Bernard Sanders on The Economy

Last Updated : Nov 09, 2011

Something is Wrong

In April of 2007, Senator Sanders issued a press statement noting a recent floor speech in which he stated that there was something wrong with the economy.

 

Keep American Jobs in America

In April of 2007, Senator Sanders issued a press statement noting the benefits of employee ownership as one of the keys to creating a sustainable economy with jobs at a living wage.

 

National Priorities Act

In October of 2007, Senator Sanders issued a press statement noting his National Priorities Act. The release states that Congress must pass tax reform that asks the rich and corporations to pay their fair share.

 

Economic Stimulus - Get it Right

In January of 2008, Senator Sanders released a press statement noting his views on the best structure of any stimulus package.

 

Republican Filibuster of Stimulus

In February of 2008, Senator Sanders issued a press statement noting his opposition to a Republican filibuster of the Bush stimulus.

 

Stimulus Signed into Law

In February of 2008, Senator Sanders released a press statement noting the signing of the Bush stimulus into law and his support for that legislation.

 

Support for Credit Card Reform

In March of 2008, Senator Sanders released a press statement noting his support for credit card reform. He notes legislation that he has introduced called the Stop Unfair Practices in Credit Cards Act. The legislation would have stopped rate hikes, and other items.

 

Real Wall Street Reform

In April of 2010, Senator Sanders released a press statement noting what he viewed as necessary components of real Wall Street Reform. These measures included transparency of the Federal Reserve, usury laws in the US, breaking up big banks, and integratiing financial institutions into the economy.

 

American Jobs Bill

In September of 2010, Senator Sanders issued a press statement noting his support for the American Jobs bill. This legislation would have provided tax incentives to any company that could prove it hired someone in the US in place of an overseas worker.

 

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. Bernard Sanders voted in favor of the Wall Street Reform Legislation.

Bernard Sanders 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. Bernard Sanders voted in favor of the Stimulus in the final vote.

Bernard Sanders 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. Bernard Sanders voted in favor of the stimulus in the initial vote.

Bernard Sanders 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. Bernard Sanders voted in favor of the resolution and against the second installment of TARP funds.

Bernard Sanders 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. Bernard Sanders voted in favor of the Helping Families Save Their Homes Act of 2009.

Bernard Sanders 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. Bernard Sanders voted against the TARP program.

Bernard Sanders 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. Bernard Sanders voted in favor of the Bush Stimulus.

Bernard Sanders 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. Bernard Sanders voted against the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Bernard Sanders 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. Bernard Sanders voted against the American Jobs Act.

Bernard Sanders 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. Bernard Sanders voted against Sarbanes-Oxley.

Bernard Sanders 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. Bernard Sanders voted against the Financial Services Modernization Act of 1999.

Bernard Sanders voted against the Financial Services Modernization Act of 1999.

 

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-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 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-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.

Session-110; Bill Number-S 3683; To Require Approval for Spending TARP Funds - Cosponsor

Amends the Emergency Economic Stabilization Act to revise the limitation on the Secretary of the Treasury's authority to purchase troubled assets through the Troubled Assets Relief Program (TARP). Changes the Joint Resolution of Disapproval, regarding authority to purchase troubled assets, to a Joint Resolution of Approval. Prohibits the Secretary, that is, from exercising any authority to make any such purchases with regard to any TARP amount authorized, and unobligated as of November 14, 2008, unless within 15 calendar days after Congress receives a report of the Secretary's plan to exercise such authority, a joint resolution approving the plan is enacted into law.

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