Jerry McNerney on The Economy

Last Updated : Oct 05, 2010

Campaign Website Statements

ECONOMY

I raised my three kids in California, and my family experienced periods of economic difficulty. I was a renewable energy engineer and small business owner, and I had to take out a second mortgage to afford my kids’ college education. I know what it’s like when times are tough, and nothing is more important to me than creating jobs in California and getting our economy going again.

Small businesses are the engine that drives the American economy, and my experience makes me committed to helping small businesses in our area succeed. I formed a Small Business Advisory board made of local business owners who give me advice on what I can do to help. I worked to pass a law that provides tax relief to companies that hire new workers, and I voted for tax cuts to help small businesses grow. I also wrote a bill to reduce the burden of the estate tax so that small businesses and family farms can be passed from one generation to the next.

I’m upset by how many good American jobs have gone overseas in recent years, and I’ve helped lead the charge to crack down on outsourcing. I introduced a bill called the Stop Outsourcing and Create American Jobs Act to get tough on companies that ship our jobs abroad. My bill closes tax loopholes used by big corporations to send jobs overseas and gives preferences in government contracts to companies that hire workers here at home.

Times are still tough, and we have a lot more work ahead of us on the economy. Creating jobs in our area is one of my priorities, and I’ll keep doing everything I can to give small businesses the tools to succeed and to stop the outsourcing of good American jobs.

 

Voting Record

Small Business Jobs Tax Relief Act of 2010

In June of 2010 the House voted to pass the Small Business Jobs Tax Relief Act of 2010. The act passed 247-170. Jerry McNerney voted in favor of the Small Business Jobs Tax Relief Act of 2010

Jerry McNerney voted in favor of the Small Business Jobs Tax Relief Act of 2010

Wall Street Reform and Consumer Protection Act of 2009

In June of 2010, the House voted on the Wall Street Reform and Consumer Protection Act of 2009. The act failed to pass in a . Jerry McNerney voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

Jerry McNerney voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

TARP Bonuses

In March of 2010, the House voted on legislation to impose an additional tax on bonuses received from certain TARP recipients, and for other purposes. The legislation passed the House 276-145. Jerry McNerney voted in favor of the legislation to tax bonuses to TARP recepients.

Jerry McNerney voted in favor of the legislation to tax bonuses to TARP recepients.

Small Business and Infrastructure Jobs Tax Act of 2010

In March of 2010 the House voted to pass the Small Business and Infrastructure Jobs Tax Act of 2010 246-178. Jerry McNerney voted in favor of passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Jerry McNerney voted in favor of passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Wall Street Reform

In late 2009, the House passed the Wall Street Reform and Consumer Protection Act of 2009. The legislation consolidated many financial regulatory agencies, increased transparency in the derivatives market, regulation of credit rating agencies, and a "resolution regime" to resolve insolvent banks. Jerry McNerney voted in favor of the Wall Street Reform Legislation.

Jerry McNerney voted in favor of the Wall Street Reform Legislation.

The Stimulus

After the Senate passed the Stimulus package, the House voted on a passage of a conference bill to join the House and Senate versions. Jerry McNerney voted in favor of the unified version of the Stimulus bill.

Jerry McNerney voted in favor of the unified version of the Stimulus bill.

The Stimulus

The Stimulus bill (The American Recovery and Reinvestment Act of 2009) passed through the House on January 28, just days after President Obama\'s inauguration. The bill got no support from Republicans and 11 Democrats voted against it as well. Jerry McNerney voted in favor of the Stimulus when it passed the House.

Jerry McNerney voted in favor of the Stimulus when it passed the House.

Helping Families Save Their Homes Act of 2009

The Helping Families Save Their Homes Act of 2009 was a program designed to assist those who may be able to remain in their home with a modest amount of government assistance. The bill got wide bi-partisan support in the House and passed 367-54. Jerry McNerney voted in favor of the Helping Families Save Their Homes Act of 2009.

Jerry McNerney voted in favor of the Helping Families Save Their Homes Act of 2009.

Auto Industry Financing and Restructuring Act

In December of 2008 the US House voted to pass the Auto Industry Financing and Restructuring Act. The act provided a loan to GM through TARP funds and set up a plan to allow the company to receive more if they demonstrated a path back to viability. The act failed to pass the Senate, but was used as a guideline for the GM bailout for the Obama administration. Jerry McNerney voted in favor of the Auto Industry Financing and Restructuring Act.

Jerry McNerney voted in favor of the Auto Industry Financing and Restructuring Act.

Troubled Asset Relief Program (TARP)

The TARP program was designed to prevent the failure of large banks by purchasing their "troubled assets" and allowing them to move them off their records as liabilities. The vote on the legislation passed 263-171 Jerry McNerney voted in favor of the TARP program.

Jerry McNerney voted in favor of the TARP program.

The Bush Stimulus

In early 2008, the Recovery Rebates and Economic Stimulus for the American People Act of 2008 was passed in an attempt to stimulate the economy. Also known as the Bush Stimulus, the act consisted largely of checks sent to individuals. The bill received wide bipartisan support and passed the House 385-35. Jerry McNerney voted in favor of the Bush Stimulus.

Jerry McNerney voted in favor of the Bush Stimulus.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-H R 4302; Small Business Job Creation and Access to Capital Act of 2009 - Cosponsor

Amends the Small Business Act to increase maximum amounts of loans under the following Small Business Administration (SBA) loan programs: (1) the section 7(a) (general small business loans) guaranteed loan program; (2) the section 504 (state and local development company) program; and (3) the Microloan (small-scale loans to start-up, newly-established, and growing small businesses) program.

Session-111; Bill Number-H R 1586; Taxing Bonuses - Cosponsor

Imposes an additional income tax on bonuses paid to employees or former employees of covered Troubled Assets Relief Program (TARP) recipients after December 31, 2008. Defines "covered TARP recipient" to include: (1) entities and their affiliates and partnerships that received capital infusions under the Emergency Economic Stabilization Act of 2008 exceeding $5 billion after December 31, 2007; and (2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

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