Charles Grassley on The Economy

Last Updated : Jul 15, 2010

Summary

Senator Grassley opposed the Stimulus package on the grounds that the bill did not create jobs with infrastructure building but rather created programs that obligated us beyond two years, and that it was no bi-partisan. He opposed GM's use of loan money to pay off TARP funds, and supported efforts to retrieve TARP money used for bonuses.

While in office, Senator Grassley voted against the stimulus package, in favor of TARP, and in favor of the Bush stimulus.

 

Opposition to stimulus

In a February 2009 web address, Senator Grassley spoke out about his opposition to the stimulus. He stated that it was not bi-partisan, and that the programs in the bill did not create jobs with infrastructure building but rather created programs that obligated us beyond two years.

At a conference discussion in February of 2009, Senator Grassley spoke about the partisanship in the process to create the bill. 

 

GM TARP Funding

In one of his weekly web addresses, Senator Grassley spoke about the fact that GM used loan money to pay back TARP funds and then running commercials stating that they had paid off debts.

 

Opposition to AIG bonuses

In March of 2009, Senator Grassley spoke about his opposition to the AIG bonuses and the possibility of a tax to get the bonus money back.

 

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. Charles Grassley voted in favor of the Wall Street Reform Legislation.

Charles Grassley 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. Chuck Grassley voted against the Stimulus in the final vote.

Chuck Grassley voted against 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. Chuck Grassley voted against the stimulus in the initial vote.

Chuck Grassley voted against 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. Chuck Grassley voted in favor of the resolution and against the second installment of TARP funds.

Chuck Grassley voted in favor of the resolution and against 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. Chuck Grassley voted in favor of the Helping Families Save Their Homes Act of 2009.

Chuck Grassley 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. Chuck Grassley voted in favor of the TARP program.

Chuck Grassley 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. Chuck Grassley voted in favor of the Bush Stimulus.

Chuck Grassley 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. Chuck Grassley voted in favor of the Bankruptcy Reform bill.

Chuck Grassley 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.

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. Chuck Grassley voted in favor of Sarbanes-Oxley.

Chuck Grassley 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. Chuck Grassley voted in favor of the Financial Services Modernization Act of 1999.

Chuck Grassley voted in favor of the Financial Services Modernization Act of 1999.

 

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 383; Special Inspector General for the Troubled Asset Relief Program Act of 2009 - Cosponsor

A bill to amend the Emergency Economic Stabilization Act of 2008 to provide the Special Inspector General with additional authorities and responsibilities, and for other purposes

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 2787; TARP Sunset Act of 2009 - Cosponsor

Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate, on December 31, 2009 (as under current law), the authority of the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP). Repeals the Secretary's authority to extend the TARP program through October 3, 2010, upon submission of a written certification to Congress.

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.

Session-109; Bill Number-S 256; Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - Prime Sponsor

A bill to amend title 11 of the United States Code, and for other purposes.

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