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Federal Reserve “Exploring Innovation” ConferenceSt. Louis, MissouriMay 3, 2007Thomas C. DorrUnder Secretary for Rural Development“Broadband as a Key Facilitator of Community EconomicDevelopment:Thank you for that very generous introduction. It is a distinct pleasureto be with you this afternoon.I appreciate the opportunity to join in this discussion. Innovation incommunity development -- especially in the financing of communitydevelopment -- is an important topic, and a broad one. In a couple of minutes I will narrow my remarks to the deployment of ruralbroadband. This is a both critical development priority for ruralAmerica and, at the moment, a very timely case study in innovation.But at the outset, let me say that the broad theme of innovation andentrepreneurs is obviously a key to all of us involved with developmentpolicy in any sector and at any level. It is easy to talk a big game … butonce we move beyond talk and begin to focus on bricks and mortar, all

of us immediately face the challenges of limited budgets andsustainability.In many years of serving at the local and state level on developmentboards -- and certainly in the last few years in government -- I have yetto participate in a strategic planning session in which finance was not alimiting factor … and very often the decisive limiting factor. I would besurprised if your experience is any different.There is never enough money to go around.That means that our ability to innovate, to develop partnerships, toidentify unconventional means of finance is essential. Connecting assetsand leveraging resources is the name of the game.I will approach this question from the standpoint of USDA RuralDevelopment but I believe our experience is broadly applicable to thedevelopment community at large.Innovation is hard. It implies change and change is a challenge. It is,however, a challenge we cannot avoid. Our market in rural America is

changing. I believe we are growing evolving with it … orienting on newopportunities … developing new tools … challenging staff to move in newdirections … developing new financial strategies.This is not always easy. That’s one reason rural broadband is a goodcase study. It is a key example because of its intrinsic importance torural economic and community development … but also, frankly,because of the steep learning curve we’ve had to climb.I should note that we in fact have new regulations due to be published inthe very near future to address some of the growing pains we haveexperienced in the broadband program. We’ve not done everythingright the first time. But we are trying to learn. If I were to point to asingle measure of our success in innovation, it would be this:

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10 years ago -- in 1997 – USDA Rural Development had a budgetauthority of $1.99 billion – call it $2 billion – and a program levelof $7.9 billion.

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USDA: 050307FedReserveTelecomInnovation Remarks

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