Showing posts with label TARP Reform and Accountability Act. Show all posts
Showing posts with label TARP Reform and Accountability Act. Show all posts

Thursday, August 19, 2010

THE CASE AGAINST LYNN JENKINS CHAPTER 38 - SHE VOTES AGAINST JOBS AND FOR TAX BREAKS TO SHIP JOBS OVERSEAS

Lynn Jenkins didn't vote to keep American jobs in America. H.R.5982, the Small Business Tax Relief Act of 2010 failed to get the 2/3 majority needed to pass, thanks to Lynn Jenkins and the Party of No. This was a bill to amend the Internal Revenue Code of 1986 to repeal the expansion of certain information reporting requirements to corporations and to payments for property, to eliminate loopholes which encourage companies to move operations offshore, and for other purposes.

Maybe you, like me, think that eliminating these loopholes in the tax code is a good idea. C.P.A. Lynn Jenkins voted to let American corporations move jobs out of America, and keep the tax break too! That was roll call 514.

Kansas' schools are hiring teachers. That is not thanks to the State Legislature making more money available for our kids. Teachers are being hired because of Public Law 111- 226, H.R. 1586, now known as the FAA Air Transportation Modernization and Safety Improvement Act.

The Senate returned H.R. 1586, the Education, Jobs, and Medicaid Assistance Act of 2010 to the House with Amendments. Two Rules were brought bringing the Senate's amendments to the House. Lynn Jenkins voted against those Rules, on roll call votes 516 and 517. The Education, Jobs, and Medicaid Assistance Act of 2010 passed the House by resolving the differences with the Senate on roll call vote 518. Lynn Jenkins voted no.

Now remember H.R. 5982? That bill was grafted into H.R. 1586 and these jobs that Lynn Jenkins voted against are largely paid for by closing the tax loopholes that let American businesses ship jobs overseas.

RESCISSION

Unobligated funds, that's the money appropriated to Federal Departments and Agencies which has not been spent. Well, H.R. 1586 took back a whole slew of that money through a series of rescissions. This bill was paid for by using unspent money. $20 Million from the Department of Energy. $100 Million from the General Services Administration. $6.8 Million from the Bureau of Indian Affairs. $28.6 Million from the E.P.A. $11.2 Million from the National Parks. $157 Million from funds allocated to the Commissioner of Social Security, making other funds available through another section of preexisting law. $92.7 Million from the Department of Education. $506 Million from the Department of Defense (mostly construction). $6.1 Million from the Department of Veterans Affairs. $5 Million from the American Recovery and Reinvestment Act. $120 Million from the Department of State. $7 Million from the Department of Transportation. $2.2 Billion from unobligated funds to the States from Federal Aid to Highways.

The Democrats looked at the unused money and put it to work making Air Travel safer, Social Security more dependable, and Teachers available to our children. Lynn Jenkins said no.

When H.R. 1586 first appeared it was a bill to tax the bonuses paid from TARP funds. Lynn Jenkins voted against that version of the bill. Lynn Jenkins was one of only 93 Members of the House who thought it was a bad idea to tax the big bonuses of bad bankers who got TARP funds. The original version of H.R. 1586 passed on roll call 143 by a margin of 328 to 93.

Now Lynn Jenkins is asking where the jobs are and calling the Sunset Provisions of the Republican Tax Breaks for the Richest of the Rich a Democratic tax hike. What a load of manure! Lynn Jenkins repeatedly voted against the Summer Jobs bill until the bill finally passed before Congress' summer recess. That was July 27th and the bill was H.R. 4899. We discussed that bill back on July 9th. Republicans held the Summer Jobs bill until the end of July so they could rant about a lack of jobs. Talk about brass.

Now those folks who got those huge bonuses paid for by the taxpayers courtesy the TARP funds are the same people Lynn Jenkins thinks should not have their tax breaks see a sunset.

Lynn Jenkins does not represent us.

Wednesday, June 16, 2010

THE CASE AGAINST LYNN JENKINS CHAPTER 9 - VOTING AGAINST JOBS PLUS A REVIEW OF RECENT ECONOMIC ACTS



This is Lynn Jenkins, she does not represent us

The AMERICAN JOBS AND CLOSING TAX LOOPHOLES ACT of 2010, H.R. 4213, is a bill about putting Americans back to work. House Republicans love to tell us that the STIMULUS failed. They refuse to be honest and come clean with the truth about Republican economic policies which deregulated Wall Street and the lax efforts over at the Securities and Exchange Commission. What happened is that Republican policies loosed the fox in the henhouse, greed ran amuck.
Of course it is hard to get the facts straight when you've decided not to participate in governing the nation and all your efforts are doubled down in demagoguery. Let's remind the Republicans, that means you Lynn Jenkins, of some important events.

The AMERICAN REINVESTMENT AND RECOVERY ACT (ARRA) was passed shortly after President Obama came to office. He signed the bill February 17, 2009.

