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As Prepared for Delivery

Thank you for being here. I’m grateful for the warm welcome I’ve received in Chile over the past two days. I’ve had a very productive trip so far, including meeting with President Boric, Minister of Finance Marcel, and Central Bank Governor Costa to discuss the United States and Chile’s shared priorities. 

I’m glad to end my trip to Chile by visiting this lithium conversion plant owned by an American company. It’s a fitting place to talk about the strong economic relationship between the United States and Chile and the future our two countries are jointly building.

U.S.-Chile Economic Relations

Last year, the United States and Chile marked the bicentennial of our diplomatic relations. This year, we celebrate the twentieth anniversary of the U.S.-Chile Free Trade Agreement, which fuels mutual economic benefit. U.S. exports to Chile created over 70,000 American jobs in 2021 and the U.S. invested nearly $30 billion in Chile in 2022. 

Just last December, extensive cooperation between the U.S. Treasury Department and Chile’s Ministry of Finance culminated in a comprehensive bilateral tax treaty between the U.S. and Chile entering into force. This is the first such treaty signed by the U.S. to enter into force in over a decade. It will further reduce tax-related barriers to cross-border investment, facilitating even stronger economic ties between our countries. 

In my remarks today, I’d like to focus on one key aspect of the U.S.-Chile economic relationship that is only becoming more important: our work to build green and resilient supply chains. The United States is lowering energy costs, advancing our energy security, and combatting climate change through both investing at home and strengthening relationships with key partners like Chile. We are eager to build on this foundation going forward.

Our Partnership on Energy Security and Climate

President Biden and I have been focused on advancing our energy security. When energy prices are volatile, families around the world, including in the U.S. and Chile, shoulder the burden of high costs and unpredictability. These shocks add significant financial stress to households trying to make ends meet and to businesses trying to thrive and scale. 

We’ve coordinated with our allies and partners to mitigate external price shocks and keep costs down. When Russia invaded Ukraine, we responded quickly and decisively. At home, we released 180 million barrels from the Strategic Petroleum Reserve. Over time, record domestic oil and natural gas production also addressed our immediate needs. With a coalition of partners, we put in place a price cap on Russian oil. The price cap has deprived Russia of revenue while keeping energy markets well-supplied. Energy prices have declined, with gas now down around $1.70 per gallon from its high in June 2022 and global crude oil prices down around $40 per barrel since then. 

Around the world, the increasing frequency and severity of climate-related events also undermines energy security and has far-reaching economic impacts. Last month, California witnessed record floods, with several counties under a state of emergency. At the same time, devastating wildfires swept through Chile, destroying whole neighborhoods and leading to tragic loss of life. Climate change poses a threat to all of us. While we remain committed to pursuing short-term actions to lower energy costs, in the longer term, it’s the transition to clean energy that offers a pathway to both greater energy security and combatting the devastating effects of climate change.  

In the United States, the Bipartisan Infrastructure Law and the Inflation Reduction Act are helping drive progress. The Inflation Reduction Act provides tax credits to help American households make energy-efficiency improvements, allowing Americans to shrink and stabilize their energy bills right away. It’s also reinvigorating American manufacturing—creating well-paying jobs and fueling innovation. Companies have announced over $600 billion in manufacturing and clean energy investments since the start of this Administration. We’re seeing investments in places like Bessemer City, North Carolina, where I travelled this fall to see our country’s largest lithium hydroxide production facility. The cutting-edge lithium products being produced there will power America’s electric vehicle supply chain. 

And our investments at home won’t only impact energy production in the United States. Because it’s now cheaper to produce clean energy, production will increase and costs will drop more. This will make clean energy even more affordable—not only for Americans, but for Chileans and others around the globe. 

But we know that the United States can’t bolster our energy security or advance our climate agenda alone. 

Parts of our key supply chains, including for clean energy, are currently overconcentrated in China. This makes America more vulnerable to shocks in China, or whatever country dominates production, from natural disasters to macroeconomic forces, to deliberate actions such as economic coercion. So alongside investing at home, we’re pursuing an approach I’ve called friendshoring: bolstering our supply chains through strengthening our relationships with our key partners and allies.

Chile is one of those key partners. As we accelerate toward a clean energy future, our already strong economic relationship is poised for further strengthening. 

Copper is key to the transition to net zero, from electric vehicles to offshore wind turbines to transmission networks. If the world aims to achieve net-zero by 2050, demand for copper is projected to double by 2035. And Chile leads global production, with copper its top export. 

