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Rep. Hal Rogers Helps Launch Gulf Coast Recovery Bonds
Gulf Coast Recovery Bonds now a reality, were branchild of Kentucky U.S. Representative Hal Rogers; links included to learn more about buying them, helping recovery.
WASHINGTON, DC -In an effort to help finance the long-term rebuilding of communities devastated by Hurricanes Katrina, Rita and Wilma, the U.S. Department of Treasury is now issuing "Gulf Coast Recovery Bonds." U.S. Representative Harold "Hal" Rogers, who introduced legislation authorizing the bonds, joined with Treasury Secretary John Snow today to launch the bonds.
What happened unlike anything nation has seen
"What happened along the Gulf Coast last year is unlike anything our nation has ever seen," said Representative Rogers, chairman of the House Homeland Security Appropriations Subcommittee. "In the wake of this tragedy, it has been heartening to see people open up their pocketbooks to make generous donations to relief organizations.
Burying Gulf Coast Recovery Bonds one way to help victims
With hundreds of thousands of Americans still facing extraordinary challenges and years of rebuilding, many people want to know what else they can do to help. Gulf Coast Recovery Bonds provide a safe investment and an assured means of contributing to the long-term reconstruction of communities and neighborhoods devastated by Hurricanes. It is my hope that every American will seize this opportunity to invest in the recovery of our neighbors along the Gulf Coast."
Recovery bonds similar to War Bonds in WWII
During WWII, Congress jump-started federal investment through the creation of War Bonds, which allowed Americans to make a personal, financial contribution to the war effort. By 1945, approximately 85 million Americans - over one-half the population of the United States - had purchased $185 billion worth of bonds.In much the same way, Gulf Coast Recovery Bonds will encourage the public to invest in repairing and rebuilding the lives and homes of people and communities along the Gulf Coast.
Rogers' proposal was included in H.R. 4440, the Gulf Opportunity Zone Act of 2005, which creates a number of tax incentives that aim to help revitalize and rebuild along the Gulf Coast. The legislation was signed into law by President Bush on December 21, 2005.
Denominations of the bond are $50, $75, $100, $200, $500, $1,000, $5,000, $10,000. For more information and to learn how to purchase Gulf Coast Recovery Bonds, visit the U.S. Department of Treasury
Story courtesy Leslie Cupp, Commmunications Director, Office of U.S. Congressman Hal Rogers, 2406 Rayburn House Office Building, Washington, DC 20515. Phone 202-225-4601. To access Rep. Rogers' website click here
This story was posted on 2006-03-30 07:20:03
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