John Culberson on The Economy

Last Updated : Oct 27, 2010

Summary

Congressman Culberson opposed the Stimulus bill and spoke against its swift passage through congress and its lack of real stimulus. He opposed additional stimulus packages presented after the original stimulus. Congressman Culberson voted against the wall street reform bill, against the stimulus, against the TARP program, and for the Bush stimulus.

 

Opposition to Stimulus

In February of 2009, Congressman Culberson opposed the stimulus bill on the Glenn Beck program.

 

Opposition to Additional Stimulus

In September of 2010, Congressman Culberson appeared on Fox News and spoke about his opposition to additional stimulus.

 

Opposition to TARP Extension

In December of 2009, Congressman Culberson released a press statement noting his opposition to an extension of the TARP program beyond it's initial end date.

 

Opposition to bailout funds to IMF

In May of 2010, Congressman Culberson released a press statement noting his opposition to the use of IMF funds to bail out Greece with the US being the main contributer to the IMF.

 

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. John Culberson voted against the Small Business Jobs Tax Relief Act of 2010

John Culberson 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 . John Culberson voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

John Culberson 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. John Culberson voted against the legislation to tax bonuses to TARP recepients.

John Culberson 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. John Culberson voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

John Culberson 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. John Culberson voted against the Wall Street Reform Legislation.

John Culberson 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. John Culberson voted against the unified version of the Stimulus bill.

John Culberson 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. John Culberson voted against the Stimulus when it passed the House.

John Culberson 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. John Culberson voted against the Helping Families Save Their Homes Act of 2009.

John Culberson voted against 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. John Culberson voted against the Auto Industry Financing and Restructuring Act.

John Culberson 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 John Culberson voted against the TARP Program.

John Culberson 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. John Culberson voted in favor of the Bush Stimulus.

John Culberson 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. John Culberson voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

John Culberson 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. John Culberson voted in favor of the American Jobs Act.

John Culberson 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. John Culberson voted in favor of Sarbanes-Oxley.

John Culberson voted in favor of Sarbanes-Oxley.

 

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 5029; Economic Freedom Act of 2010 - Cosponsor

Amends the Internal Revenue Code to: (1) eliminate the tax on the capital gains of individuals and corporations; (2) reduce the maximum corporate income tax rate to 12.5%; (3) allow a permanent and unlimited expensing allowance for depreciable business assets; and (4) reduce payroll tax rates for employers, employees, and self-employed individuals in 2010. Makes permanent the repeal of the estate and generation-skipping transfer taxes. Rescinds unobligated balances available in the American Recovery and Reinvestment Act of 2009.

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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