In December of 2008 Senator Stabenow spoke on the Senate floor about the bridge loans for the US auto makers.
The Stimulus
In January of 2009 Senator Stabenow spoke on the Senate floor about the need for the Stimulus to include provisions such as unemployment insurance.
On February 3 of 2009 and February 5, 2009 Senator Stabenow spoke on the Senate floor about the need to pass the stimulus.
Outrage Over AIG
In March of 2009 Senator Stabenow spoke on the Senate floor and discussed the AIG bailouts.
youtube_id_numer=5Td2ya5z1Y8
The Success of the Stimulus
In March of 2010, Senator Stabenow released a press statement noting the success of the stimulus in creating clean energy jobs.
Clean Energy Programs in Recovery Act are Creating Jobs in Michigan
Thursday, Mar 4
WASHINGTON- U.S. Senator Debbie Stabenow, a member of the Senate Committees on Energy and Natural Resources and Finance, emphasized at a hearing today that the clean energy funding in the American Recovery and Reinvestment Act (ARRA) is creating jobs in Michigan. The hearing examined the Department of Energy's implementation of programs under ARRA.
"Thanks to clean energy programs in the Recovery Act, manufacturers across our state have received billions in tax cuts for investments that are creating jobs in Michigan. I co-authored the tax cuts for fourteen manufacturers in Michigan to build facilities that make advanced technologies such as wind turbines and solar panels. In addition, nine of our companies received over half of the available battery funding to power the vehicles of the future. Without these investments, we will lose the race with other countries like China that spends $288 million a day to develop clean energy technology. I will continue leading the effort in the Senate and working with the Administration to secure additional tax cuts and investments as part of the Senate Jobs Agenda so we can put people back to work."
-U.S. Senator Debbie Stabenow
American Job Creation and Investment Act
In March of 2010, Senator Stabenow released a press statement noting her introduction of the American Job Creation and Investment Act.
Stabenow-Hatch Amendment to Create American Jobs and Promote Investment Passes U.S. Senate
Thursday, Mar 4
WASHINGTON- U.S. Senators Debbie Stabenow (D-MI) and Orrin Hatch (R-UT) today announced that the Senate passed their amendment to the American Workers, State, and Business Relief Act of 2010 to make much-needed capital available to struggling American companies. The "American Job Creation and Investment" amendment will allow companies to utilize existing AMT credits so they can invest in new manufacturing facilities, purchase equipment, and create American jobs. The amendment is cosponsored by U.S. Senators Charles Schumer (D-NY), Mike Crapo (R-ID), James Risch (R-ID), Olympia Snowe (R-ME), Sherrod Brown (D-OH), and Susan Collins (R-ME).
"In this challenging economy, our businesses need immediate access to capital to make new investments here at home and create jobs," said Senator Stabenow. " My amendment will allow U.S. companies to do just that at no cost to American taxpayers."
"This will be a vital tool to help jump start our economy and spur job growth without adding to our budget deficit," said Senator Hatch.
The Stabenow-Hatch amendment will allow companies in 2010 to utilize existing tax credits to provide a boost to the economy. In order to be eligible, companies must use the credits to make investments in manufacturing facilities/equipment. The total amount of tax credits that can be utilized will be based on a percentage of new investments.
The Stabenow-Hatch amendment has the support of a diverse coalition of U.S. employers including Delta Airlines, General Motors, American Airlines, Applied Micro Devices, Arch Coal, Associated Builders and Contractors Association, Bosch, Cliffs Natural Resources, CMS Energy, Consul Energy, Daimler, Goodyear, Micron, National Mining Association, Owens Illinois, Peabody Energy, Qwest, T-Mobile, and Xerox. It also has the support of the U.S. Chamber of Commerce, National Association of Manufacturers (NAM) , Association for Manufacturing Technology (AMT) , Association of Equipment Manufacturers (AEM) and Motor & Equipment Manufacturers Association (MEMA)
The HIRE Act
In March of 2010, Senator Stabenow released a press statement noting her support for the HIRE Act.
President Obama Signs Bipartisan Bill that Will Create Michigan Jobs into Law
Monday, Mar 22
WASHINGTON-U.S. Senator Debbie Stabenow (D-MI) today joined President Obama at the White House as he signed the bipartisan Hiring Incentives to Restore Employment Act (HIRE Act) into law.
"I was very pleased to have joined President Obama today as he signed into law another in a series of jobs initiatives that will put people in Michigan back to work. This new law will provide tax cuts to Michigan small businesses when they hire new employees and make new investments to grow their companies. It will also expand critical transportation and infrastructure programs while at the same time improve our roads and schools. Together, the provisions in this law will not only create jobs but also support our businesses and revitalize our communities." -U.S. Senator Debbie Stabenow.
