Barbara Boxer on The Economy

Last Updated : Jun 24, 2010

Summary

Senator Boxer is a strong supporter of the 2009 Stimulus package, both before and after it's passage.  She also supported the use of TARP funds for the automotive bailout.

Senator Boxer is a strong proponent of government as the creator of jobs.  She has advocated for the use of a cap and trade bill that she claims would add jobs to the California economy.  The cites a number of public works projects on her campaign and official website that "create" hundreds of thousands of jobs.

Senator Boxer opposes tax subsidies for companies that move jobs overseas.  She supported a provision in the JOBS Tax bill of 2004 that provided tax benefits to film companies that keep 75% of their employment in the US.  She also supported legislation that would exempt employers from social security taxes that hired workers who had been out of work for longer than 60 days.  The legislation would also provide a $1,000 tax break to companies for each new worker hired.

Senator Boxer also proposed legislation to tax the bonuses of employees whose companies to TARP funds.

 

Press release - passing of stimulus

On February 13, 2009 Senator Boxer issued a press release applauding the passage of the stimulus bill and stating that it would put the people of California to work immediately. The full press release can be found here.

 

Stimulus is working

In September of 2009, Senator Boxer was quoted in a Washington Times article stating that those who had opposed the stimulus were upset that it was working. After a vote to keep road signs in place stating that the project under construction was funded by stimulus money, Senator Boxer said the following:

 

TARP and the auto-bailout

In February of 2009 Senator Boxer was asked about the possibility of using an executive order instead of legislation to authorize the use of TARP funds for a bail-out of the automotive industry. The noted this inquiry on her campaign website.

 

TARP and bonuses

Senator Boxer advocated for the taxing of bonuses to employees of companies that took TARP money. She introduced legislation that would have imposed a one-time 50% tax on bonuses of more than $400,000 to employees of companies that took more than $5 billion in TARP money.

 

Official Website Statements

On Senator Boxer's official website, she details a four point plan to jump start small business.  That plan is outlined below.

 

Campaign 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. Barbara Boxer voted in favor of the Wall Street Reform Legislation.

Barbara Boxer 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. Barbara Boxer voted in favor of the Stimulus in the final vote.

Barbara Boxer 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. Barbara Boxer voted in favor of the stimulus in the initial vote.

Barbara Boxer 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. Barbara Boxer voted against the resolution and in support of the second installment of TARP funds.

Barbara Boxer 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. Barbara Boxer voted in favor of the Helping Families Save Their Homes Act of 2009.

Barbara Boxer 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. Barbara Boxer voted in favor of the TARP program.

Barbara Boxer 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. Barbara Boxer voted in favor of the Bush Stimulus.

Barbara Boxer 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. Barbara Boxer voted against the Bankruptcy Reform bill.

Barbara Boxer voted against 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.

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. Barbara Boxer voted in favor of Sarbanes-Oxley.

Barbara Boxer voted in favor of Sarbanes-Oxley.

Financial Services Modernization Act of 1999

Also known as GRAMM-LEACH-BLILEY ACT, this legislation ended the Glass-Stegall rule that separated banking institutions from investment institutions. Barbara Boxer voted against the Financial Services Modernization Act of 1999.

Barbara Boxer voted against the Financial Services Modernization Act of 1999.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-S 133; Troubled Asset Relief Program Transparency Reporting Act - Cosponsor

Prohibits the use by a recipient or its subsidiary of Troubled Asset Relief Program (TARP) funds under the Emergency Economic Stabilization Act of 2008 for lobbying expenditures or political contributions. Requires the Secretary of the Treasury, through enhanced internal reporting and oversight requirements, to develop and publish corporate governance principles and ethical guidelines for such recipients, including specified restrictions. Sets forth recipient reporting and certifying requirements governing such TARP funds. Requires the Secretary to make such reports and certifications publicly available online and free of charge. Subjects persons to civil fines for violating such prohibition on the use of TARP funds or failing to file the required report or certification. Bars recipients from future TARP funds for noncompliance with such guidelines unless the Secretary determines that reasonable steps have been taken to bring their actions into compliance with and to prevent future violations of this Act.

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-111; Bill Number-S 61; Helping Families Save Their Homes in Bankruptcy Act of 2009 - Cosponsor

Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income). Excludes from computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the current value of that residence is less than the secured debt limit; or (2) debts secured or formerly secured by debtor's principal residence that was either sold in foreclosure or surrendered to the creditor if the current value of such real property is less than the secured debt limit. Declares the credit counseling requirement inapplicable to a Chapter 13 debtor who certifies that he or she has received notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on the debtor's principal residence. Requires the court to disallow a claim that is subject to any remedy for damages or rescission due to violations of state or federal consumer protection law, including the Truth in Lending Act, notwithstanding the prior entry of a foreclosure judgment. Allows modification of the rights of claim holders, in the event of a foreclosure notice for a chapter 13 debtor, among other means by: (1) reducing a claim to equal the value of the debtor's interest in the residence securing such claim, and any adjustments to a related adjustable rate of interest; (2) waiving early repayment or prepayment penalties; and (3) extending the repayment period. Denies debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of such claim as reduced and modified or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith. Excludes from final discharge of a debtor from all debts: (1) any payments to claim holders whose rights are modified under this Act; and (2) any unpaid portion of a claim as reduced.

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.

Session-111; Bill Number-S 1927; Credit Card Rate Freeze Act of 2009 - Cosponsor

Prohibits a creditor, during a specified nine-month period, from: (1) increasing any annual percentage rate (APR), fee, or finance charge applicable to any outstanding balance of any credit card account under an open end consumer credit plan; or (2) changing the terms governing repayment of any outstanding balance, except as permitted by the Credit Card Accountability Responsibility and Disclosure Act of 2009. Authorizes the Board of Governors of the Federal Reserve System to prescribe implementing regulations.

Session-111; Bill Number-S 651; Compensation Fairness Act of 2009 - Cosponsor

Amends the Internal Revenue Code to impose an excise tax on excessive bonuses paid by federal emergency economic assistance recipients to their employees (including directors or officers). Sets the overall rate of such tax at 70% of the amount of such bonuses, 35% payable by federal emergency economic assistance recipients and 35% payable by the employees of such recipients. Exempts bonus recipients who repay bonus amounts to the federal government. Defines "excessive bonus" as any retention bonus or other bonus that exceeds $50,000 paid by a federal emergency economic assistance recipient after December 31, 2008.

References

[1] Website: The Washington Times Article: Millions go to signs flagging stimulus projects Author: Stephan Dinan Accessed on: 06/24/2010

[2] Website: San Diego News Article: Boxer touts stimulus jobs on SR 905 Author: JOHN MARELIUS Accessed on: 06/24/2010

[3] Website: Richmon-Times Dispatch Article: Webb, Boxer seek stiff tax on bonuses by TARP banks Author: STAFF AND WIRE REPORTS Accessed on: 06/24/2010

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