Sherrod Brown on The Economy

Last Updated : Nov 04, 2012

Summary

Senator Brown voted in favor of the TARP program initially and cast a "No Vote" on the second installment. Although he was not vocal either way on the initial TARP program, Senator Brown did help to introduce the TARP Transparency Act to help catalogue TARP payments. He was also critical of purchases made with TARP money that later turned out to be junk bonds.

Senator Brown was a strong supporter of the 2009 stimulus plan. He stated that he had some problems with the structure of the legislation, but overall the bill would take the country in the right direction. Senator Brown also introduced the Buy American provision to force money spent through the stimulus to be used to purchase US goods where possible.

After the AIG bonuses came to light, Senator Brown campaigned to pass legislation to tax those bonuses at 50%. He was a vocal advocate for recovering the money. Senator Brown also supported the use of loans to stabilize the auto industry.

Finally, Senator Brown was a vocal advocate for Wall Street Reform Legislation. He tied the issue of reform of the industry to the social justice involved with corrupt corporations destabilizing the US economy. He noted that the large banks in the US have grown to too large a percentage of GDP and that no bank should be allowed to be that big,

   

US Economic Health

In February of 2007, Senator Brown spoke on the Senate floor about US economic policy, especially in light of US trade policy.

 

PATRIOT Corporations

In August of 2007, Senator Brown spoke on the Senate floor in support of legislation that had been introduced to label companies "Patriot Corporations" and given them tax breaks if they hired American workers and other things.

 

Learn from Our Mistakes

In January of 2008, Senator Brown spoke on the Senate floor about the problems evolving in the economy and options to address the issue. He notes that we can pass a temporary stimulus or we can learn from our mistakes and change the policies wtth trade and other things to address the real problems in the economy.

 

Unemployment and the Economy

In May of 2008, Senator Brown spoke on the Senate floor about the effects of unemployment on the economy and its stimulative effect.

 

Economic Policy

In September of 2008, Senator Brown spoke on the Senate floor on the overal topic of economic policy.

 

AIG Bonuses

In March of 2009, Senator Brown spoke on the Senate floor about the AIG bonuses. In a series of videos in February of 2010, Senator Brown spoke about the AIG bonuses and legislation he was introducing to tax those bonuses at 50%.

   

The Need for Stronger Wall Street Reform Legislation

In April of 2010, Senator Brown was asked about the need for stronger Wall Street Reform Legislation and stated that when regulators were appointed by Presidents such as Bush, then stronger language is needed to force them to act.

That same month, Senator Brown issued a press statement noting his views on what should happen to regulate the financial industry.

Again in April, Senator Brown spoke on the Senate floor about the need for Wall Street Reform. He also appeared on Hardball and spoke about reform.

Senator Brown also appeared on "This Week" with Jake Tapper and spoke about the size of banks and the danger they represent to the overall economy.

In May of 2010, Senator Brown released a press statement praising the passage of Wall Street Reform Legislation. 

 

Cash for Caulkers

In April of 2010, Senator Brown spoke in a newsletter about his support for "Cash for Caulkers" which was a program to reinvigorate the economy through upgrading appliances to energy efficient models and refurbishing houses to be more energy efficient.

 

Official 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. Sherrod Brown voted in favor of the Wall Street Reform Legislation.

Sherrod Brown 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. Sherrod Brown voted in favor of the Stimulus in the final vote.

Sherrod Brown 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. Sherrod Brown voted in favor of the stimulus in the initial vote.

Sherrod Brown 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. Sherrod Brown cast a "No Vote"

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. Sherrod Brown voted in favor of the Helping Families Save Their Homes Act of 2009.

Sherrod Brown 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. Sherrod Brown voted in favor of the TARP program.

Sherrod Brown 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. Sherrod Brown voted in favor of the Bush Stimulus.

Sherrod Brown 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. Sherrod Brown voted against the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Sherrod Brown voted against 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. Sherrod Brown voted against the American Jobs Act.

Sherrod Brown 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. Sherrod Brown voted against Sarbanes-Oxley.

Sherrod Brown voted against 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. Sherrod Brown voted in favor of the Financial Services Modernization Act of 1999.

Sherrod Brown 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 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 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 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-111; Bill Number-S 1678; Homebuyer Tax Credit Extension - Cosponsor

A bill to amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credit, and for other purposes.

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.

References

[1] Website: The Washington Independent Article: Swing Senator Sherrod Brown Weighs In on the Stimulus Author: Aaron Wiener Accessed on: 01/26/2011

[2] Website: Bloomberg Article: Fed Made Taxpayers Unwitting Junk-Bond Buyers Author: Caroline Salas, Craig Torres and Shannon D. Harrington Accessed on: 01/26/2011

[3] Website: WHSV.com Article: Legislation Introduced to Improve TARP Transparency Author: NA Accessed on: 01/26/2011

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