Legislation

Economic Recovery

On October 3, 2008, the U.S. House of Representatives approved, by a vote of 263-171, H.R. 1424, The Emergency Economic Stabilization Act, to provide the U.S. Secretary of the Treasury authority to purchase up to $700 billion in bad debts from failing financial institutions. This new program, the Troubled Asset Relief Program, is intended to help stabilize our economy and loosen up credit markets.

The bill also included a number of measures to provide tax relief to working families, such as protection from the Alternative Minimum Tax and an extension of the popular state sales tax deduction I authored. But Senate leaders also added special interest tax breaks, too.

I advocated for an alternative solution, where the government would insure the troubled assets with Wall Street paying the premiums.

Part of this proposal also included a modified version of a bill, H.R. 7044, a bill I introduced with my colleague Rep. Phil English. It is designed to lower the tax rate temporarily to incentivize U.S. companies that have profits overseas to bring those dollars back, injecting capital into U.S. markets. Congress approved a similar measure in 2004, and it succeeded in bringing back over $300 billion to the United States.

Ultimately, however, the alternative solution was not voted on by Congress. As a result, I reluctantly voted for the bailout legislation because I believed doing nothing would be far worse. Wall Street�s virus would spread to Texas, I feared, threatening retirement savings and bringing business activity to a halt as credit markets froze.

Read more about why I voted for this bill.

Connect to the Treasury Department�s website on Financial Markets.

See the latest news from the Board of Governors of the Federal Reserve.

Help for Working Families

In response to a slowing economy, Congress approved legislation earlier this year to provide tax rebates of up to $600 per adult, and $300 per child, for eligible taxpayers.

Haven�t received your stimulus check this year? Find out more.

Are you a retired teacher or public servant that has been overlooked for a stimulus check? I have introduced legislation, H.R. 6609, to ensure retired public servants in Texas are treated fairly.

Top Issues Economic Recovery Energy Spending Reform Your Taxes Health Care Social Security Trade Border Security Big Thicket National Preserve	Economic Recovery On October 3, 2008, the U.S. House of Representatives approved, by a vote of 263-171, H.R. 1424, The Emergency Economic Stabilization Act, to provide the U.S. Secretary of the Treasury authority to purchase up to $700 billion in bad debts from failing financial institutions. This new program, the Troubled Asset Relief Program, is intended to help stabilize our economy and loosen up credit markets. The bill also included a number of measures to provide tax relief to working families, such as protection from the Alternative Minimum Tax and an extension of the popular state sales tax deduction I authored. But Senate leaders also added special interest tax breaks, too. I advocated for an alternative solution, where the government would insure the troubled assets with Wall Street paying the premiums. Part of this proposal also included a modified version of a bill, H.R. 7044, a bill I introduced with my colleague Rep. Phil English. It is designed to lower the tax rate temporarily to incentivize U.S. companies that have profits overseas to bring those dollars back, injecting capital into U.S. markets. Congress approved a similar measure in 2004, and it succeeded in bringing back over $300 billion to the United States. Ultimately, however, the alternative solution was not voted on by Congress. As a result, I reluctantly voted for the bailout legislation because I believed doing nothing would be far worse. Wall Street�s virus would spread to Texas, I feared, threatening retirement savings and bringing business activity to a halt as credit markets froze. Read more about why I voted for this bill. Connect to the Treasury Department�s website on Financial Markets. See the latest news from the Board of Governors of the Federal Reserve. Help for Working Families In response to a slowing economy, Congress approved legislation earlier this year to provide tax rebates of up to $600 per adult, and $300 per child, for eligible taxpayers. Haven�t received your stimulus check this year? Find out more. Are you a retired teacher or public servant that has been overlooked for a stimulus check? I have introduced legislation, H.R. 6609, to ensure retired public servants in Texas are treated fairly.
Committee Assignments	Ways and Means Committee Social Security Subcommittee Trade Subcommittee Joint Economic Committee
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		Economic Recovery