Press Releases with the Topic of “economy”

WASHINGTON – After receiving only a few hours to review a complicated $15 billion measure which makes substantial changes to the tax code, U.S. Representative Ed Whitfield (KY-01) voted against a so-called “jobs bill” which will raise taxes while doing little to spur economic growth.

“A little over a year ago, Congress passed a $787 billion “stimulus” bill with the goal of getting our economy back on track and putting Americans back to work,” Whitfield said. “Since that time, unemployment has soared to 10.7% in my home state of Kentucky and the national debt has ballooned to a record high of $12.5 trillion. It is crystal clear that we simply cannot spend our way out of this recession. However, Speaker Pelosi and Majority Leader Reid have decided to, yet again, jam through Congress another costly ‘jobs bill’ which will do little to spur long-term job growth. Worse still, they completely shirked the legislative process and passed this bill with almost no input from the majority of Members of Congress. Simply put, the American people deserve better than this.”

Whitfield opposed, and the House passed, as amended, H.R. 2847, the Hiring Incentives to Restore Employment Act. The bill increases taxes by over $14 billion and uses budget gimmicks to pay for the proposal, which will ultimately lead to an increase in the national debt. In addition, the legislation was brought to the House floor for consideration approximately five hours after introduction without going through a single Committee hearing or markup and without the input of the majority of Members of Congress.

While Whitfield has been a staunch supporter of providing tax relief to small businesses, the bill passed today includes temporary tax breaks which many lawmakers believe will fail to incentivize businesses to hire new employees. Furthermore, the legislation passed today is a continuation of unsustainable government spending. Whitfield said with the national debt already at $12.5 trillion, and climbing, the U.S. simply cannot afford to continue down this road of fiscal irresponsibility.

WASHINGTON – U.S. Representative Ed Whitfield (KY-01) today voted against legislation which would enable the federal government to continue to live beyond its means.

“It is time for Congress, once and for all, to stop the buck,” Whitfield said. “Stop spending bucks we don’t have and stop bucking the tough financial choices we must make today to future generations. Raising the national debt ceiling, yet again, will only give the government license to spend more money and make a bad economy even worse. It’s time to put an end to Washington’s runaway spending habits so future generations are not bankrupted by our poor choices.”

Whitfield opposed House passage of H.J.Res. 45, which increases the limit on the public debt by $1.9 trillion, from $12.394 trillion to $14.294 trillion. The House passed similar legislation in December, which Whitfield also opposed. The bill passed today includes a Senate amendment that would institute pay-as-you-go (PAYGO) budgeting requirements for both the House and Senate. PAYGO requires that legislation be either “budget neutral” or include an offset for the cost of the proposal. However, the bill passed today exempts a number of policies from the PAYGO rule. While Whitfield has been a staunch supporter of PAYGO, introducing legislation last summer which would help ensure the rule is enforced, he cited concerns over the effectiveness of the PAYGO rule passed today and the consequences of continuing to raise the debt limit in opposing the bill.

The national debt limit sets a ceiling for how much money the federal government can borrow. According to the Department of Treasury, the current national debt is $12.36 trillion, approximately $34 billion away from reaching the existing debt ceiling. The 15.3 percent increase passed today would be the third raise since February 2009 and the largest one-time debt limit increase in history.

While the Congressman has supported PAYGO rules in the past, the provision passed today contains a number of “loopholes” which will allow the government to continue to spend more money than it possesses. Under this legislation, PAYGO would not be applied to 40% of the federal budget that consists of discretionary spending and any spending Congress designates as “emergency.” At a time of record deficits, Whitfield said it is essential for Congress to pass a PAYGO rule that will actually prohibit Congress from spending beyond its means.  

Whitfield has been an outspoken critic of excessive government spending and introduced legislation last year which would amend the rules of the House to require that the PAYGO rule be upheld.

The debt ceiling legislation now awaits signature from President Obama before becoming law.

WASHINGTON – Working to give the economy a boost and aid small business owners, U.S. Representative Ed Whitfield (KY-01) supported legislation today which will make it easier for Kentucky small business owners to stay afloat during tough financial times and expand their businesses to create new jobs.

“Small businesses are the backbone of the American economy, and the key to pulling us out of this economic recession,” Whitfield said. “It is essential we arm our small business owners with all the tools and resources they need to keep their ventures viable and expand to create new jobs.”

