Senator McConnell Secures Funding For Two University of Kentucky Financial Services Projects
July 12, 2007
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell – a senior member of the Senate Appropriations Committee – obtained $2 million in funding for a couple of University of Kentucky projects in the FY ’08 Senate Financial Services and General Government Appropriations bill. The bill now moves to the full Senate for consideration.
McConnell used his seniority on the Appropriations Committee to direct funding to the following Kentucky projects:
$1 million for the University of Kentucky Center for Resilient Financial Services/e-Cavern Partnership Project. UK will use the funding to research and develop solutions to protect our nation’s critical financial data.
“The development of secure, remote, financial transaction backup storage systems will help secure the nation’s financial data, and the continuous operation of these systems is critical for both our national economy and the world economy,” said McConnell. “The Department of Treasury has been working with UK to develop next-generation financial disaster recovery systems, and this funding will enable them to continue their important project.”
$1 million for the University of Kentucky New Product Development and Commercialization Center for Rural Manufacturers. UK is a partner in the New Product Development and Commercialization Center, which helps small rural manufacturers pursue the development of new products and commercialization so they can compete in the global market.
“Small manufacturers often lack the technical and financial resources to develop new products and as a result, rural communities do not enjoy the full economic benefits of manufacturing facilities and the employment opportunities such facilities could offer,” said McConnell. “This funding will be used by UK to link the agricultural and engineering expertise of its institution to help generate new products and jobs in rural communities.”
The FY ’08 Senate Financial Services and General Government Appropriations bill now goes before the full Senate.
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