Economy

For a discussion on Stimulus, the Financial Sector, or Jolting a Slumping Economy, head to Taxes or Working-Class Families.

Our nation is in a deep economic crisis that was not created overnight and cannot be solved overnight. We need to rebuild our economy based on balanced and fair regulations that apply to everyone from Wall Street to Main Street. We must spur job creation by strengthening the pillars that have made America great: by investing in education, by helping small business owners and entrepreneurs, and by encouraging innovation. We cannot afford to outsource American jobs or to allow reckless financial deals that put middle class security at risk. Congress should pass President Barack Obama’s American Jobs Act to put more people back to work and pump more money into the pockets of working Americans.

Our trade policies should focus on raising our economic standing in the current global competition. We should seek to enforce trade agreements that cultivate new opportunities for American businesses while protecting American workers. President Obama launched the National Export Initiative with the goal of doubling exports and creating several million new jobs. The Administration has worked hard to create the Trans-Pacific Partnership (TPP) Free Trade Agreement Negotiations program. My Colleagues and I in Congress are also working to expand trade relations with our Asian and South American allies while opening new markets in various developing countries.

I believe trade should also be used as a tool to help the poorest countries in the world climb out of poverty.  I have strongly supported U.S. trade preference programs, including the General System of Preferences (GSP), the Caribbean Basin Initiative (CBI) programs, Andean trade preference programs and the African Growth and Opportunity Act (AGOA). I have also been a leading supporter of improving trade with Haiti, the only United Nations-designated least developed country (LDC) in the Western Hemisphere. I will continue to advocate for responsible trade policies that not only benefit America, but also provide opportunities for other nations to contribute to the global economy.

Accomplishments:

The Empowerment Zone
Congressman Rangel authored and spearheaded enactment of the most ambitious economic development program since the Great Society. Nationally, the historic Empowerment Zone program is providing $3.5 billion for urban and rural development. The Upper Manhattan Empowerment Zone is driving the economic renaissance in that area with more than $300 million in federal, state and city-funded loans and grants for business development, jobs, educational  and health programs, and social services in Harlem, East Harlem, Washington Heights and Inwood.

Targeted Jobs Program
Spearheaded the program, now called the Work Opportunity Tax Credit,  which nationally has subsidized the employment of more than 500,000 young people, veterans and ex-offenders by providing tax incentives to employers.

125th Street Corridor Revitalization
Secured provisions in the tax law which helped finance revitalization of the 125th Street corridor.

Apollo Theater Rescue
Intervened with New York State authorities and the private sector to rescue the landmark theater from closing.

Frederick Douglas Circle
Secured $9 million in federal funding for the restoration of Frederick Douglas Circle and the 110th Street Gateway.

Renaissance Ballroom and Small's Paradise Development
Intervened to free up these foreclosed properties for purchase and development by the Abyssinian Baptist Church's Renaissance Redevelopment Corporation.  Also secured funds for the development project.

Harlem Pier
Secured $1 million in federal funding for research into the development of Hudson River pier area on Harlem’s west side.

Protection for Freedom National Bank Depositors
Secured legislation that required the Federal Deposit Insurance Corporation to reimburse nonprofit depositors after the failure of Freedom National Bank.

Pension Protection
Authored provisions in the tax law allowing police and firefighters to retire early without penalty to their pension levels.

Holding Down Utility Rates
Secured authorization for Con Edison to use tax exempt bonds for improvements to their  infrastructure, saving New York City utility customers over $26 million per year.

Congressman Rangel's Legislation:

American Jobs Act of 2011, H.R. 12 – (Co-Sponsor)
Status: 10/21/2011 – Referred to Subcommittee on Insurance, Housing and Community Opportunity
This bill serves to amend the Internal Revenue Code to:

• Reduce employment and self-employment tax rates in 2012 to 3.1%
• Allow employers a tax credit for payroll increases in the last quarter of 2011 and in 2012
• Extend the 100% bonus depreciation allowance through 2012
• Delay until 2014 the 3% withholding requirement on payments due to vendors who provide services to federal, state, and local governmental entities
• Increase the work opportunity tax credit for hiring unemployed veterans

The Middle Class Tax Relief and Job Creation Act, H.R. 3630
Bill Status: 2/17/2012 - Passed the House and Senate, is waiting to be signed into law by President Barack Obama
The bill extends the payroll tax cut for the remainder of 2012, keeping an average of $1,000 in the pockets of 160 million middle-class families.  The bill also extends unemployment benefits for the millions of Americans who lost their jobs through no fault of their own and ensures that tens of millions of seniors can continue to see the doctor of their choice under Medicare.

Emergency Unemployment Compensation Extension Extension Act of 2011, H.R. 3346 (Co-Sponsor)
Bill Status: 11/3/2011 – Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials
To amend title IV of the Supplemental Appropriations Act, 2008 to provide for the continuation of certain unemployment benefits, and for other purposes.

Promoting American Agricultural and Medical Exports to Cuba Act of 2011, H.R. 1888 – (Sponsor)
Bill Status: 8/25/2011 – Referred to Subcommittee on Intellectual Property, Competition and the Internet
Prohibits the President from regulating or prohibiting travel to or from Cuba by U.S. citizens or legal residents, or any of the transactions ordinarily incident to such travel, and any regulation restricting or prohibiting such travel shall have no effect, relating to:

• Accompanied personal baggage
• Payment of living expenses and the acquisition of personal-use goods or services
• Travel arrangements
• Nonscheduled air, sea, or land voyage transactions, (such provision does not permit the carriage of articles other than accompanied baggage into Cuba or the United States
• Normal banking transactions. States that such provision shall not apply in time of war or armed hostilities between the United States and Cuba, or of imminent danger to the public health or the physical safety of U.S. travelers. 

 Videos:

View Press Releases On Economy

Rangel: Jobs Report Shows Improvement But Need For More Progress

Rangel: We Must Protect College Students From Higher Costs

Rangel Lauds President For Putting Corporate Tax Reform Back On The Table

Rangel Lauds President Obama's FY2013 Budget

Rangel Deplores GOP Bill To Cut Mass Transit Funding