The American economy is now beginning to come back from the worst economic downturn since the Great Depression, and Hoosiers have been hit hard. It is going to take time for our economy to fully recover, and there will be more difficult days to come. But I am confident that if managed appropriately, we will emerge from this crisis even stronger.

As a member of the House Committee on Financial Services, I have worked to respond to the economic crisis and prevent a complete collapse of our financial system that would have taken with it the ability of Hoosier businesses to operate and consumers to get lending to finance home and car purchases.

Small businesses are the engine of our economy and represent over 97 percent of firms across Indiana. One of the biggest challenges facing our small businesses is the lack of available credit. I have worked with the Small Business Administration (SBA), asking that they look at ways to help vital industries in our state like the recreational vehicle and manufactured housing industries get back on their feet.

On September 27, 2010, President Obama signed the Small Business Jobs Act of 2010, which included a provision similar to my bill, The Dealer Floor Plan Program Extension and Improvement Act of 2010.  This bill authorized a new, expanded Dealer Floor Plan (DFP) Pilot Program to provide floorplan financing to dealers of cars, boats, RVs and manufactured homes.  The legislation renews the DFP program through September 30, 2013 and increases the loan limits to $5 million.  The greater availability of floorplan financing will generate economic activity that will benefit dealers, manufacturers, suppliers, consumers and workers.  

I am proud to serve on the Financial Services Committee’s Housing Subcommittee, which focuses on the importance of homeownership and providing affordable housing. Currently, millions of American families are struggling to make their mortgage payments, and many are facing or are already in foreclosure. I have and will continue to work with my colleagues to provide assistance to people in danger of losing their homes.

I worked with the House Financial Services Committee to put in place a plan to reform our financial regulatory system. In July 2010, the president signed The Wall Street Reform and Consumer Protection Act into law.  This bill is designed to hold Wall Street accountable, protect American consumers and investments, increase transparency in the mortgage process, and prevent future threats of economic collapse due to Wall Street’s greedy behavior. The new law puts Hoosier families first by implementing consumer-friendly improvements to the credit card and mortgage industries and through increased regulation of Wall Street so its irresponsible behavior will no longer threaten hard-working families’ savings and investments.  To learn more about The Wall Street Reform and Consumer Protection Act, including the three amendments I offered to the legislation, click here.

Coming out of this mess will take time and it will not be easy. I will approach my duties on the House Financial Services Committee with this overarching goal in mind: making sure that the American Dream remains within reach of every hard-working Hoosier.