Expressing intent that funds provided to the State of Texas by the American Recovery and Reinvestment Act be spent, as far as practicable, on domestic goods, materials, and services.
The resolution signals to state agencies and local governance the importance of prioritizing the procurement of local and domestic products when allocating federal recovery funds. By doing so, it aims to support the American workforce, helping to alleviate the pressing unemployment crisis and bolster the local economy. SR447 underscores the role that stimulus funding can play in promoting sustainable economic recovery, particularly during challenging fiscal times.
SR447 expresses the intent of the Texas Senate regarding the allocation of funds provided by the American Recovery and Reinvestment Act (ARRA). In the context of the significant unemployment rates faced during the recession, the resolution emphasizes that these federal funds—totaling $787 billion—should be primarily utilized for domestic goods, materials, and services to maximize job creation and economic stimulation. This intent is driven by the notion that spending domestically will yield a 'multiplier' effect, consequently enhancing economic demand within the state and the country as a whole.
While the resolution is non-binding and serves as a statement of intent, it highlights a broader conversation regarding how federal funds are utilized and the prioritization of local over foreign economic contributions. Critics of reliance on imported goods may argue for additional measures to ensure domestic investment; however, the resolution's advocates seek to maintain focus on the immediate goal of job creation through domestic procurement. It raises awareness of the ongoing need to balance local interests with market accessibility in a global economy.