Jobs, Foreclosures and Small Businesses Top Agenda at Banking Forum
Last month, I brought together banks, small businesses, housing advocates and government agencies for an economic roundtable to address job creation, small business expansion, foreclosures and increased bank lending opportunities.
Instead of bailing out the people who really needed it, Washington chose to bail out Wall Street and it left our community banks out of the equation and our small businesses and homeowners twisting in the wind. That's why I brought everyone to the table to talk about options for making sure people can stay in their homes and small businesses have access to the capital they need to expand and create jobs.
It was an open and honest discussion between national and local banks, non-profits, small businesses, the federal Small Business Administration, the Treasury Department and a homeowner currently facing foreclosure.
Fighting efforts to upend Social Security
The day before the 75th anniversary of the enactment of Social Security, I joined seniors advocates in front of the National City Social Security office to fight for Social Security to be strengthened not slashed.
Some in Congress are taking out the old playbook and want to gamble seniors' money on Wall Street. After 75 years of providing reliable benefits for seniors, the program we depend on to ensure we aren't impoverished as we grow old is once again in jeopardy.
The new plan to undermine Social Security is similar to the one advanced in 2005. It would cut Social Security retirement and survivor benefits for middle class workers. It would divert trillions of dollars from the Social Security Trust Fund into private accounts and subject worker's basic retirement security to Wall Street's ups and downs.
Signed into law by President Franklin D. Roosevelt on August 14, 1935, Social Security was created at a time when the American economy had crumbled and was struggling to recover. Thanks to Social Security, millions of seniors today live their lives with dignity and independence instead of poverty and despair.
Protecting the Jobs of Teachers, Firefighters and Police Officers
We need to keep our teachers in the classroom and our police officers on the street -- not in the unemployment line. That's why I voted to save and create almost 320,000 jobs -- including saving the jobs of 160,000 teachers and preventing the layoffs of tens of thousands of police officers, firefighters, and nurses.
The House was brought back into session last month to take up the bill to give emergency aid to help states keep teachers in our classrooms and first responders on duty. The Education Jobs and Medicaid Assistance Act is not only completely paid for, it reduces the deficit by $1.4 billion over 10 years--in part by closing a loophole that actually encourages corporations to ship American jobs overseas. The bill we voted on was a win-win -- it is paid for by closing a tax loophole that encourages sending jobs overseas and helps keep our teachers and first responders on the job.
My district, which includes southern San Diego County and all of Imperial County, is projected to receive $33.1 million which would save or create 464 education jobs. California will receive a total of $1.2 billion dollars, protecting 16,500 jobs in education across the state.
The legislation provides a total of $10 billion in funding to save teachers' jobs. It also provides $16.1 billion in health assistance to the states that, by reducing shortfalls and stimulating the economy, will save and create 158,000 jobs, including preventing the layoffs of police officers and firefighters, as well as creating private-sector jobs throughout our economy.
The funding in the bill is supported by a majority of the nation's Governors, including many Republican Governors, and by numerous organizations, including the bipartisan National Conference of State Legislatures, National Association of Counties and the Leadership Council of Aging Organizations.