Baron Hill on The Economy

Last Updated : Sep 16, 2010

Summary

Congressman Hill has stated that the economy is on the right track for recovery and that the stimulus and other programs are to credit for that progress. While in office, he voted for the Stimulus bill, in favor of the Bush Stimulus, and voted in favor of TARP initially, but against it in the final vote.

 

Campaign Website Statements

The Economy and Job Creation

Our country is steadily getting back on track economically. Recent jobs reports are promising, and the targeted tax cuts to hard-working Hoosier families and first-time homebuyers and investments in local infrastructure projects I supported are making an impact. However, I believe our economy will never be on solid ground if we do not get our larger fiscal house in order. To that end, I authored the legislation that made pay-as-you-go (PAYGO) budgeting rules the law of the land. This forces Congress to offset any new or increased spending so as to begin cutting down our debt and manage our finances like Hoosier families do every day.

I also will keep pushing for additional fiscal reforms, including a Balanced Budget Amendment to our Constitution. The Complete Plan can be seen here.

 

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. Baron Hill voted in favor of the Small Business Jobs Tax Relief Act of 2010

Baron Hill 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 . Baron Hill voted against the Wall Street Reform and Consumer Protection Act of 2009.

Baron Hill voted against 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. Baron Hill voted in favor of the legislation to tax bonuses to TARP recepients.

Baron Hill 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. Baron Hill voted in favor of passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Baron Hill 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. Baron Hill voted against the Wall Street Reform Legislation.

Baron Hill 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. Baron Hill voted in favor of the unified version of the Stimulus bill.

Baron Hill 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. Baron Hill voted in favor of the Stimulus when it passed the House.

Baron Hill 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. Baron Hill voted in favor of the Helping Families Save Their Homes Act of 2009.

Baron Hill 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. Baron Hill voted in favor of the Auto Industry Financing and Restructuring Act.

Baron Hill 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 Baron Hill voted against the TARP Program.

Baron Hill 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. Baron Hill voted in favor of the Bush Stimulus.

Baron Hill voted in favor of the Bush Stimulus.

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. Baron Hill voted against the American Jobs Act.

Baron Hill voted against 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. Baron Hill voted in favor of Sarbanes-Oxley.

Baron Hill 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. Baron Hill voted in favor of the Financial Services Modernization Act of 1999.

Baron Hill voted in favor of the Financial Services Modernization Act of 1999.

 

Sponsored and Cosponsored Legislation

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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