American Job Creation and Investment Provision
In March of 2010, Senator Stabenow released a press statement noting her support for the American Job Creation and Investment Provision.
Senate Approves Legislation to Help Michigan Small Businesses
Includes Stabenow Provision that Promotes Investment to Create Jobs
Wednesday, Mar 10
WASHINGTON- U.S. Senator Debbie Stabenow today announced that the Senate passed the American Workers, State, and Business Relief Act . The legislation includes a bipartisan provision that she authored to make much-needed capital available to struggling American companies. The bill will also help small businesses by extending lending programs and critical tax cuts to create jobs in Michigan.
"Michigan businesses need immediate assistance to make new investments here at home and create jobs," said Senator Stabenow. "The American Workers, State, and Business Relief Act includes a bipartisan provision that I authored to provide capital for struggling companies. This bill will also ensure that additional loans are available to small businesses across our state and extend important tax cuts for Michigan companies to put people back to work."
Stabenow American Job Creation and Investment Provision
The Stabenow provision will allow companies in 2010 to utilize existing tax credits to provide a boost to the economy. In order to be eligible, companies must use the credits to make investments in manufacturing facilities/equipment. The total amount of tax credits that can be utilized will be based on a percentage of new investments. The provision has the support of the U.S. Chamber of Commerce, National Association of Manufacturers (NAM), Association for Manufacturing Technology (AMT), Association of Equipment Manufacturers (AEM) and Motor & Equipment Manufacturers Association (MEMA).
Small Business Administration (SBA) Lending Programs
Small businesses have struggled to secure capital during this global credit crisis, which has prevented many from making investments in the economy and creating jobs. The American Workers, State and Business Relief Act extends two SBA enhancements to its loan guarantee programs, to provide much-needed capital to small businesses. These programs increase the amounts that the SBA can guarantee and waives or reduces loan fees for borrowers. SBA estimates that this extension will support $18.5 billion in loans to small businesses nationwide.
Tax Cuts and Assistance for Businesses
Extending important tax cuts is critical for our businesses and our economy. This legislation extends tax cuts that promote research and development, spur community investments, and support the development of alternative vehicles and fuels. It will also provide relief for employer pension plans that suffered significant losses to ensure retired workers get the benefits they deserve.
Wall Street Reform
In April of 2010, Senator Stabenow released a press statement noting her support for Wall Street Reform legislation.
It’s Time to Hold Wall Street Banks Accountable and Stand Up for Middle-Class Families
Tuesday, Apr 27
WASHINGTON- U.S. Senator Debbie Stabenow (D-MI) today made the following statement regarding last night's vote to block Wall Street reform legislation.
"I am deeply disappointed that Senate Republicans blocked legislation last night that would have put in place common-sense rules to stop Wall Street from gambling with our families' homes, businesses and jobs. This legislation would have stopped abuses that resulted in this past economic meltdown that caused small businesses and manufacturers to close their doors because of lack of credit and that devastated the retirement savings of so many families. I call on my Republican colleagues to join with us to pass these reforms that Michigan families both deserve and expect."
-U.S. Senator Debbie Stabenow
American Jobs and Closing Tax Loopholes Act
In April of 2010, Senator Stabenow released a press statement noting her support for the American Jobs and Closing Tax Loopholes Act.
House Approves Bipartisan Stabenow-Peters Provision to Create American Jobs and Promote Investment
Bipartisan Measure Cuts Business Taxes for Capital Investments; Revenue is Offset by Stopping Tax Breaks for Companies Who Ship Jobs Overseas
Friday, May 28
WASHINGTON- U.S. Senator Debbie Stabenow (D-MI) and U.S. Representative Gary Peters (D-MI) today announced that the House of Representatives passed a provision they coauthored to cut business taxes to promote capital investment and job creation. The measure was passed as part of the American Jobs and Closing Tax Loopholes Act . The Stabenow-Peters "American Job Creation and Investment" provision will allow companies to utilize existing Alternative Minimum Tax (AMT) credits they must otherwise save for future years to be taken this year, providing more cash on hand to invest in new manufacturing facilities, purchase equipment, and create American jobs. The American Jobs and Closing Tax Loopholes Act is paid for in large part by ending tax breaks for companies who ship jobs overseas.
