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Biden signs executive order for community comeback amid new economic development funding

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President Biden is set to sign an Executive Order aimed at revitalizing economically distressed communities, marking a continuation of the administration's focus on supporting areas left behind by previous economic policies. This move comes in conjunction with the Department of Commerce's announcement of $235 million in new awards for regional economic development.

The Executive Order, titled "Helping Left-Behind Communities Make a Comeback," is designed to ensure federal investment in areas facing economic challenges. It prioritizes these communities for funding, coordinates federal investments, and adopts a "No Wrong Door" approach to guide communities toward available resources.

Earlier this week, the administration unveiled $235 million in awards to bolster regional economic initiatives. The Economic Development Administration has allocated $210 million across six new awards under its Tech Hubs program, which focuses on enhancing competitiveness in emerging industries nationwide. Among these awards are the American Aerospace Materials Manufacturing Tech Hub in Washington and the Corvallis Microfluidics Tech Hub in Oregon.

The remaining $25 million will support workforce training programs under the Good Jobs Challenge initiative. These efforts expand EDA's portfolio to 35 states and aim to place 53,000 workers into employment.

President Biden's administration has focused on reversing years of disinvestment by implementing strategic measures such as investing over $54 billion in Energy Communities and launching programs like the Good Jobs Challenge and Recompete Pilot Program.

Additionally, consortia-based innovation initiatives have been introduced to promote local growth through partnerships among businesses, governments, academic institutions, and non-profit organizations. Notable programs include the Build Back Better Regional Challenge and Regional Technology & Innovation Hubs Program.

The administration's commitment reflects a broader strategy to support industrial transitions and innovation across diverse regions of the United States. This aligns with President Biden’s vision of fostering equitable economic opportunities nationwide.

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