H.R. 3997 - Emergency Economic Stabilization Act of 2008 – This bill Empowers the new Office of Financial Stability in Treasury to purchase troubled assets from private financial institutions, making $250 billion available immediately, with another $100 billion subject to the President’s request. The final $350 billion would be subject to a Congressional vote. The total $700 billion amounts to a $6,000 outlay per US household.; Nationalizes an array of mortgages and troubled securities. Authorizes private financial institutions to carry out the provisions and creates an oversight board to monitor the program. Requires the Treasury Department to establish a federally-backed insurance program, similar to FDIC, for holders of troubled assets, if it utilizes its purchase authority (which it is expected to do). Treasury would guarantee up to 100% of the timely payment of principal and interest on certain classes of troubled assets. Provides limits on executive compensation of financial firms that participate in the program. Allows the government to get profit-sharing “warrants” from participating firms to allow taxpayers to gain as the firms recover. Requires the President to submit a plan to Congress to recoup a shortfall if the plan is losing money after 5 years. Raises the debt limit for the 3rd time this year to $11.3 trillion. OMB points out that the plan authorizes the purchase of assets so these may produce income once they’re sold. CBO couldn’t quantify the budget impact of the bill but estimated that the impact would be substantially smaller than $700 billion. I voted against this bill because I cannot saddle our children and grandchildren with new debt. - NO

H.R. 7175 - To amend the Small Business Act to improve the section 7(a) lending program - Permits the pooling of 7(a) program loans based on a weighted-average interest, to improve the efficiency of the secondary market for small commercial loans. Simplifies the standard for determining small business loan eligibility to encourage more lender participation in the program. Specifies criteria which a development company must meet to qualify for SBA lending. YES

H.R. 6867 - The Unemployment Compensation Extension Act of 2008 - NO - This bill provides an additional 7 weeks of federal unemployment insurance to those unemployed, costing an extra $6 billion to the unemployment trust fund. The extension would be in addition to the current 20 weeks of state unemployment and then 13 weeks of federal unemployment for a total of 46 weeks; for states with hard hit areas, it would expand federal unemployment by an additional 13 weeks (for a total of 59 weeks). I voted against this bill because as Martin Feldstein stated in testimony before the Senate Finance Committee in January of this year: "[w]hile raising unemployment benefits or extending the duration of benefits beyond 26 weeks would help some individuals ... it would also create undesirable incentives for individuals to delay returning to work. That would lower earnings and total spending."

Financial Stabilization Package - NO - Provides up to $700 billion to the Secretary of the Treasury to buy any troubled assets from any financial institution operating in the US (except for Foreign central banks or institutions). Requires the Treasury Secretary and federal agencies to modify troubled loans held by the government (Section 110). Establishes the Financial Stability Oversight Board to review the exercise of authority under this Act and requires the Secretary to make reports to Congress. Allows the SEC to suspend Mark to Market Accounting. Increases FDIC coverage amounts to $250,000 for one year and gives FDIC an unlimited credit line from the Treasury; contains tax extenders for one or two years including state sales tax deduction and R&D; tax credit but contains $42 billion in permanent new tax increases

S. 3197 - National Guard and Reservists Debt Relief Act of 2008 - YES - Under current law, a person filing for chapter 7 bankruptcy must meet a minimum income threshold, this bill removes the threshold for members of the National Guard and Reserve that have been deployed in Iraq or Afghanistan; will not have a significant impact on the budget