Today, the House of Representatives will vote on the Federal Reserve Transparency Act (H.R. 459). The bill was introduced to address the Federal Reserve’s 2008 and 2009 bailouts, which authorized a total of $1 trillion in outstanding loans and the expansion of government involvement in the private sector, primarily to AIG and Bear Stearns.   Although the Federal Reserve has released information about the amounts borrowed by banks and companies that utilized emergency programs, Congress has not been made aware of the factors and considerations weighed by the Federal Reserve in determining how and to which institutions to lend the money.  H.R.459 does not seek to curb the Federal Reserve’s independence, but aims to allow Congress to perform its appropriate oversight duty, ensuring that credible standards guide the Federal Reserve’s decision making.  Given the significant sums of money involved, we need more transparency into where and why the money was dispersed.

I was one of only seventeen of 435 Members of Congress to oppose these bailouts because I was not confident these plans would help our economy or create jobs that need to be restored.

As one of the bipartisan cosponsors of the Federal Reserve Transparency Act, I believe in promoting transparency and holding the Federal Reserve more accountable as they spend taxpayer dollars.  

Question of the Week: With the Fed’s growing influence in the private sector, do you support a congressional audit of the Federal Reserve? 

(  ) Yes

(  ) No

(  ) I am not sure

(  ) Other, share your thoughts below.

Take the poll here.

Find the results of our last instaPoll here.


Government spending on regulatory activities has increased so dramatically that it is growing at a rate that has completely overtaken GDP growth. 

In a global economy, the United States must compete with governments, cultures, and economies throughout the world. Internationally, our products must compete with all embedded costs, raw materials, labor, transportation, and equipment. Government regulations add to unit costs and make America less competitive worldwide. Not only do federal regulations make our nation less competitive globally, but they also stifle growth and innovation.

All regulations have a price, and both small and large businesses must pass along these costs to consumers.  Of the 21,300 businesses in Virginia's Fourth District, over 11,000 have four employees or fewer, illustrating that small business are vital to the success of our district. The excessive number of regulations on these operations directly discourages entrepreneurship and inventiveness in Virginia.

A recent Federal Reserve Bank study showed that while government spending on regulatory activities has grown significantly, GDP has plummeted – demonstrating an alarming trend that shows more red tape means less economic growth.

The above chart makes it clear; federal regulations stifle growth and creativity. The burdensome cost of regulations disincentivizes prospective owners from opening small businesses. Our economy is suffering because of overspending on regulations, and it is clear that the cost far outweighs the benefit.

In response to this barrage of regulations, I have cosponsored the Regulations from the Executive in Need of Scrutiny (REINS) Act (H.R.10).  This bill would require that Congress take an up-or-down vote on every new major rule before it could be enforced on businesses and the American people. By requiring congressional approval of all major rules (i.e., those having an economic effect of at least $100 million), the REINS Act would ensure legislative accountability and give a voice to job creators. Such major rules include the requirement for interstate commercial truck and bus companies to install Electronic On-Board Recorders and Hours of Service Supporting Documents, costing $2 billion annually, and the Energy Conservation Standards for Small Electric Motors (2010) which mandated full load capacity standards in small electric vehicles.

Additionally, I am actively fighting against overreaching and costly government regulations in Virginia. I cosponsored both the Farm Dust Regulation Prevention Act (H.R. 1633) and the Reducing Regulatory Burdens Act (H.R. 872) to protect Virginia’s farms from the burdensome and unnecessary regulations put in place by the EPA. Furthermore, I have consistently fought excessive environmental regulations in the energy, food processing, and manufacturing industries.

I  will continue to stand up against imposing further costs on Virginians by way of increased government regulations, and am working hard to make the Fourth District a vital part of Virginia’s economic success. To read more about my work for jobs in Virginia’s 4^th District, please read here.

It was a pleasure to meet today with representatives from the Virginia Manufacturers Association to discuss tax reform and changes to energy and regulatory policy critical to rebuilding and strengthening American manufacturing.  I recently released a Memo on Jobs in Virginia's Fourth Congressional District that, among other areas, focuses on the need to address regulation that is hurting manufacturers in our communities. 