The House passed, and Whitfield supported, H.R. 3854, the Small Business Financing and Investment Act of 2009. The legislation is a combination of eight different bills which will make it easier for small businesses to grow by incentivizing lending, increasing the size of loans from the Small Business Administration (SBA) and making the lending process easier. The legislation is estimated to generate $44 billion in new lending nationwide

The legislation passed today will increase the maximum loan amount of a number of different SBA loans. H.R. 3854 will also extend some small business programs established in the “Stimulus Package” passed earlier, provide capital to low-income areas and renewable-energy industries and make loan guarantees to small health care firms purchasing health information technology. The bill also establishes a Rural Lender Outreach program to reduce the paperwork burden associated with many SBA loans.

To better serve the needs of small businesses impacted by disasters, this legislation directs the SBA to improve the way in which it disburses approved assistance to victims by setting a tiered disbursement schedule with significantly larger disbursement amounts available to a loan recipient. The bill also directs the SBA to only require that repayments of loans begin once all the disaster loans have been disbursed and requires that repayment amounts be based solely on funds that have actually been disbursed, not on amounts that were approved and not disbursed.

The SBA was established in 1953 to aid, counsel, assist and protect the interests of small businesses, to preserve free competitive enterprise and to maintain and strengthen the overall economy of the United States. The SBA has a loan portfolio of about 220,000 loans worth over $50 billion. The SBA operates several financing programs that are intended to bridge the gap in the conventional markets that small businesses encounter in trying to secure access to capital.

During the past few months there has been a lot of talk about recession and the loss of jobs. Congress responded by crafting the Economic Stimulus package, which is an attempt to put more money back into the hands of American consumers, thus stimulating the economy. The goal of this package was to create jobs, make it easier for families to buy a home and give most taxpayers in Kentucky a sizeable rebate check of their own tax dollars.

There are important things government can do to help.  There also are limits to what government ought to do.  I don’t think government should bail out bad decisions, whether made by individuals or large companies – that wouldn’t be fair to those who have more carefully managed their own resources.  Yet, when the health of our whole economy is impacted by the failures of some, decisions on whether and where to intervene become more complicated.  As a general rule, I think we ought to avoid government bailouts.

Yet, there is still more that Congress can and should do to improve and grow our economy. Congress needs to provide citizens with incentives to save more and invest in the American economy. I believe this can be done through tax breaks and reducing federal spending. Since coming to Congress, I have been committed to reducing the heavy burden of taxation on our nation's families and businesses. For this reason, I supported the Economic Growth and Tax Relief Act of 2001, which reduced federal income tax rates for all Americans. In addition, I supported the Jobs and Growth Tax Act of 2003 which lowered the taxes individuals pay on stock dividends and capital gains.

As the people of the First Congressional District continue to face tough economic times, I remain committed to doing everything I can to get our economy back on track and promote job growth in our area.  By keeping taxes low, driving down gasoline and energy costs and giving small businesses the tools they need to succeed, we can turn our economy around.

Jobs

I understand the difficulty found by many who are seeking employment. As your federal representative, I am doing what I can to provide assistance to those who have lost their jobs as well as exploring ways the federal government can help with job creation. Of course, local economic development agencies as well as the State also have a key role to play in job creation.

For my part, I have worked hard to promote economic development throughout our region which will result in job creation. Some of my efforts have included helping to secure $500,000 from the federal Delta Regional Authority for the West Kentucky Regional Industrial Development Authority to further develop the Four Star Regional Industrial Park. This federal money enabled the Authority to get access to $322,250 in local and State matching funds. This money helped secure a 428,000-sq.-ft. Columbia Sportswear Distribution center in Henderson County that now employs approximately 175 people. I've also helped secure millions of dollars for industrial parks throughout the

The coal industry is an important component of economic development in the First District. Today, Kentucky’s coal industry has an economic impact of $3.25 billion and employs approximately 17,000 miners, along with tens of thousands of additional workers. With this abundance of coal, Kentucky is the perfect place to house a coal-to-liquids or coal-to-gas plant. Plants such as these would not only create jobs and spur economic growth in the region, but go a long way in helping our nation achieve energy security and drive down fuel costs by diversifying our nation’s energy portfolio and utilizing our own natural resources.