In the final year of the Bush Presidency a number of laws were enacted to curb the economy's critical condition. Chief among these were the ECONOMIC STIMULUS ACT OF 2008, the EMERGENCY ECONOMIC STABILIZATION ACT OF 2008, and the TROUBLED ASSETS RELIEF PROGRAM (TARP),

The BUSH ECONOMIC STIMULUS ACT provided economic stimuli for the economy. It provided for, inter alia, ◊ tax rebates to low and middle income families, ◊ tax incentives to increase business investment, ◊ and an increase on the limits imposed on mortgages eligible for purchase by FANNIE MAE and FREDDIE MAC.

Then came BUSH'S EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 is commonly called the BAILOUT. The Act proposed by Bush's Secretary of the Treasury, Henry Paulson, provided up to $700 Billion to back banks in crisis as a result of the subprime mortgage crisis. The subprime mortgage crisis is a result of Republican efforts to, as former President Ronald Reagan was want to say: "Get Government Out of Our Boardrooms!" Those regulations, like Glass-Steagall, were developed after the madness of laissez-faire economic policies brought about the Great Depression.

The TARP legislation enacted by President Bush used the taxpayers' dime to purchase the assets of financially troubled Big Banks and Insurance Companies. Originally thought to cost upwards of $356 Billion, as of April 12th the cost was down to $89 Billion.

When President Obama came to office the economy was in shambles. goals of the ARRA include ◊ Preserving and creating jobs. ◊ assist those most impacted by the recession, ◊ provide investments needed to increase economic efficiency by spurring technological advances in science and health, ◊ invest in transportation, environmental protection, and other infrastructure that will provide long-term economic benefits, ◊ stabilize State and local government budgets, in order to minimize and avoid reductions in essential services and counterproductive state and local tax increases.

According to the Wikipedia summary, ARRA specified that 37% of the package is to be devoted to tax cuts equaling $288 billion and $144 billion or 18% is allocated to state and local fiscal relief (more than 90% of the state aid is going to Medicaid and education). 45% or $357 billion is allocated to federal social programs and federal spending programs.

The success of these measures in keeping America out of another Great Depression, albeit in a tremendously difficult recession, can be seen from the jobs chart below.

Red = Bush & Blue = Obama

Now back to H.R. 4213, the AMERICAN JOBS AND CLOSING TAX LOOPHOLES ACT. This bill provides for Tax Credits for Alternative Fuels; Individual Tax Relief; Low Income Housing Credits; Business Tax Relief; Temporary Disaster Relief Programs-Nationally, for the New York Liberty Zone, for the GO-Zone for states affected by Hurricane Katrina, and for Midwestern Disaster Areas; Unemployment Insurance; Health - for provisions affecting COBRA, pushes back mandatory Medicare limitations on medically necessary therapy caps, Medicare provisions for ambulances, extends reimbursement for Medicare Part B, and continues the Erickson Advantage Continuing Care Retirement Community program; extends Child and Family programs under Title IV of the Social Security Act; provides funds for Farmers experiencing loss from disasters including drought and flooding;  Provides for Pension Funding; and Homebuyer Credits. This list was not inclusive, this is a major piece of legislation. Oh, and by the way, it is a PAYGO bill.

We've heard from the Republicans about no jobs, all Wall Street and no Main Street. Time and again Lynn Jenkins and the Party of NO votes for the Big Banks and against the common folk. This is another one of those times. On roll call 943 the bill advanced by a vote of 241 to 181. Lynn Jenkins voted no. The bill passed the Senate by a margin of 62 to 36 on record vote number 48. Kansas' Senators Brownback and Roberts voted against it.

The recession is not over yet. H.R. 4213 is needed to keep us going in the right direction.  The bill remains in the Senate where it is being subjected to a number of amendments.

Yesterday the Senate rejected an amendment by Vermont Senator Bernie Sanders to eliminate big oil and gas company tax loopholes, and to use the resulting increase in revenues to reduce the deficit and to invest in energy efficiency and conservation.Sam Brownback backed Big Oil while Pat Roberts was a no show on the vote.

The Senate also rejected an amendment from Louisiana's Republican Senator David Vitter, whose stated intent ensure that any new revenues to the Oil Spill Liability Trust Fund will be used for the purposes of the fund and not used as a budget gimmick to offset deficit spending. Sam Brownback voted for this amendment while Pat Roberts was AWOL.

The Senate did pass an amendment to H.R. 4213 by Minnesota's Democratic Senator Al Franken.  That measure creates an office of Homeowner Advocate in the Treasury Department to assist homeowners with foreclosure issues.

