Kevin Brady on The Economy

Last Updated : Oct 25, 2010

Summary

Congressman Brady opposed the stimulus package and referred to it as a trillion dollar mistake. He opposed the bailout of the auto industry, and Fannie Mae and Freddie Mac. He voted in favor of the TARP package.He supported the Bush stimulus.

 

Opposition to Stimulus

In January of 2009, Congressman Brady called the stimulus a trillion dollar mistake and stated that it did not contain enough of the type of stimulus to create jobs and only grew government.

Congressman Brady also spoke on the House floor in opposition to the stimulus.

In November of 2009, Congressman Brady spoke about his opposition to the outcome of the stimulus bill and asked Treasury Secretary Timothy Geithner if he would be willing to step down.

Roughly a year after the stimulus, Congressman Brady spoke about the failed promises of the stimulus bill.

 

Opposition to the auto-bailout

In December of 2008, Congressman Brady spoke about his opposition to the bailout of GM and other auto manufacturers in a press release.

TARP

Congressman Brady initially voted against the TARP program, but voted in favor of the legislation in the final passage. When a similar measure failed to pass the House in September of 2008, his office released the following press statement with his opinions on the matter.

 

Opposition to Fannie Mae and Freddie Mac Bailout

In July of 2008, Congressman Brady released a press statement noting his opposition to the bailouts of Fannie Mae and Freddie Mac.

 

Support for Bush Stimulus

In January of 2008, Congressman Brady released a press statement indicating his support for the Bush stimulus. He also cautioned Congress not to be too optimistic about its possible effects.

 

 

 

 

 

 

 

 

 

 

Official 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. Kevin Brady voted against the Small Business Jobs Tax Relief Act of 2010

Kevin Brady 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 . Kevin Brady voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

Kevin Brady 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. Kevin Brady voted against the legislation to tax bonuses to TARP recepients.

Kevin Brady 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. Kevin Brady voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Kevin Brady 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. Kevin Brady voted against the Wall Street Reform Legislation.

Kevin Brady 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. Kevin Brady voted against the unified version of the Stimulus bill.

Kevin Brady 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. Kevin Brady voted against the Stimulus when it passed the House.

Kevin Brady 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. Kevin Brady voted against the Helping Families Save Their Homes Act of 2009.

Kevin Brady 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. Kevin Brady voted against the Auto Industry Financing and Restructuring Act.

Kevin Brady 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 Kevin Brady voted in favor of the TARP program.

Kevin Brady 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. Kevin Brady voted in favor of the Bush Stimulus.

Kevin Brady 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. Kevin Brady voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Kevin Brady 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. Kevin Brady voted in favor of the American Jobs Act.

Kevin Brady 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. Kevin Brady voted in favor of Sarbanes-Oxley.

Kevin Brady 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. Kevin Brady voted in favor of the Financial Services Modernization Act of 1999.

Kevin Brady 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.

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