Hillary Clinton on The Economy

Last Updated : Jan 23, 2011

Summary

Although Senator Clinton voiced concern over the structure and implementation of the TARP, she voted in favor of the legislation and repeatedly stated that it was necessary.

During the 2008 Presidential campaign, Senator Clinton put forth a 5 point plan for the economy which consisted of a 90 day moratorium on foreclosures, a $30 billion Emergency Housing Crisis Fund, $25 billion in emergency energy assistance for families facing skyrocketing heating bills, $5 billion in energy efficiency and alternative energy investments, and $10 billion in extending and broadening unemployment insurance.

Senator Clinton was made Secretary of State prior to the 2009 stimulus. Although she did not cast a vote on the stimulus, she did support the program domestically, tout it's merits overseas, and ask other countries to pursue a similar economic strategy.

 

Support for TARP

On September 23, 2008, Senator Clinton appeared on the Today Show and spoke about her hesitance towards the TARP program. She also stated that something had to be done and that this program was the best possible option.

On October 1, 2008 Senator Clinton spoke on the Senate floor about the need to pass the Troubled Asset Relief Program. She stated that perfect should not be the enemy of what is necessary.

 

The Clinton Economic Plan

As part of her campaign for the Presidency, Senator Clinton put forth a five point plan to mitigate the oncoming recession and to stimulate the economy.

  • 90-day moratorium on subprime foreclosures and an automatic rate freeze on subprime mortgages of at least five years or until servicers have converted the unworkable mortgages into loans families can afford.
  • Establishing a $30 billion Emergency Housing Crisis Fund to assist states and cities in mitigating the effects of foreclosures: “Her $30 billion fund would provide immediate, time-limited resources to states, cities and community organizations to help prevent unnecessary foreclosures. States and communities could also use the funds to offset the costs associated with vacant properties by supporting efforts like community-level anti-blight programs and helping local housing authorities buy up vacant properties and rent them to working families.”
  • Providing $25 billion in emergency energy assistance for families facing skyrocketing heating bills: “The grants will the purchasing power of energy assistance to where it was five years ago. And they will ensure that hardworking families and seniors on fixed incomes will not have to choose between heating their homes, putting food on the table or purchasing prescription drugs this winter.”
  • Accelerating $5 billion in energy efficiency and alternative energy investments to jump-start green collar job growth: “The immediate actions that could be part of a 2008 stimulus could include a crash weatherization program to cut home energy costs by up to 20 percent this winter; expanded tax credits to encourage families and businesses to accelerate purchases of hybrids and other low-emission vehicles and to reduce energy costs by purchasing efficient appliances, new windows and other clean, efficient technologies; and acceleration of a Green Building Fund and green collar job training program to put tens of thousands of people to work making schools and other public buildings energy efficient.”
  • Investing $10 billion in extending and broadening unemployment insurance for those who are struggling to find work: “By strengthening our unemployment insurance program and extending unemployment insurance for workers who are laid off for extended periods, this effort will empower more Americans to re-enter the labor market in good-paying jobs.

 

Nevada Debate

In January of 2008, Senator Clinton was asked about her views on the economy, foreclosure freezes, and interest rates during the Nevada debate.

 

South Carolina Debate

In January of 2008, Senator Clinton was asked about her stimulus plan during the South Carolina debate.

 

Continued Push for Stimulus

Senator Clinton continued to push for a stimulus package even after Senator Obama had won the election for the Presidency. In November of 2008, she spoke with President Bush and presented him with a letter asking him to push for a stimulus package.

After being appointed to the Secretary of State position, Mrs Clinton continued to push for stimulus by other countries.

 

Voting Record

TARP Funds - Disapproval of Second Installment

In January of 2009, the Senate voted to released the second half of TARP funds to President Obama. Hillary Clinton voted against the resolution and in support of the second installment of TARP funds.

Hillary Clinton voted against the resolution and in support of the second installment of TARP funds.

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 bill received both bipartisan support and bipartisan opposition and passed 74-25 with the two parties making up about half of each vote. In January of 2009, the Senate voted on granting the second half of the TARP funds to President Obama. Hillary Clinton voted in favor of the TARP program.

Hillary Clinton 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 Senate 81-16. Hillary Clinton cast a "No Vote"

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 '); echo('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 bipartisan support and passed 74-25. Hillary Clinton cast a "No Vote"

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 Senate 69-17.

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 almost unanimous support in the Senate and passed in a 99-1 vote. Hillary Clinton voted in favor of Sarbanes-Oxley.

Hillary Clinton voted in favor of Sarbanes-Oxley.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-S 1; American Recovery and Reinvestment Act of 2009 - Cosponsor

Commonly referred to as the stimulus. Calls for the enactment of legislation to create jobs, restore economic growth, and strengthen America's middle class through measures that: (1) modernize the nation's infrastructure; (2) enhance America's energy independence; (3) expand educational opportunities; (4) preserve and improve affordable health care; (5) provide tax relief; and (6) protect those in greatest need.

Session-111; Bill Number-S 3; Homeowner Protection and Wall Street Accountability Act of 2009 - Cosponsor

Expresses the sense of Congress that Congress should enact, and the President should sign, legislation to: (1) stabilize the housing market and assist homeowners by imposing a temporary moratorium on foreclosures, removing impediments to the modification of distressed mortgages, creating tax and other incentives to help prevent foreclosures and encourage refinancing into affordable and sustainable mortgage solutions, and pursuing other foreclosure-prevention policies through the Troubled Asset Relief Program (TARP) or other programs; (2) ensure the safety and soundness of the U.S. financial system for investors by reforming the financial-regulatory system, strengthening systemic-risk regulation, enhancing market transparency, and increasing consumer protections in financial regulation to prevent predatory lending practices; (3) ensure credit-card accountability, responsibility, and disclosure; and (4) stabilize credit markets for small-business lenders to enhance their ability to make loans to small firms, and stimulate the small-business loan markets by temporarily streamlining and investing in the loan programs of the Small Business Administration (SBA).

Session-110; Bill Number-S 3252; Credit Card Accountability Responsibility and Disclosure Act of 2008 - Cosponsor

A bill to amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes.

References

[1] Website: Politico Article: Clinton econ plan aimed at struggling Dems Author: MIKE ALLEN Accessed on: 01/23/2011

User Comments