Shelley Moore Capito on Budget & Economy Republican Representative (WV-2)

Balanced Budget Amendment with 3/5 vote to override.

Constitutional Amendment to prohibit outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.

• Requires a three-fifths rollcall vote of each chamber to increase the public debt limit.
• Directs the President to submit a balanced budget to Congress annually.
• Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote.
• Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.
• Amendment to the Constitution shall be valid when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission for ratification

Member of the House Republican Economic Recovery Working Group.

On Jan. 23, 2009, House Republican presented an alternative stimulus bill to the $787 billion stimulus bill that was eventually passed by the Democratic Congress. The alternative stimulus bill was a simple, direct way to create jobs and help our economy by focusing on small businesses. Here are the highlights:

• Reducing the lowest individual tax rates from 15% to 10% and from 10% to 5%
• Allowing small business to reduce its tax liability by 20%
• Ensuring no tax increases to pay for spending
• Assistance for the unemployed
• A home-buyers credit of $7,500 for those buyers who can make a minimum down payment of 5%

Member of House Banking Committee.

The House Committee on Financial Services (also referred to as the House Banking Committee) is the committee of the House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. The Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission, and other financial services regulators.

Proposing a balanced budget amendment to the US Constitution.

Proposing a balanced budget amendment to the Constitution of the United States:
• Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a 3/5ths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.
• Requires a 3/5ths rollcall vote of each chamber to increase the public debt limit.
• Directs the President to submit a balanced budget to Congress annually.
• Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote.
• Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.

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.

Ban roadway signs indicating Recovery Act funding.

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.

Audit the Federal Reserve & its actions on mortgage loans.

The Federal Reserve Transparency Act directs:

• the completion, within 12 months, the audit of the Federal Reserve System and of the Federal Reserve Banks; with a detailed report of audit findings and conclusions.
• Audit and report on the loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Federal Reserve against supervised financial institutions.
• Prescribes audit contents, including:
  1. the guidance given by the Federal Reserve to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews,
  2. the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews, and
  3. the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered.
  Source: H.R.24&S.209 13-HR0024 on Jan 3, 2013

  Opposed $1.9 trillion ARPA bill for COVID relief.

  Capito voted NAY 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

  Maintain & enforce existing spending caps in the future.

  Capito adopted the Republican Main Street Partnership issue stance:

  What we offer today are not the precise spending decisions of a given year`s budget; rather, we call upon the Congress and the nation to adopt the following guidelines for our fiscal policy over the next decade. This long-term blueprint is essential for maintaining both the immediate public-sector goal of balancing the budget and the private-sector goal of a healthy economy. This can be achieved through the following steps:

  • A commitment to maintaining and enforcing existing spending caps in the future, when such discipline becomes more difficult to achieve;
  • A careful and considerate re-definition of the federal role in society (what should be the legitimate and proper role of the federal government in the twenty-first century, and how do we prioritize competing demands?); and
  • An evaluation of implementing tax cuts based on their social fairness.
  Source: Republican Main St. Partnership Issue Paper: Fiscal Policy 98-RMSP5 on Sep 9, 1998

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