The controversy over whether Harvard law professor Elizabeth Warren should lead the Consumer Financial Protection Bureau (CFPB), which she conceived and persuaded Congress to create, should not obscure a broader issue: What role should those being regulated — in this case, financial institutions — play in selecting their regulator.
Economy & Budget
Rosie the Riveter defiantly rolls up her blue work shirt to show off a brawny bicep. She’s a symbol of American strength.
She worked in a manufacturing job, one of millions that constructed the defense machine that won World War II for the Allies. She said, “We can do it.” And America did.
Americans across the country continue to ask the same question: How does Washington plan to address the ailing economy? During a tele-town hall I held last night, job creation and the weak economy remained the No. 1 concern for Northeast Georgians. One lady from the southern portion of my district noted that Washington’s agenda fails to reflect this realty. Americans are speaking out. Unfortunately, Washington is not listening. Instead, Congress is heading home for the next six weeks without considering legislation to prevent a $3.8 trillion tax increase that is scheduled to occur at the end of the year.
With our national debt at $13.2 trillion and climbing, the Senate last week inflated that number even further by refusing to pay for an extension of unemployment benefits. I voted against the bill because I will not contribute further to the runaway train of federal spending that has been tearing through Washington. Let me be clear: I know people are out of work, and I don't know a single senator in Washington who didn't want to see these benefits extended. But unless we get serious about reining in our spending, our short-term unemployment problem will be just a fraction of a long-term financial nightmare.
House Majority Leader Steny H. Hoyer (D-Md.) delivered a speech today on Democrats’ record on job creation and economic recovery, and how Republicans would take us back to the same failed Bush policies that led to the recession in the first place. Below are his remarks as prepared for delivery:
America has faced its share of trying times — times when not just our economy, but our nation, seemed in decline. But each time, with ingenuity, hard work and our distinctly American optimism, we have built our way out, and we’ve emerged stronger.
The American people are hurting. As a result of the greed, recklessness and illegal behavior on Wall Street, millions of Americans have lost their jobs, homes, life savings and their ability to get a higher education. Today, some 22 percent of our children live in poverty, and millions more have become dependent on food stamps for their food.
Last week, the U.S. House of Representatives approved the Improper Payments Elimination and Recovery Act with my strong support, and the measure has now been signed into law. The legislation is designed to identify and eliminate improper payments from federal agency spending and recover the lost funds that agencies have misspent.
Right now, I am absolutely astonished how the special interests work in this town. Incredible.
Ever since I took office, I have been meeting with people who have been hurt by the economic crisis by big Wall Street players. People who lost jobs and homes, or saw their savings decline. I came here to work hard for them, and for the last 18 months, that's what I have been doing.
Rep. Jim McDermott (D-Wash.) made the following remarks on the House floor Thursday regarding Social Security:
Seventy-five years ago this country recognized the plight of senior citizens who had no retirement, who were forced to move in with their kids when they got old, and we created Social Security. And it has been a tremendous success.
The economy is on everyone's mind today, and it's no wonder. Unemployment is around 9.5 percent. People who have jobs are afraid to leave them. The housing market is still recovering, and millions of Americans are facing foreclosure despite being employed full time. Everywhere you go, you hear about struggles as much as successes.