Chile is also the world’s second biggest producer of lithium, with 30 percent of global market share and the largest lithium reserves on earth. Like for copper, demand for lithium is expected to grow due to its key role in energy storage, such as for EV batteries. In fact, lithium demand is projected to more than triple by 2030.

As the United States and other countries grow our EV markets and invest more and more in renewables, Chile will play a key role. Our Free Trade Agreement with Chile means that critical minerals from Chile help vehicles qualify for the Inflation Reduction Act’s Clean Vehicle Tax Credit, boosting industries in both Chile and America.

Where we are today is a perfect example of our mutually beneficial economic ties. Albemarle is headquartered in North Carolina and has a production site in Salar de Atacama and this conversion plant in La Negra. The company employs more than 1,000 workers in Chile, over 75 percent of whom are from the region. It also recently launched an apprenticeship program to expand pathways into these jobs. Our ties with Chile increase our energy security at home, create economic opportunity in both our countries, and bring us all closer to achieving our climate goals. 

In the medium- to long-term, we’ll see shifts as we ramp up lithium production in the United States. Albemarle plans to reopen its lithium mine in North Carolina by 2030, capitalizing on Bipartisan Infrastructure Law funds and IRA tax credits. In Nevada, construction for a mine and processing facility has been underway since last March. But the global need for clean energy means there’s ample demand for both Chile and the U.S. to meet it. Researchers have estimated that there are over $3 trillion in global investment opportunities associated with the transition to net zero each year between now and 2050. President Biden and I are dedicated to further shoring up our bilateral cooperation and enabling both the U.S. and Chile to capitalize on these opportunities.

Chile’s Climate Agenda

I am also very impressed by Chile’s own ambitious climate agenda. Chile is leading the way on sustainable finance as the region’s first sovereign green bond issuer and the world’s first sovereign sustainability-linked bond issuer. It has one of the world’s greenest grids. Approximately sixty percent of its power comes from zero-carbon sources, including over a quarter generated by wind and solar.  

Chile has also put in place tax support for EV buyers and aims to reach 100 percent in EV sales by 2035. And it may well lead the way in green hydrogen, with more than 40 green hydrogen projects underway.

All of this makes Chile exactly the kind of partner we need in the transition to clean energy.

Conclusion

Indeed, the actions the United States and Chile are each taking—and those that we’re taking together—are driving progress. This year, the U.S. will continue investing at home and in supply chains that benefit both the U.S. and Chile. And around the world, other efforts—from Just Energy Transition Partnerships to support emerging markets to Chile’s leadership—will bring us closer to the future we need for the generations to come.

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As Prepared for Delivery

Good morning and thank you very much for inviting me here today.

Over the past two days, I’ve met with President Boric, Minister Marcel, and Governor Costa, and also with leading private sector firms. Throughout these meetings, we’ve discussed how the United States and Chile can jointly leverage the green transition to grow our economies and create opportunity.

It’s a pleasure to now be here in Antofagasta to learn about your important and innovative work to propel the green transition forward by generating economic growth in an environmentally sound and inclusive way.

I am glad that your efforts are being supported by the IDB Lab, where the U.S. is proud to be the second largest donor. I’d like to thank Irene Arias Hofman, IDB Lab’s CEO, for joining us today and for her leadership.

The Lab has evolved into a key innovation and venture hub that supports entrepreneurs throughout the region, with a specific emphasis on empowering poor and vulnerable populations. This is crucial work.

And it’s part of the Inter-American Development Bank’s broader work. The United States is proud to have joined with Chile and other IDB members to negotiate a capital increase for IDB Invest and advance a reform agenda at the Bank. Set to be approved by Bank Governors next week, one core objective is to increase the IDB Group’s focus on financing the green transition.

Thank you again for having me, and I look forward to the discussion.

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SANTIAGO – Today, U.S. Secretary of the Treasury Janet L. Yellen met with Chilean Finance Minister Mario Marcel in Santiago, Chile. They discussed the economic policy priorities of President Boric’s administration, including on the climate agenda, green finance, and the policy framework around critical minerals to support the energy transition. They discussed America and Chile’s close economic relationship — including a free trade agreement, a tax treaty, and extensive trade and investment flows — and also discussed opportunities to increase investment through close bilateral cooperation and avenues to support multilateral efforts to bring more catalytic financing to the region.

 

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As Prepared for Delivery

I’m very glad to have the opportunity to meet with all of you today. Thank you for joining.

