111th Congress: Action On Economy, Jobs & Business

During the 111th Congress, I have agreed to co-sponsor the following selected measures which deal with our nation's economic well-being. This is not a comprehensive list of all the legislation I have co-sponsored related to economic and business issues. You can view a comprehensive list at the Legislation Co-Sponsored Section of this site or through the Library of Congress Thomas site.

Legislation I've supported in the 111th Congress include:

• H.R. 627, The Cardholders' Bill of Rights Act, was signed into law by the President on May 22, 2009.  I voted in favor of the bill.  Included in the legislation is my amendment clarifying that depository institutions whose mortgage lending activity is already subject to rulemaking and oversight by the Federal banking agencies, are not subject to potentially conflicting rules issued by the Federal Trade Commission under its authority to issue mortgage lending rules pursuant to section 626 of the Omnibus Appropriations Act of 2009.  The amendment also makes conforming amendments to the provisions authorizing state attorney generals to assist the FTC in enforcement of the FTC’s rules under section 626.  During the Senate Banking Committee markup, I successfully included an amendment that would increase the FDIC and NCUA borrowing authority from the U.S. Treasury.  Enacted into law.
• S. 144, A bill to amend the Internal Revenue Code of 1986 to remove cell phones from listed property under section 280F.   Introduced January 6, 2009.
  
• S. 279.  A bill to amend the Internal Revenue Code of 1986 to modify the limitations on the deduction of interest by financial institutions which hold tax-exempt bonds, and for other purposes.  Introduced January 16, 2009.
  
• S. 316.  A bill to amend the Internal Revenue Code of 1986 to make permanent the reduction in the rate of tax on qualified timber gain of corporations, and for other purposes. Introduced January 26, 2009.
  
• S. 461.  A bill to amend the Internal Revenue Code of 1986 to extend and modify the railroad track maintenance credit. Introduced February 24, 2009.
  
• S. 567.  A bill to repeal the sunset on the reduction of capital gains rates for individuals and on the taxation of dividends of individuals at capital gains rates.  Introduced March 22, 2009.
• S. 896, the Helping Families Save Their Homes Act, was signed by the President on May 20, 2009; I voted in favor of the bill.  Included in the legislation is language that Crapo worked on to make sure that the FDIC and NCUA can immediately access the necessary resources to resolve failing banks and credit unions and provide timely protection to insured depositors.  I voted for the Grassley amendment that gives the independent auditing arm of Congress the authority to access information from the Federal Reserve about its bailout and financial stabilization efforts.  Enacted into law.
• S. 1082, The GROWTH Act.  Defers taxes on reinvested mutual fund capital gains distributions until the investor sells their fund shares. Introduced May 20, 2009.

Other actions I have taken to support Idaho economic and business opportunities include:

• Advocated for funding for critical economic and business projects in Idaho in FY2010 budget.
• Recognized with the 111th Congress Award for Manufacturing Legislative Excellence from the National Association of Manufacturers (NAM) for support of legislation that assisted manufacturing.
• Named a Champion of the Entrepreneur by the Small Business & Entrepreneurship (SBE) Countil in 2010 for a voting record that demonstrates listening to the job-creating sector and supporting its priorities.
• Awarded the Abraham Lincoln Leadership Award by the Property Casualty Insurers (PCI) Association in 2010 for efforts to promote and protect the viability of a competitive private insurance market for the benefit of consumers and insurers.
• Consistently awarded the Spirit of Enterprise Award (1993 to present) from the U.S. Chamber of Commerce for strong support of legislation that benefits economic and business growth.
• Received the Guardian of Small Business Award from the National Federation of Independent Businesses (NFIB) consistently since the 103th Congress for support of a pro-growth agenda for small business.
• Presented with the Thomas Jefferson Award each Congress since 1994 from the National Association of Wholesale Grocers-International Food Service Distributors Association (NAWG-IFDA) for commitment to free enterprise through votes on issues such as taxes, free trade, labor policy and other economic matters.

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