The Stabenow-Peters provision is based on bipartisan legislation introduced by Senator Stabenow in the Senate and Congressman Peters in the House. In the Senate, the amendment is cosponsored by U.S. Senators Orrin Hatch (R-UT), Charles Schumer (D-NY), Mike Crapo (R-ID), James Risch (R-ID), Olympia Snowe (R-ME), Sherrod Brown (D-OH), Mike Enzi (R-WY) and Susan Collins (R-ME). It is cosponsored by 73 Members in the House.
"In this challenging economy, our businesses need money to make new investments and hire new workers here at home," said Senator Stabenow. "Our bipartisan provision will provide them with a tax refund, so they have money to expand their operations and create jobs. I want to thank Congressman Peters for partnering with me on this provision which will help strengthen Michigan's economy."
"We need to create an environment that allows businesses to innovate and grow," said Representative Peters. "These tax credits are available only to companies who make investments here at home this year, providing a tremendous incentive to create jobs now. We need tax credits for companies creating jobs here, not shipping them overseas."
"The American Jobs and Closing Tax Loopholes Act will help free up capital for companies like Bosch to invest in energy efficiency and renewable energy technologies in the Unites States, including here in Michigan," said Peter J. Marks, chairman, president and chief executive officer, Robert Bosch LLC. "Bosch commends Senator Debbie Stabenow and Congressman Gary Peters for their leadership on behalf of Michigan businesses."
"CMS Energy commends Senator Debbie Stabenow and Michigan Congressman Gary Peters for their hard work and leadership on the American Jobs and Closing Tax Loopholes Act," said John G. Russell, president and chief executive officer, CMS Energy Corporation. "The provision authored by Senator Stabenow and Rep. Peters will help Michigan companies create jobs and make additional capital investments in Michigan. CMS Energy is one of many Michigan employers that can now use existing accrued tax credits for new investment to help revitalize our state. CMS Energy's planned investment for 2010 and 2011 is about $2 billion in Michigan on renewable energy, smart grid and other projects. This measure will provide capital that can help move these projects forward."
"Cliffs Natural Resources greatly appreciates the work of Senator Debbie Stabenow and Congressman Gary Peters in leading efforts to include the AMT domestic investment provision in this jobs bill," said Dana W. Byrne, Vice President of Public Affairs, Cliffs Natural Resources Inc. "This measure will promote important capital projects necessary to keep Cliffs' Michigan operations running safely and efficiently as they provide the vital raw materials integral to our nation's continued economic recovery. Thanks to the leadership of Senator Stabenow, Congressman Peters and their Congressional colleagues, Cliffs and other Michigan employers will now be encouraged to pursue the major projects that result in the creation and maintenance of countless family-sustaining American jobs."
"Delta Airlines congratulates U.S. Sen. Debbie Stabenow and U.S. Rep. Gary Peters of Michigan for their leadership in the passage of the American Jobs and Closing Tax Loopholes Act," Delta Airlines issued in a statement. "The provision they championed will enhance our ability to make capital investments in our aircraft fleet and facilities, which benefits our customers and employees nationwide."
"With a still fragile economy and access to capital markets remaining a challenge for many companies, Goodyear applauds Senator Debbie Stabenow and Congressman Gary Peters for their commitment and leadership on the American Jobs and Closing Tax Loopholes Act," said Curt Andersson, President of Goodyear North American Tires. "As a result of the provision they wrote, Goodyear -- with more than 30,000 jobs in the U.S. -- will be able to use some of its accrued tax credits to invest over $600 million in U.S. plants. Freeing up tax credits for additional capital investment just makes sense for the U.S. economy and U.S. jobs."
The Stabenow-Peters provision has the support of a diverse coalition of U.S. employers including Delta Airlines, General Motors, American Airlines, Associated Builders and Contractors Association, Bosch, CMS Energy, Goodyear and T-Mobile. It also has the support of the U.S. Chamber of Commerce, National Association of Manufacturers (NAM), Association for Manufacturing Technology (AMT), Association of Equipment Manufacturers (AEM) and Motor & Equipment Manufacturers Association (MEMA).
The Stabenow-Peters provision will allow companies in 2010 to use accrued business AMT credits to make investments in manufacturing facilities and equipment. The total amount of tax credits that can be utilized will be based on the percentage of new investments the company makes this year.
The legislation is expected to be considered in the Senate soon.
Final Passage of Wall Street Reform
In August of 2010, Senator Stabenow released a press statement noting her support for the final passage of Wall Street reform legislation.
Final Wall Street Reform Bill Passes Senate, Bans Future Wall Street Bailouts and Gives Consumers Financial Control
Thursday, Jul 15
WASHINGTON- U.S. Senator Debbie Stabenow (D-MI) today announced Senate passage of the Wall Street Reform and Consumer Protection Act of 2010. This legislation bans future taxpayer bailouts of Wall Street and holds big Wall Street banks accountable for the damage they caused our economy. It also gives Michigan families and businesses better information about their investments so they can make their own financial decisions. The House passed this bill last month, so it now goes to President Obama for his signature.
