Mark Pryor on The Economy

Last Updated : Nov 14, 2012

Summary

The Bush Stimulus

Senator Pryor supported the Bush stimulus in early 2008. He stated that he was proud that the Senate was giving seniors, disabled veterans and most working Americans a much-needed break and that he was hopeful that the economic stimulus package would help give the economy the kick it needs.

Credit CARD Act

In 2009, Senator Pryor supported the Credit CARD Act. He stated that the legislation would keep credit card companies honest and that Arkansans play by the rules and we expect others to do the same. 

Wall Street Reform

When the Wall Street reform package was proposed, Senator Pryor stated that the bill promoted the financial stability of our nation and will prevent the risky financial schemes cooked up by Wall Street that led to the worst financial and economic crises since the Great Depression. He also noted his support for the new Consumer Financial Protection Bureau and regulation to prevent that organiztion from getting involved in manufacturing.

In supporting the passage of the Wall Street Reform legislation, Senator Pryor asserted that Wall Street had played risky games with consumer's savings and that this malfeasance led to the near economic collapse of the country. He also stated that the legislation had safeguards to prevent a future meltdown, establish and early warning system to detect and address emerging threats, enhance consumer and investor protections, and provides a mechanism to liquidate failing companies without cost to taxpayers.

America Competes Act

In July of 2010, Senator Pryor supported the America COMPETES Act, stating that the bill set the stage for economic growth by committing federal resources to schools and private sector businesses seeking advancements in science, technology, engineering and math. Senator Pryor introduced two facets of the legislation that he touted as benefiting the economy in the future. The first of these was a provision to allow the government to back up to 80% of loans to the development of science parks. The second was a provisions to authorize federal agencies to hold competitions with monetary prizes in order to encourage innovation in basic and applied research, technology development, and prototype demonstration that advance the mission of an agency.

Small Business Lending Act

In September of 2010, Senator Pryor supported the passage of the Small Business Lending Act. He stated that small business owners had asserted that it remains difficult to get the loans they need to start, run or expand their companies. He asserted that the Small Business Lending Act would help solve the problem by increasing and incentivizing small business lending, rewarding entrepreneurs for investing in new small businesses, and providing significant tax cuts to help businesses grow and thrive.

Regulatory Accountability Act

In September of 2011, Senator Pryor discussed his support for legislation to reform the regulatory system. The legislation would require early engagement between agencies and affected parties subject to expensive rules and requires agencies to finalize rules that have the least burdensome cost to the economy. Specifically, it would require an agency to consider any reasonable, meaningful alternatives for a new rule, require an agency to issue an Advanced Notice of Proposed Rulemaking (ANPRM) for all major and high-impact rules, require an agency to issue a Notice of Proposed Rulemaking (NPRM) or determination of other agency action for all rules, make greater use of formal hearings for high-impact and some major rules, allowing facts and data to be introduced into the record and an opportunity for cross-examination, and require an agency to adopt the least costly final rule unless the agency can show that an alternative rule’s additional benefits outweigh the additional costs. Senator Pryor stated that the bill would prevent overly burdensome and drawn-out regulations from interfering with our nation’s prosperity.

Jump-starting Our Business Start-ups Act

In March of 2012, Senator Pryor supported the Jump-starting Our Business Start-ups Act (JOBS Act). The bill would permit “crowdfunding” or the use of social media to finance new businesses and allow companies to issue securities totaling up to $1 million without registering the sale with the SEC and allow small companies to sell up to $50 million in shares as part of a public offering before having to register with the SEC. Senator Pryor also promoted a portion of the bill to increases the shareholder threshold for SEC registration for bank and bank holding companies to 2,000 from the current 500 threshold.

