Center calls for $10 billion Gulf development and recovery fund
New report showcases a dozen ideas on ways to spur restoration, recovery after oil disaster
SEPT. 8, 2010 – The Center for a Better South today called for a new $10 billion development and recovery trust fund to help people along the Gulf coast leapfrog forward educationally and economically following the April oil disaster.
Development of a new long-term trust fund is one of a dozen major ideas highlighted in the Center’s new report, “Ideas for a Better Gulf,” released today to help to generate transformational change in a region hit hard this year by the oil disaster and throughout recent years by Hurricane Katrina and other storms.
“For an area of our country with a history of poverty, health adversities and educational challenges, we as a nation need to take this opportunity to do better by the people of the Gulf – to make strategic investments to promote its long-term economic health,” said Andy Brack, president of the nonprofit Center.
“Let’s not miss this transformational chance to stimulate economic and educational successes for the region,” he said. “We hope these ideas can generate discussions that will lead to concrete action to help people get their lives turned around so they can move forward in dynamic ways.”
A new $10 billion trust fund, for example, could be used for strategic investments in projects that could have major systemic educational, health and economic impacts throughout the Gulf coast and serve as a source to pay for unexpected health and environmental costs caused by the oil spill, the report said.
Seed money for the fund could come from an initial infusion of $5 billion from BP, followed by a continuing funding mechanism based on a percentage of royalties already paid by all oil companies for leases and similar agreements, according to the report.
Among other ideas in the report:
To learn more about these and other ideas, view the Center’s report online at this Web site:
The Center for a Better South was asked in early June by U.S. Navy Secretary Ray Mabus to “think big” about ways that could help people along the Gulf coast recover from the Deepwater Horizon disaster and move forward in dynamic new ways to get past historic economic, educational, health, environmental and other challenges.
Throughout the summer of 2010, the Center convened periodic conference calls with thinkers across the South to consider big ideas to share.
Another site, FYI
Since June, the Center also has offered a daily photo blog to tell stories about the Gulf catastrophe and recovery through moving images. Check out the site by going to:
FOR RELEASE: Wednesday, Sept. 8, 2010
CONTACT: Andy Brack at 843.670.3996 or firstname.lastname@example.org