Saturday, June 5, 2010

THE CASE AGAINST LYNN JENKINS - CHAPTER 2: VOTES 100 - 299


H.R. 1106, the Helping American Families Save Their Homes Act passed the House by a vote of 234 to 191. This bill offered American families a moratorium on mortgage foreclosures, modification of residential mortgages, specified how TARP funds can be used to help with mortgage modifications, and established a nationwide mortgage fraud task force. Lynn Jenkins, on roll call 104, voted against H.R. 1106.

H.R. 1362 is the bill authorizing the Federal Water Pollution Control Act for 2009. In apparent contradiction to the work Lynn Jenkins did to provide relief for the residents of Treece, Kansas and their polluted water, she voted against this bill on roll call 123. The measure passed with broad bipartisan support 317 to 101.

The GIVE Act, Generations Invigorating Volunteerism and Education Act, came up as H.R. 1388. This is now Public Law 111-13. This law strengthens and expands service learning programs for America's children & provides a mechanism for retired professionals and those over 55 to volunteer and assist these kids. This bill is a plus for seniors and it is a plus for children. H.R. 1388 passed the House by a vote of 321-105 on roll call 140. Lynn Jenkins voted no standing against seniors and children. She affirmed her negative position in roll call 169 where the House concurred in the Senate amendments to the GIVE Act.


Lynn Jenkins never saw a Golden Parachute she didn't like. H.R. 1664, and the title says it all: "To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards." This is another attempt to reign in Wall Street Fat Cats giving themselves big paychecks and bonuses on the taxpayers dime. Lynn Jenkins voted against us and for the Wall Street Fat Cats on roll call 247.

H.R. 1256, now Public Law 111-31 gives the Food and Drug Administration regulatory authority over tobacco. The title of the measure is the Family Smoking Prevention and Tobacco Control Act. Lynn Jenkins voted with the big money of the Tobacco Industry and against giving the government authority to regulate a dangerous product. On roll call 187 Lynn Jenkins voted against children, families, and our health while voting for big business. The vote was 298 - 112.

As local governments are trying to balance budgets H.R. 1139, the COPS Improvement Act, was passed by the House to enhance the COPS ON THE BEAT program. The House passed this bill with a huge majority of 342 to 78. Lynn Jenkins, of course, voted against local law enforcement in roll call 206. The measure required a two thirds vote and got it.

In recent times society has recognized the need to identify and prosecute hate crimes. H.R. 1913, the Local Law Enforcement Hate Crimes Prevention Act, speaks to this issue. The House passed H.R. 1913 by a vote of 249 to 175 in roll call 223. Jenkins voted no. Who knew she'd be against local law enforcement?

H.R. 627 the Credit Cardholders Bill of Rights Act, now Public Law 111-24, took two votes to pass the House. Senator Tom Coburn, [R] Ok, got the Senate to pass an amendment to not enforce gun laws in National Parks. In roll call 276 Lynn Jenkins voted against credit cardholders and for big banks. In roll call 277 she voted for the Coburn amendment.

Friday, June 4, 2010

THE CASE AGAINST LYNN JENKINS: Chapter 1 - THE FIRST 99 VOTES

This is Lynn Jenkins, she does not represent us!

Lynn Jenkins has established herself as anti-woman, anti-children, anti-family, anti-seniors, anti-agriculture, anti-defense, & against constraining budget deficits. That's not my opinion. Her votes show her true nature, she serves wealth rather than people. In this series we examine her votes.

H.R. 12, the Paycheck Fairness Act, was introduced to amend the Fair Labor Standards Act of 1938 to provide more effective remedies to victims of discrimination in the payment of wages on the basis of sex. On roll call 8 the bill passed. Lynn Jenkins voted against H.R. 12. H.R. 12 was then appended to H.R. 11 as a new matter.

Lilly Leddbetter

H.R. 11, the Lilly Ledbetter Fair Pay Act of 2009. Now Public Law 112-2,  mandates equal pay for equal work. Before passage women were earning about 70% of what men were earning for the same work. Lynn Jenkins voted against women when she voted against Lilly Ledbetter in roll call 9. The bill returned from the Senate as S. 181, giving Jenkins another opportunity to be pro-women. She declined voting no on roll call 37.

Kids need Health Care

H.R. 2 provided for Reauthorization of the Children's Health Insurance Program for 2009. Lynn Jenkins voted against children when she voted against SCHIP in roll call 16. She voted against it again, when it returned from the Senate, on roll call 50. The bill became Public Law 111-3.

Lynn Jenkins Loves Golden Parachutes

H.R. 384 the TARP Reform and Accountability Act sought to end the errors of the original TARP legislation. In the first of her votes in favor of exorbitant executive bonuses and golden parachutes, Jenkins votes to let Wall Street fat cats keep plundering obscene executive pay and bonuses, even on the taxpayer's dime. Lynn Jenkins voted no on roll call 37.

Sharpening her ability to vote no, and working tirelessly to increase bipartisan gridlock and acrimony Lynn Jenkins voted against the Omnibus Appropriation Act of 2009 on roll call 86. This bill became Public Law 111-8.