Banking/Trade/Economy

An opportunity economy comes from broad-based reforms that will create jobs and increase wealth for all Americans across the nation. An effective, long-term strategy for a healthy U.S. economy should include: small business tax incentives that spur innovation, common-sense, cost-effective health care reform (including reducing health care costs), tax relief for individuals and families and lifetime learning programs that increase workers' job skills. 

We need a tax code that allows businesses and families to keep more of the money they earn.  We need to offer tax incentives to home buyers and reward responsible home owners.  We also need to restore accountability to our federal assistance programs. What we don’t need is excessive rules from bureaucrats in Washington that limit loan options, control consumer decisions, and regulate too many industries, like the types of regulations we’ve seen come out of the Dodd-Frank law. 

In 2017, as Chairman of the Senate Budget Committee and a member of the Finance Committee, I worked with my colleagues to pass historic tax reform legislation. The Tax Cuts and Jobs Act is helping boost economic growth to help ensure a healthy economy and more opportunity for folks across America. The tax cuts from this reform are growing the economy and that helps the job market. The economy is expanding, jobs have been added and workers have seen their incomes grow, helping families keep more of their hard-earned money.  Washington already takes enough.

My priority is Main Street and Wyoming jobs, not Wall Street. After the financial crisis in 2008, Congress passed the mammoth Dodd-Frank law, which did not fix ‘too big to fail’, unfairly burdened our community banks and credit unions, covered a host of industries that didn’t contribute to the financial crisis and compromised the privacy of Americans. It is safe to say America and Congress can do much better than the bloated, comprehensive law. In 2018, I supported passage of The Economic Growth, Regulatory Relief, and Consumer Protection Act, a Dodd-Frank reform bill the president signed into law, which improved access to mortgage credit and provided regulatory relief to our lenders so they can support businesses on main street, along with reducing the cumbersome burdens placed on small community banks.

One of the most problematic aspects of the Dodd-Frank law was the creation of the Consumer Financial Protection Bureau (CFPB). The bureau’s reach has increased exponentially since its creation. It is not subject to congressional appropriations and thus Congress has little oversight over its actions. Along with regulating groups it is explicitly prohibited from taking enforcement action against, like the auto industry, the Bureau has also been engaged in massive data collection. While it is important that consumers are able to make smart financial decisions, Congress needs to take charge and rein in control of the Consumer Financial Protection Bureau.

Promoting energy development is another essential component to helping our economy grow.  We need to increase our supply of American-made energy while at the same time develop new, clean energy sources from coal, hydro, nuclear, wind and solar power.  I believe investing in our nation’s energy should be a top priority, and I will continue to fight for an approach that allows us to use all practical forms of energy at the same time we find ways to use less.  

The U.S. must also continue to engage in the global marketplace to survive economically. However, it is critical that we are cautious as we develop strategic and economic partnerships with countries around the world. We must ensure all of our trade agreements are fair to American businesses and that they help promote the growth of American jobs. I am also concerned about losing jobs to overseas competition and unfair trade practices coming from China. I’m looking into options to address this issue, and I’m working to pass legislation that will create jobs in America and promote growth within our small businesses. This includes tax policies that help us compete and win.

Keeping taxes lower, smaller government, cheaper energy and keeping families in their homes are four pillars necessary to strengthen the economy and create much-needed economic growth.  I am proud to fight for these principles on behalf of every Wyoming resident.

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