I’m in Chile to emphasize the importance of the U.S.-Chile bilateral relationship, including the strong economic ties between our countries.

Our bilateral relationship is supported by the U.S.-Chile Free Trade Agreement, in place for 20 years, and the U.S.-Chile bilateral tax treaty, which entered into force just last year.

Making the most of these opportunities requires a strong enabling environment for the private sector. And this in turn can be fueled by the full and equal participation of women in the economy.

I know I share many experiences with those of you who have joined me for lunch today. We have all been the only woman in the room or at the decision-making table.

We all also know there is always more work to do to break down the legal, cultural, and regulatory barriers preventing women from full participation.

That is why the United States has been a strong supporter of inclusive programming at the multilateral development banks and works through funds such as the Women Entrepreneurs Finance Initiative, or We-Fi, which promotes women’s access to finance, mentoring, and networks and links investments to country-level policy, legal, and regulatory reforms that help create an equal playing field.

We also know that laws and policies are not enough. We need governmental agencies and companies to have conviction that gender equality will lead to a more just and productive society, and to actively work to close gender gaps.

The Central Bank of Chile has demonstrated this conviction by addressing the issues of diversity and gender equality head on.

In a relatively short time, I understand that 70 percent of young professionals interviewed are now women and that the Central Bank has almost doubled the percentage of women being hired into economic-related positions.

I know that women in Chile are still woefully underrepresented in senior management and across many economic sectors. Some of you here today have dedicated your careers to changing that by engaging in social, regulatory, political, and organizational transformation for gender equality.

Many of you are also leaders whose work beyond gender has helped fuel Chile’s economic success.

Today, I am eager to hear about you and your work, including your backgrounds, the paths you have taken, and the challenges you have faced, to get here today. I also want to hear about the ways many of you have been advancing gender equality in your workplaces and professions.

Thank you again for taking time to join me.

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Inflation Reduction Act Benefits Go Beyond Climate, While Fiscal Costs Overstate Real Costs to the Economy

WASHINGTON – Today the U.S. Department of the Treasury published analysis arguing that the Inflation Reduction Act’s benefits are greater than publicized projections while the economic costs are lower than fiscal costs.  

The analysis by Deputy Assistant Secretary for Climate & Energy Economics Arik Levinson, Economist Karl Dunkle Werner, Economist Matthew Ashenfarb, and Senior Policy Advisor Annelise Britten argues that projections of the IRA’s effect on reducing greenhouse gas pollution underestimate the IRA’s benefits, and typical projections of the IRA’s effect on the federal budget overstate the IRA’s costs to the U.S. economy.   

The Treasury officials and staff write, “The IRA will yield cumulative global economic benefits from reduced greenhouse gas pollution of over $5 trillion from the present to 2050. That understates the IRA’s benefits by counting only climate benefits, omitting … the fact that the IRA will also reduce local air pollution, providing domestic health and productivity gains to the United States. Lower-bound estimates of the benefits from those local pollution reductions range from $20 to $49 billion in 2030 alone, compared to that year’s climate benefits estimated at $137 billion. 

“The IRA’s projected costs to the U.S. federal budget are mostly reductions in taxes owed by U.S. taxpayers or increases in federal payments to those taxpayers.  Those are important but overstate the true resource costs the IRA imposes on the U.S. economy, because they only include one side of each transaction. Tax credits paid by the federal government are received as benefits by American drivers who purchase electric cars, homeowners who install efficient heat pumps, and investors who build factories and power plants to equip and fuel the clean energy transition.” 

Full text of the analysis is available here.  

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SANTIAGO – Today, U.S. Secretary of the Treasury Janet L. Yellen met with Chilean President Gabriel Boric Font in Santiago, Chile. Secretary Yellen and President Boric exchanged views on our shared commitment to a new clean energy future, including through the development of green and resilient supply chains.  Secretary Yellen also thanked President Boric for his administration’s efforts to secure the historic passage of the U.S.-Chile bilateral tax treaty.

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As Prepared for Delivery

Good morning and thank you to the American Chamber of Commerce for hosting me here today. I’m delighted to be in Santiago.

Chile is a key ally and partner in the Western Hemisphere, and our economies have long been deeply intertwined.

Goods and services trade between the U.S. and Chile has quintupled since the implementation of our bilateral Free Trade Agreement 20 years ago, reaching almost $50 billion in 2022.

Last December, a comprehensive bilateral tax treaty entered into force. I know that some of you here played an important role in advocating for its passage.

