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Putting the Economy Back on a Solid Footing

Putting the Economy Back on a Solid Footing

Senator Harkin supported various efforts in the 111th Congress to help restore the economy:

  • The American Recovery and Reinvestment Act of 2009, which was signed into law in February of 2009, greatly benefited Iowa and was widely credited by both liberal and conservative economists with preventing a deep economic depression. Among other things, the bill funded transportation projects around the state, incentives for renewable energy producers and grants to assist low-income housing needs and funds to modernize schools facilities. To date, over $3.1 billion has been awarded to Iowa for Recovery. Please visit Recovery.gov for the most current information.

  • The Wall Street Reform and Consumer Protection Act, or the financial reform bill, as many people simply know it, also benefitted Iowa. The measure helped to stabilize our economy, make future bailouts less likely and protect families on Main Street from abusive financial practices. Senator Harkin was proud to serve on the conference committee that finalized the bill that the President signed into law. It includes:

    • A Strong New Consumer Financial Protection Bureau to protect consumers from abusive practices in areas ranging from credit cards, to pay day loans, to mortgages.

    • Ending Bailouts. No longer will taxpayers have to foot the bill for the risky gambling of Wall Street investors who rewarded themselves with large bonuses.

    • Mortgage Reform. To protect homebuyers and prevent another housing crisis, the bill requires lenders to ensure a borrower's ability to repay, prohibits unfair lending practices and requires additional disclosures for consumers on mortgages.

  • A measure to provide $96 million in funding for Iowa to stem the loss of educator jobs. Iowa applied for this funding after the U.S. Senate advanced a bill, led by Senator Harkin that provided $10 billion nationally for an education jobs fund to help prevent major teacher layoffs. This effort was modeled after legislation Harkin introduced earlier that year called the Keep Our Educators Working Act.