Rahm Emanuel on Budget & Economy Democratic Rep. (IL-5); Chief of Staff-Designee

Economy was in freefall in 2008; we're still recovering

There was no blueprint for how to manual for preventing in global financial meltdown, an auto crisis, two wars and a Great Recession all at the same time. Believe me, if it existed, I would have found it.

In the first month, he fought for the American Recovery Act to cut taxes for the middle-class, to put people to work building America's roads, rails and runways. And today, our economy has gone from losing 800,000 jobs a month, to adding 4.5 million private-sector jobs in the last 29 months. Banks, are slowly but surely lending again, and never again will taxpayers foot the bill for Wall Street's excesses.

Served on Freddie Mac board prior to 2005 economic meltdown

In January 2003 our concern grew when Freddie Mac announced it had to restate its earnings for the past three years because of accounting problems. On its board during part of this period was Rep. Rahm Emanuel (D, IL), who later became President Obama's chief of staff. In September, Freddie Mac acknowledged that SEC investigators uncovered billions in earnings manipulations, overstating its earnings by $9 billion.

Reform mortgage rules to prevent foreclosure & bankruptcy.

• Foreclosure Prevention Act of 2008 - refinance mortgages originally financed through a qualified subprime loan.
• Makes FY2008 appropriations for emergency needs of states and local governments to redevelop abandoned and foreclosed homes; and the Neighborhood Reinvestment Corporation for foreclosure mitigation activities.
• Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy plan for individuals with regular income to provide for payment of such claim for a period of up to 30 years. Creates a principal residence homestead exemption for debtors over 55 years of age.
• Mortgage Disclosure Improvement Act of 2008 - Amends the Truth in Lending Act to set forth additional disclosure requirements governing any extensions of credit (not only mortgages) secured by the dwelling of a consumer.