DES MOINES, IA (09/20/2012)(readMedia)-- For families already busy juggling the demands of work and home, college planning might seem like the last thing to worry about. However, with the cost of a higher education rising faster than inflation, nearly every family will face the problem of how to pay for it when the time comes. Thankfully, the answer is quite simple - start saving today. By starting early, saving regularly and making smart investment choices, families can make their savings work for them - and College Savings Iowa is here to help.

In the past 35 years the cost of obtaining a college education has increased by 1,120 percent, which is four times faster than the consumer price index.* With continuing increases in the price of a college education, it is as important as ever to start saving early. Any amount, saved on a regular basis can grow into a substantial amount, which may help reduce the need to borrow to cover educational expenses.

College Savings Iowa, administered by the State Treasurer's Office, is a budget-friendly 529 plan that offers multiple investment choices, as well as significant federal and state tax benefits to help families grown their savings even more. An account can be started with as little as $25 and the assets can be used to pay for qualified higher education expenses at any eligible college, university, community college or accredited technical training school in the United States or abroad. Iowa state taxpayers can deduct up to $2,975 in contributions per beneficiary account from their 2012 adjusted gross income.**

As a way to help families start saving, we are celebrating College Savings Month throughout September and giving away a $5,290 College Savings Iowa account - our largest giveaway to date. For more information and to enter the giveaway, please visit www.my529iowaplan.com any time before November 30.

Don't forget...saving for college is an investment for a lifetime - opening the door to a world of opportunity for the children in your life. Start saving today and help make college a reality for them - you'll be glad you did! For more information about College Savings Iowa, visit www.my529iowaplan.com or call 888-672.9116.

*From Bloomberg.com. Cost of College Degree in U.S. Soars 12 Fold: Chart of the Day. August 15, 2012. Michelle Jamrisko and Ilan Kolet.

**Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. The earnings portion of nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.

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Investment returns are not guaranteed and you could lose money by investing in the plan. Participants assume all investment risks as well as responsibility for any federal and state tax consequences. If you are not an Iowa taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

For more information about the College Savings Iowa 529 Plan, call 888-672-9116 or visit www.collegesavingsiowa.com to obtain a Program Description. Investment objectives, risks, charges, expenses, and other important information are included in the Program Description; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor.

College Savings Iowa is an Iowa trust sponsored by the Iowa State Treasurer's Office. The Treasurer of the State of Iowa sponsors and is responsible for overseeing the administration of the College Savings Iowa 529 Plan. The Vanguard Group, Inc., serves as Investment Manager and Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., assists the Treasurer with marketing and distributing the Plan. Upromise Investment Advisors, LLC, provides records administration services. The Plan's portfolios, although they invest in Vanguard mutual funds, are not mutual funds.

Department Passes $250 Million Goal to Fund Smart Grid Technologies

WASHINGTON, DC, September 20, 2012 - Agriculture Secretary Tom Vilsack today announced the latest in a series of loan guarantees to finance improved efficiency and modernization rural electric generation and transmission systems. Rural Development Under Secretary Dallas Tonsager made the announcement on Vilsack's behalf during a speech in Minneapolis to the National Rural Electric Cooperative Association.

"These loan guarantees will bring expanded, modern electric services to rural businesses and residential customers," Vilsack said. "Several of the loans include funding to help utilities and cooperatives adopt smart grid technologies to modernize electric systems."

One of the guaranteed loan recipients is Nobles Cooperative Electric, which serves several counties in southwestern Minnesota as well as Lyon and Osceola counties in northwestern Iowa. Nobles has been selected for a $6.7 million loan guarantee to build and improve 63 miles of distribution line and make other system improvements. The loan amount includes $850,000 in smart grid projects.

Residents elsewhere in Iowa will benefit from loans to rural utilities and cooperatives. Associated Electric Cooperative, Inc. is receiving a $24.6 million loan guarantee to build new substations, a new switching station and a spare transformer to improve service for customers in Iowa, Missouri and Oklahoma.

