Jobs and the Economy
Jobs and the Economy
“The Great Recession has taken an enormous toll on Los Angeles and our nation – and my focus has been getting Americans back to work, reducing unemployment, and restoring America’s place as a manufacturing powerhouse. While the economy has improved substantially from the depths of the Great Recession, with the national unemployment rate now below 6 percent, we still have a long way to go. I’m pursuing policies to keep America the most creative, entrepreneurial and technologically advanced country in the world, and to bolster U.S. exports.”
– Rep. Adam Schiff
Protecting and Strengthening Reforms to Wall Street
Rep. Adam Schiff is a strong supporter to reforming Wall Street and preventing the type of financial crisis that has left so many Americans struggling. He voted in 2010 for the Wall Street Reform and Consumer Protection Act, which works to ensure that many of the risky business practices that led to the financial meltdown will be prevented in the future.
More recently, Schiff has supported legislation to further strengthen Wall Street reform as well as prevent corporations from shifting jobs and profits away from the United States. He supports closing corporate tax loopholes and is a cosponsor to the Stop Corporate Inversions Act, which helps prevent U.S. corporations from reincorporating offshore to avoid paying U.S. income tax. Schiff has also supported legislation such as the Bring Jobs Home Act, which would eliminate tax benefits for companies that send jobs overseas.
Returning Manufacturing Jobs to the U.S.
Rep. Adam Schiff supports the “Make it in America” agenda to spur job creation by providing an innovative business environment for American businesses. American manufacturing, the heart of our country's economy, has experienced dramatic changes in recent decades with the introduction of improved technologies, a more efficient workforce, and an increasing globalized economy. Boosting the manufacturing industry is crucial to rebuilding a strong middle-class and a robust economy, and Schiff is committed to passing legislation that will encourage manufacturers to be innovative, grow, and create jobs in the U.S.
Preventing Foreclosures and Creating Affordable Housing
The housing recovery officially began in 2012 and California has seen a considerable decline in housing foreclosures, but the effects of the Great Recession are still felt today. Families around the country, and especially in California, are still hard hit by the housing crisis. Compared to the rest of the nation, California still has high property values and the state is ranked one of the highest in the number of foreclosures.
Rep. Adam Schiff believes that we must find a way to better inform future homebuyers of the risks involved with certain loans and prevent current homeowners from facing foreclosure. If you seek assistance with foreclosure, Rep. Schiff strongly recommends you to contact his District Office and speak with a caseworker on staff to help you with your situation. For additional information on federal programs to prevent foreclosure, click here.
Raising the Minimum Wage
As the economy continues to make progress in its recovery, Rep. Adam Schiff remains committed to ensuring Americans earn a livable wage to make ends meet. He is an original cosponsor to the Fair Minimum Wage Act, which would increase the minimum wage to $10.10 per hour and index it to inflation thereafter. An increase in the minimum wage will ensure that millions of hard-working Americans can support themselves and will rapidly lift more than one million Americans out of poverty. It will also generate $22 billion in economic activity while creating 85,000 jobs.
Extending Unemployment Insurance for the Long-Term Out of Work
Rep. Adam Schiff strongly supports the extension of federal unemployment insurance and has cosponsored legislation to restore these benefits. Since December 31, 2013 approximately 3 million unemployed job-seekers have lost their unemployment benefits. Congressional inaction is not only irresponsible to millions of Americans, but economists have estimated that the expiration of benefits could cost our economy 240,000 jobs this year.
Ensuring Equal Pay for Equal Work
Rep. Adam Schiff has been a fervent support of equal pay. He voted for the Lilly Ledbetter Fair Pay Act, which was signed into law by the President on January 29, 2009. The law helps women earn the same amount of pay for the same work done by their male colleagues. It also makes employers who violate sexual discrimination prohibitions liable in a civil action for either compensatory or punitive damages.
Schiff also supports the Paycheck Fairness Act, which amends the Equal Pay Act (EPA) of the Fair Labor Standards Act and the Civil Rights Act of 1964 to provide more effective remedies to workers who are not being paid equal wages for doing equal work. Schiff has worked actively to pass this legislation, and believes that equal pay is not only an issue of fairness for women, but one of fairness for working families.
Helping Small Businesses Thrive and Access Needed Capital
Small businesses have always been the true engine of economic growth in challenging times and have helped power the country out of every recession in our history. Unfortunately, small businesses are suffering from an uncertain economic climate, an overly complex tax code, and the accelerating cost of health benefits. They are also having difficulty accessing the capital needed to make new hires and invest in new equipment. Large businesses and banks maintain huge cash reserves, but are waiting to see a consistent economic recovery before investing in workers and small businesses again. By enacting tax and regulatory relief, as well as improving access to capital for small businesses, we can help small businesses lead our way into a sustainable and lasting recovery.
Looking for common sense approaches to help small businesses grow and add jobs again, Rep. Adam Schiff has supported legislation to enact tax deductions that can be used for start-up expenses, eliminate payroll taxes for new hires, and to do away with capital gains taxes for the purchase of small business stock. Schiff continues to push for small business support and relief so they can once again serve as the cornerstone to lifting our nation out of economic hardship.
Small Business Development Centers
The Los Angeles Regional SBDC Network is part of the nationwide SBDC program. More than 1.3 million businesses take advantage of SBDC management advising, education, and instruction every year. Federal, state and local funding enable SBDCs to provide low-cost and no-cost seminars and workshops on a wide variety of subjects such as: business plans, incorporation, capital sourcing, marketing, contracting, procurement, and technology. Additionally, business advisors are available by appointment to meet at your place of business.
Local Contact Information:
Pacific Coast Regional
3255 Wilshire Blvd., Suite 1501
Los Angeles, CA 90010
Pacific Asian Consortium in Employment
1055 Wilshire Blvd., Suite 1475
Los Angeles, CA 90017
Little Tokyo Service Center
231 East Third Street, Suite G-106
Los Angeles, CA 90013
Valley Economic Development Center
5121 Van Nuys Blvd, 3rd Floor
Van Nuys, CA 91403