Issue Position: Economy

Issue Position

The economic crisis we are currently facing is the worst that we have seen since the Great Depression. Millions of jobs have been lost, Americans are losing their homes, and many forms of lending have been frozen. It is absolutely imperative that we act immediately to confront this crisis to ensure that it does not get steadily worse.

Earlier this year, the Congress passed H.R. 1, The American Recovery and Reinvestment Act. This much-needed package contains both economic recovery tax cuts and carefully targeted priority spending. It will provide tax cuts to 95% of the population to help families stay afloat in these rough times, as well as increased unemployment benefits to help the millions of people who have lost their jobs. It will also provide investments for the development of clean and efficient American energy, vital improvements to our nation's failing infrastructure, affordable health care, education, broadband deployment, and many other important programs that will enhance the economy and create American jobs. This spending is being accompanied by an unprecedented level of accountability to ensure that tax dollars are being spent in the best way possible to stimulate the economy and help Americans through this crisis. You can find information on how and where recovery funds are being spent at www.recovery.gov. I voted for this package to try to stop the bleeding of American jobs, and to ensure that those already suffering get the help that they need.

Although the recovery package is already working and certain indicators of the economy are improving, we are still in the midst of a recession. To this end, I have continued to support measures that have boosted our economy while aiding the American people. I have authored two bills that directly deal with this issue, and I urge their swift passage in the House. Knowing that our nation's cities are crucial to our economy, and that this downturn has severely constrained the budgets of cities across country, I have introduced H.R. 506, which will provide immediate fiscal relief to metropolitan areas in need.

I have also introduced, H.R. 1714, which calls for any financial institution that receives TARP funding to include at least one employee from the lowest 20% wage bracket of their payroll to be included on the Board of Compensation that receives loans from the federal government. By ensuring that all employees have a voice in the restructuring process, even those who do not earn the most money, these companies will be forced to be more responsible with the money received, and will be accountable to the tax payer.

In addition to these pieces of legislation, I was proud to co-sponsor the successful passage of the Credit CARD Act of 2009, which eliminated the exorbitant fees that were unfairly suppressing our nation's consumers.

This current economic crisis may be severe, but I am confident in the backbone of our nation's economy: the American people. I will continue to press for sound legislation that provides real value for the First District, and not just the big financial institutions. In doing so, I will work with my fellow Congressmen to ensure that we enact measures to prevent such a crisis from ever happening again.

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