The Gundy Electric Cooperative, Inc., which serves customers in Iowa and Missouri, has been selected for a $5 million loan guarantee to build and improve 18 miles of distribution line and make other system improvements. The loan amount includes over $700,000 in smart grid projects.

Secretary Vilsack announced earlier this month that USDA met its goal to finance $250 million in smart grid technologies in fiscal year 2012. Today's announcement includes support for nearly $10 million in smart grid technologies.

The following is a list of rural utilities that will receive USDA funding, which is contingent upon the recipient meeting the terms of the loan agreement.

Georgia

  • Middle Georgia Electric Membership Corporation - $6,300,000. Funds will be used to serve 736 consumers, build and improve 141 miles of distribution line, and make other system improvements. The loan amount includes $157,000 in smart grid projects.

Kansas

  • The Victory Electric Cooperative Association, Inc. - $37,000,000. Funds will be used to serve 831 consumers, build and improve 143 miles of distribution line and 142 miles of transmission line, and make other system improvements. The loan amount includes $2,430,500 in smart grid projects.
  • Twin Valley Electric Cooperative, Inc. - $7,200,000. Funds will be used to serve 603 consumers, build and improve 56 miles of distribution line, and make other system improvements. The loan amount includes $675,000 in smart grid projects.

Minnesota and Iowa

  • Nobles Cooperative Electric - $6,700,000. Funds will be used to serve 152 consumers, build and improve 63 miles of distribution line, and make other system improvements. The loan amount includes $854,100 in smart grid projects.

Missouri

  • Se-Ma-No Electric Cooperative - $2,000,000. Funds will be used to serve 380 consumers, build and improve 67 miles of distribution line, and make other system improvements. The loan amount includes $41,800 in smart grid projects.
  • Sac Osage Electric Cooperative, Inc. - $9,000,000. Funds will be used to serve 713 consumers, build and improve 70 miles of distribution line, and make other system improvements. The loan amount includes $775,500 in smart grid projects.
  • Three Rivers Electric Cooperative - $5,334,000. Funds will be used to serve 272 consumers, build and improve 20 miles of distribution line, and make other system improvements.

Missouri and Iowa

  • Grundy Electric Cooperative, Inc. - $5,000,000. Funds will be used to serve 332 consumers, build and improve 18 miles of distribution line, and make other system improvements. The loan amount includes $703,000 in smart grid projects.

Missouri, Iowa and Oklahoma

  • Associated Electric Cooperative, Inc. - $24,628,000. Funds will be used to build new substations, one new switching station and a spare transformer.

Nebraska

  • The Midwest Electric Corporation - $6,466,000. Funds will be used to serve 409 consumers, build and improve 175 miles of distribution line and 22 lines of transmission line, and make other system improvements. The loan amount includes $612,600 in smart grid projects.

Texas

  • United Electric Cooperative Service, Inc. - $50,000,000. Funds will be used to serve 7,572 consumers, build and improve 1,097 miles of distribution line, and make other system improvements. The loan amount includes $3,322,341 in smart grid projects.

Virginia

  • Prince George Electric Cooperative - $8,418,000. Funds will be to serve 1,690 consumers, build and improve 85 miles of distribution line, and make other system improvements. The loan amount includes $231,400 in smart grid projects.

The $168 million in loan guarantees announced today are provided by USDA Rural Development's Rural Utilities Service. The funding helps electric utilities upgrade, expand, maintain and replace rural America's electric infrastructure. USDA Rural Development also funds energy conservation and renewable energy projects.

For information on other RD projects, please visit Rural Development's new interactive web map at: http://www.rurdev.usda.gov/RDSuccessStories.html. The map features program funding and success stories for fiscal years 2009-2011.

President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way - strengthening America's economy, small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.

USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure programs through a national network of state and local offices. Rural Development has an active portfolio of more than $172 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.

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USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).


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Nishant Gorrepati of Bettendorf has graduated from Wichita State University with a Master of Science degree in Industrial Engineering.

WSU enrolls about 15,000 students and offers more than 60 undergraduate degree programs in more than 150 areas of study in six undergraduate colleges.