"The unregulated, reckless behavior on Wall Street cost our economy millions of jobs. Michigan was hit especially hard. The bill we passed today bans taxpayer bailouts of Wall Street banks and puts in place common-sense rules that will stop Wall Street from gambling with other people's homes, businesses and jobs," said Stabenow. "By stopping the abuses that led to the recent economic meltdown, we will save jobs and ensure economic stability."
According to a report by the Pew Economic Policy Group, the average American household lost $100,000 because of the recklessness on Wall Street. The report also concluded that 5.5 million additional jobs were lost due to slower economic growth during the financial crisis, compared to the September 2008 Congressional Budget Office predictions.
The Wall Street Reform and Consumer Protection Act of 2010:
Bans Wall Street Bailout
• This bill guarantees that taxpayers will never again have to bail out Wall Street financial institutions.
Holds Wall Street Accountable
• This bill creates a new, independent bureau with clear authority to monitor banks, credit card companies, and other Wall Street firms for abusive practices - and intervene when necessary to protect families and businesses.
• This bill establishes a council to identify and address the kind of systemic risks posed by large, complex companies and risky financial products that could threaten the stability of the overall economy.
Closes Loopholes and Strengthens Existing Regulations
• This bill eliminates loopholes that allowed reckless, abusive practices to go unnoticed and unregulated - including loopholes for the kind of risky financial products that undermined our economy and led to the financial crisis.
• This bill strengthens mortgage lending standards and prevents the type of subprime mortgages that caused the crisis in the first place.
• This bill strengthens existing oversight powers to prevent financial fraud, conflicts of interest, and manipulation of the system that benefit special interests at the expense of families and businesses.
Gives Consumers and Businesses Financial Control
• This bill ensures that consumers get the information they need to shop for mortgages, credit cards, and other financial products in plain English - and ends hidden fees and predatory lending practices.
• This bill makes sure consumers get free credit scores, along with a complete credit report, from credit reporting companies if they are denied loans or jobs because of poor credit. Currently, consumers must pay extra for these scores, which can cost more than $15 for each score.
• This bill sets aside $1 billion for emergency mortgage relief and $1 billion for a third round of funding for the Neighborhood Stabilization Program. Emergency mortgage relief will help homeowners who have lost their jobs get loans so they can continue to make mortgage payments while they are out of work. The Neighborhood Stabilization Program will enable local governments to purchase and redevelop foreclosed homes and residential properties. Similar programs have already had success in revitalizing Michigan neighborhoods.
Cash for Clunkers Stabilized Auto Industry
In September of 2010, Senator Stabenow released a press statement noting that the Cash for Clunkers Program stabilized the auto industry.
Stabenow’s Cash for Clunkers Program Stabilized the Auto Industry
Thursday, Sep 23
Mark Zandi, chief economist of Moody's Analytics and former economic advisor to Senator John McCain, testified before the Senate Budget Committee about the success of the Cash for Clunkers program, which was authored by Senator Stabenow, in stabilizing the automotive industry last August.
Zandi's chart from his testimony shows that Cash for Clunkers ended the industry's free fall in employment while increasing automotive production.
Small Business Jobs Act of 2010
In September of 2010, Senator Stabenow released a press statement noting her support for the Small Business Jobs Act of 2010.
Stabenow Statement After President Obama Signs Legislation that Will Help Small Businesses Create Jobs in Michigan
Monday, Sep 27
WASHINGTON-Today, U.S. Senator Debbie Stabenow (D-MI) made the following statement after President Barack Obama signed the Small Business Jobs Act into law.
"Small businesses are the engines of job creation in our economy. This new law increases access to capital for small businesses, cuts taxes, and helps promote exports and entrepreneurship in Michigan and across the country. By partnering with small businesses, companies will have the resources to make new investments and create jobs." -U.S. Senator Debbie Stabenow
For more information on the Small Business Jobs Act of 2010, please visit http://stabenow.senate.gov.
In October of 2010, Senator Stabenow released a press statement noting a conference she had to discuss the benefits of the Small Business Jobs Act.
