Jo Ann Emerson on The Economy

Last Updated : Jun 13, 2012

Campaign Website Statements

Spurring Private Sector Job Growth

Too many in Washington just aren’t listening. We need jobs. We need jobs created and sustained by the private sector, not the federal government. Last year President Obama and liberals in Congress forced through a nearly trillion dollar stimulus bill which failed miserably. Our unemployment rate remains at record levels and it seems the only entity hiring is the federal government.

The government shouldn’t be in the business of creating jobs, it should be creating the conditions necessary for private employers to create jobs. This means we must keep taxes low, refrain from imposing onerous new regulations and mandates on our small businesses, and put this nation’s economy back on track.

The incredible amount of regulation, mandates and taxes in the federal government takeover of healthcare is truly alarming. I continue to hear from small business owners across the Eighth District concerned for the future of their businesses. These business owners are frustrated. They want to grow, they want to expand, and they want to add new jobs, but policies like the new healthcare law are truly killing jobs. A job that might once have been created is no longer economically feasible for a small business owner to create.

I stood strong against the healthcare bill and I will continue to stand with the residents of Southern Missouri who know growth of the private sector, not the federal government, is the way to get our economy moving again.

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. Jo Ann Emerson voted against the Small Business Jobs Tax Relief Act of 2010

Jo Ann Emerson 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 . Jo Ann Emerson voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

Jo Ann Emerson 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. Jo Ann Emerson voted against the legislation to tax bonuses to TARP recepients.

Jo Ann Emerson 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. Jo Ann Emerson voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Jo Ann Emerson 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. Jo Ann Emerson voted against the Wall Street Reform Legislation.

Jo Ann Emerson 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. Jo Ann Emerson voted against the unified version of the Stimulus bill.

Jo Ann Emerson 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. Jo Ann Emerson voted against the Stimulus when it passed the House.

Jo Ann Emerson 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. Jo Ann Emerson voted in favor of the Helping Families Save Their Homes Act of 2009.

Jo Ann Emerson 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. Jo Ann Emerson voted in favor of the Auto Industry Financing and Restructuring Act.

Jo Ann Emerson 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 Jo Ann Emerson voted in favor of the TARP program.

Jo Ann Emerson 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. Jo Ann Emerson voted in favor of the Bush Stimulus.

Jo Ann Emerson 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. Jo Ann Emerson voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Jo Ann Emerson 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. Jo Ann Emerson voted in favor of the American Jobs Act.

Jo Ann Emerson 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. Jo Ann Emerson voted in favor of Sarbanes-Oxley.

Jo Ann Emerson 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. Jo Ann Emerson voted in favor of the Financial Services Modernization Act of 1999.

Jo Ann Emerson 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-111; Bill Number-H R 4653; Accurate Accounting of Fannie Mae and Freddie Mac Act - Cosponsor

Requires the receipts and disbursements of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of: (1) the federal budget submitted by the President; (2) the congressional budget; or (3) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Requires the costs of purchases of mortgages, and mortgage-backed securities issued, by Fannie Mae and Freddie Mac to be calculated by adjusting a specified discount rate for market risks under the Credit Reform Act of 1990. Subjects to the statutory public debt limit the face amount of obligations issued by Fannie Mae and Freddie Mac and outstanding at one time.

Session-111; Bill Number-H R 5299; European Bailout Protection Act - Cosponsor

Amends the Bretton Woods Agreements Act to: (1) prohibit U.S. loans to the International Monetary Fund (IMF) for assistance to any European Union (EU) member state until the ratio of the total outstanding public debt of each member state to its gross domestic product (as of the end of the most recent fiscal year of the member state ending in the preceding calendar year) is not more than 60%; and (2) direct the Secretary of the Treasury to oppose any IMF loans to member states until all member states are in compliance with such debt ratio.

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