Economy and Jobs
“I believe strongly in free market principles and am fully dedicated to supporting policies that will boost the economy in West Tennessee and across the country. Serving on the House Financial Services Committee, I am focused on reducing our country’s troubling debt and easing regulations on smaller financial institutions so small business owners and individuals can achieve the American Dream.” – Congressman David Kustoff
Reducing the National Debt:
- Our national debt has exceeded $20 trillion. This is out of control and simply unsustainable. We need to fix this before we create a real mess for our children and grandchildren.
- Solutions in the House’s Budget Resolution for 2018:
- The resolution draws a path toward a balanced budget within 10 years and produces a $9 billion surplus in 2027, without raising taxes, and places the government on a fiscal course sustainable for the long term.
- This budget achieves a $6.5 trillion in total deficit reduction over 10 years.
Supporting the Financial CHOICE Act:
- For seven years, the Dodd-Frank Act has stifled the American dream with more rules and regulations than all other Obama-era laws combined, including Obamacare. Held back by Dodd-Frank’s overreaching regulations, rural communities in West Tennessee and all across America have not had the luxury of Washington's protection.
- On June 8, 2017, I was proud to support the Financial CHOICE Act, which will eliminate the Dodd-Frank Act and finally allow small businesses and individuals to access the capital they need to grow and prosper.
- The Financial CHOICE Act will level the playing field and allow smaller, local financial institutions to contribute to their community’s economic growth and be a lifeline for small businesses, farmers, entrepreneurs and anyone striving for true financial independence. This legislation will end taxpayer-funded government bailouts once and for all and will hold Washington and Wall Street accountable.
- On April 13, I wrote an op-ed for CNBC.com discussing the importance of repealing Dodd-Frank in order to revive the economy in West Tennessee and across the country.
Reauthorizing Flood Insurance:
- In June of 2017, the Financial Services Committee voted to pass the National Flood Insurance Program (NFIP) Reauthorization.
- The NFIP is currently $25 billion in debt - much of that debt was brought on by Hurricane Katrina and Hurricane Sandy.
- Our reauthorization legislation will focus on better mapping techniques, so we can appropriately asses risk for properties, enhancing mitigation practices - especially for properties that flood frequently and opening up flood insurance to the private market.
Introducing the Securing Access to Affordable Mortgage Act of 2017:
- On July 13, 2017, I introduced the Securing Access to Affordable Mortgage Act of 2017 (H.R. 3221).
- Buying and owning a home is central to the American Dream. Unfortunately for many first-time home buyers, it is more challenging than ever to access the money necessary to reach this important milestone.
- The Securing Access to Affordable Mortgage Act of 2017 will undo burdensome regulations and level the playing field for those in hopes of buying a home, particularly in our rural communities.
- The primary cause of this problem is that many rural communities lack the adequate number of qualified appraisers. Under current standards, the costs associated with an appraisal on a small real estate loan are disproportionately high for the property’s purchase price. Community banks, credit unions and other small financial institutions are strained by these regulations and forced to bring in outside appraisers who have little to no knowledge of the rural areas they are hired to assess.
Introducing the CLAIM Act:
- On July 24, 2017, I introduced the Claims Licensing Advancement for Interstate Matters Act (H.R. 3363).
- When disaster strikes, it is critical that consumers are able to reach their home insurance provider immediately and receive their insurance claim as quickly as possible. Unfortunately, when catastrophes occur, often thousands are affected at one time, overwhelming the select insurance adjusters in the area. The CLAIM Act would open doors for consumers to utilize independent claims adjusters in nearby states.
- It will also encourage the states to adopt uniform and reciprocal licensing procedures, allowing adjusters to use their home state for licensure. Most importantly, this bill respects states’ rights and would ensure that each state keeps its independence to adopt rules as it sees fit.
- This bipartisan bill is co-sponsored by U.S. Representatives Bill Foster (D-IL), Ed Royce (R-CA), Steve Stivers (R-OH), Rod Blum (R-IA) and Phil Roe (R-TN).
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More on Economy and Jobs
Milan, Tenn. – U.S. Representative David Kustoff (TN-08) this week visited with ten groups and hundreds of constituents representing the agriculture community in the Eighth Congressional District.