Robert Menendez on The Economy

Last Updated : Feb 18, 2011

Predatory Lending

In March of 2007, Senator Menendez released a press statement noting a floor speech he made concerning predatory lending. 

 

Foreclosures and Immigrants

In March of 2007, Senator Menendez released a press statement noting his views on how immigrants were more susceptible to predatory loans.

 

The Bush Stimulus

 

Reaction to Fannie Mae and Freddie Mac Takeover

In September of 2008, Senator Menedez released a press statement noting the federal takeover of Fannie Mae and Freddie Mac.

 

Reaction to Paulson Announcement

In September of 2008, Senator Menendez released a press statement noting a floor speech where he outlined his proposals for dealing with the economic crisis.

 

Doing Nothing is Not an Option

In October of 2008, Senator Menendez released a press statement noting his intention to vote in favor the bailout plan.

 

Reaction to Passage of TARP

In October of 2008, Senator Menedez released a press statement noting the final passage of the legislation and his support for the plan.

 

Foreclosure Timeout

In December of 2008, Senator Menendez released a press statement noting his support for a 9 month moratorium on foreclosures.

 

Auto Bailout

 

CEO Pay

In February of 2009, Senator Menedez released a press statement noting his support for an Obama administration proposal to limit CEO pay.

 

Support for Foreclosure Plan

In February of 2009, Senator Menendez released a press statement noting his support for an Obama administration plan to deal with foreclosures.

 

Support for the Stimulus

In January of 2009, Senator Menendez spoke at a press conference about the stimulus package.

In February of 2009, Senator Menendez released a press statement noting his support for the stimulus.

In February of 2010, Senator Menendez released a press statement noting the 1 year anniversary of the stimulus and his belief that the program has been a resounding success. 

 

Initial Support for Wall Street Reform

In March of 2009, Senator Menendez released a press statement noting his initial support for Wall Street reform legislation. 

 

Credit Card Reform

 

Cash for Clunkers

In August of 2009, Senator Menendez released a press statement noting his support for the Cash for Clunkers program.

 

Support for Financial Stability Act

In November of 2009, Senator Menendez released a press statement noting his support for the committee version of the Financial Stability Act.

In March of 2010, Senator Menendez released another statement noting that the reform could not wait. 

 

Support for Wall Street Reform Passage

In May of 2010, Senator Menendez released a press statement noting his support for the senate passage of health care reform legislation. In July of 2010 he released a statement in support of the final passage.

 

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. Robert Menendez voted in favor of the Wall Street Reform Legislation.

Robert Menendez 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. Robert Menendez voted in favor of the Stimulus in the final vote.

Robert Menendez 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. Robert Menendez voted in favor of the stimulus in the initial vote.

Robert Menendez 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. Robert Menendez voted against the resolution and in support of the second installment of TARP funds.

Robert Menendez 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. Robert Menendez voted in favor of the Helping Families Save Their Homes Act of 2009.

Robert Menendez 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. Robert Menendez voted in favor of the TARP program.

Robert Menendez 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. Robert Menendez voted in favor of the Bush Stimulus.

Robert Menendez 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 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 moderate bipartisan support and passed 302-126. Robert Menendez voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Robert Menendez voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

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 House 251-178. Robert Menendez voted against the American Jobs Act.

Robert Menendez voted against the American Jobs Act.

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 moderate bi-partisan support in the House and passed in a 334-90 vote. Robert Menendez voted in favor of Sarbanes-Oxley.

Robert Menendez 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. Robert Menendez voted in favor of the Financial Services Modernization Act of 1999.

Robert Menendez voted in favor of the Financial Services Modernization Act of 1999.

 

Sponsored and Cosponsored Legislation

Session-112; Bill Number-S 72; Small Business Paperwork Mandate Elimination Act of 2011 - 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 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-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 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 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.

Session-111; Bill Number-S 541; The Depositor Protection Act of 2009 - Cosponsor

Amends the Federal Deposit Insurance Act to increase from $30 billion to $100 billion the maximum sum that the Federal Deposit Insurance Corporation (FDIC) is authorized to borrow from the Secretary of the Treasury. Authorizes a temporary increase, through calendar 2010, in such borrowing authority, up to a maximum of $500 billion, if the Secretary of the Treasury, in consultation with the President, determines that additional amounts above $100 billion are necessary, pursuant to the written recommendation of the FDIC Board of Directors and the Board of Governors of the Federal Reserve System (Federal Reserve Board).

Session-110; Bill Number-S 3252; Credit Card Accountability Responsibility and Disclosure Act of 2008 - Cosponsor

A bill to amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes.

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