Ted Poe on The Economy

Last Updated : Oct 26, 2010

Summary

Congressman Poe strongly opposed the 2009 stimulus bill and has been a vocal opponent of the plan and critic of it's success. He has been critical of further stimulus plans, and voted against the stimulus and the TARP plan.

 

Opposition to Stimulus

In July of 2010, Congressman Poe spoke on the House floor about the failure of the stimulus to create jobs.

In October of 2009, Congressman Poe spoke twice on the House floor about the jobs created by the stimulus and the weatherizing of houses. He noted that the stimulus had really created jobs for government workers.

In February of 2010, Congressman Poe spoke on the House floor about projects that are being funded by stimulus funds.

 

Grandson of Stimulus

In September of 2010, Congressman Poe spoke on the House Floor about the previous stimulus, and the "son of stimulus." He speaks about impending legislation and refers to it as "grandson of stimulus."

 

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. Ted Poe voted against the Small Business Jobs Tax Relief Act of 2010

Ted Poe 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 . Ted Poe voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

Ted Poe 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. Ted Poe voted against the legislation to tax bonuses to TARP recepients.

Ted Poe 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. Ted Poe voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Ted Poe 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. Ted Poe voted against the Wall Street Reform Legislation.

Ted Poe 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. Ted Poe voted against the unified version of the Stimulus bill.

Ted Poe 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. Ted Poe voted against the Stimulus when it passed the House.

Ted Poe 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. Ted Poe voted against the Helping Families Save Their Homes Act of 2009.

Ted Poe 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. Ted Poe voted against the Auto Industry Financing and Restructuring Act.

Ted Poe 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 Ted Poe voted against the TARP Program.

Ted Poe 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. Ted Poe voted against the Bush Stimulus.

Ted Poe 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. Ted Poe voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Ted Poe 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 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.

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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