Campaign Promises

Cabinet/Departments -> Treasury -> Special Funds

Special FundsGrade
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.
Status:Much money has been dedicated to the manufacturing sector under the American Recovery and Reinvestment Act of 2009, signed into law 02/17/09. On 12/09/09, for example, Governor Granholm of Michigan (one of the hardest hit states during the economic decline of 2008/09) announced the award of five "Clean Energy Advanced Manufacturing" contracts valued at $15.5M.

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 to be funded initially at the $500M level.

On 03/09/12, he 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 is to receive matching funds from industry and participating states.

Grant programs for advanced manufacturing existed long before the Obama Administration started in 01/09 but were not the object of this promise.

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 early-CY2013, points are granted for the initial progress made for the new initiatives reflected above.
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.
Status:Coastal states are in line to receive direct revenues from offshore oil and gas drilling for hurricane protection -- but not until the CY2016-CY2017 timeframe.

Lots can happen between mid-CY2012 and CY2017, not the least of which is the declining ability to reverse coastal erosion in Louisiana's wetlands -- an area that nurtures about a third of the nation's seafood.

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.

This promise to increase coastal hurricane protection beyond what is currently possible with current oil/gas revenue sharing has not been fulfilled.
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.
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.

These were exceptions to FEMA rules that cleared nearly 100 projects otherwise hung up by FEMA. But the red tape and "burdensome regulations" still exist.

Nearly eight years after Hurricane Katrina hit New Orleans in 08/05, for example, city and Obama Administration officials are still trying to negotiate grants to repair fire and police stations, recreational facilities, and New Orleans' massive and badly damaged sewerage system.

With very few exceptions, this promise has not been fulfilled.
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.
Status:Not counting a $90M plus-up under the American Recovery and Reinvestment Act (ARRA) of 2009, the CDFI Fund was appropriated $107M in FY2009.

For FY2010, the total appropriation for CDFIs was $246.7M, more than twice the regular appropriation for FY2009. This was followed by a President's request for $250M for FY2011 which was funded at the FY2010 level under Continuing Resolution procedures. The President's request for FY2012 was $227.2M, which was enacted at the $221M level. His FY2013 budget request was for the same amount ($221M).

President Obama has significantly strengthened the CDFI Fund during his first term in office.

This promise has been fulfilled.