I have fully supported recent efforts to bring a coal-to-liquids plant to McCracken County. This proposed plant would potentially bring in more than 2,000 permanent jobs, 2,000 construction jobs and countless more jobs as a result of new businesses that would be attracted to western Kentucky as a result of the plant. While economic development incentives for a plant such as this are most often done at the state and local level, I will do what I can on the federal level to help facilitate this critical investment.

Economic development councils across the District are continuously working to attract new industries. One of the biggest attractions for businesses to locate in a particular area is the tax benefit the company can receive. These tax benefits can only be given by local and state governments. The First District will benefit from these new employment opportunities and I will continue to work with local and state officials to help attract even more new businesses.

Tax Relief

I always have been committed to reducing the heavy burden of taxation on our nation's families and businesses. For this reason, I supported the Economic Growth and Tax Relief Act of 2001, which reduced federal income tax rates for all Americans. In addition, I supported the Jobs and Growth Tax Act of 2003 which lowered the taxes individuals pay on stock dividends and capital gains. Many seniors rely on the income from stock dividends in order to supplement their retirement income and these tax reductions have helped bolster that income.  I also supported these tax reductions because they were needed to help stimulate the economy.

Last year, I supported the Tax Increase Prevention and Reconciliation Act that prevents several current-law tax provisions from expiring this year. These provisions affected a large portion of taxpayers, including small businesses and middle-income families. The focus of this legislation is the extension of relief from the alternative minimum tax (AMT) ensuring 15 million taxpayers will now be protected from paying the AMT.  It also provides a two-year extension of reduced capital gains and dividend rates through 2010.

I have cosponsored the Fair Tax Act. This legislation will provide permanent estate tax and gift tax relief for farmers and small business owners in the First District. The estate tax, also known as the death tax, is a tax on the value of deceased individuals’ assets before they are passed to their heirs. Many economists have noted that the death tax penalizes savings and makes it more difficult for farmers and small business owners to pass on their life’s work to their families. Double taxation on an individual’s earnings is unfair. This measure eliminates this inherently unjust tax, allowing Americans who have worked hard their whole lives to pass down the fruits of their labor. In addition, this measure repeals the income tax and employment tax.  I will certainly do what I can to ensure this important legislation is enacted.

In addition, I continue to support legislation that eliminates the marriage penalty and the phone excise tax enacted over a hundred years ago to pay for the Spanish-American War.  I also support expanding educational and child tax credits, contributions to Individual Retirement Accounts (IRAs), and deductions for health insurance and long-term care.

We also need to reform the overly complex tax code.  The IRS estimated that in the year 2000, Americans spent 3.2 billion hours and up to $99 billion dollars organizing and paying their taxes. With over 150 tax reductions, exemptions, and rebates in the tax code, it is no wonder why so many Americans struggle with the complexity of taxes.

American families work too hard not to keep more of their money. I will continue to work with my Democratic and Republican colleagues to reduce the overall tax burden and to simplify the tax code.

WASHINGTON - U.S. Representative Ed Whitfield (KY-01) is calling on Congress to move forward with consideration of legislation which could include hundreds of millions of dollars in funding for improvements and upgrades to I-69 in Kentucky.

"I-69 is a critical trade route in the United States, bringing thousands of jobs and billions of dollars in commerce to our country," Whitfield said. "During tough financial times, it is essential for the government to do all that we can to revitalize our local economies and bring new jobs to our communities. Providing critical funding to I-69 in Kentucky will go a long way in accomplishing this goal and I call on the House leadership to move forward in a bipartisan manner with consideration of legislation which will do just that."

The House passed, and Whitfield supported, H.R. 3617, the Surface Transportation Extension Act. This temporary three month extension of the Safe, Accountable, Flexible, Efficient Transportation Equity Act (SAFETEA-LU) will allow Congress to consider a reauthorization of this legislation in the near future instead of the eighteen month extension being proposed by the Obama Administration. Whitfield has requested $644 million for Kentucky I-69 in this reauthorization and is calling on Congress to move forward with consideration of this legislation.

