Dreier Introduces Measures to Grow the Economy and Improve Health Care at Start of 108th Congress

January 7, 2003

WASHINGTON - As the 108th Congress opened for business, Congressman David Dreier (R-San Dimas), Chairman of the House Rules Committee, introduced key measures aimed at economic growth, job creation and improved health care options for working Americans. Dreier noted that his measures were consistent with the overall goals of the new Congress, and should enjoy broad bipartisan support.

"Another Congress has begun, and we face serious challenges as a nation," Dreier said. "First and foremost, we need to continue the war against terrorism and provide the resources necessary to secure the homeland. Just as important, however, is getting the economy moving again. We need to create jobs for those who are unemployed. I believe we can do that through capital gains tax relief. I hope that as we work to improve the lives of all Americans, Democrats and Republicans will be able to work together on these and other important issues."

The first bill introduced by Dreier, The Investment Tax Incentive Act, would create a two year window in which assets purchased receive a locked-in capital gains rate. The rate for these purchases would fall from 20-10 percent for individuals and from 35-20 percent for businesses. The aim of the legislation is to stimulate economic growth by encouraging investment in the stock market once again. Dreier noted that a key goal of President Bush in the new year is to provide tax relief that would create jobs. "More than 50% of Americans now own assets that depend on a strong stock market. As the Congress works with the President to come up with an economic stimulus package, we need to keep this 'Investor Class' in mind. This proposal gives investors the incentive they need to save and invest. It will get people back into the market, as opposed to cashing out."

Also introduced today was a Federal Employees Health Benefits access bill, which would make the Federal Employees Health Benefits (FEHB) plan available to individuals aged 55-65 and expand the availability of Medical Savings Accounts (MSAs). "Every American deserves the opportunity to secure quality health care for themselves and their families. This is a great way to expand insurance coverage to workers who have worked their entire lives and wouldn't otherwise have adequate health care coverage."