Made in America Package

In August of 2012, Sentor Pryor noted his support for a package of legislation that he referred to as the Made in America Package. This package consisted of seven pieces of legislation that would strengthen the manufacturing sector, level the playing field, and enhance trade and export programs. Specifically, the legislation within the package consisted of the:

  • SECTORS Act to create a three-year competitive industry or manufacturing sector grant to encourage industry growth and competitiveness and improved training, retention, and advancement in targeted industry clusters.
  • WIN Jobs Act to establish the Innovation in Investment pilot program to make competitive grants to business and higher education consortia that would expand workforce training in high-tech manufacturing and developing industries through public-private partnerships.
  • America Recruits Act to establish a grant program to States to encourage the in-sourcing of new manufacturing facilities.
  • Enforcing Orders and Reducing Customs Evasion Act to require the U.S. Customs and Border Protection to establish procedures for investigating claims of evasion of anti-dumping and countervailing duty orders.
  • Global Investment in American Jobs Act to require the Secretary of Commerce to lead an interagency review and report of U.S. laws and policies on foreign direct investment and make recommendations to make the U.S. more competitive.
  • Export Promotion Act to update the duties of the Department of Commerce Trade Promotion Coordinating Committee (TPCC) to improve the coordination of export promotion activities within the United States in order to target and develop new export markets for U.S. products.
  • Small Business Export Growth Act, to revise membership of the TPCC to include one member that represents state agencies with responsibility for export promotion and export financing.

 

Senator Pryor's Plan

Senator Pryor's official website contains a sic point plan for the economy. These six points include: setting the table for growth; new products, new industries, new jobs, investing in infrastructure, maximizing agricultural opportunities, preparing tomorrow's job-generators to compete and win; and empowering small business owners to succeed.

In setting the table for growth, Senator Pryor's plan included measures to reduce red tape, open new markets, reform the tax code, and reduce the deficit. In addressing new products and technologies, Senator Pryor's plan focused on advancing nanotechnology, expanding clean and domestic energy, and developing advanced weaponry. His plan to address infractructure included investing in rails, roads, airports, and water supply.

To maximize agricultural power, Senator Pryor proposed leveling the playing field by challenging unfair practices by China and Russia, assisting US firms in navigating foreign markets, expanding opportunities to farmers, and expanding science parks.

 

Bush Stimulus

In February of 2008, Senator Pryor issued a press statement noting his support for the Bush stimulus. He stated that he was proud that the Senate acted to give seniors, disabled veterans and most working Americans a much-needed break.

 

Credit CARD Act

In May of 2009, Senator Pryor issued a press statement noting his support for the Credit CARD Act. He stated that Arkansans play by the rules and we expect others to do the same. He also noted a number of provisions that the legislation would enact to protect people against credit card company malfeasance.

 

Support for Wall Street Reform

In May of 2010, Senator Pryor issued a press statement noting his support for the Wall Street reform legislation. He stated that the Restoring American Financial Stability Act of 2010 promotes the financial stability of our nation and prevents the risky financial schemes cooked up by Wall Street that led to the worst financial and economic crises since the Great Depression. He also expressed support for the new Consumer Financial Protection Bureau and regulation to prevent that organiztion from getting involved in manufacturing.

 

Wall Street Reform Passage

In July of 2010, Senator Pryor issued a press statement noting his support for the passage of the Wall Street reform package. In that statement he discussed his view that Wall Street had gambled with consumer funds and this greed brought the country to near collapse. He noted that the reform put in place safeguards to prevent future problems.

 

America COMPETES Act

In July of 2010, Senator Pryor issued a press statement noting his support for the America COMPETES Act and stating that the bill will set the stage for economic growth by committing federal resources to schools and private sector businesses seeking advancements in science, technology, engineering and math. The Senator also noted two provisions of the bill that he introduced - one to back loans for science parks, and one to authorize federal agencies to hold competitions with monetary prizes in order to encourage innovation in basic and applied research, technology development, and prototype demonstration.

 

Small Business Lending Act

In September of 2010, Senator Pryor issued a press statement noting his support for the passage of the Small Business Lending Act of 2010. He stated that the bill would increase and incentivize small business lending, reward entrepreneurs for investing in new small businesses, and provide significant tax cuts to help businesses grow and thrive.