As an active Member of the Congressional I-69 caucus, Whitfield has worked to develop the interstate and secure funds to make it a reality. Nationally, I-69 passes through over 150 counties and hundreds of cities, directly serving over 25 million people. When completed, I-69 will span the nation's heartland, providing a direct route through Michigan, Illinois, Indiana, Kentucky, Tennessee, Mississippi, Arkansas, Louisiana and Texas. The I-69 corridor passing through the First District will run from Indianapolis, Indiana to Houston, Texas and is expected to create 27,000 jobs, add $11 billion in wages, produce $19 billion in added value, and create an $11 billion transportation efficiency benefit.

WASHINGTON - Committed to promoting fiscal responsibility in the federal government, U.S. Representative Ed Whitfield (KY-01) introduced a Resolution today which would require Congress to have a means to pay for any legislation passed in the House of Representatives.

"During these tough economic times, Kentuckians have been forced to tighten their belts and cut back on spending to make ends meet," Whitfield said. "The federal government should be required to do the same thing. It is essential Congress curb its runaway spending habits before our national debt becomes an insurmountable burden for future generations."

Whitfield introduced a Resolution to amend the rules of the House of Representatives to require that the pay-as-you-go (PAYGO) rule be upheld. The PAYGO rule requires that legislation be either "budget neutral" or include an offset for the cost of the proposal from existing funds. However, currently this rule is not mandatory and is often waived. With the adoption of Whitfield's resolution, the House would be required to have a separate debate and vote on the specific question of allowing the legislative body to waive PAYGO.

The purpose of the PAYGO rule is to prevent legislation from passing the House that would increase the federal debt. However, PAYGO was waived 12 times during the 110th Congress exempting $420.1 billion in non-offset deficit increases. With the national debt at a record high, Whitfield wants to ensure the 111th Congress does not follow this dangerous precedent.

The Congressional Budget Office projects that this year the government will run a $1.84 trillion deficit, which is about 12% of all the goods and services that the U.S. produces. Whitfield's resolution will ensure that taxpayers are aware anytime Congress chooses to increase federal spending and the size of the national debt.

Whitfield spoke on the House floor today in support of his legislation.

To see a video clip of this speech, please visit the Congressman's You Tube page at http://www.youtube.com/WhitfieldKY01

WASHINGTON - Citing concerns over the creation of a new government agency and increased federal spending, U.S. Representative Ed Whitfield (KY-01) urged cautioned on a proposed new federal agency to regulate the financial services industry.

"We are all concerned over the ongoing financial crisis and committed to helping our constituents get through these difficult times while preventing future problems," Whitfield said. "However, I do not believe the creation of a new government agency that simply creates another layer of federal bureaucracy, costing taxpayers millions of dollars, is the best solution. It is essential we fully understand the impact this proposal will have on consumers and the institutions charged with protecting them and their finances."

The House Energy and Commerce Subcommittee on Commerce, Trade and Consumer Protection, on which Whitfield serves, held a hearing today entitled, "The Proposed Consumer Financial Protection Agency: Implications for Consumers and the Federal Trade Commission (FTC)." The Subcommittee has held several hearings this year examining the FTC and its role in dealing with the financial crisis.

Currently, the FTC does not have jurisdiction to monitor and regulate depository institutions such as banks. Last month, the Department of Treasury proposed creating a new "Consumer Financial Protection Agency (CFPA)" to fill the gaps in regulation between the FTC and other agencies with jurisdiction over the financial sector. This proposal would involve eliminating consumer protections at the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and the Office of the Comptroller of the Currency.

To see video of the Congressman speaking at the hearing, please visit his YouTube page at http://www.youtube.com/WhitfieldKY01

WASHINGTON - In the wake of news that the unemployment rate in the United States hit a 26 year high last month, U.S. Representative Ed Whitfield (KY-01) sent a letter to the Office of Management and Budget, questioning whether money from the American Recovery and Reinvestment Act intended to help create jobs and stimulate economies in areas hard hit by the economic recession have been appropriately distributed to places, such as Kentucky, whose unemployment rates are higher than the national average. In some areas of Kentucky, the unemployment rate is twice the national average.

"The American Recovery and Reinvestment Act was passed to stop the staggering job losses sweeping the nation and help get our economy back on track," Whitfield said. "So it is very concerning to me that areas similarly impacted by the economic recession are not receiving similar levels of funding to help with recovery. Towns, cities and counties throughout the First Congressional District must receive their fair share of stimulus funds to help get Kentucky back on its feet."

