March 2009 Archives

Washington, D.C. – U.S. Representative Heath Shuler stood up for American taxpayers today by
supporting legislation to recoup millions of taxpayer dollars that had been used to give bonuses to
executives at American International Group (AIG).

AIG, which has received $170 billion in taxpayer funding through the Troubled Asset Relief Program
(TARP), revealed last week that it had granted $165 million in retention bonuses to executives in the
financial products division.

“I was outraged and appalled by AIG’s attempt to pay out millions of dollars in bonuses to its executives
whose reckless decision making contributed to the current economic downturn,” said Rep. Shuler.

“These executives should be thanking the American people for their jobs, not taking huge bonuses at
their expense.”

The Bush Administration had opposed attempts to limit executive compensation packages when the
original TARP legislation was proposed in late 2008. Additionally, the stimulus package passed earlier
this year continued to allow for the payment of bonuses. Shuler opposed the TARP and stimulus
legislation that allowed these bonuses.

“Congress should have taken the steps necessary to prevent these bonuses from day one,” Shuler
continued. “The fact that these bonuses have been allowed to continue clearly shows one of the major
flaws in rushing complex bills through the legislative process.”

Today’s bill, H.R. 1586, will impose a new 90-percent income tax on bonuses received by individuals
who earned more than $250,000 and worked for companies that have received more than $5 billion from the TARP.

The top recipient at AIG received more than $6.4 million in bonuses and more than 73 of executives
were paid over $1 million in retention bonuses. 

H.R. 1586 passed the House with an overwhelming bipartisan majority, 328-93. It now goes to the
Senate for consideration.

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Download: Rep. Shuler Defends American Taxpayers from Paying Bonuses to AIG Executives

Secures Federal Appropriation in 2009 Omnibus Bill

Washington, D.C. – U.S. Representative Heath Shuler was in Rutherford County today
to announce nearly $1 million in federal funding to make improvements to Marchman
Field.

The funding, $926,500 which Shuler secured in the Fiscal Year 2009 Omnibus
Appropriations bill, will be used to grade and pave land for the airport’s western hangar
expansion. The hangar expansion is an important part of Rutherford County and the
airport’s long-term economic development plan.

“Marchman Field is Rutherford County’s front door to the business world,” said Shuler. “This planned expansion will ensure it remains a first-rate facility that attracts businesses
and helps create jobs here in Rutherford County. The County Commission and other local
officials have worked hard to develop this airport, and it is my privilege to partner with
them on developing this resource.”

Long-range development plans also call for a small industrial park to be developed near
the new airport hangars.

“We greatly appreciate Congressman Shuler’s efforts to secure this funding,” said
Rutherford County Commissioner Paul McIntosh. “The growth and development of
Marchman Field will allow us to compete in the global market and keep and create jobs
here in Rutherford County.”

Rutherford County receiving the funds is contingent upon the Omnibus Appropriations
Act being passed by the Senate and signed into law. It has already passed the House.
Senate passage is expected soon.

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Washington, D.C. – U.S. Representative Heath Shuler’s efforts to improve the economy of rural,
Appalachian mountain communities were recognized this afternoon as he was named “Congressman of the Year” by the Development District Association of Appalachia.

“Our mountain communities are a vital part of America’s past, present, and future,” Shuler said
after receiving the award. “I am committed to making certain that our communities are properly
represented in Congress.”

The Development District Association of Appalachia created the “Congressman of the Year”
award is designed to recognize and honor members of Congress who have demonstrated
exceptional support for the Appalachian region.

“Congressman Shuler has been a tireless advocate for Appalachian communities throughout his
time in the House of Representatives,” said Anne Pope, federal co-chair of the ARC. “He has
consistently fought to improve the economy of Western North Carolina, and the entire
Appalachian region, by investing in infrastructure, education, and new technologies.”

In Congress Shuler has advocated for the reauthorization of the ARC and improved funding for its
programs nationwide. Locally Shuler has worked to secure funding to complete the Appalachian
Development Highway System’s Corridor K project in Graham and Cherokee Counties.

The Development District Association of Appalachia is composed of 74 local development
districts across Appalachia that are funded by the ARC and composed largely of local elected
officials and development district staff from all across the 13-state region.

The ARC was created by Congress in the 1960s to develop and improve the region’s roads and
infrastructure, build the Appalachian Development Highway System to reduce the area’s isolation,
increase job opportunities, and strengthen the ability of Appalachian communities to compete in
the global economy.

Funding from the ARC is sent from the federal government to North Carolina, and the other states
in the Appalachian Region, to be used specifically for development in Appalachian communities.

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Download: Rep. Shuler Named “Congressman of the Year” by ARC’s Development District Association of Appalachia

Washington, D.C. – Thousands of responsible homeowners across Western North
Carolina will be able to keep their homes thanks to legislation that passed the House of
Representatives today and was supported by U.S. Representative Heath Shuler.

“This bill takes the necessary steps to help responsible homeowners who are suffering
due to this historic economic downturn, while also not rewarding those who were greedy
or dishonest,” said Shuler. “It will also begin to help stabilize the housing market and
return our nation’s economy to solid ground.”

In the last quarter of 2008 home prices across the nation dropped an average of 18
percent and now more than 14 million homeowners owe more on their mortgage than
their home is worth.

The Helping Families Save Their Homes Act, H.R. 1106, will help families facing
foreclosure keep their homes by granting bankruptcy judges the ability to modify existing
mortgages on primary residences through Chapter 13 bankruptcy. Bankruptcy judges are
already allowed to modify the loan terms for vacation homes and investment properties.

“Declaring personal bankruptcy is a painful process and is not an easy way to escape
debt. This bill requires homeowners to work in good faith to make their mortgage
payments and keeps bankruptcy as the last option. But it does provide good, hard-
working American families the opportunity to stay in their homes and get back on their
feet,” Shuler continued.  

The bill also makes commonsense changes to the Federal Housing Administration’s
Hope for Homeowners program, reduces fees, and offers other incentives to encourage
lenders to voluntarily modify loans.

“By reducing the number of foreclosures we also protect the property values of every
home near it,” Shuler said. Studies have shown that each foreclosed home reduces nearby
property values by as much as 9 percent.

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Download: Rep. Shuler Helps Responsible North Carolinians Keep their Homes