Rob Portman on The Economy

Summary

Congressman Portman opposed the stimulus, but was not in office during the vote. During the 2010 Senate election, Congressman Portman stated that he would require that the TARP funds go to the repayment on the deficit. Prior to the election though, Congressman TARP proposed using those funds to create a 1 year tax holiday for income under $50,000.

While in office, Congressman Portman voted for the 2005 Bankruptcy reform and the Sarbanes-Oxley act of 2002. 

Stimulus

In a campaign video, Congressman Portman stated that he did not support the manner in which the stimulus was implemented. He advocates for taking the remaining funds from the stimulus and implementing a one year income tax holiday.

TARP

In a campaign video, Congressman Portman talks about the use of funds coming back in from the TARP. He states that the money must be used for the purposes that were stated - deficit reduction.

Congressman Portman's views on TARP have evolved over time. In a 2009 speech at the City Club of Cleveland, he stated that the TARP funds could be used to provide a 1 year income tax holiday for all income under $50,000.

Second, there is about $250 billion remaining in the TARP funds. This money has been appropriated, but not yet spent. My view is that instead of more bailouts to Wall Street banks that are viewed as too big to fail, I believe that relief should go directly to small businesses that are gonna help get us out of this recession. The small businesses right here in Ohio that, I think, are too small to fail because of the key role they’re gonna play in getting our economy back on track. I think TARP should be ended. I think that it should ended now before it becomes a slush fund to pick more winners and losers.

Voting Record

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. Rob Portman voted in favor of 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. Rob Portman voted in favor of 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. Rob Portman 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. Rob Portman voted in favor of the Financial Services Modernization Act of 1999.

Sponsored and Cosponsored Legislation

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.

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