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Mike on the Economy

Not surprisingly, the economy has been a focus of Congress for many months now. As a member of the House Committee on Financial Services, I have been working with my colleagues on many fronts to stabilize the economy and address the issues that brought us to this recession. We have had some successes, but much work remains to be done. In 2009, Congress passed legislation making it easier for homeowners struggling with their mortgage to refinance at a more affordable rate. I worked very hard to make sure that tenants also received some much needed protections, by requiring 90 days notice before they have to leave a foreclosed home. Congress has also passed legislation to address problems with the credit card industry, making it harder for companies to increase rates retroactively or without notice. President Obama has signed both of these measures: S. 896: the Helping Families Save Their Homes Act and H.R. 627: The Credit Cardholders' Bill of Rights Act of 2009.

Congress also passed the American Recovery and Reinvestment Act in February, which directs funds to states for a number of needs, including education, health care and infrastructure improvements. The overall goal of the legislation is to create and preserve as many jobs as possible in a difficult economy.

Congress is working to establish new financial regulations and revamp those that do not appear to be working as they should. In particular, a systemic risk regulator to monitor any risks that could cause widespread difficulties in the financial system is under consideration. Several times over the past year, I hosted economic roundtables with leading experts from the 8th district to discuss different approaches to reforming financial regulations. Moving forward, we must strike the right regulatory balance, focusing on increasing transparency and restoring faith in our financial system. I expect that the economy will continue to be one of our most dominant issues in the coming months.

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