Steve Chabot on The Economy

Last Updated : Feb 21, 2012

Summary

Congressman Chabot was not in office at the time the Stimulus passed. He voted against the TARP program and in favor of the Bush Stimulus.

 

Campaign Website Statements

Revitalizing the Economy

One of the biggest reasons our economy remains stagnant and real job creation has yet to happen is the overwhelming amount of uncertainty facing small business owners. They are uncertain if the job-killing Cap and Trade legislation will pass, they are uncertain as to exactly how the government takeover of healthcare will affect their business, and they are uncertain if they'll be hit with massive tax increases next year.

As the former Ranking Member on the Committee on Small Business, I know we must end the uncertainty and start pushing common-sense policies to spur innovation, development and job creation. Cut the red tape. Lower our taxes. Stop the out-of-control spending. Let's get our economy moving in the right direction.

Voting Record

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. Steve Chabot voted against the Auto Industry Financing and Restructuring Act.

Steve Chabot 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 Steve Chabot voted against the TARP Program.

Steve Chabot 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. Steve Chabot voted in favor of the Bush Stimulus.

Steve Chabot 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. Steve Chabot voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Steve Chabot 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. Steve Chabot voted in favor of the American Jobs Act.

Steve Chabot 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. Steve Chabot voted in favor of Sarbanes-Oxley.

Steve Chabot 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. Steve Chabot voted in favor of the Financial Services Modernization Act of 1999.

Steve Chabot voted in favor of the Financial Services Modernization Act of 1999.

 

Sponsored and Cosponsored Legislation

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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