Since the start of the Biden Administration, we’ve worked to further strengthen ties, to support American workers and firms, and to create opportunities for Chile.

Our efforts have focused on building green and resilient supply chains and advancing our climate agendas.

But realizing the opportunities available to us is by no means a given. The private sector needs a strong investment and operating environment to function—from adequate infrastructure to a trained workforce to regulatory stability.

The Biden Administration is pursuing wide-ranging efforts to support creating the right enabling environments for private sector investment, in partnership with Chile.

Last November, President Boric and I participated in the Leaders’ Summit of the Americas Partnership for Economic Prosperity, or APEP.

At APEP, President Biden announced new initiatives that we are now implementing to advance innovative nature-based solutions, and promote efforts to strengthen the region’s supply chain integration in key sectors.

The Treasury Department is also working with our counterparts at the finance ministry and with others across the Chilean government.

We are also pleased that the Inter-American Development Bank Board of Governors is poised to approve a capital increase for IDB’s private sector arm, IDB Invest, during the IDB Annual Meetings in March.

This capital increase will provide IDB Invest with the capital it needs to deploy its innovative new business model and support private sector development in Chile.

President Biden championed this capital increase during the Summit of the Americas, and we are proud that it will soon become reality.

Today, I am pleased to be talking with private sector representatives from a range of sectors of the Chilean economy, many of whom represent businesses with cross-border ties that have directly experienced the significant advantages of free trade and integration.

Frequent and direct dialogues with the private sector are vital to understanding your needs, and I’m looking forward to the discussion.

I’ll stop here and open the floor for your comments. Thank you
 

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State Small Business Credit Initiative funding represents the most widespread federal investment in small business through equity capital ever and the largest direct infusion of federal funds for equity participation in early-stage small businesses in history

DURHAM, NC – Today, Vice President Kamala Harris, Deputy Secretary of the Treasury Wally Adeyemo, and North Carolina Governor Roy Cooper are announcing North Carolina’s award of $32 million in federal funds from the American Rescue Plan (ARP) to 10 venture capital firms under the Treasury Department’s State Small Business Credit Initiative (SSBCI). SSBCI is the most widespread federal investment in small businesses through equity capital ever and the largest direct infusion of federal funds for equity participation in early-stage small businesses in history. North Carolina is awarding these funds to 10 women- and minority-led venture capital firms with proven track records of support for small businesses and entrepreneurs. This investment will catalyze an additional $60 million in private investment in North Carolina, totaling more than $90 million to primarily support and grow small underserved businesses in the state.

“The President and I are expanding access to opportunity by investing in the backbone of our economy: American small businesses,” said Vice President Kamala Harris. “Our historic investments in infrastructure, clean energy, and manufacturing, and our actions to increase access to capital have spurred historic small business growth for the last three years. Today’s announcement will build on that momentum and, as part of our broader efforts to Invest in America, will allow thousands of entrepreneurs from historically underserved communities the ability to hire more employees, grow their businesses, and advance innovation.”

“The investments through the State Small Business Credit Initiative are a key part of the Biden-Harris Administration’s efforts to provide small businesses and entrepreneurs the resources they need to succeed,” said Deputy Secretary Wally Adeyemo. “Today’s announcement will help unlock the potential of entrepreneurs in underserved communities across North Carolina who have not had the support to pursue their ambitions and launch a new business.” 

“This effort by the Biden-Harris administration’s American Rescue Plan will strengthen small businesses throughout out state,” said Governor Roy Cooper. “Investments in historically underutilized businesses will help transform our communities and provide equal opportunities for everyone to succeed.”

President Biden’s American Rescue Plan reauthorized and expanded SSBCI, which was established in 2010 and was highly successful in increasing access to capital for small businesses and entrepreneurs. The new SSBCI builds on this successful model by providing nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities. SSBCI funding at large is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, amplifying the effects of this funding and providing small business owners with the resources they need to sustainably grow and thrive. The SSBCI program includes funding and incentives for jurisdictions to reach underserved businesses, including those owned by people of color, women, veterans, people with disabilities, and individuals in rural areas. 

North Carolina is just one of forty-six states and territories that are committing nearly $3 billion from the Treasury Department’s SSBCI to equity-based financing programs, including over $1.4 billion through partnerships with private venture capital funds. These investments are expected to catalyze over $30 billion in additional private investment and follow-on funding over the decade that will help underserved entrepreneurs tap into a critical source of capital for business development and wealth creation that has traditionally suffered from some of the most restrictive barriers to access.

