San Francisco Mayor Edwin Lee last week announced that the America's Cup Act, which will facilitate hosting the 34th America's Cup by authorizing certain eligible vessels to participate in the events, passed the U.S. House of Representatives after passing the Senate earlier this month.
The legislation is on the way to President Barack Obama’s desk for signature.
“This is a major milestone in our efforts to host the 34th America’s Cup and bring the excitement of this worldwide competitive event here to San Francisco,” Lee said in a statement. “I am thankful for the bipartisan support of this bill in Congress and for the strong stewardship of House Democratic Leader [Nancy] Pelosi and Sens. [Dianne] Feinstein and [Barbara] Boxer in securing passage of the America’s Cup Act that will create jobs and boost our local economy at this critical time.”
The economic impact of San Francisco hosting the 34th America’s Cup is significant and includes an estimated 8,800 jobs and nearly $1.4 billion in economic effects to San Francisco and the Bay Area, according to the mayor’s statement.
“This is an incredible feat and demonstration of the breadth of support we have in Washington,” San Francisco America’s Cup Organizing Committee chairman Mark Buell said in a statement. “We are grateful for the bipartisan leadership and commitment in Congress for the 34th America’s Cup.”