Whitfield sent a letter to Deputy Director of the Office of Management and Budget (OMB) Robert Nabors, questioning why there has been a disparity between the amount of money from the American Recovery and Reinvestment Act distributed per capita to states with high unemployment rates compared to those with similar or lower unemployment rates.

The Congressman cited the case of Kentucky and the District of Columbia, which have similar unemployment rates. Federal stimulus spending per capita in DC is far higher than in Kentucky. For example, $70 per capita was awarded in DC for job training compared to only $13 per capita in Kentucky. For education, $305 has been spent per capita in DC compared to only $62 per capita in Kentucky.

Kentucky has been facing crippling unemployment rates over the past several months, with the state average hitting 10.6% in May. Whitfield is concerned that funding from the American Recovery and Reinvestment Act, which was intended to support job training, health, education, transportation, housing and veterans benefits, is not being targeted equally among states and areas with similar unemployment rates.

While Whitfield did not support the American Recovery and Reinvestment Act, citing concerns over the enormous cost of the package and its effectiveness, he is committed to ensuring taxpayer dollars are well spent to help keep and create jobs and turn the American economy around, and that Kentucky gets its fair share.

WASHINGTON - Working to protect residents of Russell County and throughout the surrounding region, U.S. Representative Ed Whitfield (KY-01) ushered through the House of Representatives yesterday critical funding for the Russell County Outdoor Warning Siren Project.

"Ensuring the safety of residents throughout the First Congressional District has always been one of my top priorities in Congress," Whitfield said. "The sirens this funding provides for will help protect residents of Russell County and the surrounding region should the need arise."

The House passed, and Whitfield supported, H.R. 2892, the Department of Homeland Security Appropriations Act of 2010. The bill includes $200,000 for the Russell County Fiscal Court to purchase and install sirens to warn the public in the event of a disaster.

The funds designated yesterday will be used to purchase outdoor sirens to warn the public in the event of a disaster, including any unexpected problems at Wolf Creek Dam. Rehabilitation of Wolf Creek Dam has been underway for several years to ensure the safety and health of residents living in the Dam's surrounding areas. The funding passed through the House will help rural communities around Wolf Creek Dam be better prepared in the event of an emergency.

The bill will now be considered by the Senate and, upon approval, sent to the President to be signed into law.

WASHINGTON - U.S. Representatives Hal Rogers (KY-05) and Ed-Whitfield (KY-01) introduced legislation today to help marina operators in the Lake Cumberland region whose operations have been hurt by lower water levels at the popular tourist site. Lake levels have been lowered to accommodate emergency repairs at Wolf Creek Dam.

"Scenic Lake Cumberland has been the hub of economic development in our area of southern Kentucky for years," said Congressman Rogers. "Many marinas have had to incur tremendous expenses to accommodate the lower pool, such as relocation and investments in additional infrastructure, and these unanticipated expenses have significantly disrupted their cash flow. The U.S. Army Corps of Engineers has been tasked and is hard at work with correcting structural issues with the dam, and Congress has diligently provided vital funds for the continuation of this project. I have no argument with this work or the funding. However, insufficient relief has been made available to those who have tied their livelihoods to this lake and who, through no fault of their own, are enduring a government-induced hardship. The bill introduced today will correct this and provide some measure of relief to the hardworking small business owners scattered along beautiful Lake Cumberland."

"Lake Cumberland is a vibrant part of the Kentucky culture and a vital part of the local economies surrounding the lake," Whitfield said. "During tough financial times, we need to do all that we can to protect small businesses and help spur economic growth. This legislation will help safeguard the critical tourism industry in the Lake Cumberland region, ensuring a bright and prosperous future for the entire region."

Rogers and Whitfield introduced H.R. 2821, legislation to assist counties and marinas adversely affected by the Wolf Creek Dam rehabilitation project. The bill would suspend lease payments for marina owners on Lake Cumberland until higher water levels are restored and reimburse these businesses for losses in revenue, costs of relocating on Lake Cumberland and interest payments on loans undertaken as a result of the project. To ensure county governments surrounding Lake Cumberland do not lose funding they otherwise would have received from marina lease payments, the legislation directs the Corps of Engineers to reimburse the counties for lost revenue.

