It is high time we acknowledge that the federal government — including Congress — is broken. That’s why last week, I reintroduced two of my bills from last Congress to promote integrity in government.
H.R. 310, The DIVEST Act: I support banning Members of Congress from trading stocks, but we must not stop there. Congress has ceded much of its lawmaking authority to the Executive Branch. As a result, many of the most impactful rules and regulations come from unelected bureaucrats, many of whom have access to the same sensitive information Members of Congress do. The DIVEST Act would ban senior federal agency officials from taking advantage of their position. We must ensure that all government officials, elected or not, are not profiting at the expense of the American People.
H.R. 311, The Cost Estimates Improvement Act: Congress has been ignoring the true cost of the bills they pass. Members of Congress and their staff review estimates from the Congressional Budget Office and Joint Committee on Taxation to determine the cost of bills. However, these estimates do not include the cost of servicing the new debt that the bill will add. The Cost Estimates Improvement Act requires that this figure be included in the final estimate of the bill. Paying down the interest on our $31 trillion debt will soon become the government’s largest annual expenditure, overtaking Social Security and Medicare. Congress must be good stewards of taxpayer dollars and more carefully consider the impact of bills.
Additionally, I reintroduced two important bills to help individuals and small businesses be better prepared for financial hardship due to unforeseen circumstances, such as a hurricane. While we have seen the savings rate rise slightly in recent years, it still stands at 5.1 percent versus 11 percent in 1960. One in five Americans report not saving at all, and another 20 percent save less than 5 percent of their income. This is in part due to our tax policy that discourages savings. Everyone should be encouraged to save for a rainy day.
H.R. 312, Emergency Savings Act: This bill would provide taxpayers with the ability to save up to $5,000 per year by making tax-free contributions to an emergency savings account. A married couple would be able to save up to $10,000.
H.R. 313, Small Business Emergency Savings Act: This bill would allow small businesses to set aside tax-free up to 25% of wages paid each year to pay for disaster or public health emergency expenses. Much like the Paycheck Protection Program, the bill would allow small businesses to use these tax-advantaged savings to pay wages, unemployment insurance contributions, health care costs, lease or mortgage payments, and utilities during a public health emergency.
