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Kevin Yoder on Budget & Economy

 


Voted YES on terminating the Home Affordable mortgage Program.

Congressional Summary: Amends the Emergency Economic Stabilization Act of 2008 to terminate providing new mortgage modification assistance under the Home Affordable Modification Program (HAMP), except with respect to existing obligations on behalf of homeowners already extended an offer to participate in the program.

Proponent's Argument for voting Yes:
[Rep. Biggert, R-IL]: The HAMP Termination Act would put an end to the poster child for failed Federal foreclosure programs. The program has languished for 2 years, hurt hundreds of thousands of homeowners, and must come to an end. This bill would save $1.4 billion over 10 years. To date, the HAMP program has already consumed $840 million of the more than $30 billion of TARP funds that were set aside for the program. For this extraordinary investment, the administration predicted that 3 to 4 million homeowners would receive help. HAMP has hurt more homeowners than it has helped. The program has completed about 540,000 mortgage modifications. Another 740,000 unlucky homeowners had their modifications cancelled.

Opponent's Argument for voting No:
[Rep. Capuano, D-MA]: This is a program that I'm the first to admit has not lived up to what our hopes were. This program we had hoped would help several million people. Thus far we've only helped about 550,000 people. But to simply repeal all of these programs is to walk away from individual homeowners, walk away from neighborhoods. I'm not going to defend every single aspect of this program, and I am happy to work with anyone to make it better, to help more people to keep their homes, & keep their families together. To simply walk away without offering an alternative means we don't care; this Congress doesn't care if you lose your home, period. Now, I understand if that makes me a bleeding-heart liberal according to some people, so be it.

Reference: The HAMP Termination Act; Bill H.839 ; vote number 11-HV198 on Mar 29, 2011

Member of House Committee on Appropriations.

Yoder is a member of the House Committee on Appropriations

The House Committee on Appropriations is in charge of setting the specific expenditures of money by the government of the United States. As such, it is one of the most powerful of the committees, and its members are seen as influential.

In 1865, the House of Representatives separated the appropriating and banking and currency duties from the Committee on Ways and Means, which was first established in 1789, and assigned them to two new committees - the Committee on Appropriations and the Committee on Banking and Currency. Until 1865, all "general" appropriations bills had been controlled in the House by the Committee on Ways and Means--which is now in charge of revenue measures (taxation).

Until recent years, large sustained spending increases of the Federal Government usually occurred only in connection with wars. By 1940, spending in appropriations bills had climbed to $14.6 billion as a result mainly of various New Deal legislation - when we began meeting local problems with national programs. Since 1934, our national wealth has increased 41 times.

By the early 1970's, deficits were mounting; so-called "uncontrollable" spending was climbing; and "back door" spending, i.e. spending provided other than through the Appropriations Committee, was increasing. It was also becoming clear that there was little, if any coordination between raising and spending revenues.

A 1975 reorganization resulted in the current committee structure: the Budget Committee for fiscal planning; the Budget Committee for fiscal planning; the Ways and Means Committee for taxation and other revenue; and the Appropriations Committee for spending.

Source: U.S. House of Representatives website, www.house.gov 11-HC-App on Feb 3, 2011

Proposing a balanced budget amendment to the US Constitution.

Yoder signed Balanced Budget Amendment

RESOLVED by the Senate and House of Representatives of the United States of America in Congress assembled (2/3rds of each House concurring therein), That the article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of 3/4ths of the several States within 7 years after the date of its submission for ratification.

This article shall take effect beginning with the later of the second fiscal year beginning after its ratification or the first fiscal year beginning after December 31, 2016.

Source: H.J.Res.2 11-HJRES2 on Jan 5, 2011

Ban roadway signs indicating Recovery Act funding.

Yoder co-sponsored End the Stimulus Advertisement Act

Prohibits the use of funds appropriated or otherwise made available under the American Recovery and Reinvestment Act of 2009 (ARRA) for physical signage indicating that a project is funded by such Act.

Under appropriations for FY2012 and FY2013, the total amount available for administrative expenses of an affected agency shall be the amount that would otherwise be available, reduced by 50% of the amount reported to have been expended before the enactment of this Act for such signage.

Requires the head of each affected agency to deposit such reduction amount in the general fund of the Treasury for purposes of deficit reduction.

Source: H.R.389 11-HR0389 on Jan 20, 2011

Apply all remaining stimulus funds to budget deficit.

Yoder co-sponsored RESET Act

A BILL: To rescind unobligated stimulus funds and require that such funds be used for Federal budget deficit reduction. This Act may be cited as the "Recovering Excessive Stimulus Expenditures for Taxpayers (RESET) Act."

Source: HR620/S391 11-HR0620 on Feb 17, 2011

Audit the Federal Reserve & its actions on mortgage loans.

Yoder co-sponsored Federal Reserve Transparency Act

The Federal Reserve Transparency Act directs: