March 2009 Archives

The measures could provide a cost of living increase for veterans’ disability benefits, expand employment services for homeless veterans and fully reimburse veterans for emergency care. 

Johnson, a member of the House Armed Services Committee, said it’s a step – or three – in the right direction. 

“For those who gave this country so much, we in turn should be doing everything we can to help make sure our Veterans are taken care of,” said Johnson. “All three bills will help Vets make ends meet, find housing if they’re homeless and help cover emergency medical expenses.”

“The fact that more than 150,000 veterans are homeless in this country is unacceptable and borders on the criminal,” said Johnson. “It’s time we wake up to our responsibilities.”

A closer look:

�  Veterans Cost of Living Increase (H.R. 1513) – Provides a cost of living increase for veterans’ disability benefits and to dependency and indemnity compensation for veterans’ families, effective December 1, 2009.  The cost-of-living increase is based on the cost-of-living adjustment made annually for Social Security payments.       

�  Homeless Veterans Reintegration Program Reauthorization Act (H.R. 1171) –  Reauthorizes for five years the Homeless Veterans Reintegration Program for five years, which provides employment assistance to homeless veterans.  HVRP provides services to homeless veterans with special problems such as legal issues, HIV, substance abuse, and post-traumatic stress disorder and provides them with the specialized assessment and counseling that they need.  The bill provides dedicated services for homeless women veterans and homeless veterans with children. Grants would be made available to provide job training, counseling, placement services, and child care services to expedite the reintegration of veterans into the labor force.   

�  Veterans Emergency Care Reimbursement (H.R. 1377) -- Requires the Secretary of Veterans Affairs to reimburse veterans receiving emergency treatment in non-Department of Veterans Affairs facilities, if a third party is not responsible for paying for the full cost of care.
 

 

“Guantanamo is a symbol of everything we did wrong,” said Johnson, a former criminal defense attorney. “It’s an ugly reminder of the fact that our international relations have been severely damaged.

 

Our good name and reputation around the world has been tarnished. American policy does not support torture. Everyone – including these detainees – has a right to due process. I wanted to see the facility for myself, and it just reinforced my thoughts that it should be closed.”



 

The legislation passed the House by a vote of 328-93, drawing support from 85 Republicans.

Johnson, who voted against TARP but voted for HR 1586, was pleased that three-fourths of the TARP funds that have been spent went to companies that would be covered by this bill.

“This is exactly why I voted against TARP in the first place,” said Johnson. “This madness on Wall Street at the expense of Main Street must stop.  I hope this puts to end this debilitating chapter of greed and abuse, and I trust the Senate will soon follow suit.”

But it's symbolic of the very excesses that put us in this financial mess in the first place. To reward the executives who caused such harm with taxpayer money is just criminal. I voted against the Toxic Asset Relief Program or TARP and other bailout legislation because I foresaw potential abuses and the possibility that egregious payouts could go to undeserving executives.

Now that I see public money being spent on bonuses that are going to failed executives, it strikes at the core of my and the American people’s greatest fears about spending taxpayer money to protect greedy executives at the expense of our citizens.”

In particular, Johnson and his colleagues investigated consolidation of the banking industry and the vast amount of public money used to stabilize banks and other financial institutions rocked by toxic mortgage assets, and asked the fundamental question – are there institutions that are “too big to fail?”

The hearing came amid the fervor over millions of dollars in bonuses paid to American International Group Inc. executives despite the company receiving $170 billion in taxpayer money to keep it afloat. 

AIG is among a handful of financial institutions deemed “too big to fail” and if allowed to collapse could do far more destruction to the economy. 

“It is not my intention here today to suggest that either the previous or current administrations should have sat idly by as the economy plummeted,” Johnson said.  “I believe that my colleagues on both sides of the aisle can agree that the intention of both administrations was to protect a fragile economy from destabilizing further. Our purpose here is to determine whether this economic downturn was worsened by antitrust.”

Johnson pointed out that if there are banks and financial institutions that are so big that we cannot allow them to fail, then should antitrust law have prevented them from becoming so embedded in the economy? 

And if the government uses public money to maintain one institution that in turn uses some of those funds to buy out a smaller competitor, is it violating the foundation of free market principles by giving a lending hand to one institution over another?

Witnesses with backgrounds in banking, antitrust law, financial services and consumer protection weighed in on whether there is a need for more regulation to prevent financial institutions from becoming “too big to fail” or whether antitrust law is robust and doing its job to protect consumers from abuses. 

Recommendations made at the hearing moving forward included appointing an assistant attorney general to protect competition policy during a recession and emergency consolidations, reconstituting the President’s Working Group on Financial Markets to allow for congressional oversight and even creating legislation allowing Congress to halt the formation of entities deemed too big to fail.

Officials of the IRS will be on-hand to answer questions and process individual tax returns.

Participants will learn about earned income tax credits, determine their filing status and receive information about tax-exempt businesses, organizations and 501(c)3 entities.

Those planning to have their taxes processed at the workshop are asked to bring their Social Security numbers, all 1099 forms, W-2s, last year’s tax return, student loan interest forms, IRA contributions, bank account number(s) and day care expense receipts with Tax Identification Number.

Goodwill Industries Career Center is located at 1296 Columbia Drive, Decatur, Ga., 30032 south of Memorial Drive near the Belvedere Shopping Center across from Wal-Mart.

