Issue Position: Economy
Issue Position
An important issue for all Americans is the economy. Since 2001, America's national debt has continued to climb, while the hardworking people in the middle have born the brunt of our economic downturn. For most Americans wages are stagnant, home values are dropping and the cost of food, healthcare, gasoline, college tuition, heating and cooling their homes continue to rise. The middle class is being squeezed. I will continue to work with my colleagues in Congress to find solutions for our sagging economy.
I can assist the middle-class through my assignment on the House Financial Services Committee. The Financial Services Committee oversees the entire financial services industry, including insurance, securities, banking and housing. The Committee has oversight of the Federal Reserve, Securities and Exchange Commission (SEC), US Department of Treasury, Office of the Comptroller of Currency and many other regulatory bodies.
The committee is working to pass meaningful legislation to curb the housing crisis sweeping America. The slow economic growth is tied directly to the number of homes being foreclosed, which in turn is damaging families, neighborhoods and towns. The Committee already passed legislation to prevent predatory lending practices, expand the Federal Housing Administration (FHA) and to increase the role and regulation of Government Sponsored Enterprises (GSE). These measures will help prevent further and future mortgage meltdowns.
Last year, Chairman Barney Frank appointed me to lead the Financial Services Energy Efficiency Task Force. I recently introduced the G.R.E.E.N. (Green Resources for Energy Efficient Neighborhoods) Act of 2008. This bill will create incentives to lenders and financial institutions to provide lower interest loans and other benefits to consumers who build, buy, or remodel their homes and businesses to improve their energy efficiency. The federal government can have a positive influence on the environment by encouraging the rehabilitation and construction of homes which meet higher energy efficient standards.
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