Rehabilitation of Wolf Creek Dam has been underway for several years to ensure the safety and health of residents living in the Dam?s surrounding communities. However, this rehabilitation has resulted in lower water levels on Lake Cumberland which has adversely affected tourism and recreation at the popular lake. The legislation introduced today by Rogers and Whitfield will help marina operators in the area maintain their operations, aiding the local economy and helping to ensure tourism in the area continues to thrive.

Often referred to as the "Houseboat Capitol of the World," Lake Cumberland has been the hub of economic development in the region for many years. An estimated 4 million visitors travel to Lake Cumberland every year to take advantage of the lake's many attractions, including world class bass fishing and boating. Visitors contribute $70 million annually to the local economy, benefitting a wide array of businesses in the surrounding counties.

This month marks the beginning of summer, a time many Kentuckians look forward to spending with their family and friends. During these tough economic times, planning summer vacations can often be difficult. However, you need not look further than Kentucky's First Congressional District to plan an affordable and enjoyable trip. The First District offers a diverse landscape with a wide variety of sights and attractions to please vacationers of every age.

Historical landmarks, museums, and architecture can be found all across the First District. Many towns, such as Henderson, even offer walking tours of their more historic areas. There are also many historical homes that open up for tours such as the Adsmore House in Princeton, the Barlow House in Barlow and the Giles House in Columbia. You can also find unique boutiques, antique stores and restaurants all across the District. Kentucky offers no shortage of small, historic towns full of charm and perfect for a leisurely day of shopping and dining.

In addition, the First District is home to numerous lakes and streams including Kentucky Lake, Lake Barkley, Cumberland Lake and Dale Hallow Lake. Many of the towns surrounding these lakes are ideal vacation destinations. With restaurants, shops, marinas, golf courses and parks everyone can plan their perfect vacation. State parks can be found on all of these lakes and offer countless activities as well as camping and lodging opportunities. Details about each individual park can be found by visiting http://parks.ky.gov.

Land between the Lakes and the Agassiz National Wildlife Refuge in Marshall County are just two of the many parks and nature reserves in the first district that conserve and showcase the true beauty of our region. Spending a day at one of these destinations will help you to experience the wildlife and natural wonders of Kentucky first hand.

The First District is also home to many one-of-a-kind attractions such as the National Quilt Museum in Paducah and the Kentucky Opry in Draffenville. Fort Campbell, home of the U.S. Army's 101st Airborne Division, also houses the Don F. Pratt Museum. This museum offers free admission to visitors and includes exhibits about the history of Fort Campbell and the 101st Airborne.

Don't forget about all the wonderful festivals that take place across our region during the summer. County fairs are entertaining for the whole family and we have several Independence Day celebrations such as the Freedom Fest in Murray and the Thunder Over Eddy Bay. In addition, many Kentucky Main Street communities offer ongoing events during the summer months such as Friday Night Live in Madisonville and the Summer Night Concert Series in Franklin.

If you want to plan a fantastic summer vacation, but are on a tight budget, consider vacationing right here in Kentucky. Whatever you are looking for this summer the First District is sure to have it. Not only are you certain to have a great time, but you will also save money and support our local economies. To learn more about vacationing in the First District, please visit www.kentuckytourism.com and use the region finder on the discover Kentucky map.

WASHINGTON - U.S. Representative Ed Whitfield (KY-01) supported legislation yesterday to ensure small business owners throughout the Commonwealth of Kentucky have the tools and resources they need to maintain and grow their ventures during challenging financial times.

"Small businesses are the backbone of the American economy," Whitfield said. "During tough economic times, we need to do everything we can to support them and encourage others to start their own ventures which will pump needed capital into the economy and create jobs. I am pleased to support this legislation which gives small business owners the tools and resources they need to succeed."

Whitfield supported, and the House of Representatives passed, H.R. 2352, the Job Creation Through Entrepreneurship Act of 2009. The legislation reauthorizes the Small Business Administration's (SBA) entrepreneurial development programs, creates a new small business assistance program for veterans and establishes a distance learning program and online networking forum for existing and potential entrepreneurs.

The bill establishes a Veterans Business Center program within the SBA to provide entrepreneurial training and counseling to veterans and their surviving spouses. The legislation also authorizes funds to expand the SBA's Women's Business Center program, which aims to help women establish and grow their own businesses.

