Economy

Congressman Rogers meets with personnel at the Great Lakes Metal Stamping Factory.Folks across East Alabama are feeling the effects of our stalled economy. Unemployment rates are up and the Federal government is spending record amounts that has not stimulated the economy as much as I hoped.

This Congress, I introduced the CAR Act (Consumer Auto Relief) The bill breaks down into three 90-day periods of Federal tax deductions after enactment of the bill. During the first 90 days, consumers would receive a $7,500 Federal tax deduction, the second 90 days a $5,000 deduction and the third 90 days a $2,500 deduction. It would also make 100 percent tax deductible interest and state and local taxes paid on the purchase in 2009.

Lenders would also get a break with a 50 percent deductibility of earnings on all new consumer car loans during this nine month period.

Congress must continue coming up with common sense legislation like this to help hard working families across East Alabama.

It is important for Congress to develop legislation that helps keep our economy moving, keeps East Alabama’s taxes low, and encourages the private sector to invest and create good paying jobs.

I recently supported S. 896, the Helping Families Save Their Homes Act of 2009, which provides government funding to lenders that voluntarily modify troubled home mortgages, provide legal protection to mortgage servicers who work out loan modifications, make several changes to the Hope for Homeowners program and add much needed reforms to the FDIC insurance fund.

I also supported S. 386, the Fraud Enforcement and Recovery Act, which helps to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud and other frauds related to Federal assistance and relief programs. The legislation should provide Alabama homeowners with more opportunities to keep their homes and the reassurance that markets will be free and fair so consumers can thrive.

On May 20, 2009, Congress passed important reform legislation better known as, H.R. 627, the Credit Cardholders' Bill of Rights Act of 2009. This legislation amends the Truth in Lending Act to help stop creditors from abusing consumers by prohibiting creditors from raising interest rates retroactively unless the increase is due to the expiration or loss of a promotional rate. The bill should help level the playing field between credit card companies and consumers, and mandates that credit card companies provide consumers at least 45 days of written notice before any rate increases in clear, easy-to-understand English.

 

Press Releases On the Economy

 

Related Content

 

Return to Top

In This Section

Sign up for
Teletown Halls

email sign up

Congress on Your Corner

Facebook

Twitter

Mike's YouTube Page


Yes
No
Don't Know

FAQs

Looking for an answer to a question? Click on the FAQs page.

Looking For Help?

My office can provide assistance to constituents on a variety of issues.

Mike On the Issues