Austin Scott on Budget & Economy
Voted YES on terminating the Home Affordable mortgage Program.
Congressional Summary: Amends the Emergency Economic Stabilization Act of 2008 to terminate providing new mortgage modification assistance under the Home Affordable Modification Program (HAMP), except with respect to existing obligations on behalf of homeowners already extended an offer to participate in the program.
Proponent's Argument for voting Yes:
[Rep. Biggert, R-IL]: The HAMP Termination Act would put an end to the poster child for failed Federal foreclosure programs. The program has languished for 2 years, hurt hundreds of thousands of homeowners, and must come to an end. This bill would save $1.4 billion over 10 years. To date, the HAMP program has already consumed $840 million of the more than $30 billion of TARP funds that were set aside for the program. For this extraordinary investment, the administration predicted that 3 to 4 million homeowners would receive help.
HAMP has hurt more homeowners than it has helped. The program has completed about 540,000 mortgage modifications. Another 740,000 unlucky homeowners had their modifications cancelled.
Opponent's Argument for voting No:
Reference: The HAMP Termination Act;
; vote number 11-HV198
on Mar 29, 2011
[Rep. Capuano, D-MA]: This is a program that I'm the first to admit has not lived up to what our hopes were. This program we had hoped would help several million people. Thus far we've only helped about 550,000 people. But to simply repeal all of these programs is to walk away from individual homeowners, walk away from neighborhoods. I'm not going to defend every single aspect of this program, and I am happy to work with anyone to make it better, to help more people to keep their homes, & keep their families together. To simply walk away without offering an alternative means we don't care; this Congress doesn't care if you lose your home, period. Now, I understand if that makes me a bleeding-heart liberal according to some people, so be it.
Require a balanced budget, by Constitutional amendment.
Scott co-sponsored Balanced Budget Amendment
JOINT RESOLUTION: Proposing a balanced budget amendment to the Constitution of the United States.
Resolved by the Senate and House of Representatives, That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid when ratified by the legislatures of 3/4ths of the several States within seven years after the date of its submission for ratification:
Source: H.J.RES.2 11-HJR02 on Jan 5, 2011
- Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless 3/5ths of each House of Congress shall provide for a specific excess by a rollcall vote.
The limit on the debt of the United States held by the public shall not be increased, unless 3/5ths of each House shall provide for such an increase by a rollcall vote.
- Prior to each fiscal year, the President shall transmit to the Congress a proposed budget in which total outlays do not exceed total receipts.
- No bill to increase revenue shall become law unless approved by a majority of each House by a rollcall vote.
- The Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect; or when the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution.
Proposing a balanced budget amendment to the US Constitution.
Scott signed Balanced Budget Amendment
Proposing a balanced budget amendment to the Constitution of the United States:
RESOLVED by the Senate and House of Representatives of the United States of America in Congress assembled (2/3rds of each House concurring therein), That the article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of 3/4ths of the several States within 7 years after the date of its submission for ratification.
- Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a 3/5ths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.
- Requires a 3/5ths rollcall vote of each chamber to increase the public debt limit.
- Directs the President to submit a balanced budget to Congress annually.
- Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote.
- Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.
This article shall take effect beginning with the later of the second fiscal year beginning after its ratification or the first fiscal year beginning after December 31, 2016.
Source: H.J.Res.2 11-HJRES2 on Jan 5, 2011
Audit the Federal Reserve & its actions on mortgage loans.
Scott co-sponsored Federal Reserve Transparency Act
The Federal Reserve Transparency Act directs:
- the completion, within 12 months, the audit of the Federal Reserve System and of the Federal Reserve Banks; with a detailed report of audit findings and conclusions.
- Audit and report on the loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Federal Reserve against supervised financial institutions.
- Prescribes audit contents, including:
Source: H.R.24&S.209 13-HR0024 on Jan 3, 2013
- the guidance given by the Federal Reserve to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews,
- the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews, and
- the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered.
Prioritize critical spending in case debt limit reached.
Scott co-sponsored Prioritize Spending Act
The Prioritize Spending Act requires amounts necessary for incurred federal obligations, in the event that the public debt reaches the statutory limit, to be made available to certain obligations, in prioritized order, before all other obligations. Prioritizes such obligations in the following descending order:
Source: H.R.149 13-HR0149 on Jan 3, 2013
- amounts necessary to carry out the authority of the Department of the Treasury to pay with legal tender the principal and interest on public debt;
- amounts to provide pay to members of the Army, Navy, Air Force, Marine Corps, and Coast Guard, including their active reserve components;
- amounts certified as necessary to carry out vital national security priorities;
- amounts necessary to carry out Social Security monthly old-age, survivors', and disability insurance benefits; and
- amounts necessary to make payments under the Medicare program.
2012 Governor, House and Senate candidates on Budget & Economy:
Austin Scott on other issues:
Lame-duck session 2012:
KY-4: Thomas Massie(R)
NJ-9: Donald Payne Jr.(D)
WA-1: Suzan DelBene(D)
Re-seated Former Reps:
AZ-1: Ann Kirkpatrick(D)
AZ-5: Matt Salmon(R)
FL-8: Alan Grayson(D)
NH-1: Carol Shea-Porter(D)
NV-3: Dina Titus(D)
2013 Resignations and Replacements:
IL-2:Jesse Louis Jackson(D,resigned)
MO-8:Jo Ann Emerson(R,resigned)
AZ-9: Kyrsten Sinema
CA-2: Jared Huffman
CA-7: Ami Bera
CA-35:Gloria Negrete McLeod
CT-5: Elizabeth Esty
HI-2: Tulsi Gabbard
IL-8: Tammy Duckworth
MD-6: John Delaney
MA-4: Joe Kennedy III
MI-5: Dan Kildee
MN-8: Rick Nolan
NV-4: Steven Horsford
NH-2: Annie Kuster
NM-1: Michelle Lujan-Grisham
NY-5: Grace Meng
WA-6: Derek Kilmer
WI-2: Mark Pocan
AR-4: Tom Cotton
CA-1: Doug LaMalfa
FL-3: Ted Yoho
FL-6: Ron DeSantis
GA-9: Doug Collins
IN-2: Jackie Walorski
IN-5: Susan Brooks
IN-6: Luke Messer
KY-6: Andy Barr
MO-2: Ann Wagner
MT-0: Steve Daines
NC-8: Richard Hudson
NC-9: Robert Pittenger
ND-0: Kevin Cramer
OH-2: Brad Wenstrup
OK-1: Jim Bridenstine
OK-2: Markwayne Mullin
PA-4: Scott Perry
SC-7: Tom Rice
UT-2: Chris Stewart
Office 516 CHOB, Wash., DC 20515
Page last updated: Apr 06, 2013