Scorecard: Drum Major Institute 2008 Senate Scorecard

Org. position: Nay

Description:

"Middle-class Americans, no matter how far removed from Wall Street, will be adversely affected by the crisis in finance and credit that now grips our economy. Government action is absolutely necessary to ensure that middle-class Americans’ standard of living does not suffer gravely from the credit crisis. Yet, EESA is not the legislation middle-class Americans need. Instead of a top-down bailout, credit markets should be stabilized from the bottom up. To the extent that a direct investment in the financial services industry is made, it should complement large-scale mortgage restructuring and foreclosure prevention efforts and the re-regulation of the financial services industry. This would not only benefit struggling homeowners, but is widely understood to be part of an effective strategy to aid financial markets through stabilized payment streams. Reshaping the mortgage landscape by creating an institution modeled on the New Deal’s Home Owners’ Loan Corporation, permitting modification of primary mortgages in bankruptcy, and a moratorium on foreclosures are all desirable steps. While last-minute additions to the bailout package—energy efficiency initiatives, protection of the middle class from the AMT, and a mental health parity bill—are positive for the middle class and should become law, they are not relevant to this bill and should be enacted separately"

(Original scorecard available at: http://www.drummajorinstitute.org/library/report.php?ID=87)

Scorecard: Information Technology Industry Council 2007-2008 House Scorecard

Org. position: Aye

Description:

"Legislation to provide authority for the Federal Government to purchase and insure certain types of troubled assets to help provide stability in the economy and financial system; and to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation; to extend certain expiring provisions; and to provide individual income tax relief."

(Original scorecard available at: http://www.itic.org/clientuploads/scorecards/13307_ITI_VoteGuide_FINAL.pdf)