Tim Johnson on The Economy

Last Updated : May 07, 2010

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. Tim Johnson voted in favor of the Wall Street Reform Legislation.

Tim Johnson 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. Tim Johnson voted in favor of the Stimulus in the final vote.

Tim Johnson 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. Tim Johnson voted in favor of the stimulus in the initial vote.

Tim Johnson 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. Tim Johnson voted against the resolution and in support of the second installment of TARP funds.

Tim Johnson 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. Tim Johnson cast a "No Vote"

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. Tim Johnson voted against the TARP program.

Tim Johnson 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. Tim Johnson voted in favor of the Bush Stimulus.

Tim Johnson 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. Tim Johnson voted in favor of the Bankruptcy Reform bill.

Tim Johnson voted in favor of the Bankruptcy Reform bill.

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 Senate 69-17.

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. Tim Johnson voted in favor of Sarbanes-Oxley.

Tim Johnson 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. Tim Johnson voted against the Financial Services Modernization Act of 1999.

Tim Johnson voted against the Financial Services Modernization Act of 1999.

 

Sponsored and Cosponsored Legislation

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-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.

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