Tim Bishop on The Economy

Last Updated : Oct 06, 2010

Campaign Website Statements

Creating Jobs and Expanding the Economy

Tim Bishop is a champion for creating jobs in Suffolk County and strengthening our state's economy as a whole. Thanks to his efforts in Congress, Suffolk County received more federal stimulus money for education than any other county in the state, aside from New York City.

The stimulus money that Congressman Bishop brought to our district has helped fund local infrastructure improvement projects, provide much-needed relief to areas ravaged by severe winter storms, and save the jobs of our teachers, police and firefighters. Among the local institutions bolstered by these funds was Brookhaven National Laboratory, where stimulus dollars will accelerate the cleanup of the Brookhaven Graphite Research Reactor. The project is expected to create about 175 jobs for Long Islanders and help 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. Tim Bishop voted in favor of the Small Business Jobs Tax Relief Act of 2010

Tim Bishop 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 . Tim Bishop voted against the Wall Street Reform and Consumer Protection Act of 2009.

Tim Bishop 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. Tim Bishop voted in favor of the legislation to tax bonuses to TARP recepients.

Tim Bishop 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. Tim Bishop voted in favor of passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Tim Bishop 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. Tim Bishop voted in favor of the Wall Street Reform Legislation.

Tim Bishop 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. Tim Bishop voted in favor of the unified version of the Stimulus bill.

Tim Bishop 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. Tim Bishop voted in favor of the Stimulus when it passed the House.

Tim Bishop 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. Tim Bishop voted in favor of the Helping Families Save Their Homes Act of 2009.

Tim Bishop 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. Tim Bishop voted in favor of the Auto Industry Financing and Restructuring Act.

Tim Bishop 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 Tim Bishop voted in favor of the TARP program.

Tim Bishop 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. Tim Bishop voted in favor of the Bush Stimulus.

Tim Bishop 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. Tim Bishop voted against the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Tim Bishop voted against 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. Tim Bishop voted against the American Jobs Act.

Tim Bishop voted against the American Jobs Act.

 

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 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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