Stephanie Herseth on The Economy

Last Updated : Sep 13, 2010

Summary

Congresswoman Herseth strongly supported the Stimulus bill and cites it as helping in education, energy, and other areas. She voted in favor of the 2009 Stimulus Act, and in favor of the 2008 Bush Stimulus. She initially voted in favor of the TARP plan and voted against it when it came back from the Senate.

 

Official Website Statements

 

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. Stephanie Herseth voted against the Small Business Jobs Tax Relief Act of 2010

Stephanie Herseth 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 . Stephanie Herseth voted against the Wall Street Reform and Consumer Protection Act of 2009.

Stephanie Herseth 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. Stephanie Herseth voted in favor of the legislation to tax bonuses to TARP recepients.

Stephanie Herseth 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. Stephanie Herseth voted in favor of passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Stephanie Herseth 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. Stephanie Herseth voted in favor of the Wall Street Reform Legislation.

Stephanie Herseth 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. Stephanie Herseth voted in favor of the unified version of the Stimulus bill.

Stephanie Herseth 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. Stephanie Herseth voted in favor of the Stimulus when it passed the House.

Stephanie Herseth 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. Stephanie Herseth voted in favor of the Helping Families Save Their Homes Act of 2009.

Stephanie Herseth 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. Stephanie Herseth voted against the Auto Industry Financing and Restructuring Act.

Stephanie Herseth 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 Stephanie Herseth voted against the TARP Program.

Stephanie Herseth 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. Stephanie Herseth voted in favor of the Bush Stimulus.

Stephanie Herseth 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. Stephanie Herseth voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Stephanie Herseth 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. Stephanie Herseth voted in favor of the American Jobs Act.

Stephanie Herseth voted in favor of the American Jobs Act.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-H R 4302; Small Business Job Creation and Access to Capital Act of 2009 - Cosponsor

Amends the Small Business Act to increase maximum amounts of loans under the following Small Business Administration (SBA) loan programs: (1) the section 7(a) (general small business loans) guaranteed loan program; (2) the section 504 (state and local development company) program; and (3) the Microloan (small-scale loans to start-up, newly-established, and growing small businesses) program.

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