A total of 10 venture capital firms received these investments, including: 

• Nex Cubed, which has a Historically Black Colleges and Universities (HBCU) Founders Fund that helps to launch and scale entrepreneurial endeavors led by alumni, students, and faculty from HBCUs. Nex Cubed makes an initial investment of $120,000 in each selected start-up and provides dedicated executive-level support from a paid advisor.
• RevTech Labs, a majority female and Latina-owned entrepreneurship center, accelerator, and venture fund that prioritizes supporting and elevating traditionally underrepresented founders in financial, health, and insurance technologies. RevTech will invest in over 200 early-stage companies and provides support as an accelerator, with 350 mentors and subject matter experts available to support success.
• LaVert Ventures, a woman-owned AgTech fund that focuses on investing in precision agriculture, crop protection, and indoor agriculture, ensuring that venture capital supports strong and equitable growth in rural America. These technologies will help to address the food production demands and environmental pressures that are set to increase in the coming decades. 
• Latimer Ventures, an early-stage venture capital fund that seeks to help enterprise founders build great companies and Fortune 1000 Companies make diverse acquisitions. Latimer is focused on deploying its investment model to build the next generation of Black and Hispanic enterprise software companies. 

To date, the Treasury Department has announced the approval of state, territory, and Tribal government plans corresponding to more than $8.4 billion in funding under the SSBCI Capital Program to support small business and entrepreneurship and expand access to capital. In addition to the SSBCI Capital Program, the Department has announced more than $108 million of awards through the SSBCI Technical Assistance Program, which will provide vital aid to help small businesses become “capital ready” by preparing them to take on loans or investment and steward capital for small business success. 

SSBCI is one example of how the Treasury Department has taken the lead role in implementing programs and initiatives to support small businesses across all communities. The Department’s work has also helped these funds reach traditionally underserved entrepreneurs and small businesses that will ensure the small business boom grows the economy in communities that were disproportionately harmed by the pandemic. These programs are key to the Biden-Harris Administration’s strategy to strengthen the small business creation seen since the start of this Administration by expanding access to capital and customers, and by providing entrepreneurs the resources they need to succeed. Alongside other programs and initiatives under President Biden and Vice President Harris’ leadership, the United States is on track to have the three strongest years in history for new small business applications, and Black business ownership has grown at the fastest pace in 30 years.

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As Prepared for Delivery

Good morning. Thank you to Finance Minister Marcel for co-hosting this roundtable on the financing of the green energy transition with me today and to all the companies attending.

The U.S. and Chile have a longstanding bilateral economic relationship characterized by close cooperation and strong commitment to shared goals, including addressing climate change by driving forward the energy transition.

Both our nations have made great strides in fueling the investment necessary to curb emissions and deploy clean renewable energy.

Critical minerals are a key part of this green transition.

The United States is focused on deepening ties with trusted partners like Chile and building resilient and reliable clean energy supply chains through investments at home in the U.S. and abroad.

Our efforts include the Inflation Reduction Act, which puts the United States on track to reduce its greenhouse gas emissions by at least 40 percent by the end of the decade.

The Inflation Reduction Act includes tax credits to increase the production of clean energy and clean energy products, providing the long-term clarity and certainty that businesses and investors have sought for years and giving them the confidence needed to make the large-scale investments that will drive the transition to a clean energy economy.

There’s a lot of work ongoing in Chile as well.

I congratulate Minister Marcel on his leadership and the Boric administration for being strong stewards of the green transition, including through rapid work to decarbonize the electricity sector, leading green bond issuance, and supporting progress in the domestic lithium industry.

We look forward to further collaboration between our ministries and our countries more broadly, including our private sectors, to continue promoting investments that drive the energy transition forward.

Today, I am pleased to be talking with private sector representatives from a range of groups driving Chile’s energy transition.

Many of you are recognized for your innovation and great achievements, such as in developing green financing products and technologies to drive the transition, and I look forward to hearing your thoughts today.

I’ll stop here and open the floor for our discussion. Thank you.

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American Rescue Plan funding, administered by the Treasury Department, builds off of previous announcement of nearly $245 million for broadband infrastructure projects and multi-purpose community facilities in Pennsylvania

PHILADELPHIA, PA – Today, the Biden-Harris Administration announced the approval of $20 million for digital connectivity projects in Pennsylvania under the U.S. Department of the Treasury’s Capital Projects Fund (CPF), part of President Biden’s Investing in America agenda. Today’s award will fund Pennsylvania’s Digital Access Opportunity Grant program, through which the commonwealth will partner with community anchor institutions (CAIs) to increase access to laptops, tablets, desktop computers, and Wi-Fi devices to individuals in Pennsylvania. Devices will be available for use in home or public spaces, such as schools and libraries, through loan programs from CAIs. CAIs will also offer digital literacy training. Pennsylvania estimates this program will benefit approximately 12,000 individuals annually. 

