John Thune on The Economy

Last Updated : Dec 15, 2010

Summary

In 2005, Senator Thune supported reform to the bankruptcy laws which required repayment of more debt, protected child support and other payments, and strengthened laws on predatory lending.

In 2008, Senator Thune supported the Bush stimulus. He stated that the plan had the potential to put money back in the hands of families and consumers while at the same time providing tax relief to small businesses across South Dakota and the country.

Senator Thune voted for the passage of the TARP legislation, but became a vocal opponent of the legislation after its passage. He has introduced legislation to end the program, to ensure that the funds derived from the program go to pay down the debt and not to start new programs, and to return the property obtained under the program to private ownership. Senator Thune voted against the second installment of the money.

Senator Thune opposed the 2009 stimulus plan. He stated that the last thing struggling American families and small businesses need is billions of dollars worth of pork-projects that do little to create the amount of jobs needed to get the economy going again. He stated that the legislation represents the largest inter-generational transfer of debt in history and will saddle our children and grandchildren with significant debt. Senator Thune proposed an alternative stimulus plan in 2009 which consisted of reducing the lowest individual tax rates from 15 percent to 10 percent and from 10 percent to five percent for 2009 and 2010. It also allowed some buyers to keep the $7500 housing tax credit.

Senator Thune opposed the Wall Street reform legislation. He stated that the creation of new bureaucracies would not solve the problems on wall street and in the economy. 

 

Bankruptcy Reform

In March of 2005, Senator Thune released a press statement noting his support for Bankruptcy reform legislation.

 

On the Bush Stimulus

In February of 2008, Senator Thune released a press statement noting his support for the 2008 Bush stimulus.

 

On TARP

In April of 2009, Senator Thune released a press statement noting an amendment that he was introducing which would force any funds paid back to the TARP program to be used to pay down the debt and not used in additional spending.

In September of 2009, Senator Thune released a press statement noting legislation that he was introducing to end the TARP program.

In November of 2009, Senator Thune introduced legislation to sunset the TARP legislation. In December of 2009, Senator Thune appeared on Kudlow and spoke about the need to end TARP and how it had become a Democratic slush fund.

 

Government Ownership Exit Plan

In June of 2009, Senator Thune released a press statement noting legislation that he was putting forth which would require that the government sell off it's ownership in private companies.

 

 

The 2009 Stimulus - No Continued Spending

In February of 2009, Senator Thune released a press statement noting an amendment that he was attempting to add which would prevent the stimulus from creating any new program with stimulus funds that would continue after the stimulus bill. He noted that the purpose of a stimulus is to be short term.

 

Alternative Stimulus

In February of 2009, Senator Thune introduced an alternative stimulus bill.

 

Opposition to the Stimulus

After voting against the stimulus, Senator Thune released a press statement noting the reasons for this vote, and listing all the alternatives put forth by Republicans.

 

The AIG Bonuses

 

Opposition to Financial Reform Regulation

In May of 2010, Senator Thune spoke on the Senate floor about the financial reform regulation bill and stated his opposition to the creation of a new bureaucracy.

Days later, Senator Thune spoke on the Senate floor concerning the need to address Fannie Mae and Freddie Mac in financial reform legislation.

 

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. John Thune voted against the Wall Street Reform Legislation.

John Thune 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. John Thune voted against the Stimulus in the final vote.

John Thune 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. John Thune voted against the stimulus in the initial vote.

John Thune 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. John Thune voted in favor of the resolution and against the second installment of TARP funds.

John Thune 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. John Thune voted in favor of the Helping Families Save Their Homes Act of 2009.

John Thune 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. John Thune voted in favor of the TARP program.

John Thune 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. John Thune voted in favor of the Bush Stimulus.

John Thune 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. John Thune voted in favor of the Bankruptcy Reform bill.

John Thune voted in favor of the Bankruptcy Reform bill.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-S 133; Troubled Asset Relief Program Transparency Reporting Act - Cosponsor

Prohibits the use by a recipient or its subsidiary of Troubled Asset Relief Program (TARP) funds under the Emergency Economic Stabilization Act of 2008 for lobbying expenditures or political contributions. Requires the Secretary of the Treasury, through enhanced internal reporting and oversight requirements, to develop and publish corporate governance principles and ethical guidelines for such recipients, including specified restrictions. Sets forth recipient reporting and certifying requirements governing such TARP funds. Requires the Secretary to make such reports and certifications publicly available online and free of charge. Subjects persons to civil fines for violating such prohibition on the use of TARP funds or failing to file the required report or certification. Bars recipients from future TARP funds for noncompliance with such guidelines unless the Secretary determines that reasonable steps have been taken to bring their actions into compliance with and to prevent future violations of this Act.

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 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 - Prime Sponsor

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-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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