Robert Casey on The Economy

Last Updated : Nov 03, 2012

Summary

The Bush Stimulus

Senator Casey supported the Bush Stimulus. He stated that in order to stimulate the economy, the package should invest in strategies we know will work and economists say one of the only ways that's proven to jolt our economy is to invest in unemployment insurance. He also stated that he prefered the Democratic proposal, but in the end he voted in favor of the bill.

Create Jobs and Save Benefits

In 2010, Senator Casey authored the Create Jobs and Save Benefits Act. That legislation would amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to allow a sponsor of a single-employer defined benefit pension plan to elect in 2009 or 2010 extended amortization periods (9 or 15 years) for investment losses incurred in prior years, allow an increase in the valuation range of plan assets, use the funded status of a plan in 2008 to determine benefit restrictions in 2009 and 2010 and prohibit the use of credit balances by pension plans that are under 80% funded in the prior year, delay until 2012 the application of certain benefit restrictions to collectively bargained plans, and other items. 

Critics of the plan called it a bailout for the unions as it essentially backed retirements for large corporations. In response, Senator Casey stated that the bill will help companies stay in business, prevent job loss and protect pensions for hard working Americans.

Cash for Clunkers

Senator Casey supported the Cash for Clunkers Program, stating that the bill would help to spur economic recovery and protect manufacturing jobs as well as help America move away from its dependence on foreign sources of oil. Senator Casey has proposed similar legislation called the Green Transportation Efficiency Act of 2009 (GreenTea) which would provide vouchers to encourage consumers to trade in their older, less fuel-efficient vehicles for new, more fuel-efficient cars, trucks and motorcycles. The vouchers would increase in amount dependent on the upgrade in MPG and reach a maximum of $4,500.

Job Creation Tax Credit

In 2010, Senator Casey proposed the Job Creation Tax Credit. That legislation would provide a tax credit of 20% for small employers and 15% for large employers – those with more than 100 full-time employees. The credit would only apply to an employee’s wages up to median family income of $50,300, the employer would be eligible to receive the tax credit for one year, and it would only apply on jobs that were a net increase in payroll.

ARRA and Unemployment Benefits

In discussing the effects of the Stimulus, Senator Casey pointed to a noted economist and asserted that tax cuts for the wealthy created less of an economic impact than unemployment benefits.

Wall Street Reform

Senator Casey supported the Wall Street reform package. When Senate Republicans attemtped to block the legislation, Senator Casey stated that they had put politics before policy. He asserted that we have to put consumers ahead of profits for the big banks and that after a global recession and the resulting massive job loss triggered by the irresponsible actions of Wall Street, it makes no sense to halt debate on legislation to require more accountability and transparency for Wall Street gambles.

Ending Too Big to Fail

In 2010, Senator Casey put forth an amendment based on the SAFE Banking Act to end the too big to fail practice. He stated that the mega-banks have too much power concentrated in them and too large an impact on our system. Specifically, the amendment would impose a strict 10% cap on any bank-holding-company’s share of the United States’ total insured deposits, limit the size of non-deposit liabilities at financial institutions (to 2% of United States GDP for banks, and 3% of GDP for non-bank institutions), and sets into law a 6% leverage limit for bank holding companies and selected nonbank financial institutions.

Restoring American Financial Stability Act of 2010

In 2010, Senator Casey put forth the Restoring American Financial Stability Act. He introduced the legislation after a long discussion about the dangers of megabanks and the fact that these banks have their tentacles in so much of the economy that they threaten to bring the entire system down. He stated that the legislation would establish an early warning system, enhance protections for consumers and investors, strengthen the supervision of large, complex financial organizations, and regulate the over-the-counter derivatives market.

Tax on Securities

In May of 2010, Senator Casey put forth an amendment that would create a study to investigate the implementation of a transaction fee on all security-based transactions, including swaps and security-based swaps, except those that are somehow hedging or mitigating risk. Also included in these transactions would be stock and debt instruments.

 

The Bush Stimulus

In February of 2008, Senator Casey released a press statement calling for improvements to the Bush stimulus in the form of unemployment extension and LIHEAP funding.

 

Stimulus Deal a Victory for Seniors

The following day, Senator Casey released a press statement noting the improvements were present in the Senate version of the stimulus.

 

Create Jobs and Save Benefits Act of 2010

On his official Website, Senator Casey devotes a page to the Create Jobs and Save Benefits Act of 2010.

 

Cash for Clunkers

In June of 2009, Senator Casey released a press statement noting his desire to see the cash for clunkers program extended to include motorcycles.

 

Job Creation Tax Credit

In January of 2010, Senator Casey released a press statement noting his intention to introduce legislation to enact the job creation tax credit.

 

ARRA and Unemployment Benefits

In January of 2010, Senator Casey spoke on the Senate floor about the effects of the American Recovery and Reinvestment Act and the effect of unemployment benefits on the economy.

 

Wall Street Reform

In April of 2010, Senator Casey released a press statement noting that the blockage of wall street reform was a win for big banks.

 

End Too Big to Fail

In May of 2010, Senator Casey released a press statement noting his desire to see the policy of too big to fail ended.

 

Restoring American Financial Security

In May of 2010, Senator Casey spoke on the Senate floor about actions that need to be taken to save the US economy.

 

Amendment to Assess Tax on Transactions

In May of 2010, Senator Casey spoke on the Sente floor about his support for a study on the effects of a tax on security based transactions.

 

Small Business Bill

In September of 2010, Senator Casey released a press statement noting his support for the passage of the small business bill.

 

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

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

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

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

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

Robert Casey 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 Casey voted in favor of the TARP program.

Robert Casey 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 Casey voted in favor of the Bush Stimulus.

Robert Casey voted in favor of the Bush Stimulus.

 

Sponsored and Cosponsored Legislation

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 2869; Small Business Job Creation and Access to Capital Act of 2009 - Cosponsor

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.

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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