“Projects that address gaps in internet access and affordability are critical to meeting the Biden-Harris Administration’s goal of expanding economic opportunity in communities across the country,” said Deputy Secretary of the Treasury Wally Adeyemo. “By funding the Digital Access Opportunity Grant program, these American Rescue Plan resources will help close the digital divide in the commonwealth and connect thousands of Pennsylvanians to workforce, education, and health care services they need to live prosperous and healthy lives.”

“As our world becomes more digital, closing the digital divide in our communities is more important than ever. Pennsylvania’s economic future depends on reliable high-speed internet access for every community—rural, urban, and everything in between,” said Senator Bob Casey (D-PA). “This funding won’t just provide more laptops and wi-fi devices to people who need them, it will help break down the barrier that’s keeping a young mother from a higher education, a small business from reaching a new market, and a grandparent from staying in touch with their grandkids.”  

“High-speed internet access is no longer a luxury – it’s a necessity,” said Senator John Fetterman (D-PA). “This $20 million for Digital Connectivity Technology projects will bring Pennsylvanians access to critical devices that help them run a business, get an education, visit the doctor, and so much more.”

“This funding will help level the digital playing field for more than 12,000 Pennsylvania residents—many of whom reside in my district,” said Congressman Brendan F. Boyle (PA-02). “The American Rescue Plan– that I voted for—is the catalyst propelling this major stride toward bridging the digital divide for Pennsylvanians needing to access essential technology who would otherwise be left behind. Each dollar invested here will serve to empower those individuals with the tools they need to thrive in our increasingly interconnected world.”

“I was proud to vote for President Biden’s American Rescue Plan and am pleased to see it delivering again for Pennsylvania,” said Representative Dwight Evans (PA-03).

“In this digital age, Pennsylvanians need to be connected to find job opportunities, access telehealth services, do their homework, and save time and transportation costs.” said Representative Scanlon (PA-05). “I’m pleased to see the Biden Administration’s Investing in America Agenda continue to help close the digital divide so that all our families have access to the critical services they need to thrive.”

“In today’s digital economy, reliable broadband is not a luxury. It is a necessity,” said Representative Chrissy Houlahan (PA-06). “I am grateful for the Biden Administration’s recognition of the need we have in our Commonwealth for greater internet access and proud that the American Rescue Plan funding I voted for continues to benefit thousands of Pennsylvanian families and businesses.”

“I am thrilled that this grant will provide Pennsylvanians with the opportunity to access affordable, reliable internet and devices like laptops and tablets,” said Representative Susan Wild (PA-07). “Tens of thousands of Pennsylvanians – including many in my own district – rely on internet connectivity and computers in their everyday lives, and I will always advocate for closing the gap in technology affordability to make sure everyone in our community has the tools they need to succeed.”

“I am proud to announce Pennsylvania is getting even more federal investments to help connect thousands of residents to the internet,” said Representative Chris Deluzio (PA-17). “High-speed internet service should not be a luxury—it’s a necessity. With better and cheaper broadband in in our region thanks to funding like this, we can get folks connected, attract new industries, support our students, and help small businesses grow and thrive.”

The American Rescue Plan’s Capital Projects Fund provides a total of $10 billion to states, territories, freely associated states, and Tribal governments to fund critical capital projects that expand economic opportunities and provide internet connectivity in communities with unmet needs. Through high-speed internet, multi-purpose community facilities, and digital technology investments such as the one being announced today, CPF funding is both closing the digital divide and bringing workforce, education, and health care services to communities in need.

Today’s announcement is in addition to last year’s award of $200 million in CPF funding for high-speed internet projects in Pennsylvania, which the commonwealth estimates will connect approximately 44,000 homes and businesses to affordable, high-speed internet, and $45 million for multi-purpose community facilities. To date nationwide, CPF has awarded more than $9.2 billion for broadband, digital technology, and multi-purpose community center projects in all states and the District of Columbia, which these states estimate will reach over two million locations with expanded internet access, in addition to the hundreds of thousands of individuals who will be served annually by multi-purpose community facilities.

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