Lansing Businesses to Discuss the Benefits of the Small Business Jobs Act
Tuesday, Oct 12
LANSING-Yesterday, U.S. Senator Debbie Stabenow (D-MI) visited the Greater Lansing Business Monthly in Lansing to discuss the benefits of the Small Business Jobs Act . She met with Greater Lansing Business Monthly Publisher, Chris Holman, and Millbrook Printing Company President and CEO, Larry Winkler. The Small Business Jobs Act , which was signed into law last week, cuts taxes for small businesses, increases access to capital, and helps small companies sell their products overseas.
"The best way to fix our economy is to create jobs, and the best way to create jobs is to help small businesses," said U.S. Senator Debbie Stabenow. "The Small Business Jobs Act will help small businesses in Lansing like the Greater Lansing Business Monthly and Millbrook Printing Company make new investments and expand their operations."
"The most important economic sector in our country and in our state is small to medium-size businesses, which create the majority of jobs," said Chris Holman, Publisher of the Greater Lansing Business Monthly. "This piece of legislation will help them as much as anything that has come out of D.C. in a long time. I personally want to thank Senator Stabenow for her work on its passage."
"By supporting community banks, this new law will help us get the loan we need to support our business," said Larry Winkler, President and CEO of Millbrook Printing Company. "I want to thank Senator Stabenow for passing this law and helping Michigan small business owners."
Small Business Jobs Act
In January of 2011, Senator Stabenow released a press statement noting her support for the Small Business Jobs Act.
Michigan Small Businesses to Get Increased Capital, Tax Cuts
The new law gives small businesses what they have been asking for: access to capital and tax cuts. Wednesday, Jan 12
By Senator Debbie Stabenow
Wherever I go in Michigan, I hear from small business owners who are doing their best to weather this recession. These companies are the engines of job creation, which is why I worked so hard to pass the Small Business Jobs Act. The new law gives small businesses what they have been asking for: access to capital and tax cuts.
A new Small Business Lending Fund will be set up to help community banks increase loans. With stricter regulations imposed after the financial market collapse, many smaller banks have been unable to provide enough loans to local small businesses. This new $30 billion fund will be matched with private dollars to leverage $300 billion in increased loans for small companies. It also increases access to loans from the Small Business Administration, and it provides support for an innovative Michigan program, run by the MEDC, to help companies whose collateral has lost value.
The new law gives small businesses $12 billion in tax cuts and eliminates the capital gains tax on small business stock. It also expands tax cuts to allow small business owners to immediately write off up to 50 percent of qualifying investments and expands the use of Section 179 expensing, which now allows a company to write off up to $500,000 of the cost of qualifying property the year it was purchased, rather than waiting to recover the cost over a several of years.
The Small Business Jobs Act accelerates the rate at which all businesses can deduct capital investments through bonus depreciation. It changes rules so that the use of cell phones can be deducted without burdensome extra documentation - making it easier for virtually every small business to receive deductions they are entitled to, beginning on their taxes for this year.
The Small Business Jobs Act doubles the tax deduction for start-up companies (from $5,000 to $10,000), allows many small businesses to carry back their general business credits to offset five years of taxes, and changes the law to reduce taxes for C-corporations that became S-corporations. Finally, it allows sole proprietors to deduct the cost of health insurance for themselves and their families when calculating their 2010 self-employment tax.
The passage of this bill is great news for Michigan small businesses. But we still have work to do. I'm sponsoring a measure to completely eliminate a requirement that small businesses file 1099 forms with the IRS for all payments of $600 more, including goods, property, and services. This new requirement, which takes effect in 2012, would be a costly burden for small business owners, which is why I am working hard to eliminate this provision.
As we come out of this recession, we need to continue cultivating an economic environment that encourages small businesses to succeed and grow. The new Small Business Jobs Act, the fourth major jobs bill passed last year, is an important part of that effort.
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. Debbie Stabenow voted in favor of the Wall Street Reform Legislation.
Debbie Stabenow 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. Debbie Stabenow voted in favor of the Stimulus in the final vote.
Debbie Stabenow 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. Debbie Stabenow voted in favor of the stimulus in the initial vote.
Debbie Stabenow 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. Debbie Stabenow voted against the resolution and in support of the second installment of TARP funds.
Debbie Stabenow 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. Debbie Stabenow voted in favor of the Helping Families Save Their Homes Act of 2009.
Debbie Stabenow 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. Debbie Stabenow voted against the TARP program.
Debbie Stabenow 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. Debbie Stabenow voted in favor of the Bush Stimulus.
Debbie Stabenow 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. Debbie Stabenow voted in favor of the Bankruptcy Reform bill.
Debbie Stabenow voted in favor of the Bankruptcy Reform bill.
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. Debbie Stabenow voted in favor of Sarbanes-Oxley.
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.
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
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.
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.
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).
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.
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.
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.
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.