The money – which was released by the Federal Transit Administration – is part of what is expected to be more than $1 billion the state will receive for infrastructure under the Recovery plan, which was signed into law last month.

“I’m pleased just three weeks after I voted for the economic recovery package, we are already beginning to see funds flow directly to communities back home that are suffering under this recession,” said Johnson. “By funding these crucial infrastructure projects, we will create jobs and help the local economy grow.”

More than $110 million of the money released Thursday will be for available for MARTA and the governor for transit capital, operating assistance and transportation planning. The other $25 million is slated for rural areas or small towns and more than $7 million is available for heavy rail.

DeKalb County Chief Executive Officer Burrell Ellis applauded Congressman Johnson’s support of the recovery package.

“I want to thank Hank for supporting the Reinvestment Act,” said Ellis. “A quick distribution of these funds will allow the state to expand transportation projects, help sustain MARTA and create jobs, which will have an immediate and significant impact on DeKalb County.”

Congressman Johnson will be working with local officials such as CEO Ellis to ensure that Reinvestment funds get to the Fourth District in a timely manner in order to create and save jobs as quickly as possible.

If passed by the Senate and signed into law – H.R.  1106 – Helping Families Save their Homes Act of 2009 would empower judges to reduce amount of principal owed, cut the interest rate or extend the length of a loan for a homeowner struggling with their mortgage.

The Fourth District, long plagued by high foreclosure rates, is projected by the Center for Responsible Lending to have more than 10,200 foreclosures this year. According to RealtyTrac, there were more than 1,200 Fourth District homes in the foreclosure process in January 2009 alone.

“Many of my constituents have been targeted for many years by unscrupulous lenders who have taken advantage of them with predatory loans,” said Johnson. “It has caused havoc within many neighborhoods back home. This bill begins the turn around of that unfortunate situation.”

Today, bankruptcy courts are unable to rewrite home loan terms for primary homeowners despite the fact that they lie at the center of the foreclosure problem.

“Stabilizing the housing market is the first step and key to reviving the American economy, and restoring confidence in the markets,” said Johnson. “If our neighbors suffer foreclosure, it hurts all of us.”

The bill as passed will require homeowners facing foreclosure to first pursue a change in loan terms from their mortgage lender before seeking relief from a bankruptcy court.

“This bill just makes sense,” said Johnson. “It’s already possible for millionaire investors who own multiple homes to get this kind of relief in bankruptcy court. Why shouldn’t someone who owns just one home get this kind of help too?  It’s a matter of fundamental fairness. I hope that the Senate will pass it by a substantial margin.”
 
The legislation would also fundamentally change the Help for Homeowners mortgage refinancing program passed in 2008, which helped far fewer distressed homeowners rewrite their mortgages than designed and failed to stem the rising tide of foreclosures.

On February 24, Hank held a teletownhall with 25,000 constituents to discuss the American Recovery and Reinvestment Act and other matters related to the economy.  The call was held just minutes before President Obama's historic address to Congress.

Click here to hear Hank's opening comments.

Click here to listen to part one of Q&A.

Click here to listen to part two of Q&A.

On February 24, Hank held a teletownhall with 25,000 constituents to discuss the American Recovery and Reinvestment Act and other matters related to the economy.  The call was held just minutes before President Obama's historic address to Congress.

Click here to hear Hank's opening comments.

Click here to listen to part one of Q&A.

Click here to listen to part two of Q&A.

It comes on the heels of Johnson’s first telephone town hall meeting held Feb. 24 from his office in Washington, D.C., in which he reached out to 25,000 Fourth District residents to discuss the Recovery Act. 

The $787 billion plan that President Barack Obama signed into law will bring about $6 billion to Georgia, including millions of dollars for the transportation, schools, small business and healthcare needs in DeKalb, Rockdale and Gwinnett counties. 

The meeting –hosted by former state Rep. Stan Watson, DeKalb County commissioners Larry Johnson and Lee May and many other state representatives – will be held at 9 a.m. Saturday, March 7, at New Piney Grove Baptist Church, 2580 Snapfinger Road in Decatur, 30034. 

For more information, call Eric Hubbard at 770-987-2291.

NCPW 2009 – Nuts and Bolts: Tools for Today’s Economy – highlights consumer education efforts across the nation and the state.  Information can help people get the most for their money, whether they are trying to stretch their paychecks, find a quick fix for a spotty credit history, or tell the difference between a real deal and a potentially fraudulent product or service. 

On Wednesday, March 4, from 11 a.m. to noon, the U.S. Postal Service (Atlanta District) and the Postal Inspection Service will partner with the Federal Trade Commission, Better Business Bureau and the Governor’s Office of Consumer Affairs to hold a press conference and rally on the steps of the State Capitol. 

The event will highlight how to avoid ID theft and fraudulent schemes.

“I know most people don’t have the free time to attend the rally, but in these tough economic times there are other resources at people’s fingertips that can help them avoid scams and spend more wisely,” said Johnson. 

According to the Federal Trade Commission, scam artists, fraudsters and four flushers follow the headlines, and are likely to be using the economic downturn to take advantage of consumers who might be underwater financially. The NCPW Web site has tools people can use to recognize a rip off, sniff out a scam and make smart choices for today’s market.
 
For more information about NCPW or to scan the Consumer Action Handbook, visit  www.consumer.gov/ncpw. For Spanish, go to www.Consumidor.gov.