Kanjorski: Federal Money for Wall Street West a Huge Coup for NEPA

WASHINGTON - Congressman Paul E. Kanjorski (PA-11) today congratulated Pennsylvania Governor Edward G. Rendell and Ben Franklin Technology Partners of Northeast Pennsylvania upon being awarded $15 million from the U.S. Department of Labor for the business continuity effort known as Wall Street West. Gov. Rendell applied for the highly competitive Workforce Innovation in Regional Economic Development (WIRED) money in early January and learned today that Northeastern Pennsylvania is one of only 13 regional economies to receive money throughout the entire country.

"The announcement out of Washington today is great news for Northeastern Pennsylvania. The Department of Labor realizes our region's many assets, including prime location, high quality of life, good infrastructure, availability of workforce, and fine institutions of higher education. The money from the WIRED program will provide further training and education in financial services and information technology for our workforce, making the region that much more attractive for financial services firms to locate here. The fact that Wall Street West is one of only 13 projects to receive this federal money shows the superior work that went into putting the application together. I commend Governor Rendell for taking the initiative to apply for this money," Congressman Kanjorski said.

After the horrific attacks of September 11, 2001, the Federal Reserve, the Securities and Exchange Commission, and the Office of the Comptroller of the Currency recommended that financial services firms have reliable backup operations for the rapid recovery of commerce and financial reporting activities in the wake of a catastrophe. The agencies issued an interagency report entitled "Sound Practices to Strengthen the Resilience of the U.S. Financial System." As a senior member of the Financial Services Capital Markets Subcommittee, which has jurisdiction over the banking and securities industries, Congressman Kanjorski actively participated in hearings on this report.

Congressman Kanjorski called together economic development groups to study the concept of persuading financial services firms and other information technology businesses to locate their secondary operations in Northeastern Pennsylvania. The task force, headed by Penn's Northeast, prepared a White Paper in 2003, citing as main advantages for locating in Northeastern Pennsylvania its proximity to New York City, affordable real estate, and higher quality of life.

Congressman Kanjorski inserted language into the Intelligence Reform Act of 2004 that requires the Federal Reserve, the SEC and the Comptroller to submit a report to Congress in April 2006 on the progress of the private sector in complying with the interagency guidelines to develop backup financial operations.

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Read the Wall Street West Business Continuity White Paper