Trip to Focus on Manufacturing, Agriculture, Biotechnology, Education and Tourism

CHICAGO - September 20, 2012. Governor Pat Quinn will lead a trade mission to Brazil Sunday in an effort to increase economic opportunities between Illinois and Brazil. The governor will arrive in Brazil Sept. 23 for a six-day mission designed to strengthen Illinois exports, foster education and boost tourism.

"Brazil's strong economy and expanding middle class make the country an important market for Illinois," Governor Quinn said. "We are bringing together leaders from business, government and education to create and develop the relationships that will help fuel economic growth in Illinois."

Governor Quinn is the first Illinois governor to lead a trade mission to Brazil. With Illinois already leading the Midwest in exports, the trade mission will build on the state's prior successes as part of Governor Quinn's agenda to aggressively pursue international trade and create jobs in Illinois. In 2011, Illinois exports to Brazil totaled $2.55 billion, up 24 percent from the previous year, making Brazil the state's fifth-largest export market. Illinois is the fourth-largest exporter to Brazil in the U.S.

A delegation of officials from Illinois businesses, educational institutions, and state and local governments will accompany Governor Quinn on the trip, which includes stops in São Paulo, Brasilia and Recife. During the mission, Governor Quinn will preside over the signing of several memorandums of understanding as part of the Doing Business with Illinois program, which is designed to establish ties in manufacturing, agriculture, biotechnology and education. The trip will also pave the way for Illinois companies to take advantage of business opportunities as Brazil invests $150 billion of public money to build out its transportation and physical infrastructure.

While in São Paulo, the governor will address the Brazil travel trade industry to encourage Brazilians to visit Illinois. The opportunity to attract more international tourism spending to Illinois is significant, with 1.5 million Brazilians visiting the U.S. in 2011, but less than 4 percent traveling to Illinois. At each of the three stops in Sao Paulo, Brasilia, and Recife, Governor Quinn will hold meetings with key private sector leaders, top government officials and potential trading partners in order to open up more markets to Illinois companies.

The state is also working with Illinois colleges and universities to attract more Brazilian students. Last year, the Brazilian government unveiled plans to fund 100,000 scholarships to send students abroad to study science, engineering and math. The program, called Science Without Borders, provides scholarships for one year of study at colleges and universities in the U.S.

For the current academic year, nine Illinois universities and colleges are hosting 91 Brazilian students through the program. The mission will build on this strong foundation and expand the relationship. A number of Illinois companies have made plans to donate scholarship funds for Brazilians to attend Illinois universities for the 2013 to 2014 school year.  In addition, some Illinois companies will also provide internships to Brazilian students through the Science Without Borders program.

or follow him on Twitter at @GovernorQuinn. More information about Illinois trade and business opportunities can be found on the Illinois Department of Commerce and Economic Opportunity website at

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Monticello, Iowa - An
AmeriCorps NCCC (National Civilian Community Corps) team is working with Camp Courageous as camp counselors from September 10 to November 2 on their final NCCC service project.
The NCCC team is providing personal care for the campers as well as leading camp activities such as canoeing, swimming, dancing, art and entertainment. The team is also assisting the camp staff with facilitating the ropes course, zip line and caving exploration classes.

"I'm looking forward to a new kind of project that revolves around building relationships and working with different kinds of people," says NCCC Member Jaclyn DeFranco. "I'm also excited about the perks of living at a camp such as canoeing, arts and crafts and campouts."

Camp Courageous serves over 6,000 individuals with disabilities annually. Their mission is to provide exceptional year-round recreational and respite care opportunities for individuals with special needs and their families. The camp is run primarily on donations, giving all individuals the opportunity to give through gifts of time, materials, money and other means that support the camp.

AmeriCorps NCCC is a full-time, residential, national service program in which 1,100 young adults serve nationwide each year. During their 10-month term, NCCC Members - all 18 to 24 years old - work on teams of eight to 12 on projects that address critical needs related to natural and other disasters, infrastructure improvement, environmental stewardship and conservation, energy conservation, and urban and rural development. Members mentor students, construct and rehabilitate low-income housing, respond to natural disasters, clean up streams, help communities develop emergency plans, and address countless other local needs. The North Central Region campus in Vinton, Iowa is one five regional campuses in the United States and serves Indiana, Illinois, Iowa, Michigan, Minnesota, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. The other campuses are located in Perry Point, Md.; Sacramento, Calif.; Vicksburg, Miss.; and Denver, Colo.

