David Vitter on The Economy

Last Updated : Sep 09, 2010

Summary

Senator Vitter opposed the Stimulus and the TARP. He voted against both those measures, but in favor of the 2005 Bush Stimulus.

 

No Stimulus Rally

 

Opposition to TARP

 

Official Website Statements

 

2010 Re-Election 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. David Vitter voted against the Wall Street Reform Legislation.

David Vitter voted against the Wall Street Reform Legislation.

The Stimulus

After the stimulus passed the House, the conference report was voted on to pass the unified version. David Vitter voted against the Stimulus in the final vote.

David Vitter 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. David Vitter voted against the stimulus in the initial vote.

David Vitter 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. David Vitter voted in favor of the resolution and against the second installment of TARP funds.

David Vitter 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. David Vitter voted in favor of the Helping Families Save Their Homes Act of 2009.

David Vitter 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. David Vitter voted against the TARP program.

David Vitter 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 Senate 81-16. David Vitter voted in favor of the Bush Stimulus.

David Vitter 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. David Vitter voted in favor of the Bankruptcy Reform bill.

David Vitter voted in favor of the Bankruptcy Reform bill.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-S 1198; Auto Stock for Every Taxpayer Act - Cosponsor

A bill to limit disbursement of additional funds under the Troubled Asset Relief Program to certain automobile manufacturers, to impose fiduciary duties on the Secretary of the Treasury with respect to shareholders of such automobile manufacturers, to require the issuance of shares of common stock to eligible taxpayers which represent the common stock holdings of the United States Government in such automobile manufacturers, 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 64; A bill to amend the Emergency Economic Stabilization Act to require approval by the Congress for certain expenditures for the Troubled Asset Relief Program - Cosponsor

Amends the Emergency Economic Stabilization Act to revise the process for exercising the authority of the Secretary of the Treasury to make purchases of troubled assets in excess of the $350 billion previously obligated.Changes the Joint Resolution of Disapproval, regarding the exercise of such authority, to a Joint Resolution of Approval. Prohibits the Secretary from exercising authority to make such purchases unless a joint resolution approving the plan is enacted into law within 15 calendar days after Congress receives a report of the Secretary's plan to exercise the authority.

Session-111; Bill Number-S 3578; 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-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 64; A bill to amend the Emergency Economic Stabilization Act to require approval by the Congress for certain expenditures for the Troubled Asset Relief Program - Cosponsor

Amends the Emergency Economic Stabilization Act to revise the process for exercising the authority of the Secretary of the Treasury to make purchases of troubled assets in excess of the $350 billion previously obligated.Changes the Joint Resolution of Disapproval, regarding the exercise of such authority, to a Joint Resolution of Approval. Prohibits the Secretary from exercising authority to make such purchases unless a joint resolution approving the plan is enacted into law within 15 calendar days after Congress receives a report of the Secretary's plan to exercise the authority.

Session-111; Bill Number-S J Res 5; A joint resolution relating to the disapproval of obligations under the Emergency Economic Stabilization Act of 2008 - Prime Sponsor

Declares that Congress disapproves the obligation of any funds that exceed specified amounts authorized for the purchase of troubled assets by the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008.

Session-110; Bill Number-S 3683; To Require Approval for Spending TARP Funds - Cosponsor

Amends the Emergency Economic Stabilization Act to revise the limitation on the Secretary of the Treasury's authority to purchase troubled assets through the Troubled Assets Relief Program (TARP). Changes the Joint Resolution of Disapproval, regarding authority to purchase troubled assets, to a Joint Resolution of Approval. Prohibits the Secretary, that is, from exercising any authority to make any such purchases with regard to any TARP amount authorized, and unobligated as of November 14, 2008, unless within 15 calendar days after Congress receives a report of the Secretary's plan to exercise such authority, a joint resolution approving the plan is enacted into law.

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

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

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