CONGRESSMAN Jared Polis 2nd DISTRICT OF COLORADO

Economy

On this page you can find updates on legislative initiatives Congress is working on for economic recovery as well as Federal and State of Colorado resources for economic development.

My Legislation:

H.R. 1783 - The Enterprise Sector Investment Opportunity Act of 2009

As our economy recovers, there are already sides of stability.  The Treasury issued the results of its “Stress Tests” and found several financial institutions to be in good health. The common denominator between those institutions was their ability to raise private capital.  Further, President Obama has indicated the need to return the Auto manufactures to private ownership quickly.  H.R. 1783, The Enterprise Sector Investment Opportunity Act aides the recovery of financial institutions and expedites the return of GM and Chrysler to private ownership by incentivizing investment in these industries with a capital gains tax waiver.  This legislation further protects investors and taxpayers by prohibiting firms who raise capital through this program from participating in Federal bailout programs.  This bill allows individuals to invest in America’s financial and manufacturing future.  For enduring economic prosperity we must allow American’s to invest directly in companies poised for success rather than spending taxpayer dollars on those whose only merit is being “too big to fail”.

H.R. 1784 - The Investment Property Opportunity Act of 2009:

The housing market has been devastated as the house of cards built on Wall Street crashed down onto Main Street.  In many communities the foreclosure crisis and resulting vacancies has been a double edged sword of declining property tax revenues and increasing expenditures as abandoned homes become a source of blight and a target for crime.  H.R. 1784, The Investment Property Opportunity Act, stabilizes home values by incentivizing investments in our hardest hit areas with a capital gains tax waiver.  Bringing homes off of the foreclosure roles and back in the ownership of responsible stewards reduces home vacancies, stabilizes the prices of surrounding properties and brings back property tax dollars essential for local governments to provide good schools and adequate police and fire protection.

Congressional Legislation:

Credit Card Accountability Responsibility and Disclosure Act:

Congress has passed a credit card reform bill which was signed by the President on May 22, 2009.  Key provisions include protections for consumers from interest rate hikes, punitive penalty charges, charges based on the method of payment and timely crediting of payments to consumer accounts.

Financial Services Regulatory Reform

This Fall, the House will be debating a comprehensive package of reforms to our financial services industry. These reforms will guard against systemic risk and prevent many of failures of regulation and business operating that caused this recession, while giving you the consumer the tools to decide which financial products are best for your needs.

 ·         Consolidated oversight and regulation

·         Improved derivatives regulation

·         Improved asset-backed securitization process

·         Consumer Financial Protection Agency

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