With the economy in its worst shape in more than 70 years, the people of Seattle, and Americans throughout the country, rightfully are concerned about a reeling housing market, the security of their jobs, and the direction of the overall economy. Jim’s top legislative priority is jobs. The biggest drags on our economic vitality are the lack of consumer demand and continued turmoil in the housing market. Government can, and must, do much more to invest in America, put more money in consumers’ pockets, and stabilize the housing market.
Jobs
Nearly every American is feeling the brunt of economic downturn.
Government must intervene forcefully to counteract some of these economic
shockwaves. With so many unemployed and so much in our country that needs repair
and rebuilding, Jim firmly supports substantial federal investment in
infrastructure restoration and expansion, research and development, and
educational improvement. He believes
that such investments will put thousands of people to work, which, in turn,
will get our economy moving again. Putting people to work is the best solution,
even if it requires funding from the federal government – it’s also good
economics. Jim has championed the Research
and Development Tax Credit, strongly supports federal investment in green
energy jobs, and endorses a national infrastructure bank.
Housing
Jim’s commitment to fair and affordable housing is a hallmark
of his time in Congress. In fact, Jim’s
first legislative accomplishment in Congress was authoring successful
legislation to create affordable housing for HIV/AIDS patients. Jim also works
every year to preserve and expand the Lower
Income Housing Tax Credit – a credit that private developers in Seattle,
and around the country, put to good use by building innovative housing
solutions for low-income Americans. He continues to press for sound lending
practices by banks and is particularly supportive of credit unions, which are a
great source of stable low-cost banking services for consumers and small businesses.
Jim also strongly supported the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” enacted in July 2010; this legislation curbs many of the most reckless financial practices which brought our economy to near-collapse. In the current crisis, Jim has pushed hard for aggressive solutions to the collapse of the housing market – he proposed legislation that would require banks to negotiate the principal of mortgage loans during bankruptcy, and he also has supported more expansive mortgage refinancing options for borrowers.
EconomyOur economy cannot recover without adoption of sound banking practices, a responsible private sector, and common sense federal budgets. Profits and respect for workers need to be balanced. Jim believes that you can run a good business, treat your employees fairly, and at the same time abide by sound regulation. In the last decade, irresponsible banking and an absence of sound federal regulations have done enormous damage to the economy, our budget deficit and, most importantly, working families. We need to get back to basics, which includes some bold collective action on infrastructure, housing and the banking system.
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