Boxer and Sherman tour Spectrolab and Speak at VICA Luncheon

Sherman Oaks, CA – Today, Senator Barbara Boxer and Congressman Brad Sherman toured Spectrolab Inc. in Sylmar to discuss with employees and executives how the American Recovery and Reinvestment Act (ARRA) is helping the company develop next-generation solar cell technology.

Spectrolab received $2.9 million in ARRA funding for the development of next-generation solar cells, which are expected to be more efficient than current space solar cells, and will enable new generations of high powered satellites and unmanned aerial vehicles (UAV). Spectrolab, a wholly owned subsidiary of The Boeing Company, is the world's leading manufacturer of high-efficiency multifunction space solar cells.

"I consider it an honor to represent the hard-working men and women of Spectrolab. Their work is important to maintaining America's standing as a global leader in science and innovation. The technology they are developing has the potential to positively impact our lives," said Congressman Sherman. "This facility is a great example of how the Recovery Act's investments in science and education are beneficial to our community and nation."

Following the tour, Senator Boxer and Congressman Sherman addressed business leaders at the Valley Industry and Commerce Association's (VICA) Leaders Forum in Studio City.

At the VICA luncheon, Senator Boxer explained how the stimulus bill has helped California by providing tax cuts to small business and the middle class. These cuts are raising the average tax refund by 10 percent or $266 this year. According to the IRS, this increase is largely due to the Recovery Act.

Sherman talked about the importance of sustaining the recovery in housing by maintaining the maximum conforming mortgage loan limit at $729,750. Without Congressional action, that limit will expire on December 31, 2010, dramatically shrinking the size of loans that may be backed by Fannie Mae, Freddie Mac or the Federal Housing Administration (FHA). To keep the maximum at $729,750, Sherman has introduced the bipartisan Increasing Homeownership Opportunities Act, which now has 49 cosponsors.