Additionally, I've cosponsored two bills to create national solutions to address manufacturing outsourcing.  The Bring Jobs Back to America Act is a simple but powerful solution that seeks to bring outsourced jobs back to the United States in order to encourage job creation. It would comprehensively align existing federal funding, at no new cost, to organize a national strategy to rebuild America’s manufacturing industry, study incentives including tax breaks for companies looking to return jobs to the United States, and streamline the patent process for American research universities and bring innovative technologies to market faster. Specifically, the bill:

• Requires the Secretary of Commerce to develop a national plan to energize manufacturing and bring back jobs from overseas;
• Creates task forces to identify all American companies with manufacturing operations overseas and to work with state and local governments to help return these jobs to the U.S.; and
• Sets up a study of tax incentives to encourage the return of U.S. jobs.

I have also cosponsored a bipartisan initiative called the National Manufacturing Strategy Act, which promotes policies related to our manufacturing sector intended to promote growth, sustainability, and competitiveness; create well-paying jobs; enable innovation and investment; and support national security. This bill also requires the President to submit a National Manufacturing Strategy to Congress during each presidential term.

Read more about my work on manufacturing and jobs in Virginia's Fourth district here: http://forbes.house.gov/jobs04/

This morning, the Heritage Foundation highlighted an informative study from the Centre for Policy Studies that articulates the benefits of smaller governments as opposed to larger bloated governments. The study defines small government as advanced nations with less than 40% of their GDP in government spending and taxation, as opposed to big governments with more than 40% of their GDP in government spending. This two-minute video sums up their studies in a great way: 

I have always believed a smaller government is a better and more efficient model. The study confirms that small governments have faster economic growth due to lower taxes, encourage enterprise risk taking, and improve productivity. Over the last few years I have fought hard to ensure that we have a smaller government. I have consistently voted against all stimulus and bailouts and supported the Balanced Budget Amendment. Read more about my work on small government here.

The manufacturing industry in Virginia’s Fourth District is ripe for growth. We just have to create the incentive for businesses to come, including improving transportation and infrastructure.

Throughout my time in Congress, I championed the construction of an interchange at I-295 at Crosspointe Park because it would enhance economic development opportunities for the region and help relieve local roads of the additional traffic generated.

As a result of the new interchange, Rolls Royce announced the official opening of its facility in Prince George County, investing $170 million to manufacture discs for some of the company’s most advanced civil aerospace engines.  The opening will create 130 jobs and Rolls-Royce expects future growth in Virginia to generate a total of 500 jobs. 

This Rolls Royce case study is proof that if government acts as an enabler and not an inhibitor in the real economy, we will see job growth.  

Read more case studies about jobs in Virginia’s Fourth District in this detailed memo.

Today is Tax Day, and it is also Tax Freedom Day, the day the average American has earned enough to finally pay this year’s federal, state, and local tax bill. Compare that to the year 1900 when Tax Freedom Day fell on January 22nd. According to the Tax Foundation, unless Washington takes action, tax increases “could push Tax Freedom Day to the end of April or beyond.”

Our tax system is complex and confusing, and it discourages job growth and overall competitiveness. In order for the future of America to be stable and secure, we must address fundamental tax reform. So what does that look like? I adhere to the following simple truths when it comes to tax reform:

Our Tax Code Should Be FAIR. No American should be able to game the system to pay less than they should. We should remove lobbyist loopholes, lower rates, and promote economic growth.

Our Tax Code Should be SIMPLE. Together, individuals and businesses spend over six billion hours and 160 billion dollars every year just trying to understand and comply with the tax code. Our tax code should be clear, easy and simple.

Our Tax Code Should be COMPETITIVE. Raising taxes on job-creators and small businesses would prevent them from hiring new workers or investing at a time when we need more economic growth. Likewise, provisions in our tax system - like the death tax - discourage the American principle of working hard and passing something on to your children. Our tax code should allow businesses to compete fairly in the marketplace and reward those who play by the rules.

I have supported several solutions that would help simplify our tax code, including eliminating penalties, creating an optional flat tax, closing loopholes, and making the corporate tax rate competitive. You can read about those bills here.

Also -

• A Primer on Taxes in America compiled by my office.
• Eight out of 10 small businesses say that “regulation…from Washington make[s] it harder for their business to hire more employees.”
• Weigh in on America now having the highest statutory corporate tax rate in the world at 39.2%.
• The American Conservative Union has rated my work to lower taxes.