A key component of a healthy economy and reducing inequality is a robust jobs market.
Mike is committed to advancing legislation that supports job creation and economic growth. He supports workers rights and protections for consumers.
Mike supports a balanced approach to addressing our nation’s budget deficit and growing the economy. That is why he voted against legislation creating the framework for Fiscal Year 2018 and 2019 which provided far more money for defense spending than it did for nondefense. That legislation also increased the deficit by $320 billion.
Mike also voted against the Trump tax package because it was too weighted in favor of corporations and the wealthy and simply widens the income gap. Tax cuts for individuals expire but the corporate tax cuts are permanent. The tax bill will also add $1.5 trillion to the deficit which is on top of the $320 billion added by the budget deal. This is an irresponsible way to manage federal resources.
Mike is committed to advancing legislation that supports job creation. A key component of a healthy economy and reducing inequality is a robust jobs market. He supports investment in research and innovation as well as green technologies and renewable energy. Increased funding for innovation, medical research and biotechnology is particularly important for the 7th district, with its wealth of hospitals, research institutes and biotechnology companies. Mike has obtained significant funding for local National Institutes of Health initiatives, resulting in additional jobs.
Infrastructure investment must also be viewed as a way to create jobs. Upgrading our nation’s infrastructure is an economic commitment – creating construction jobs and enhancing economic development. Mike advocates for job creation in all infrastructure bills. He supports workers’ rights to organize for better wages and improved benefits. Mike has often encouraged employers, both nonprofit and for-profit, to respect the right of workers to organize without fear of retaliation, a freedom recognized in the United States since the New Deal.
Mike is deeply concerned about the approach that the Trump Administration is taking to regulating Wall Street. Trump’s Treasury Department is examining ways to loosen regulations of the financial services industry and the Securities and Exchange Commission issued less fines for wrongdoing in fiscal year 2017 than previous years, suggesting a loosening of enforcement actions. The Commodity Futures Trading Commission is basically allowing the industry to manage itself by drastically pulling back on regulating derivatives. The Consumer Financial Protection Bureau stopped investigating Equifax and is going easy on payday lenders. This troubling pattern presents risk for the economy because many of the protections put in place after the recent financial crisis are being systematically swept away.
Mike worked hard to stabilize the nation’s economy as a member of the House Committee on Financial Services. When America faced its worst financial crisis since the Great Depression, losing $19 trillion in household wealth, 8.7 million jobs and 4 million homes to foreclosure, Mike worked with his colleagues to create a comprehensive regulatory reform package: The Wall Street Reform and Consumer Protection Act. It strengthens our financial markets and protects consumers. It also provides more transparency and oversight so regulators can better monitor systemic threats to our financial system.
Mike made sure that legislation also required hedge funds to register with the Securities and Exchange Commission (SEC). This improves federal oversight, gives investors access to important information and forces hedge funds to be more transparent. He also focused on increasing the accountability of credit rating agencies which were a major contributor to the financial crisis. Now, credit rating agencies must reasonably reflect the credit risk of financial products so that investors can make informed decisions. It is also easier now to hold credit rating agencies liable for their actions when they don’t do their job responsibly.
Mike championed legislation to protect consumers from predatory credit card company practices. Now, companies are prohibited from imposing rate increases on pre-existing balances, must provide sufficient notification before increasing rates, and cannot double charge on purchases already paid off.