Dear Friends,
Jobs are the number one issue on the minds of Americans and burdensome government regulations are one of the reasons employers aren’t hiring. I have been a long-time advocate for a moratorium on federal regulations in order to stimulate job growth and have repeatedly challenged the Obama administration over numerous rules and regulations they have issued since January 2009 across various agencies, including the Environmental Protection Agency and the National Labor Relations Board.
The number one thing the federal government can do to create private sector jobs in the United States is to quit imposing burdensome regulations on businesses. Therefore, this week, I cosponsored legislation that would call for a one year “time-out” on all new federal regulations to give businesses a break from costly, job-killing regulations and provide a more predictable environment to foster expansion and growth.
Specifically, the Regulatory Time-Out Act, S.1538, imposes a one-year moratorium on “significant” new rules issued from Executive Branch agencies and independent regulatory agencies from going into effect if those rules would have an adverse impact on jobs, the economy, or our international competitiveness. “Significant” rules include those costing more than $100 million per year. Exempt from the “time-out” are rules that foster private sector job creation.
Additionally, I have cosponsored the Regulation Moratorium and Jobs Preservation Act of 2011, S.1438, that would prohibit any federal agency from taking any significant regulatory action until the Bureau of Labor Statistics (BLS) reports a monthly unemployment rate equal to or less than 7.7%. “Significant” rules include those costing $100 million or more or adversely affect the economy, productivity, competition, jobs, the environment, public health or safety, small entities, or state, local, or tribal governments or communities.
Existing overreaching regulations and the threat of more regulations in the future are leaving businesses on the sidelines as they wait for a more predictable regulatory environment in which to invest their capital. I am pleased to support these pieces of legislation because they would go a long way in supporting job growth and stimulating our economy.
Send Free Trade Agreements to Congress
I mentioned this last week in my newsletter, and the fact remains the same this week: there is one person in America who is stopping job creation by not letting our pending free trade agreements with Columbia, Panama and South Korea come to the floor of the House and Senate, and that is the President of the United States.
On Wednesday, I participated in a colloquy on the Senate floor to explain how bypassing the trade agreements, Congress would promote private-sector job growth without adding to the national debt. Georgia’s unemployment rate alone is over 10 percent. The American people cannot wait until after November 2012 for job growth.
According to the U.S. International Trade Commission, the three trade agreements could increase U.S. exports by more than $12 billion. The Congressional Research Service predicts that the South Korea agreement alone would create 280,000 American jobs. If we pass these free trade agreements, unemployment in Georgia will go down and we will have more prosperity.
Bipartisan Support for Super Committee
On Thursday, I joined a bipartisan group of 36 senators in a press conference to encourage members of the congressional “super committee” to seek the broadest possible bipartisan agreement to address the nation’s deficits and debt. The group, composed of 18 Republicans, 17 Democrats and one Independent, asked the “super committee” to “go big” when making cuts in government spending. The group, which has now grown to 37, agreed to a statement of principles that will be shared with members of the Joint Special Committee.
The bipartisan, bicameral 12-member “super committee” was appointed to identify $1.5 trillion in budget savings over 10 years, in addition to the nearly $1 trillion in savings included in the debt-ceiling legislation. However, the Bipartisan Policy Center’s Debt Reduction Task Force (“Domenici-Rivlin”), the National Commission on Fiscal Responsibility and Reform (“Simpson-Bowles”), and the Senate’s own Gang of Six independently concluded that any meaningful and comprehensive solution should achieve at least $4 trillion in debt reduction if it is to reassure the financial markets, restore public confidence and create the foundation for long-term economic growth.
I am very encouraged to see 37 members of Congress, from both sides of the aisle, come together and in a supportive manner, encourage the “super committee” to come up with a comprehensive plan that reduces the debt by $4 trillion over a decade. Both parties contributed to our $14 trillion debt, and it is going to take Republicans and Democrats working together and finding common ground to get us out of this predicament. Failure to make these cuts is not an option. Our children’s and grandchildren’s futures are on the line, and they are counting on us to get it right.
Allow Responsible Homeowners to Refinance Mortgages at Current Low Rates
On Wednesday I testified before the Senate Banking Committee regarding the Helping Responsible Homeowners Act, S.170, that I introduced with Senator Barbara Boxer, D-Calif., to explain how it would boost economic growth and keep more Americans in their homes by helping up to 2 million non-delinquent homeowners refinance their mortgages at historically low interest rates.
Millions of responsible homeowners are current on their mortgage payments, but “underwater” on their homes because the value of their home is now less than the amount they owe on it. In fact, according to CoreLogic, 22.7 percent of all American homeowners with a mortgage are underwater. This legislation would save American families thousands of dollars and result in up to 54,000 fewer defaults, producing a net savings up to $100 million for Fannie Mae and Freddie Mac. Interest rates for 30-year home mortgages are currently at 4.12 percent, the lowest rate in 60 years. Yet of the 27.5 million mortgages guaranteed by Fannie Mae and Freddie Mac, more than 8 million still carry an interest rate at or above 6 percent. By removing the barriers that have kept these responsible homeowners trapped in higher interest rate loans, it would put thousands of dollars back in the pockets of struggling families and have a direct impact on the housing market.
Better Schools Mean Better Jobs
On Wednesday, I joined several of my fellow members of the Senate Health, Education, Labor and Pensions Committee, Lamar Alexander, R-Tenn., Richard Burr, R-N.C., and Mark Kirk, R-Ill., to announce that we are introducing a series of education bills to improve No Child Left Behind. On Thursday, I participated in a colloquy on the Senate floor regarding this important matter.
No Child Left Behind has built a foundation upon which many children, including students from low-income families, are performing at higher levels in the areas of math and reading. Although we have made progress since its implementation almost a decade ago, it is very important that we take the next steps to continue improving education in America.
Much has happened over the last 10 years, and it is time to transfer responsibility back to states and communities. Since No Child Left Behind was enacted in 2002, 44 states have adopted common core academic standards, two groups of states are developing common tests for those standards, and more than 40 states are developing common principles for holding schools accountable for student achievement. These bills will accomplish the overall goal of infusing excellence into the nation’s public schools by challenging states to do better, and helping states raised standards in an environment where they are not told what to do by Washington, but are instead free to set, and meet, those standards themselves. The legislation would maintain No Child Left Behind requirements for reporting student performance in reading, math, and science.
By reauthorizing No Child Left Behind with the important changes contained in our legislation, we will be making a critical investment in the future of our children and our country. More specific information about these bills can be found on my website.
What’s on Tap?
Next week, Majority Leader Harry Reid, D-Nev., has indicated the Senate will begin debate on Trade Adjustment Assistance legislation that will hopefully move the stalled free trade agreements forward in the Senate.
