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Congress's To-Do List

May 10, 2012 at 7:05 PM ET by Amy Brundage
Summary: 
There's movement from members of Congress on Capitol Hill on President Obama's proposal to help homeowners refinance, the second item on his To-Do List for Congress.

Earlier this week the President visited the College of Nanoscale Science and Engineering’s NanoTech Complex in Albany, New York where he called on Congress to act on a “To-Do List”  that’ll create jobs and help restore middle class security.  I’m sure you’ve seen the To-Do List by now.  It’s about the size of a post-it note, and outlines five common-sense initiatives that’ll grow our economy and make a real difference for millions of families across the nation.

In Albany the President emphasized the importance of rewarding companies who bring jobs back to America.  Tomorrow, he’s heading to Reno, NV where he’ll discuss the second item on the To-Do List: cutting the red tape to allow hardworking homeowners to refinance and take advantage of today’s lower rates.

The To-Do List is simple:

  1. Reward companies who bring jobs back to the U.S. with lower taxes and pay for it by eliminating tax incentives for companies to ship jobs overseas.
  2. Cut red tape so hardworking, responsible homeowners who are paying their mortgage can refinance at today’s lower rates.
  3. Help hardworking small business owners create jobs by giving them a tax credit for new hires.
  4. Invest in American clean energy manufacturers who create American jobs through innovation of new technologies and new fuels that reduce our reliance on foreign oil and lead to more secure energy sources.
  5. Ensure our commitment to our veterans is as strong as they are by creating a Veterans Job Corps that helps hire veterans as cops, firefighters, and serving their communities.

Over the past few days, we’ve seen some movement from members of Congress on Capitol Hill. They’re taking action. Senator Jeff Merkley introduced the Rebuilding Equity Act, a bill that gives folks the opportunity to take advantage of today’s lower rates and the savings from refinancing to build back equity in their homes. Senator Feinstein introduced a bill yesterday, and today Senators Robert Menendez and Barbara Boxer introduced legislation to help millions of responsible homeowners take advantage of today’s lower rates, saving an average of $3,000 per homeowner.  These are reforms that the Members of the House have called for, including Leader Pelosi, Barney Frank, Luis Gutierrez, Maxine Waters, and we hope that the Congress can send a responsible package to the President’s desk.

We’re pleased Congress is taking up these housing measures.  Now it’s time for Republicans to get on board. There’s no excuse for inaction.  Congress needs to work together and start checking these items off the list.  It’s the right thing to do.  The President knows it, and the American people do to.  It’s time for Congress to get to work.

 Amy Brundage is the Deputy Press Secretary for the Economy.