The Department of the Treasury, in collaboration with President Biden, has announced the approval of federal funds for a significant project. These funds have been allocated through the Capital Projects Fund, a component of the Investing In America Agenda.

According to a press release by the Department of the Treasury, over $82.2 million has been approved to support high-speed internet projects across North Carolina. The Capital Projects Fund is dedicated to expanding broadband infrastructure access and enhancing economic opportunities for underserved communities. To date, this fund has provided more than $10 billion in funding across America.

In another press release by the Department of the Treasury, it was stated that the Biden-Harris Administration is investing $3 billion in North Carolina to provide affordable high-speed internet. The $82.2 million will be used to finance the Broadband Stop Gap Solutions Program, which aims to reach households or businesses that have not been covered by previous federal investments. Over two million locations across the United States and the District of Columbia have benefited from expanded internet access due to these investments.

President Biden said, "With the partnership of your Governor we’ve invested over $3 Billion to expand high-speed internet in every county across the state." He added that fiber-optic cable is currently being installed and that over 300,000 homes and businesses across North Carolina will be connected within three years. He also announced an additional investment: "another $82 Million to connect over 16,000 additional homes and businesses bringing high-speed internet across the state." Biden concluded his statement with a pledge: "By the end of the decade, we will finish the job, reaching all remaining homes, schools, libraries small businesses and healthcare facilities in North Carolina that don’t have access to high-speed internet today."