Economy and Working Families

For a discussion on Stimulus, the Financial Sector, or Jolting a Slumping Economy, head to Taxes or Working-Class Families.

Our nation continues to recover from one of the worst economic crises in American history, yet we still have much to do. To reignite the American Dream, we need to rebuild our economy and focus on fair, sustainable regulations that apply to everyone -- from Wall Street to Main Street. We can spur job creation by strengthening the pillars that have made America great: investing in education; helping entrepreneurs to establish small businesses; and encouraging innovation.

Our trade policies should focus on increasing competitiveness in a globalizing economy. This is why President Obama launched the National Export Initiative with the goal of doubling exports and creating several million new jobs. Similarly, My Democratic Colleagues and I are working to broaden existing relations with trading partners in Europe and Asia while opening new markets in Africa, the Caribbean, and South America.

I believe trade should also be used as a tool to assist struggling families, living in some of the poorest countries, overcome long-term poverty. This inspired me to support U.S. Trade Preference Programs, including the General System of Preferences (GSP), Caribbean Basin Initiative (CBI), Andean Trade Preference Act (ATPA), and African Growth and Opportunity Act (AGOA). I will continue to advocate for responsible trade policies that not only benefit America, but also provide opportunities for other nations to contribute to the global economy.

Accomplishments:

The Empowerment Zone

Founded one of the most ambitious economic development programs in U.S. History. Across the country, the historic Empowerment Zone program is providing $3.5 billion for urban and rural development. The Upper Manhattan Empowerment Zone is driving the economic renaissance in the Thirteenth Congressional District with more than $300 million in federal, state and city-funded loans and grants for business development, jobs, educational and health programs, and social services in Harlem, East Harlem, Washington Heights and Inwood.

Targeted Jobs Program

Spearheaded what is now called the Work Opportunity Tax Credit, which nationally has subsidized the hiring of more than 500,000 young people, veterans and ex-offenders by providing tax incentives to eligible employers.

125th Street Corridor Revitalization

Secured provisions in the tax law which helped finance revitalization of the 125th Street corridor.

Apollo Theater Rescue

Collaborated with New York State authorities and stakeholders from the private sector to rescue the landmark theater from closing.

Frederick Douglas Circle

Secured $9 million in federal funding for the restoration of Frederick Douglas Circle and the 110th Street Gateway.

Renaissance Ballroom and Small's Paradise Development

Intervened to free up foreclosed properties for purchase and development by the Abyssinian Baptist Church's Renaissance Redevelopment Corporation and procured funds for development.

Harlem Pier

Acquired $1 million in federal funding for research into the development of the Hudson River pier area on Harlem’s West Side.

Protection for Freedom National Bank Depositors

Authored legislation that required the Federal Deposit Insurance Corporation to reimburse nonprofit depositors after the failure of Freedom National Bank.

Pension Protection

Fought for police and firefighters' right to retire early without penalty to their pension levels.

Holding Down Utility Rates

Secured authorization for Con Edison to use tax exempt bonds for improvements to their infrastructure, saving New York City utility customers over $26 million per year.

Congressman Rangel's Legislation:

American Jobs Act of 2013, H.R. 2821 – (Co-Sponsor)

Status: 9/13/2013 – Referred to the Subcommittee on the Constitution and Civil Justice

This bill:

• Restores the making work pay tax credit in 2014
• Extends the additional allowance for depreciation (bonus depreciation) for 3 years.
• Directs the Secretary of Education to award grants to states to modernize, renovate, or repair early learning or elementary or secondary education facilities and existing facilities at community colleges.
• Prohibits the use of funds made available by this Act for a project for the construction, alteration, maintenance, or repair of a public building or public work unless all of the iron, steel, and manufactured goods used in such project are produced in the United States.

Free Trade with Cuba Act, H.R. 872 – (Sponsor)

Status: 4/8/2013 – Referred to the Subcommittee on Immigration and Border Security

This bill:

• Prohibits the exercise by the President with respect to Cuba of certain authorities conferred by the Trading With the Enemy Act and exercised on July 1, 1977, as a result of a specified national emergency.
• Makes ineffective any prohibition on exports to Cuba under the Export Administration Act of 1979.
• Authorizes the President to impose export controls with respect to Cuba and exercise certain authorities under the International Emergency Economic Powers Act only on account of an unusual and extraordinary threat to U.S. national security that did not exist before enactment of this Act.
• Amends the Trade Sanctions Reform and Export Enhancement Act of 2000 to remove Cuba from the list of state sponsors of terrorism subject to agricultural and medical export restrictions.

The Middle Class Tax Relief and Job Creation Act, H.R. 3630

Status: 2/22/2012 -  Became Public Law No: 112-96

This bill extends the payroll tax cut for the remainder of 2012, keeping an average of $1,000 in the pockets of 160 million middle-class families. It also extends unemployment benefits for the millions of Americans who lost their jobs through no fault of their own and ensures that tens of millions of seniors can continue to see the doctor of their choice under Medicare.

Emergency Unemployment Compensation Extension Extension Act of 2011, H.R. 3346 – (Co-Sponsor)

Status: 11/3/2011 – Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials

This bill amends Title IV of the Supplemental Appropriations Act of 2008 to provide for the continuation of certain unemployment benefits, and for other purposes.

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