December 19th, 2017
November 16th, 2017
Economic growth and job creation are top priorities for Rep. Eshoo. She works tirelessly with Members of Congress, constituents, and businesses in the 18th Congressional District to enact effective legislation to meet these goals.
Among these efforts, Rep. Eshoo authored sections of the American Recovery and Reinvestment Act, which economists agree played a large part in preventing another Great Depression. She voted for the Recovery Act to help initiate economic recovery and create an estimated 2.5 to 3.6 million jobs in its first year and a half.
Because of the Recovery Act and other efforts, the hemorrhaging of jobs ceased and America saw job gains for the first time since 2007. After losing jobs for a year and a half, Silicon Valley has led the recovery. In July 2012, Silicon Valley led the nation in job growth. Across the rest of the country, job growth is picking up as our economy rebounds from double-digit unemployment in 2009. While we are on the right path, it will take time and additional sound policies to achieve the strong and sustained job growth needed for a full recovery.
In 2009, during the worst of the recession, the Recovery Act:
Job Creation Measures in the 113th Congress
In the 113th Congress, Rep. Eshoo introduced a follow-up bill to the JOBS Act to impose a deadline on the SEC for increasing the Reg A offering limit after the deadline was mistakenly left out of the JOBS Act. H.R. 701 requires the SEC to complete its rulemaking by October 31, 2013, and it passed the House on May 15, 2013 by a vote of 416-6.
American Jobs Act
In the 112th Congress, Rep. Eshoo was a cosponsor of H.R. 12, the American Jobs Act of 2011. This bill was offered at the request of the Obama Administration, and would have taken many immediate actions to spur the economy and job growth. Among other things, the American Jobs Act would have:
This bill would have been paid for by closing loopholes in the tax code for oil and gas companies, hedge funds, and the owners of corporate jets, and by limiting itemized deductions for those making more than $200,000, Independent analysts estimated that the President’s jobs bill would have raised economic growth by up to 2 percentage points and created up to 1.9 million jobs. Unfortunately, the American Jobs Act was halted in committee by the Republican leadership.
Other Job Creation Measures in the 112th Congress
Rep. Eshoo was an original cosponsor of H.R. 3606, the Jumpstart Our Business Startups (JOBS) Act, which was signed into law by President Obama on April 5, 2012. This law reduces regulatory burdens on startups so they can focus on growth and hiring more employees. The law also incorporated important provisions of H.R. 1070, the Small Company Capital Formation Act, legislation Rep. Eshoo also cosponsored which increases the SEC’s Regulation A offering limit from $1 million to $50 million. Raising this limit helps small companies raise capital and create jobs in their early stages.
On February 17, 2012, the House passed H.R. 3630, the Middle Class Tax Relief and Job Creation Act of 2012, which President Obama signed into law five days later. This law extended the payroll tax cut through December 2012, a critical measure for middle class families struggling through the recovery. The law saved a worker making $50,000 a year an estimated $80 per month on his or her tax bill. For workers making more, the tax break could put more than $2,200 back in their pockets in 2012.
Rep. Eshoo is a cosponsor of H.R. 1418, the Small Business Access to Capital Act. Under current law, federal credit unions are only permitted to lend up to 12.25% of their assets to member businesses. This bipartisan bill would raise this cap to 27.5%, freeing up more capital for small businesses seeking loans. These loans have very low default rates, and this capital would boost the efforts of innovators and job creators.
In this section, you will find information on the many ways my office can help you and your family. Below is a list of the issues we commonly address. If you cannot find what you're looking for, please either email me or call my Palo Alto District Office and we will do our best to answer any questions you may have.