Issue Position: Economy

Issue Position

Congresswoman Carolyn McCarthy continues to serve on the House Committee on Financial Services where she works to ensure that our national government continues to protect and strengthen critical investments in our national economy all the while reducing areas of redundancy for the purposes of reducing our national deficit. The Congresswoman remains committed to spurring growth in small businesses and creating sustainable jobs on Long Island to help lead our nation out of the recent economic downturn. Currently, the Congresswoman sits on both the Financial Institutions and Consumer Credit and Housing and Insurance Subcommittees.

Reauthorization of the Terrorism Risk Insurance Act

Created in the wake of the terrorist attack of September 11, 2001, the Terrorism Risk

Insurance Act (TRIA) filled a critical financial void at a time of great national uncertainty and helped ensure orderly financial recovery for losses sustained in the event of future attacks.

Originally passed in 2002, the legislation has been extended twice since then, with the most recent extension due to expire at the end of 2014.

Congresswoman McCarthy has cosponsored various legislative proposals to reauthorize the Terrorism Risk Insurance Act for several years.

Flood Insurance

The constituents of the 4th district are still rebuilding and picking up the pieces due to the devastation of super storm Sandy. Many residents trying to deal with financial strain from necessary repairs and rebuilds to their damaged homes will be burdened by flood insurance premium rate increases for their required coverage. The Congresswoman is committed to making flood insurance coverage affordable for homeowners.

Congresswoman McCarthy has authored and cosigned letters to the FEMA Director requesting a delay of any rate increase to allow for homeowners to continue rebuilding from the devastation of super storm Sandy.

The Congresswoman supported The Homeowner Flood Insurance Affordability Act, bipartisan legislation that would prohibit FEMA from increasing flood insurance rates, and directs FEMA to study the affordability of flood insurance and create a framework that addresses the ongoing affordability issues.

Small Business

The Congresswoman believes that small businesses are the engine that drives our economy. It is important to ensure small businesses have the tools and resources to be able to expand and create new jobs and promote economic growth.

Congresswoman McCarthy cosponsored Credit Union Small Business Jobs Creation Act which would increase the small business lending cap for credit unions, allowing them to offer greater support to their small business members.

Taxes

The tax code in its current form is complex and cumbersome for individual taxpayers and businesses alike. Reforming the tax code to be simpler, efficient and reflective of characteristics such as cost of living will help foster economic growth.

Congresswoman McCarthy cosponsored Child Tax Credit Permanency Act, which would make permanent a current tax deduction for individuals with children.

The Congresswoman is a cosponsor of Free File Program Act, a free online individual income tax preparation and electronic filing service for lower income taxpayers, operated by the Internal Revenue Service (IRS) provided by the private sector technology industry.

Congresswoman McCarthy cosponsored "Hurricane Sandy Tax Relief Act, which would provide various tax benefits for individuals and businesses affected by Super Storm Sandy.

The Congresswoman cosponsored a resolution expressing the sense of Congress that the federal mortgage interest tax deduction should not be restricted.

Financial Literacy

Congresswoman Carolyn McCarthy championed the creation of an entity within the Consumer Financial Protection Bureau (CFPB) that focuses on financial empowerment by giving consumers the tools to be financially literate and competent.

Additionally, the Congresswoman fought successfully to have the Department of Labor repeal a rulemaking redefining fiduciary status for the purposes of ERISA law that could have prohibited consumer access to basic financial education.

The Export-Import Bank of the United States

Congresswoman Carolyn McCarthy advanced legislation to reauthorize the Export-Import Bank of the United States that primarily finances the export of U.S. goods overseas to international buyers. In the Congresswoman's district alone, the Bank has supported $102 million in exports.

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