In exchange for their service, NCCC Members receive $5,550 to help pay for college, or to pay back existing student loans. Other benefits include a small living stipend, room and board, leadership development, increased self-confidence, and the knowledge that, through active citizenship, people can indeed make a difference. AmeriCorps NCCC is administered by the Corporation for National and Community Service. The Corporation improves lives, strengthens communities, and fosters civic engagement through service and volunteering. For more information about AmeriCorps NCCC, visit the website at www.americorps.gov/nccc.

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Floor Speech of Senator Chuck Grassley

on the Disclosure of Tax Returns by Administration Officials

Delivered Wednesday, September 19, 2012

On August 2, the Majority Leader decided that the valuable time of this body would be best employed by speculating on the contents of the tax returns of presidential candidate Gov. Mitt Romney.  These remarks also touched upon the vetting process of the Finance Committee.  As a senior member of the Finance Committee, as well as a former Chairman and Ranking Member of the Committee, I have come to familiarize my colleagues with the Committee's vetting process.

On Thursday, August 2, the Majority Leader exclaimed, "As we know, he has refused to release his tax returns.  If a person coming before this body wanted to be a Cabinet officer, he couldn't be if he had the same refusal Mitt Romney does about tax returns."

This statement demonstrates a misunderstanding of the confirmation process for cabinet officials and the Finance Committee vetting process in particular.

The fact is, most prospective cabinet officers do not need to disclose their tax returns.  Actually, no prospective cabinet officer is required to make their tax returns public in ordinary circumstances.

To my knowledge, the Finance Committee is the only committee that asks nominees to provide copies of tax returns.  Specifically the Finance Committee asks that nominees provide copies of their last three Federal tax returns.  The Committee may request further returns if it is warranted by the circumstances.

The Committee asks for this information for a few reasons.  To begin with, many nominees referred to the Finance Committee, such as the Secretary of the Treasury and the Commissioner of the IRS, will be able to exercise significant influence over tax policy and administration.  Additionally, the examination of a nominee's tax returns sheds light on the nominee's character.

Over the last few years, several high-flyers in the Obama administration have come up short when measured by their tax returns.   Therefore, the vetting process utilized by the Finance Committee has received a lot of attention.

Only two cabinet officers and one position with the status of cabinet-rank are referred to the Finance Committee.  These are the Secretaries of the Treasury and the Department of Health and Human Services, and the United States Trade Representative.

As I said before, to my knowledge the Finance Committee is the only Committee to requests copies of actual tax returns.  This means that, not counting the vice president, there are 19 members of the cabinet who do not release their tax returns during the Senate confirmation process.

As I said, no cabinet official is required to make his or her tax returns public.  This goes to the details of the Finance Committee's vetting process.

All nominees referred to the Committee are required to submit copies of their last three filed tax returns.  These copies, along with other financial data, are shared with a very limited number of staff specially designated by the Chairman and Ranking Member.

While being reviewed, the returns themselves are kept under very tight control.  Most staff for the Chairman and Ranking Member do not have access to the tax returns.  Neither the Chairman nor Ranking Member may unilaterally release the tax returns or information obtained from them.

This means that even when I was Chairman, the Committee rules prohibited me from unilaterally releasing a nominee's tax returns or even making public that nominee's specific tax information.

When an issue is identified pertaining to a nominee's tax information, the Chairman and the Ranking Member jointly determine how to proceed.  Information is only released under bipartisan agreement, and after consultation with the nominee.

For example, Secretary Geithner was given the opportunity to withdraw his nomination before the world learned of his failure to pay all of his taxes. He was also provided an opportunity to review the bipartisan memo that the Committee eventually released.

In sum, no nominees vetted by the Finance Committee need to make their tax returns public, and in the majority of cases no information is released.  Additionally, the purpose of the vetting is not to damage the credibility of the nominee.  I bet those seeking Governor Romney's tax returns are operating under a different standard.