 

Regulatory Accountability Act

In September of 2011, Senator Pryor issued a press statement noting his support for the Regulatory Accontability Act of 2011 to address the rule making process and regulatory reform. He noted that the legislation would improve the rulemaking process by amending the Administrative Procedure Act to place greater emphasis on early engagement between agencies and affected parties subject to expensive rules. He noted the specifics of how that legislation would work and some examples of over regulation, including the reflectivity of stop signs and dust.

 

Jumpstarting Our Businesses

In March of 2012, Senator Pryor issued a press statement noting the Jump-Starting Our Business Start-Ups Act that he was introducing and a specific section of the content of that legislation. He states that burdensome regulations and access to capital stand in the way between success and failure for a small business and that Jump-starting Our Business Start-ups Act will help provide smaller companies with easier access to capital. He also noted a section that he introduced to increase the Securities and Exchange Commission threshold from 500 to 2,000 shareholders.

 

Made in America Package

In August of 2012, Senator Pryor issued a press statement noting a set of legislation that he was supporting that he was calling the Made in America Package. This package actually included seven smaller pieces of legislation that the Sentor broke down in to three categories of strengthening the manufacturing sector, leveling the playing field and enhancing trade and export programs.

 

Official Website Statements

 

 

Voting Record

Wall Street Reform

In 2010, the Senate 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. Mark Pryor voted in favor of the Wall Street Reform Legislation.

Mark Pryor voted in favor of the Wall Street Reform Legislation.

The Stimulus

After the stimulus passed the House, the conference report was voted on to pass the unified version. Mark Pryor voted in favor of the Stimulus in the final vote.

Mark Pryor voted in favor of the Stimulus in the final vote.

The Stimulus

The Obama stimulus package passed through the Senate in January of 2009 and received the support of all Democrats and three Republicans. Mark Pryor voted in favor of the stimulus in the initial vote.

Mark Pryor voted in favor of the stimulus in the initial vote.

TARP Funds - Disapproval of Second Installment

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

Mark Pryor voted against the resolution and in support of the second installment of TARP funds.

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 Senate and passed 91-5. Mark Pryor voted in favor of the Helping Families Save Their Homes Act of 2009.

Mark Pryor voted in favor of the Helping Families Save Their Homes Act of 2009.

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. Mark Pryor voted in favor of the TARP program.

Mark Pryor 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. Mark Pryor voted in favor of the Bush Stimulus.

Mark Pryor 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 '); 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. Mark Pryor voted in favor of the Bankruptcy Reform bill.

Mark Pryor voted in favor of the Bankruptcy Reform bill.

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.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-S 386; Fraud Enforcement and Recovery Act of 2009 - Cosponsor

An Act to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes

Session-112; Bill Number-S 18; 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. Rescinds $39 billion of appropriated but unobligated discretionary funds. Exempts unobligated funds of the Department of Defense (DOD) or the Department of Veterans Affairs (VA). Requires the Director of the Office of Management and Budget (OMB) to determine and identify from which appropriation accounts such rescissions shall apply and report to the Secretary of the Treasury and Congress on such rescissions.

Session-111; Bill Number-S 386; Fraud Enforcement and Recovery Act of 2009 or FERA - Cosponsor

Legislation dealing with the TARP funds and designed to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes.

Session-111; Bill Number-S 2869; Small Business Job Creation and Access to Capital Act of 2009 - Cosponsor

Small Business Job Creation and Access to Capital Act of 2009 - Title I: Next Steps for Main Street Credit Availability - (Sec. 101) Amends the Small Business Act to increase maximum amounts of loans under the following Small Business Administration (SBA) loan programs: (1) the section 7(a) (general small business loans) guaranteed loan program; (2) the section 504 (state and local development company) program; and (3) the Microloan (small-scale loans to start-up, newly-established, and growing small businesses) program. Repeals on January 1, 2011, the percentage increases under the 7(a) guaranteed loan program. (Sec. 104) Amends the American Recovery and Reinvestment Act of 2009 to extend through 2010 SBA authority to reduce or eliminate loan fees on section 7(a) and 504 loans.

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