For immediate release:

September 22, 2016

For more information, contact:

Friends of Mel Franklin

mel@melfranklin.net

Statement of Prince George’s County Council Member Mel Franklin on New Legislation to Increase Economic Opportunities for Local, Small and Minority Businesses and Banks

Jobs and Opportunity Act of 2016 and Local Small and Minority Bank Investment Act of 2016 Presented on Tuesday

Several Council Members co-proposed Council Bill 74 2016 (CB-74-2016), the Jobs and Opportunity Act of 2016, at this Tuesday’s Council session, which would require at least 40% of any county contract opportunities above $500,000 in value to be spent with small and minority firms based in Prince George’s County, “local only” bidding of contracts in industries with significant numbers of county-based firms, “best value” instead of low-bid contracting, and stronger enforcement of existing procurement and local hiring policies.  The County buys over $300 million in services and products each year.  Councilman Mel Franklin, a co-proposer of the bill, released the following statement:

“The Jobs and Opportunity Act of 2016 will be a tremendous boost for small and minority businesses in Prince George’s County and create wealth and job opportunities for county residents. This legislation will also build on the landmark Jobs First Act of 2011 by mandating stronger enforcement of existing county-based business and local hiring policies by county agencies. Far too often and for far too long, our County has allowed our dollars to walk away to other jurisdictions. Instead, we must make sure our tax dollars are circulating locally and building shared prosperity here at home.”

Members also proposed Council Bill 75 2016 (CB-75-2016), the Local Small and Minority Bank Investment Act of 2016, which would require at least 50% of the County’s more than $3 billion in public funds to be annually deposited in local, small or minority banks with branch locations in the County.  Councilman Franklin believes this legislation promotes broader economic opportunity for community banks in the County:

“Our community banks often serve as the backbone for small business lending and local job creation.  Instead of simply investing the County’s general fund in Wall Street banks, we should invest at least 50% of it in ‘Main Street’ banks. Small and minority banks are often left out of the growing prosperity of the evolving economy. The Local Small and Minority Bank Investment Act will ensure that we are doing our part to support community and minority-owned banks and small business lending.”

Both CB-74-2016 and CB-75-2016 are expected to be heard by the Council’s Public Safety & Fiscal Management Committee in the next 2-3 weeks.

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Public version of CB-74-2016 (The Jobs & Opportunity Act of 2016): https://princegeorgescountymd.legistar.com/View.ashx?M=F&ID=4682548&GUID=05C8F5D0-86E9-4F8C-B2A5-86150931D4EB

Public version of CB-75-2016 (The Local Small and Minority Bank Investment Act of 2016): https://princegeorgescountymd.legistar.com/View.ashx?M=F&ID=4682549&GUID=E718B6A4-62B8-4280-8164-FCC56C6308A3