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1 1 (February 2, 2021)

handle is hein.crs/govebna0001 and id is 1 raw text is: a Congressional____ ~.Research Service informing the legis five debate since 1914 Federal Economic Development and COVID- 19 Recovery: Issues and Policy Options February 2, 2021 States and local governments traditionally lead U.S. economic development efforts, with the federal government selectively intervening to address significant need. However, the 2019 Coronavirus Disease (COVID-19) pandemic has caused pervasive social and economic dislocation and extreme subnational fiscal stress, straining existing federal economic development structures. This Insight examines current federal economic development policy and outlines various options for addressing a potentially lengthy pandemic recovery, or future such long-term challenges. Federal Economic Development and COVID-19 The nationwide scope and protracted time horizon of the COVID-19 pandemic has challenged the existing economic development infrastructure at all levels of government. This system is not designed or arguably equipped to address scenarios in which otherwise unusual distress is endemic, and state and local governments are acutely constrained by both the scale of the crisis as well as fiscal limitations. The Federal Approach: Distress-Based Interventions In the United States' federal system, economic development activities are primarily the responsibility of state and local governments, which fund various programs that may include business relocation and retention incentives, workforce development, and other policies that stimulate growth and job creation. State and local governments are also the primary agents (sometimes with the support of federal funding) in other economic development-related activities-such as improvements to general infrastructure, housing, community facilities, land use, education, and public safety. Those unmet needs not fully addressed at the state and local levels, particularly in economically distressed or disadvantaged communities, are targeted through federal economic development interventions. Most funding programs provided by the principal federal economic development agencies-the Department of Housing and Urban Development (HUD), the Economic Development Administration (EDA), the Department of Agriculture (USDA), and the federal regional commissions and authorities- prioritize economic development resources for communities exhibiting acute socioeconomic distress. For Congressional Research Service https://crsreports.congress.gov IN11587 CRS INSIGHT Prepared for Members and Committees of Congress

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