To better train and assist small business owners, the legislation establishes long distance training and educational programs utilizing the internet, satellite, video on demand and other technologies. The bill authorizes funds for small business help lines in every state to provide information to small business owners and those interested in starting a business. The bill also requires the SBA to develop a plan for creating new jobs through its entrepreneurial development programs in coordination with state and local economic development agencies.

WASHINGTON - Looking to protect consumers and increase transparency of credit card terms and interest rates, U.S. Representative Ed Whitfield (KY-01) supported legislation today which would guard individuals from unfair and deceptive credit card practices and give consumers the resources they need to responsibly manage their own credit.

"Too often, good folks who are trying their best to responsibly manage their finances and credit find themselves unaware of the terms, conditions and interest rates of their credit cards," Whitfield said. "For this reason, it is essential that companies be required to disclose critical information regarding the terms of any credit card and stop deceptive practices that can lead customers astray. When consumers have all the information on the table, they are better able to make wise financial decisions."

Whitfield supported, and the House passed, H.R. 627, the Credit Cardholders' Bill of Rights Act. This legislation would protect consumers against deceptive credit card practices including double-cycle billing, due-date gimmicks and retroactive interest rate hikes. The bill would also increase the advance notice of impending rate hikes and ensure customers are given the sufficient information they need to make informed decisions. The Congressman supported similar legislation in the 110th Congress.

The bill would prevent companies from using misleading terms and damaging consumers' credit ratings; protect cardholders against unfair and arbitrary interest rate increases; prevent cardholders who pay on time from being unfairly penalized; empower cardholders to set limits on their credit; require card companies to fairly credit and allocate payments; and guard consumers from high-fee subprime credit cards. In addition, the legislation would bar companies from issuing credit cards to minors and from imposing excessive fees on cardholders. Furthermore, the legislation requires implementation within three months of being signed into law by the President, ensuring customers will see the benefits of this legislation quickly.

 WASHINGTON - U.S. Representative Ed Whitfield (KY-01) issued the following statement tonight after opposing H.Con.Res. 85, the Fiscal Year 2010 Budget Resolution.

"As families throughout Kentucky are being forced to tighten their belts and cut back on spending in the midst of an economic recession, legislators in Washington have decided instead to go on a spending spree, adopting a budget which includes trillions of dollars in new spending, taxes and debt. The budget resolution passed tonight would increase taxes by $574 billion and increase the national debt to $17.1 trillion over the next five years. During tough economic times, the last thing Americans need are higher taxes and out of control Washington spending. We need to adopt a budget which restores economic growth, creates new jobs and controls spending without burying future generations under a mountain of debt. As Congress moves forward adopting appropriations bills in the coming months, I hope we will be able to rein in this budget and enact spending proposals which will help get our economy back on track without bankrupting future generations."

WASHINGTON - After opposing the government bailout of the financial industry last fall, U.S. Representative Ed Whitfield (KY-01) voted today to recoup and stop taxpayer money from the bailout being used for executive bonuses.

Whitfield supported, and the House passed, H.R. 1586, legislation to impose an additional tax on bonuses from companies who received money through the Troubled Assets Relief Program (TARP). Public outrage erupted this week when it was discovered that AIG, who received billions in TARP funds, had doled out $165 million in bonuses to executives. Whitfield opposed the establishment of TARP in the first place and voted today in a further effort to protect taxpayer dollars.

"It is absolutely unacceptable for a company who received billions of taxpayer dollars to bail out their bad business decisions to turn around and give this money to the executives who got them into financial trouble in the first place," Whitfield said. "This type of gross misuse of taxpayer funds is exactly why I opposed the financial bailouts. I share the outrage of the American people over this sham and will continue to do all that I can to make it right."

The legislation imposes a 90% tax for bonuses received by an employee of a company that has received TARP funds in excess of $5 billion, as well as employees of Fannie Mae and Freddie Mac. The tax would be retroactive to December 31.

In October of 2008, Congress passed legislation to bail out the financial industry. The bill established TARP to purchase assets and equity from struggling financial institutions. Whitfield voted against this bailout, citing concerns over government involvement in the financial sector and the effectiveness of the $700 billion legislation. At the time, Whitfield raised concerns over the unprecedented authority granted to the Secretary of Treasury and the fact that the legislation did not hold financial institutions accountable enough to the American people.