Strengthening Our Local Economy and Creating Jobs

While our economy continues to recover from the Wall Street meltdown and the recession it caused, families throughout Michigan continue to struggle. Because too many families are facing real challenges, my top priority has always been working to grow our local economy to create new jobs for Michiganders. To get it done, we need to reform our tax code to make it fairer for small businesses and working families, invest in new hi-tech industries, preserve and modernize our auto industry, and implement fair trade policies to let Michigan workers and businesses compete and succeed on a level playing field.

Here's what I've done to improve our local economy and create new jobs in our region:

Supporting Small Businesses

• I helped write and pass the Small Business Jobs Act because small businesses are the engine that drives our economy. This law makes it easier for small community based financial institutions to increase their capacity to lend and has resulted in billions of dollars in new small business lending activity.
   
• Because two out of every three new jobs are created by small businesses, I authored the State Small Business Credit Initiative (SSBCI) and worked to get it signed into law.  Under this law, the State of Michigan has received $79 million in federal funding which it is using to create innovative lending programs that will attract hundreds of millions of dollars in new private sector investments.  This program has already helped hundreds of businesses receive loans which have resulted in over 3,300 new Michigan jobs with many more still being created. 

Creating New Manufacturing Jobs and Investing in 21st Century Technology

• I also wrote and passed through the House the Advanced Vehicle Technology Act, which will authorize the Department of Energy to partner with auto companies to conduct innovative research and development projects that will create more fuel efficient cars and trucks. This bill was endorsed by the UAW, a coalition of environmental groups, and a broad spectrum of auto companies and business groups.  As a result of this work, I was honored to receive the Green Truck Leadership Award from the National Truck Equipment Association and the Motor & Equipment Manufacturers Association’s Joseph M. Magliochetti Industry Champion Award. 

Supporting our Local Automobile Industry

• When I first took office in 2009, the future of Michigan’s auto industry was at great risk of disappearing forever. Because thousands of our friends and neighbors rely on good paying auto manufacturing jobs to support their families, I stood with President Obama and worked to save these jobs. We made an investment in Michigan’s future and today our local auto industry is growing and creating thousands of new jobs right here in Michigan.
   
• I’m committed to fighting for our auto manufacturing jobs, that’s why I stood up and successfully defeated an effort to cut $1.5 billion in funds from the Advanced Technology Vehicle Manufacturing (ATVM) Loan Program. In September 2011, Republicans proposed using these funds to pay for disaster relief in an emergency spending measure, but I built a coalition of 108 Democratic members of Congress to oppose this effort. Because the ATVM created or saved over 41,000 US manufacturing jobs and has broad support among labor, environmental, and business groups, we prevented these cuts from happening. 

Fighting Against Outsourcing

• I introduced the Outsourcing Accountability Act of 2012 which would require companies to identify the location of their employees in their annual SEC filings.  The Washington Post reported that between 2000 and 2009, multinational corporations cut 2.9 million U.S. jobs while adding 2.4 million overseas.  This legislation would make it easier to hold outsourcers accountable for sending American jobs overseas by giving consumers the information they need to make an informed choice.

Holding Wall Street Accountable

• In my first term, I was honored to serve on the conference committee for the Dodd-Frank Wall Street Reform and Consumer Protection Act.  In this capacity, I worked to include legislation I drafted called the Shareholder Empowerment Act which reforms corporate governance practices, reduces incentives for excessive risk taking amongst management, and encourages good corporate government practices. This legislation is leading to stable, long term growth at publicly traded companies.

Fighting for Economic Development Funding

• In December 2011, I was informed that Pontiac’s Emergency Manager had relinquished the city’s status as a direct recipient of Community Development Block Grant funds, and entered into a contract with Oakland County to administer the funds on the city’s behalf.  Unfortunately, the mechanism used to accomplish this would have led to Pontiac receiving approximately $2 million less funding over the next three years.  I demanded that HUD perform a comprehensive review of the agreement entered into by the Emergency Manager and Oakland County, and, as a result, HUD determined that it would be possible to undo the Emergency Manager's contract before the FY12 CDBG allocations were distributed.  Pontiac will now be receiving $1.4 million in FY12 - nearly $700,000 more per year than it would have under the Emergency Manager’s initial contract.

Reforming the Housing Finance System

• Along with Rep. John Campbell (R-CA), I introduced bipartisan legislation that will reform the housing finance system to stabilize the housing market. Our plan would maintain the government's role to preserve access to thirty year fixed rate mortgages at affordable rates to make sure American families can continue to achieve the American Dream of homeownership.  This plan would eliminate the Fannie Mae/Freddie Mac hybrid model of privatized gains and subsidized losses, and replace both of these agencies with private companies.  Taxpayer bailouts would be eliminated by the creation of a reserve fund, which would be used to seize and unwind failed institutions.  In writing about the plan, the Wall Street Journal said, “Analysts say that the compromise proposed by Rep. John Campbell (R., Calif.) and Rep. Gary Peters (D., Mich.) may be the only plan likely to attract sufficient support from both parties on a politically explosive subject, particularly at a time when gridlock looms over issues such as how to curb federal spending.”