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Marcia Fudge on Budget & Economy
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COVID: protect homeowners, renters, small landlords
Q: What are your plans for what you want to do at HUD?A: I think the pressing thing is to deal with the adverse impacts of the COVID crisis. We've got to make sure that people can stay in their homes, or if they're renters, to stay in their
apartments. The first thing is keep people in their homes, as well as to assist some of these landlords, who are not these mega apartment owners but just a small landlords who are who are struggling as well.
Source: The Cleveland Plain-Dealer on Biden Cabinet
, Dec 10, 2020
Increase debt limit from $14.3 trillion to $16.7 trillion.
Fudge signed America Pays Its Bills Act
A bill to increase the debt limit from $14.3 trillion to $16.7 trillion.
[Explanatory note from Wikipedia.com `Debt Ceiling Crisis`]:
The US debt-ceiling crisis was a financial crisis in 2011 that started as a debate in the Congress about increasing the debt ceiling. The immediate crisis ended when a complex deal was reached that raised the debt ceiling and reduced future government spending. However, similar debates are anticipated for the 2012 and 2013 budget. President Barack Obama and Speaker of the House John Boehner announced on July 31 that an agreement had been achieved. After the legislation was passed by both the House and Senate, President Obama signed the Budget Control Act. On August 5, the credit-rating agency Standard & Poor`s downgraded the credit rating of US government bond for the first time in the country`s history.
Under US law, an administration can spend only if it has sufficient funds to pay for it.
These funds can come either from tax receipts or from borrowing. Congress has set a debt ceiling, beyond which Treasury cannot borrow. The Obama administration stated that, without this increase, the federal government would shut down and the US would enter sovereign default, thereby creating an international crisis in the financial markets. Alternatively, default could be averted if the government were to promptly reduce its other spending by about half.
An increase in the debt ceiling requires the approval of both houses of Congress. A large majority of Democratic legislators (who held a majority in the Senate) favored tax increases along with smaller spending cuts. Supporters of the Tea Party movement pushed their fellow Republicans to reject any agreement that failed to incorporate large and immediate spending cuts or a constitutional amendment requiring a balanced budget.
Source: HR2663&S1326 11-HR2663 on Jul 27, 2011
Establish a usury limit of 16% for consumer credit cards.
Fudge signed establishing usury limit of 16% for consumer credit cards
Section 107 of the Truth in Lending Act (15 U.S.C. 1606) is amended by adding at the end the following new subsection, entitled `National Consumer Credit Usury Rate`:
- LIMITATION ESTABLISHED--The annual percentage rate applicable to any extension of credit under, or any outstanding balance on, any credit card account under an open end consumer credit plan may not exceed 16 percent.
- INCLUSION OF CERTAIN FEES IN DETERMINING APR--In determining the annual percentage rate applicable to any credit card account, membership fees or annual fees shall be included in the finance charge [calculation].
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ADJUSTMENTS--the Board may make adjustments to the maximum annual percentage rate limitation when any such adjustment is in the public interest and economic conditions warrant. Any increase in the maximum annual percentage rate limitation [will be determined by] severe economic conditions, taking into account the prevailing bank prime rates, and statistical information the Board determines to be relevant.
Source: National Consumer Credit Usury Rate (H.R.4300) 2009-H4300 on Dec 11, 2009
Ban abusive credit practices & enhance consumer disclosure.
Fudge signed Credit CARD Act
Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009:- Tile I: Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate of interest (APR) pertaining to a credit card account under an open end consumer credit plan.
- Imposes a freeze on interest rate terms and fees on canceled cards.
- Sets limits on fees and interest charges, including a prohibition against penalties for on-time payments.
- Allows imposition of an over-the-limit fee only once during a billing cycle. Prohibits its imposition in a subsequent billing cycle.
- Requires fees for cardholder agreement violations and currency exchanges to be reasonable.
- Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the credit card has been used or activated by the consumer.
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Title II: Enhanced Consumer Disclosures: Requires the creditor to provide a toll-free telephone number at which the consumer may receive information about accessing credit counseling and debt management services.
- Revises requirements relating to late payment deadlines and penalties.
