Issue Position: Economy/Stimulus

Issue Position

Issue Position: Economy/Stimulus

Our nation is facing the worst economic crisis since the Great Depression, and Congress and the new administration are working to slow this downturn and put us on a path toward economic recovery. As a member of the House Financial Services Committee, my top priority is to ensure that greater Cincinnati is included as we return to growth and prosperity.

I believe that fixing our economy and restoring America's promise requires us to make smart, sound investments in key areas that have been neglected far too long. If we make our transportation infrastructure, manufacturing, and clean energy development top priorities, we can build the foundation of tomorrow's economy and help to build the middle class. At the same time, we need to make changes to bring oversight and accountability to our financial system, so that we can stop the dangerous financial practices that brought on this recession.

Earlier this year, I was proud to support the American Recovery and Reinvestment Act (ARRA), which has already brought a tremendous amount of resources into our community. From cutting taxes for 95 percent of Americans, to starting repairs on our crumbling infrastructure, to supporting law enforcement and first responders, to helping local governments to provide basic services, the ARRA has provided a measure of relief in Cincinnati and across the country, helping to save jobs and ease the effects of this recession.

Congress also recently passed the Helping Families Save Their Homes Act, which will help homeowners throughout the First District struggling to stay in their homes. This legislation makes it easier for borrowers and lenders to renegotiate the terms of bad mortgages and prevent more foreclosures in our community. This bill is not about rewarding people who lived beyond their means and invested irresponsibly; it is about helping hardworking families who played by the rules, but have fallen victim to the unfair practices and risky investments that led to this recession.

But we cannot merely address the symptoms of this economic downturn. While we work to restore consumer confidence and jumpstart investment and growth, we need to work to stop the risky transactions, predatory practices, and irresponsible behavior that dragged our nation into economic turmoil.

Congress has already passed the Predatory Lending Reform Act, landmark legislation that would crack down on the bad practices that led to the mortgages crisis. This legislation would help ensure that mortgages cannot be issued to people who don't have a realistic chance of paying them back. It would hold lenders accountable for the mortgages they issue, and crack down on the risky mortgage-backed transactions that jeopardized our financial system.

I have also introduced the Municipal Financial Advisors Regulation Act, which would ensure that local governments do not fall victim to bad financial advice. This legislation would ensure that municipal financial advisers are registered with the Securities and Exchange Commission and are held accountable to their clients.

Over the next few months, Congress will continue to address the lack of regulation, oversight and accountability that contributed to this recession. Working toward common-sense rules to govern our nation's financial system will help ensure that we can prevent another crisis of this kind as we work to rebuild and recover.

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