Campaign Promises

Cabinet/Departments -> Treasury -> Special Funds


ItemTreasury
Special FundsGrade
TY-40
The Promise: "Obama and Biden will create an Advanced Manufacturing Fund to identify and invest in the most compelling advanced manufacturing strategies. The Advanced Manufacturing Fund will provide grant funds to foster greater collaboration between academic scientists and engineers with businesses in their communities, and support early-career innovators who seek to implement their job creation proposals in states that have been hardest hit by the decline of U.S. manufacturing."
When/Where: Obama's Plan to Invest in High-Productivity Manufacturing, dated 05/13/08.
Source: http://obama.3cdn.net/63b5b75c9975289277_ftjhmvsfx.pdf
Status:On 06/24/11, President Obama announced the creation of an Advanced Manufacturing Partnership between government, industry and academic entities to fund new technology initiatives. This partnership was funded initially at the $500M level.

On 03/09/12, President Obama announced the creation of a new $1B National Network for Manufacturing Innovation, to be started with a $45M federal investment in a pilot institute for "Additive Manufacturing," an initiative that was to receive matching funds from industry and participating states.

The Obama-Biden plan called for the creation of a very specific "Advanced Manufacturing Fund." Despite the nonexistence of such a specific fund as of end-CY2016, points were granted for the new initiatives reflected above.

This promise was fulfilled.
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TY-41
The Promise: "...will also direct revenues from offshore oil and gas drilling to increased coastal hurricane protection."
When/Where: Obama-Biden Plan: "Rebuilding the Gulf Coast and Preventing Future Catastrophes", dated 09/11/08.
Source: https://assets.documentcloud.org/documents/550006/barack-obama-2008-rebuilding-the-gulf-coast-and.pdf
Status:As of CY2012, coastal states were in line to receive direct revenues from offshore oil and gas drilling for hurricane protection -- but not until the CY2016-CY2017 timeframe.

A key factor that drove this promise was the declining ability to reverse coastal erosion in Louisiana's wetlands.

To mitigate the above, Congressman Anh Cao (D-LA) introduced H.R. 5267 on 05/11/10 to amend the Gulf of Mexico Energy Security Act of 2006 to accelerate the increase in the amount of Gulf of Mexico oil and gas lease revenues paid to Gulf states. This bill expired with the 111th Congress at the end of CY2010.

The above bill was replaced in the 112th Congress by the "Strengthening Our Share (S.O.S.) Act" (H.R. 1759) introduced by Congressman Jo Bonner (D-AL) on 05/05/11. No action was taken on this bill beyond initial committee review and it expired with the 112th Congress at the end of CY2012.

The "Offshore energy and Jobs Act of 2015" (S. 1276) was introduced by Senator Bill Cassidy (R-LA) on 05/11/15. This proposed law would have lifted the ban on drilling in the Eastern Gulf and would have increased revenue sharing caps for states along the Gulf Coast. This bill expired with the 114th Congress without being enacted.

Contrary to the basic tenets of this promise, President Obama's FY2016 budget proposal sought to eliminate the allocation of revenues from offshore oil/gas drilling operations to coastal hurricane protection. Instead, he proposed that those revenues be realigned to support national conservation efforts.

This promise was not fulfilled.
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TY-42
The Promise: "...will work closely with the state to distribute critical infrastructure dollars...will ensure that no unnecessary red-tape or burdensome regulations are holding up state and local plans, while retaining the need for public accountability."
When/Where: Obama-Biden Plan: "Rebuilding the Gulf Coast and Preventing Future Catastrophes", dated 09/11/08.
Source: https://assets.documentcloud.org/documents/550006/barack-obama-2008-rebuilding-the-gulf-coast-and.pdf
Status:In view of the urgency surrounding the need for more liberal interpretations of Federal Emergency Management Agency (FEMA) rules regarding the disbursement of funds to areas affected by Hurricane Katrina, some red tape was removed as a result of interventions by dispute resolution teams. Key to this effort was the 08/06/09 implementation of an arbitration panel process announced by Homeland Security Secretary Janet Napolitano.

The arbitration panels were instrumental in resolving disputes and red tape for public assistance projects valued at more than $500K. These projects included road reconstruction and pothole repair, cleaning of drainage catch basins and drain lines, replacement of traffic and street name signs, streetlight repairs, sewer overflow and water supply repairs including drainage millage renewal and hydrant/valve repairs, and power generation system repairs, to name but a few.

By end-CY2016, the cumulative federal share of funding for public works projects for Louisiana was $11.7B, for Mississippi $3.1B, for Alabama $116.8M and for Florida $192.8M.

This promise was fulfilled.
1.00
TY-43
The Promise: "...will also strengthen Community Development Financial Institutions (CDFIs), which are engaged in innovative methods to provide capital to urban businesses."
When/Where: Obama-Biden Plan: "Supporting Urban Prosperity," dated 09/11/08.
Source: http://lh1.org/lj/UrbanFactSheet.pdf
Status:Not counting a $100M plus-up under the American Recovery and Reinvestment Act (ARRA) of 2009, the CDFI Fund was appropriated $107M in FY2009, up from $94M in FY2008.

Under President Obama, the CDFI Fund was more than doubled starting in FY2010 as follows:
FY2010....$246.7M
FY2011....$227.0M
FY2012....$221.0M
FY2013....$221.0M (Continuing Resolution)
FY2014....$226.0M
FY2015....$230.5M
FY2016....$233.5M
FY2017....$248.0M

This promise was fulfilled.
1.00