- Requires a periodic statement of account to disclose: (1) the date by which a payment must be postmarked, if paid by mail, in order to avoid the imposition of a late payment fee; and (2) any possible resulting increase in interest rates for late payments.
- Title III: Protection of Young Consumers: Prohibits issuance of a credit card on behalf of a consumer under age 21, unless the consumer has submitted a written application meeting specified requirements.
Source: S.414 & H.R.627 2009-S414 on Feb 11, 2009
Voted YES on $900 billion COVID relief package.
Fudge voted YEA Consolidated Appropriations Act (COVID Relief bill)
NPR summary of HR133:
- $600 checks for every adult and child earning up to $75,000, and smaller checks if earning up to $99,000.
- Unemployment: extend enhanced benefits for jobless workers, $300 per week through March.
- Rental assistance: $25 billion to help pay rent; extends eviction moratorium until Jan. 31.
- SNAP assistance: $13 billion for the Supplemental Nutrition Assistance Program.
- PPP loans: $284 billion for Paycheck Protection Program loans, expanding eligibility to include nonprofits, news/TV/radio media, broadband access, and movie theaters & cultural institutions
- Child care centers: $10 billion to help providers safely reopen.
- $68 billion to distribute COVID-19 vaccines and tests at no cost.
- $45 billion in transportation-related assistance, including airlines and Amtrak.
- $82 billion in funding for schools and universities to assist with reopening
- $13 billion for the Coronavirus Food Assistance Program for growers and
livestock producers.
Argument in opposition: Rep. Alex Mooney (R-WV-2) said after voting against H.R. 133: `Congress voted to spend another $2.3 trillion [$900 billion for COVID relief], which will grow our national debt to about $29 trillion. The federal government will again have to borrow money from nations like China. This massive debt is being passed on to our children and grandchildren. With multiple vaccines on the way thanks to President Trump and Operation Warp Speed, we do not need to pile on so much additional debt. Now is the time to safely reopen our schools and our economy. HR133 was another 5593-page bill put together behind closed doors and released moments prior to the vote.`
Legislative outcome: Passed House 327-85-18, Roll #250, on Dec. 21. 2020; Passed Senate 92-6-2, Roll #289, on Dec. 21; signed by President Trump on Dec 27 [after asking for an increase from $600 to $2,000 per person, which was introduced as a separate vote].
Source: Congressional vote 20-HR133 on Jan 15, 2020
$1.9 trillion ARPA bill for COVID relief.
Fudge voted YEA American Rescue Plan Act
This bill provides additional relief to address the continued impact of COVID-19 on the economy, public health, state and local governments, individuals, and businesses:
- Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program);
- schools and institutions of higher education;
- child care and programs for older Americans and their families;
- COVID-19 vaccinations, testing, treatment, and prevention;
- emergency rental assistance, homeowner assistance, and other housing programs;
- payments to state and local governments for economic relief;
- small business assistance, including restaurants;
- and state capital projects that enable work, education, and health monitoring in response to COVID-19
Rep. Kevin McCarthy in OPPOSITION (3/11/21): The so-called American Rescue Plan imposed a $1.9 trillion new burden on American families. Despite being branded as `COVID relief,` only 9% of funds in this bill actually goes to
defeating the virus, and almost half of the money, including more than 95% of the education funds, will not be spent until 2022 or later. After a year of struggle and sacrifice, students and parents get no answer to the vital question of when they can expect schools to reopen full time. President Biden wants Americans to believe `help is on the way.` But under this bill, it isn`t; waste is.
Biden Administration in SUPPORT (2/26/21): ARPA provides the tools and support critical to tackle the urgent public health and economic crises the Nation faces as a result of COVID-19. The bill also provides eligible Americans with a $1,400 payment in addition to the $600 payment provided in December of 2020. The bill also extends key emergency unemployment benefits, and raises the minimum wage to $15 per hour.
Legislative Outcome: Passed House 219-212-1 on 2/27/21; passed Senate 50-49-1 on 3/6/21; signed by President on 3/11/21.
Source: Congressional vote 21-HR1319 on Feb 27, 2021
Page last updated: Nov 22, 2024; copyright 1999-2022 Jesse Gordon and OnTheIssues.org