Louie Gohmert on The Economy

Last Updated : Nov 09, 2010

Opposition to TARP

After the bill passed, Congressman Gohmert spoke on the House floor about the TARP program.

In January of 2009 when the Congress authorized the second half of the TARP funds, congressman Gohmert spoke against the plan and in favor of giving a tax holiday.

 

Repayment of TARP funds

In May of 2009, Congressman Gohmert discussed the TARP program and how those paying the funds back did not return the funds to the program.

 

Oppositions to Stimulus

In January of 2009, Congressman Gohmert spoke about his opposition to the Stimulus Package on the House floor, and his opposition to deficit spending.

In February of 2009, Congressman Gohmert spoke about the lack of stimulus in the stimulus package, the lack of faith that the public has in the contents of the stimulus package, and in the deficit spending that the stimulus package represents.

In February of 2009, Congressman Gohmert spoke about the unwillingness of leaders in Congress to read the bill on the House floor.

 

Opposition to recovering bonuses

In March of 2009, Congressman Gohmert issued a press statement noting his opposition to the AIG bonuses. Later, on the floor of the House, Congressman Gohmert spoke about the unconstitutionality of taxing the bonuses that AIG and other companies gave to their executives after they were bailed out.

 

Opposition to the Helping Families Save Their Homes Act

In March of 2009, Congressman Gohmert issued a press statement noting his recent vote against the Helping Families Save Their Homes Act. He lists his problems with the legislation and states that it will be harmful to responsible home owners.

 

Two Month Tax Holiday

In February of 2009, Congressman Gohmert issued a press statement noting his opposition to TARP and asserting that the true solution was  two month tax holiday. This statement echoed one made in January of that year putting forth the same proposal.

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. Louie Gohmert cast a "No Vote"

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 . Louie Gohmert voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

Louie Gohmert 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. Louie Gohmert voted against the legislation to tax bonuses to TARP recepients.

Louie Gohmert 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. Louie Gohmert voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Louie Gohmert 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. Louie Gohmert voted against the Wall Street Reform Legislation.

Louie Gohmert 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. Louie Gohmert voted against the unified version of the Stimulus bill.

Louie Gohmert 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. Louie Gohmert voted against the Stimulus when it passed the House.

Louie Gohmert 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. Louie Gohmert voted against the Helping Families Save Their Homes Act of 2009.

Louie Gohmert 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. Louie Gohmert voted against the Auto Industry Financing and Restructuring Act.

Louie Gohmert 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 Louie Gohmert voted against the TARP Program.

Louie Gohmert 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. Louie Gohmert voted against the Bush Stimulus.

Louie Gohmert voted against 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. Louie Gohmert voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Louie Gohmert voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

 

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 4653; Accurate Accounting of Fannie Mae and Freddie Mac Act - Cosponsor

Requires the receipts and disbursements of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of: (1) the federal budget submitted by the President; (2) the congressional budget; or (3) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Requires the costs of purchases of mortgages, and mortgage-backed securities issued, by Fannie Mae and Freddie Mac to be calculated by adjusting a specified discount rate for market risks under the Credit Reform Act of 1990. Subjects to the statutory public debt limit the face amount of obligations issued by Fannie Mae and Freddie Mac and outstanding at one time.

Session-111; Bill Number-H R 1431; No Cost Stimulus Act of 2009 - Cosponsor

To stimulate the economy and create jobs at no cost to the taxpayers, and without borrowing money from foreign governments for which our children and grandchildren will be responsible, and for other purposes.

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