Ron Lewis on Budget & Economy Republican Representative (KY-2)

Voted NO on defining "energy emergency" on federal gas prices.

• Makes it unlawful, during a period proclaimed by the President as an energy emergency, to sell gasoline at a price that:
  1. is unconscionably excessive; or
  2. indicates the seller is taking unfair advantag are fair and justified. A vote against my bill is a vote against consumers and a vote for Big Oil. Opponents argument for voting NAY:Rep. BARTON of Texas: [My first issue the bill is that by the bill's own definition], we don't have price g Reference: Federal Price Gouging Prevention Act; Bill H R 6346 ; vote number 2008-448 on Jun 24, 2008

     Voted NO on regulating the subprime mortgage industry.

     H.R.3915: To reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators. Prohibits certain creditor practices with respect to high-cost mortgages, including:
     • recommending default on an existing loan in connection with closing of a high-cost mortgage
     • steering incentives to mortgage originators
     • exercising sole discretion to accelerate indebtedness
     • single premium credit insurance and
     • negative amortization mortgages.

     Proponents support voting YES because:

     Rep. FRANK: This legislation seeks to prevent a repetition of events that caused one of the most serious financial crises in recent times. We have a worldwide problem economically, with a terrible shortage of credit. Innovations in the mortgage industry, in themselves good and useful, but conducted in such a completely unregulated manner as to have led to this crisis. The fundamental principle of the bill is not to put remedies into place, but to stop future problems from occurring in the first place. We have had two groups of mortgage originators: banks subject to the regulation of the bank regulators; and then mortgage loans made by brokers who were subject to no regulation. The secondary market has been on the whole useful but, having been unregulated, has caused some problems.

     Opponents recommend voting NO because:

     Rep. HENSARLING: This is a bad bill for homeowners in America. There is no doubt that this Nation faces a great challenge in the subprime market, but this piece of legislation is going to make the situation worse. Clearly, there has to be enforcement against fraud in the subprime market. But what Congress should not do is essentially outlaw the American Dream for many struggling families who may be of low income, who may have checkered credit pasts, for whom a subprime mortgage is the only means to purchase a home.

     Reference: Mortgage Reform and Anti-Predatory Lending Act; Bill HR3915 ; vote number 2007-1118 on Nov 15, 2007

     Voted YES on restricting bankruptcy rules.

     Vote to pass the bill that would require debtors who are able to pay back $10,000 or 25 percent of their debts over five years to file under Chapter 13, rather then seeking to discharge their debts under Chapter 7. Chapter 13, calls for a reorganization of debts under a repayment plan. A Debtor would be restricted, in this bill, to a total exemption of $125,000 in home equity for residences bought within 40 months of a bankruptcy filing. The bill also would establish permanent and retroactive Chapter 12 bankruptcy relief for farmers. Reference: Bankruptcy Abuse Prevention and Consumer Protection Act; Bill S 1920 ; vote number 2004-10 on Jan 28, 2004

     Allow $3 on 1040 form to pay off National Debt.

     Lewis co-sponsored allowing $3 on 1040 form to pay off National Debt

     OFFICIAL CONGRESSIONAL SUMMARY: Amends the Internal Revenue Code to permit an individual to designate three dollars on his or her income tax return (six dollars on a joint return) to be used to reduce the public debt of the United States.

     SPONSOR'S INTRODUCTORY STATEMENT: Pres. Eisenhower apparently once said that he believed that there could be no surplus as long as our Nation was in debt. I come from that school of thought, and yet that is not exactly where we are right now in Washington.

     Where we are right now is debating whether or not 90 percent or 50 percent, or some number in between, of these projected future surpluses should be allocated to the debt. What struck me is the fact that really more than just the Congress should be involved in that debate. It is for that reason that I introduce today the Taxpayers' Choice Debt Reduction Act.

     What this bill would do would be to simply take the 1040, the tax return as we now know it. And right now, we can send $3 to the presidential campaign. This would create another box wherein we could send 3 bucks to debt reduction. That is not enough money to change our national debt, but it is enough money to make a small step in an important debate that we all ought to be a part of.

     LEGISLATIVE OUTCOME: Referred to the House Committee on Ways and Means; never called for a House vote.

     Source: Taxpayers' Choice Debt Reduction Act (H.R.5349) 00-HR5349 on Sep 29, 2000

     Supports balanced budget amendment & line item veto.

     Lewis signed the Contract with America:

     [As part of the Contract with America, within 100 days we pledge to bring to the House Floor the following bill]:

     The Fiscal Responsibility Act:
     A balanced budget/tax limitation amendment and a legislative line-item veto to restore fiscal responsibility to an out-of-control Congress, requiring them to live under the same budget constraints as families and businesses.

     Source: Contract with America 93-CWA3 on Sep 27, 1994

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     Page last updated: Jul 06, 2008