Cliff Stearns on The Economy

Last Updated : Jun 15, 2012

Campaign Website Statements

Jobs

I have supported over 22 bills that will create jobs, all of which have stalled in the Democrat-controlled Senate. As Chairman of the Subcommittee on Oversight and Investigations, I have highlighted and tried to alleviate the tremendous regulatory burdens imposed on job creators by the Obama Administration. Along these same lines, I have cosponsored several bills to stop federal agencies — including the Federal Communications Commission, Environmental Protection Agency, National Labor Relations Board, and Department of Labor — from imposing burdensome rules that deter investment and job growth.

I have consistently voted for pro-growth tax reform bills and streamlining requirements on small businesses. I supported repealing Obamacare and the $500 billion in new taxes it imposes on Americans. I voted for the Comprehensive 1099 Taxpayer Protection Act (HR 4) that eliminates the IRS Form 1099 reporting requirement for all businesses that spend more than $600 at one place of business. I supported repealing the 3% withholding requirement (HR 674) on all government contracts so that small businesses that receive government contracts receive the full amount of the contract. I voted for the Small Business Tax Cut (HR 9) that gives all small businesses a tax deduction against their income.

Simply, our fiscal tax policy should be used to promote growth and job creation, not punish businesses and entrepreneurs that create jobs and grow our economy.
 

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. Cliff Stearns voted against the Small Business Jobs Tax Relief Act of 2010

Cliff Stearns voted against 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 . Cliff Stearns voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

Cliff Stearns 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. Cliff Stearns voted against the legislation to tax bonuses to TARP recepients.

Cliff Stearns voted against 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. Cliff Stearns voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Cliff Stearns voted against 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. Cliff Stearns voted against the Wall Street Reform Legislation.

Cliff Stearns voted against 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. Cliff Stearns voted against the unified version of the Stimulus bill.

Cliff Stearns voted against 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. Cliff Stearns voted against the Stimulus when it passed the House.

Cliff Stearns voted against 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. Cliff Stearns voted in favor of the Helping Families Save Their Homes Act of 2009.

Cliff Stearns 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. Cliff Stearns voted against the Auto Industry Financing and Restructuring Act.

Cliff Stearns voted against 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 Cliff Stearns voted against the TARP Program.

Cliff Stearns voted against 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. Cliff Stearns voted in favor of the Bush Stimulus.

Cliff Stearns voted in favor of the Bush Stimulus.

Bankruptcy Reform

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 completely redefined bankruptcy in the United States. The bill made it much more for people to walk away from unsecured debt, such as credit cards, and permitted the court to award some compensation to creditors in the event that a bankruptcy was awarded. The bill got moderate bipartisan support and passed 302-126. Cliff Stearns voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Cliff Stearns voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

American Jobs Creation Act

The American Jobs Creation Act was a Republican plan that was signed into law in the summer of 2004. The legislation ending some taxes in the agriculture industry, reduced corporate tax rates from 35% to 32%, reduced taxation on overseas income, and provisions to help companies invest in equipment. It passed the House 251-178. Cliff Stearns voted in favor of the American Jobs Act.

Cliff Stearns voted in favor of the American Jobs Act.

Sarbanes-Oxley

In response to Enron and other accounting scandals, Congress passed a bill which imposed a number of book-keeping and accounting regulations on several industries. The Sarbanes-Oxley Act of 2002 The bill received moderate bi-partisan support in the House and passed in a 334-90 vote. Cliff Stearns voted in favor of Sarbanes-Oxley.

Cliff Stearns voted in favor of Sarbanes-Oxley.

Financial Services Modernization Act of 1999

Also known as GRAMM-LEACH-BLILEY ACT, this legislation ended the Glass-Stegall rule that separated banking institutions from investment institutions. Cliff Stearns voted in favor of the Financial Services Modernization Act of 1999.

Cliff Stearns voted in favor of the Financial Services Modernization Act of 1999.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-H R 5141; Small Business Paperwork Mandate Elimination Act - Cosponsor

Amends the Internal Revenue Code to repeal a provision (added by the Patient Protection and Affordable Care Act) that extends to corporations that are not tax-exempt the requirement to report payments of $600 or more.

Session-110; Bill Number-H R 2712; Small Business SOX Compliance Extension Act - Cosponsor

Directs the Securities and Exchange Commission to modify its regulations under the Sarbanes-Oxley Act of 2002 (SOX) for annual management assessments of, and reports on, internal financial controls. Requires such regulations to provide that a non-accelerated filer does not have to provide management's report on internal control over financial reporting until it files an annual report for its first fiscal year ending on or after December 15, 2008 (thereby extending the current moratorium on such requirements for small businesses).

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