Issue Position: Economy

Issue Position

Mike supports a balanced approach to addressing our nation's budget deficit and growing the economy. That is one of the reasons he voted against the Budget Control Act in the summer of 2011. That legislation created the Super Committee, tasked with identifying ways to reduce the budget deficit. When the Super Committee failed to reach agreement, automatic budget cuts called sequestration went into effect in 2013. Those automatic across-the-board cuts of approximately 8% were scheduled to be repeated every year for ten years. In 2014, Congress acted to ease them. Mike supported that action because he believes that sequestration is not a responsible way to reduce the deficit.

Mike believes that the best way to meet our nation's fiscal challenges is through a combination of responsible budget cuts and additional revenue. In early 2013, Congress voted to let many of the Bush tax cuts expire. Mike supported this because he believes that the federal deficit cannot be addressed through budget cuts alone. Mike remains committed to providing relief for those who need it the most, while recognizing that budget cuts alone won't solve our nation's fiscal problems.

Mike has worked hard to stabilize our nation's economy as a member of the House Committee on Financial Services. A few years ago America faced the worst financial crisis since the Great Depression, losing $19 trillion in household wealth, 8.7 million jobs and 4 million homes to foreclosure. Mike worked hard with his colleagues to create a comprehensive financial regulatory reform package to ensure that this would never happen again. The Wall Street Reform and Consumer Protection Act, which Mike voted for, became law in July of 2010. It strengthens our financial markets, protects consumers, and provides more transparency and oversight so regulators can better monitor systemic threats to our financial system. Every Member of the Financial Services Committee worked on many aspects of this bill. Two areas Mike particularly focused on included:

A provision requiring hedge funds to register with the Securities and Exchange Commission (SEC) to improve federal oversight and provide more information to investors.
Increased accountability of credit rating agencies, which were a major contributor to the financial crisis, to reasonably reflect the credit risk of financial products so that investors can make informed decisions. This provision makes it easier to hold credit rating agencies liable for their actions when they don't do their job responsibly.

Mike is a long time defender of fair and affordable housing. He has:

Fought to ensure that Massachusetts' unique double and triple-decker houses receive the same benefits as single unit homes.
Advocated for federal policies to allow underwater homeowners to refinance their mortgages for lower rates and better terms.
Guaranteed that tenants were protected when Congress passed legislation to help homeowners avoid defaulting on their mortgages. His measure required that tenants be given 90 days notice before they must vacate a foreclosed home. Prior to Mike's proposal, tenants faced immediate eviction.

Mike voted in favor of establishing the Troubled Asset Relief Program (TARP) to help stabilize our economy and prevent a deepening financial crisis. At the time he described it as one of the most difficult votes he ever cast.

Mike felt strongly that doing nothing to prevent a recession that would result in massive job losses was simply not an acceptable option. He voted for TARP because he was not willing to risk Americans' pensions, investments and access to credit. Since the passage of TARP, the financial markets have displayed more confidence and much of the funds distributed have been repaid to the federal government. Mike continues to closely monitor the progress and repayment of TARP to ensure full transparency and protection of taxpayers.

In 2009, Congress passed the stimulus package, officially known as the American Recovery and Reinvestment Act (ARRA), to create and save millions of American jobs. Although Mike believed the bill relied too heavily on tax cuts, he voted for the overall stimulus package because he felt it would help with job creation and boost the economy. The bill provided funding for transportation, health care, education, scientific research and housing initiatives.

Mike is a long-time supporter of legislation to protect consumers from exploitative credit card company practices. With Mike's support, Congress passed this legislation, which prohibits rate increases on preexisting balances, requires sufficient notification before increasing rates, and prohibits double charging on purchases already paid off. Mike also believes credit card issuers shouldn't be allowed to arbitrarily raise interest rates on consumers.

Source