I especially find it interesting that the Majority Leader compared Governor Romney to cabinet officials when speculating as to the contents of Governor Romney's returns.  There seems to be an implication that a discovery of unsatisfied tax obligations would be problematic to the Leader.

While the Majority Leader may want to speculate as to whether or not Governor Romney has paid his taxes, there are nominees and officials of the current administration we know did not completely satisfy their tax obligations.

I will start this trip down memory lane with our current Treasury Secretary.  Due in large part to his failure to pay self-employment taxes, irregularities in Mr. Geithner's returns added up to his owing a total of $48,268 in taxes and interest to the IRS.  Those seeking a full accounting of the episode may read the bipartisan memorandum prepared by the Finance Committee, which is part of the record of his January 2009 nomination hearing.  As I said, we don't need to speculate whether or not Secretary Geithner completely paid his taxes; we know he did not.

Secretary Kathleen Sebelius disclosed that in preparation for her confirmation she filed amended tax returns for 2005, 2006, and 2007.  She voluntarily made this information public in the form of a letter to Chairman Baucus and me.  This letter was printed in the record of her nomination hearing.  The result of those amended returns was that she paid a total of $7,040 in additional tax and $878 in interest to the IRS.

Finally, I want to mention former Senator Tom Daschle, who was the administration's nominee to be Secretary of HHS for a brief period.  Though Mr. Daschle withdrew his nomination before the Finance Committee held a hearing on his nomination, it was widely reported, including in the New York Times and the Los Angeles Times, that he failed to pay more than $128,000 in taxes in the three years prior to his nomination.

In mentioning Secretaries Geithner and Sebelius, and Mr. Daschle, I'm not suggesting anything beyond the reported facts of their circumstances or that their tax errors were intentional.  I just wanted to remind the Majority Leader of these situations where it is not necessary to speculate on whether or not taxes were owed.

While I appreciate the Leader's newfound attention to the Finance Committees vetting process, I want to ensure everyone has a clear understanding of the Committee's process.  I'd be happy to discuss the Committee's procedure with any interested colleague.  I am sure Ranking Member Hatch and his staff would also be happy to discuss the process with anyone who is interested.

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Wednesday, September 19, 2012

Sen. Chuck Grassley of Iowa made the following comment after a Finance Committee member meeting with Federal Reserve Chairman Ben Bernanke on the "fiscal cliff" presented by tax increases and budget cuts.  Grassley is a senior member of the committee.

"The Federal Reserve chairman reiterated what we already know but it can't be said enough.  Impending tax increases combined with the mandatory budget cuts would be a severe, negative shock to the economy.  As many of us have argued for months, Congress should continue the bipartisan tax relief enacted in 2001. You don't raise taxes in a weak economy.  President Obama himself recognized this in 2010 when he supported the bipartisan package that extended the 2001 provisions as well as AMT relief.  The Federal Reserve chairman's strong message should persuade Democratic members of Congress and the President to take action.  The responsible approach is to avoid raising taxes while unemployment remains at more than 8 percent."

Company was first joint partnership announced under Loebsack-Schilling Arsenal law

Washington, D.C. - Congressman Dave Loebsack released the following statement today after he met with the leadership of Mack Defense.  Earlier this year, the Rock Island Arsenal (RIA) Joint Manufacturing and Technology Center (JMTC) and Mack Defense announced a public-private partnership.  The agreement was the first of its kind since provisions authored by Congressmen Loebsack and Bobby Schilling (IL-17) were included in the FY2012 National Defense Authorization Act (NDAA).  This agreement will provide Mack Defense access to the only remaining U.S. Army foundry and the Army's only vertically integrated metal manufacturing facility and support good jobs at JMTC.

"I was pleased to meet with the leaders of Mack Defense today to get an update about the work they will be doing with the Arsenal.  I was proud to have worked with Congressman Schilling and the bipartisan delegation to give the Arsenal the ability to utilize these types of partnerships to support good jobs and strengthen the Arsenal. I will continue my work to ensure the Arsenal remains strong."

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