Retirement Security

• Supported provisions of the Economic Growth and Tax Relief Reconciliation Act to increase the annual Individual Retirement Account (IRA) and 401 (k) plan contribution limits from $2,000 to $5,000 and $10,500 to $15,000, respectively. (H.R. 1836)

• Supported legislation to permanently raise these contribution limits. (H.R. 4931)

• Supported the Pension Security Act of 2002 to protect pension and 401 (k) plans by giving employees investment advice, the right to sell company stock in their plan, receive periodic benefit statements, and by protecting participants from restrictions, limitations, or suspensions of their right to diversify their investments in the plan. (H.R. 3762)

• Supported the Sarbanes-Oxley Act, requiring that corporations immediately disclose investor information, providing criminal sentences for executives who defraud investors, and allowing the government to seize ill-gotten gains to refund defrauded investors. (H.R. 3763)

  Congressman Kirk will continue to pursue policies that allow workers to contribute more of their money into diverse, more secure IRA's and 401 (k) plans to better prepare for retirement. He will also continue work to strengthen Social Security so all retirees can count on the benefits they have earned. Congressman Kirk will not support any plans that reduce the Social Security benefit that senior citizens receive, raise the retirement age, or privatize the system.

Economic Growth

• Supported the Economic Growth and Tax Relief Reconciliation Act, comprised of several bills the Congressman cosponsored, that reduced the tax burden on all Americans, removed more than 3.9 million low-income Americans from the tax rolls completely, eliminated the death tax, eliminated the marriage penalty, increased family tax credits, and increased the contribution limits for Education Savings Accounts. The Council of Economic Advisors estimates that the Act will help the economy grow by an additional half a percentage point and create 800,000 private sector jobs by the end of the year. (H.R. 1836)

• Supported the Job Creation and Worker Assistance Act of 2002 to stimulate the economy by encouraging companies to reinvest in their businesses. (H.R. 3090)

• Worked to enact policies designed to lower taxes, reduce wasteful government spending, and maintain low interest rates. All of these are keys to allowing businesses to grow and create new jobs, and individuals to accumulate wealth.

• Supported legislation to grant the President Trade Promotion Authority, preserving the more than 600,000 export-related jobs, $32 billion in annual Illinois exports, and allowing Illinois companies to expand their export markets and create new jobs. (H.R. 3005)

• Cosponsored House legislation to modernize O'Hare International Airport. Once passed, this project will inject $7 billion into our economy and will provide jobs for 200,000 people. (H.R. 3479)

  Congressman Kirk will continue to support policies that foster an economic environment that encourages investment and free trade. Opening new export markets for goods produced in Illinois, including pharmaceuticals and medical products, will remain one of the Congressman's top priorities.

Job Security and Creation

• Helped eliminate intrusive and burdensome Occupational Safety and Health Administration ergonomics rule that would have cost employers in excess of $100 billion and thousands of American jobs. (S.J.Res. 6)

• Supported the Job Creation and Worker Assistance Act of 2002 to encourage capital investment through tax incentives and support displaced workers with enhanced job training and improved benefits. (H.R. 3090)

• Supported the Air Transportation Safety and System Stabilization Act to help airlines retain employees by offering federal loan guarantees to companies with sound business plans. (H.R. 2926)

• Fought to successfully repeal the Death Tax, lifting an unfair burden on family-owned small businesses and preserving jobs.

• Fought to successfully eliminate the marriage tax penalty. (H.R. 1836)

Congressman Kirk will continue to support legislation that will ease intrusive government regulations that unnecessarily increase the cost of doing business. The current regulatory structure impedes small business growth and costs the American economy more than $800 billion annually. That translates into hundreds of thousands of jobs. He will also continue to champion policies that enhance job training programs and allow businesses to increase investment in their workforce.

Government Spending

• As a member of the Budget Committee, voted against more than $1.5 trillion in wasteful spending amendments proposed for this year's budget. Irresponsible spending threatens Social Security, hurts the economy, and raises interest rates.

• Voted against the bloated Farm Bill which wastes billions on subsidies. (H.R. 2646)

• Fought against the federal sugar subsidy, which artificially inflates the price of sugar to the detriment of Illinois companies, and other forms of corporate welfare.

• As a member of the Armed Services Committee, supported investments in a strong national defense.

• As a member of the Transportation Committee, fought for modernization of O'Hare International Airport, and the construction of Metra's North Central Line.

• Introduced the Good Government Accounting Act to keep clean government books. (H.R. 5094)

  Congressman Kirk will continue to support meaningful federal investments in infrastructure, defense, education, and job creation. He will also work to curtail wasteful spending that takes money away from investment in new jobs and economic growth and threatens to increase the federal deficit.

Corporate Responsibility

• Strongly supported the Sarbanes-Oxley Act, to ensure the integrity of external audits, prevent unscrupulous executives from defrauding investors, and provide strict criminal penalties for those who do. The Sarbanes-Oxley Act requires publically-traded companies to disclose material information immediately, not quarterly as was the practice under the prior law. (H.R. 3763)

• The Sarbanes-Oxley Act dramatically increases fines and jail time for those who defraud investors. Under new sentencing guidelines, corporate criminals will serve up to 20 years in a real jail, not a "Club Fed." Corporate criminals now face losing their freedom for the rest of their natural lives if they lie to investors on their corporate balance sheet.

• The Sarbanes-Oxley Act grants broad authorities to the government to seize the ill-gotten gains -- yachts, jets, houses -- to refund defrauded investors. Under the old law, a state's attorney general or a trail lawyer would reap most of the money recovered in a court case. The new law focuses on returning funds to those most directly affected.

  Congressman Kirk will continue to support reforms to the criminal code and the regulatory structure that ensure the accuracy of financial statements, protect the interests of investors, preserve the benefits of stock option and 401 (k) plans, and prohibits executives from fraudulently profiting at the expense of rank and file workers.

  For more information, please visit the following websites:

  - Employee Retirement Benefits
  - How Trade Impacts Illinois
  - House Budget Committee, What the New Economic Figures Mean
  - House Budget Committee, Budgetary and Economic Outlook