In recent years, middle class families have found their economic circumstances increasingly uncertain. Many workers face wage stagnation, or even prolonged unemployment, and fewer workers have guaranteed pension benefit plans, causing many to worry about retirement. All of this uncertainty comes at a time when families face increasing costs for education, health care, and energy.
Bill knows that many American families are finding it harder and harder to hold on to the American dream. Too often, we hear about parents worried that their children will not be able to build on their success and create a higher standard of living for themselves. As a member of the House Ways and Means Committee with broad jurisdiction over economic policies, Bill is taking a deeper look at what is driving these concerns so he can help build and maintain an economy that works for all Americans.
In the last year Bill helped successfully prevent middle class workers from paying the Alternative Minimum Tax that would have added thousands of dollars to their tax burden. He pushed legislation to increase the federal minimum wage, while working to give tax relief for small business owners nationwide. He worked hard to help create change in our nation's trade agenda so that American workers are no longer left behind. Bill got into public service to fight for working families and it is a cause he will not give up.
In the 111th Congress, Bill voted in support of the American Recovery and Reinvestment Act of 2009 which helped to create and save 100,000 jobs in New Jersey. The bill also provided for more than $26.6 billion in highway infrastructure investment including more than $651 million for New Jersey.
Responding to the shuttering of auto dealerships throughout the country, Bill championed a provision in The Recovery Act that allowed taxpayers a deduction for State and local sales and excise taxes paid on the purchase of a new car through 2009 to help thousands of ailing dealerships nationwide and their employees.
Bill also supported two bills that put consumers and investors back in charge of their finances. Bill co-sponsored and voted to approve the Credit Cardholder Bill of Rights Act. This measure limits the cycle-increasing credit card debt faced by millions of Americans and ensures consumer protections against the predatory practices of the credit card companies.
Bill also supported comprehensive financial regulatory reform, in order to hold Wall Street and Big Banks accountable, end the era of taxpayer-funded bailouts and “too-big-too-fail.” This bill regulates the shadow markets and stops casino style gambling with your retirement and savings. The bill also streamlines existing regulatory agencies to create the new Consumer Financial Protection Agency (CFPA). The CFPA will protect consumers from predatory lending abuses, fine print, and industry gimmicks.
Bill knows that in the end, the key to our economic recovery is in empowering working-class Americans. He will keep fighting to accomplish that end.
More on Economy
WASHINGTON, D.C. – Today, U.S. Representative Bill Pascrell, Jr. (NJ-09), a member of the Ways and Means Committee, released the following statement in response to the report by the nonpartisan Congressional Budget Office (CBO) on the Senate Trumpcare bill.
WASHINGTON, D.C. – U.S. Representative Bill Pascrell, Jr. (D-NJ), a member of the House Ways and Means Committee, and U.S. Representative Leonard Lance (R-NJ) led a bipartisan letter with 68 colleagues to Secretary of Treasury Steve Mnuchin protesting the Administration’s plan to eliminate the federal deduction for state and local taxes. The elimination of this deduction would be especially detrimental to high-tax states like New Jersey, California, New York, and Illinois.
WASHINGTON, D.C. – Today, U.S. Representative Bill Pascrell, Jr. (NJ-09), Ranking Democrat on the House Ways and Means Trade Subcommittee, announced the introduction of the Jobs & Trade Competitiveness Act. Cosponsors include Reps. Sander Levin (D-MI), Linda Sanchez (D-CA), Brian Higgins (D-NY), Terri Sewell (D-AL), Suzan DelBene (D-WA), and Judy Chu (D-CA), all members of the Ways and Means Committee.
WASHINGTON, D.C. – Today, U.S. Representative Bill Pascrell, Jr. (NJ-09), member of the House Budget and Ways and Means Committees, issued the following statement on President Trump’s 2018 budget request.
WASHINGTON, D.C. – Today, Congressman Josh Gottheimer, a member of the House Committee on Financial Services, introduced the Freedom from Discrimination in Credit Act (FDCA) of 2017, a bipartisan bill to amend the Equal Credit Opportunity Act (ECOA) to prohibit credit discrimination based on sexual orientation and gender identity. U.S. Senators Bob Menendez and Cory Booker and U.S. Representatives Bill Pascrell, Jr. and Bonnie Watson Coleman introduced the bill as original co-sponsors.
WASHINGTON, D.C. – Today, U.S. Representative Bill Pascrell, Jr. (NJ-09), ranking member of the Ways and Means Trade Subcommittee, issued the following statement following the China trade deal.
WASHINGTON, D.C. – Today, U.S. Representative Bill Pascrell, Jr. (NJ-09), Ranking Member of the Ways and Means Trade Subcommittee, issued the following remark based on statements made by the President and Treasury Secretary in an Economist interview.
Specifically this passage:
WASHINGTON, D.C. – Today, U.S. Representatives Bill Pascrell, Jr. (NJ-09), a member of the Ways and Means Committee, issued a statement on President Trump's tax reform plan.
"Trump’s tax plan is a rerun of the failed supply-side economics that exploded our deficit during the George W. Bush administration," said Rep. Pascrell. "Tax cuts for the wealthy do not pay for themselves, do not create jobs, and do not 'trickle down.'"
PATERSON, N.J. – U.S. Representative Bill Pascrell, Jr. (D-NJ), ranking member of the Ways and Means Subcommittee on Trade, issued the following statement on the status of trade promises at the 100-day mark of President Trump's regime.