Keith Ellison on The Economy

Last Updated : Jun 25, 2012

Campaign Website Statements

 

 

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. Keith Ellison voted in favor of the Small Business Jobs Tax Relief Act of 2010

Keith Ellison 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 . Keith Ellison voted against the Wall Street Reform and Consumer Protection Act of 2009.

Keith Ellison 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. Keith Ellison voted in favor of the legislation to tax bonuses to TARP recepients.

Keith Ellison 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. Keith Ellison voted in favor of passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Keith Ellison 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. Keith Ellison voted in favor of the Wall Street Reform Legislation.

Keith Ellison 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. Keith Ellison voted in favor of the unified version of the Stimulus bill.

Keith Ellison 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. Keith Ellison voted in favor of the Stimulus when it passed the House.

Keith Ellison 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. Keith Ellison voted in favor of the Helping Families Save Their Homes Act of 2009.

Keith Ellison 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. Keith Ellison cast a "No Vote"

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 Keith Ellison voted in favor of the TARP program.

Keith Ellison 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. Keith Ellison voted in favor of the Bush Stimulus.

Keith Ellison voted in favor of the Bush Stimulus.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-H R 4426; Wall Street Bonus Tax Act - Cosponsor

Amends the Internal Revenue Code to: (1) impose a tax on current or former employees of recipients of financial assistance under the Trouble Asset Relief Program (TARP) for 50% of any bonus exceeding $50,000 paid to them during 2010; and (2) establish in the Treasury the Small Business Growth Fund to hold revenues from such tax. Requires the Administrator of the Small Business Administration (SBA) to establish and carry out a program to make loans directly to small business concerns. Makes amounts from such Fund available to carry out such program.

Session-111; Bill Number-H R 4290; New Deal for a New Economy Act - Cosponsor

Directs the Secretary of the Treasury, from unobligated funds under the Emergency Economic Stabilization Act of 2008 (EESA), to make specified sums available for FY2010-FY2012 to the Secretary of Education, the Attorney General, the Secretary of Homeland Security (DHS), and the Secretaries of Commerce, Labor, the Interior, and Agriculture. Requires: (1) the Secretary of Education to allocate, and each eligible local educational agency in the state to receive, funds in proportion to amounts received under the Elementary and Secondary Education Act of 1965; and (2) a state to make and distribute the amount allocated to it within 90 days of receipt. Authorizes the use of funds to hire new employees, rehire employees laid off during the year prior to enactment, continue to employ employees scheduled to be laid off as a result of reduced budgets, and prevent furloughs scheduled as a result of reduced budgets.

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).

Session-111; Bill Number-H R 627; Credit CARD Act of 2009 - Cosponsor

To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.

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