Issue Position: The Economy and Jobs

Issue Position

Slow But Steady Recovery

When I first arrived in Washington in January 2009, the economy was suffering its greatest downturn since the Great Depression. The economic picture was bleak. The country was losing close to 700,000 jobs each month, and American households had lost $16.4 trillion in home values, retirement accounts and other wealth.

Since then, we have seen slow but steady progress. Economic conditions are improving, and so is consumer confidence. We've seen private sector job growth for four straight years with more than nine million jobs created. While our national debt continues to be a significant challenge, our deficit has declined at a rate not seen since World War II. The corporate sector is profitable again, and Americans have recovered from a devastating loss of household wealth. Now, the key to continued recovery is for government to focus on upfront investment in critical priorities and to create the conditions for innovation and job growth.

Getting all Americans back to work is the key to our continued economic recovery and one of my highest priorities. The economy has added 9.2 million private sector jobs since the Great Recession and the unemployment rate nationally has fallen to 6.3%.

Business Innovation

There are few districts in the nation that are home to such a diverse group of businesses as ours. The 4th District includes Fortune 100 companies, small family-owned businesses, and everything in between.

Our district is home to a growing number of high-tech startups, cutting-edge manufacturers and entrepreneurs. Fostering innovation is the way forward. In the last five years, I have done all I can to ensure that our nation's entrepreneurs continue to thrive. I introduced legislation to help small companies go public and small businesses gain access to important resources for growth. I supported legislation to help US exporters sell their products abroad, supported trade expansion, and I co-sponsored the JOBS Act (Jumpstart Our Business Startups Act), which President Obama signed into law in 2012.

Invest in America

I believe that we must invest in the things that keep our economy strong: education, infrastructure and research. Our businesses cannot innovate nor our families prosper when we fail to maintain a resilient infrastructure and a superb system of education.

Where does government investment matter most? In things like education, energy independence, transportation and affordable housing. Our educational achievement gap, our reliance on foreign oil, our crumbling transportation networks -- these are a real drag on economic growth.

Rebuilding our deteriorating rail and highway system will create much-needed jobs in the short-term, while boosting commerce for decades to come. Investment in federal highway improvements supports thousands of new jobs. Every $1 we invest in public transport generates 6 times that much in economic returns. Metro North Railroad's poor safety record and chronic delays have caused a crisis in commuter confidence. Operation Deep Dive, the Federal Railroad Administration's in-depth report on Metro North, is a good start, but it does not end the conversation. I, and the entire Connecticut delegation, will demand more from our transportation system.

Until more Americans can return to steady employment, unemployment benefits remain more important than ever. I am pleased that the Senate passed a bipartisan extension of long-term unemployment benefits, but the expiration of those benefits remains a hard reality until the House takes action. Every week that the House Republican Leadership refuses to allow a vote, 72,000 more Americans are dropped from this program. I will continue to work with my colleagues on both sides of the aisle in the House to demand that the Speaker allow us to vote on the Senate's bill. More than 48,000 Connecticut workers are waiting.

Relief for Working Families

Since I arrived in Congress, I have worked hard to help working families get ahead. I remain focused on providing ladders of opportunity for every American and to rebuilding a robust middle class.

I support raising the federal minimum wage to $10.10 to help working families gain ground. I'm proud that Connecticut has already done this. I joined President Obama at Central Connecticut State University in March to show my support for an increase to $10.10 for all Americans over the next two years. If we are serious about eliminating poverty, then an increase in the minimum wage is important because no one who works hard should be living in poverty. Too many minimum wage jobs still don't provide benefits like healthcare, making an increase even more urgent.

Immigration Reform

Passing comprehensive immigration reform would have a significant, lasting positive effect on the economy. Two in five Fortune 500 companies were started by immigrants or their children, and foreign-born Americans are twice as likely as native born Americans to start a small business. The non-partisan Congressional Budget Office (CBO) estimates that comprehensive immigration reform would add $1.4 trillion to GDP over 10 years.

Immigration reform would put 120,000 people to work every year and significantly cut the deficit, all while increasing the annual incomes of Connecticut families by $160 million. What are we waiting for?! Bi-partisan immigration reform has already passed the Senate, and it will easily pass the House once the Republican leadership allows it to come up for a vote. For these reasons (and many more), I believe that the time has come for Congress to enact immigration reform.

Wall Street Reform

For two centuries, US capital markets have been the envy of the world. When regulated properly, our financial industry provides safe and ready access to capital for small businesses, educational loans, and home mortgages. During the financial crisis of 2008, Wall Street engaged in excessive risk-taking, bringing turmoil and tremendous harm to the economy. We must make sure that the mistakes that caused the financial crisis are never repeated.

That's why I took a major role in writing the Wall Street Reform and Consumer Protection Act. Dodd-Frank, as the Act is popularly known, helps protect Americans from the excesses that brought about the financial collapse of 2008-09. The law's major protections are three-fold: it regulates certain derivatives, it reformed the mortgage lending market to better protect borrowers, and it created the Consumer Financial Protection Bureau. Dodd-Frank is not perfect, and work remains to get it right over time, but it represents an important step toward effective reform and accountability.

Our next move is to reform the mortgage finance industry. The high cost of living in Fairfield County has had a negative impact on workforce retention, driving away the sort of workers that we want to attract. As we tackle reform of housing finance, I am focused on ways to guarantee the 30-year mortgage and increase the supply of affordable housing. Taxpayers must never again be handed the bill during a crisis.

The time has come to carefully wind down Fannie Mae and Freddie Mac in a way that preserves the promise of government backing for mortgages with stricter underwriting standards, while giving private market forces a growing role. Together with my colleagues on the Financial Services Committee, I am introducing bi-partisan legislation to do just that.

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