the governor said she would accelerate her "go anywhere, do anything" travel schedule to bring new companies and new jobs back to Michigan. She will head to Israel and Jordan later this month and will host a diversification summit in the metro Detroit area next week to help manufacturers transition into defense, aerospace, medical device, or alternative energy work. The governor also said she would be making several trips in coming weeks to visit wind manufacturers considering investments in Michigan.
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