WASHINGTON, DC - U.S. Senator Jack Reed (D-RI) announced that the Appropriations Committee has approved legislation including $600,000 in funding for two Rhode Island small business development projects he requested as part of the 2009 Financial Services and General Government spending bill.

"This bill would help small businesses in East Providence harness green technology and save money through sustainable development," said Reed, a member of the Appropriations Committee. "Rhode Island's farms and open spaces are vital to our state heritage, culture, and economy. Federal support in this bill would increase the economic opportunities for our farms by helping them develop and distribute fresh, healthy, and locally grown produce and products."

$245,000 for the East Providence Waterfront District Commission

The Commission will use this federal funding to provide technical assistance to small businesses seeking to renovate existing buildings or develop property using green building design and technology. The Waterfront District would be a showcase for innovative and sustainable design approaches and an incubator for green technology firms.

$350,000 for the Rhode Island Rural Development Council and Farm Fresh Rhode Island

The Rhode Island Rural Development Council (RIRDC) and Farm Fresh Rhode Island will use this federal funding to support Rhode Island's rural small businesses by helping them develop and market agricultural products and produce for sale in the local and regional markets.

The bill includes an additional $32 million that Reed, Chairman of the Senate Banking Subcommittee on Securities, Insurance, and Investment, requested for the Securities and Exchange Commission (SEC) to help the agency meet its mission and protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.

"The President's budget request for 2009 does not provide adequate funding for critical SEC programs integral to tackling the current economic crisis and preventing future crises. This additional $32 million will allow the SEC to address gaping holes in regulation of our capital markets; ensure adequate supervision of market participants; address staff retention problems; and provide the commission with the necessary tools to carry out its functions," concluded Reed.

Passing this bill out of the full Appropriations Committee is a critical first step in the lengthy appropriations process, which may not be completed until next year. The bill must now clear the Senate and also be passed by the U.S. House of Representatives. It then goes to the President's desk and would have to be signed into law. President Bush has threatened to veto this bill as he did last year with other critical domestic spending packages.