Mike Capuano releases legislative action agenda on the economy.

Earlier today, Congressman Mike Capuano issued a press release touting his legislative action agenda on the economy.  The release points to the fact that Capuano has a legislative record behind his campaign, not just "theoretical plans."

The Capuano campaign touted the following accomplishments in the release:

JOBS

--Capuano supported the stimulus package because, while it relied too heavily on tax cuts, he felt it would boost the economy overall.

--Fought to increase funds targeted towards job creation and advocated for maintaining the higher House funding level for the State Fiscal Stabilization Fund, which saved education and public service jobs at the state and municipal level.

--Camp Capuano claims the stimulus bill created and saved jobs by providing funding for transportation, health care, education, scientific research and housing projects.

--Wrote President Obama on November 16th, urging him to use remaining funds from the Troubled Asset Relief Program (TARP) to create more jobs.

PROTECTING CONSUMERS

--Capuano worked in Congress to pass legislation which prohibits credit card rate increases on preexisting balances, requires sufficient notification of consumers before increasing rates, and prohibits charging interest on purchases that are already paid off.  Now working to make the bill go into effect immediately.

--He is developing legislation to cap interest rates on credit cards.

--Supports creating a federal agency with the sole mission of protecting consumers from deceptive and abusive financial products and services as part of the overall regulatory reform package.

--Caps has supported legislation to empower consumers to make their own choices on overdraft programs rather than letting banks force people into them. The bill would also limit overdraft fees so consumers aren’t unfairly slammed with multiple excessive fees.

HOUSING & FORECLOSURE

--Authored a tenant protection provision included in a new law to help reduce foreclosures by improving a federal program that helps struggling homeowners refinance and modify their loans.  The Capuano provision requires giving tenants 90 days notice before requiring them to vacate a foreclosed home.

--Worked to include in the stimulus bill an additional $2 billion for states and cities to buy and renovate foreclosed homes.

--Supports mortgage lending reform legislation. The bill would prohibit lending to borrowers who can’t repay and prohibit brokers from getting kickbacks for getting consumers into loans with excessively high rates.

REFORMING WALL STREET

--Has been fighting for changes to the financial system which will encourage more stability in the market and provide necessary oversight. Strong advocate of the following measures, which will be included in a broader reform package this year:

• Legislation to give shareholders a vote on the compensation packages of its executives. In a separate bill, he also supported allowing shareholders to nominate new boards of directors. 
• Filed legislation requiring hedge funds to register with regulators to improve federal oversight and provide more information to investors. 
• Key author of a bill to enhance the oversight of rating agencies, mitigate conflicts of interest, and impose a liability standard to strengthen their accountability.

As always, you can read more about Capuano's economic plan on his website.