Michael McCaul on The Economy

Last Updated : Oct 26, 2010

Summary

Congressman McCaul opposed the 2009 stimulus package, and the TARP package. He voted in favor of the Bush Stimulus.

 

Opposition to TARP

On July 6, 2009 Congressman McCaul noted that he voted against the bailout initially even under pressure to vote for it.

In January of 2009, Congressman McCaul issued a press statement called the McCaul minute where he noted his opposition to second half of the TARP funding.

 

Opposition to the Stimulus

In February of 2009, Congressman McCaul released a press statement noting his opposition to the stimulus and the bailouts. He states that he supports the tax relief provisions of the legislation but opposes the spending.

In February of 2009, Congressman McCaul spoke about his opposition to the Stimulus package on the floor of the US House and on KLBJ radio.

 

Small Business Tax Cuts

In September of 2010, Congressman McCaul appeared on Hardball with Chris Matthews and spoke about small business tax cuts.

 

Campaign Website Statements

 

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. Michael McCaul voted against the Small Business Jobs Tax Relief Act of 2010

Michael McCaul 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 . Michael McCaul voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

Michael McCaul 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. Michael McCaul voted against the legislation to tax bonuses to TARP recepients.

Michael McCaul 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. Michael McCaul voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Michael McCaul 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. Michael McCaul voted against the Wall Street Reform Legislation.

Michael McCaul 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. Michael McCaul voted against the unified version of the Stimulus bill.

Michael McCaul 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. Michael McCaul voted against the Stimulus when it passed the House.

Michael McCaul 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. Michael McCaul voted in favor of the Helping Families Save Their Homes Act of 2009.

Michael McCaul 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. Michael McCaul voted against the Auto Industry Financing and Restructuring Act.

Michael McCaul 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 Michael McCaul voted against the TARP Program.

Michael McCaul 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. Michael McCaul voted in favor of the Bush Stimulus.

Michael McCaul 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. Michael McCaul voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Michael McCaul 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-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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